Many crypto users view Bitcoin as a good store of value, and that is why they are buying it in huge amounts. The growing interest in this digital asset has led to the emergence of Bitcoin ATMs, designed to simplify the transition from traditional finance to Web3. This article will explore some of the best Bitcoin ATMs available in the market.
What is a Bitcoin ATM?
A Bitcoin ATM functions similarly to a traditional ATM kiosk, except it uses cryptocurrencies. It enables holders to buy or sell crypto as well as withdraw cash. The major difference between a Bitcoin ATM and a traditional ATM is that the former is not connected to any bank account.
A Bitcoin ATM usually withdraws from crypto credit or debit cards and crypto wallets. Once your crypto is debited, you receive cash in various fiat currencies such as GBP, USD, and EURO.
As of June 2023, they are over 60,0000 cryptocurrency ATMs in the United States. They make it possible for Americans to pay for shopping with their digital assets.
Which are the Top Bitcoin ATMs Today?
When it comes to privacy, Shitcoins.Club Bitcoin ATM ranks at the top. It does not ask holders to provide Know-Your-Customer (KYC) details unless it’s required by law. The team behind this ATM offers a special discount regularly, in which transaction fees are lowered to zero. These fees range between 3% and 5% on a normal day. Shitcoins.Club ATMs are available in over 190 locations across Peru and Europe. The founders recently announced expansion plans in the coming days.
Coinstar Bitcoin ATM
As of June 2023, Coinstar has over 9,500 ATMs across 48 states, letting holders conveniently purchase Bitcoin and pay for online shopping. It is important mentioning that you will be requested to submit KYC information if you wish to make large transactions. You can provide a government-issued identification document or driver’s license along with your phone number. At the moment, Coinstar ATMs are only available in the United States. Transaction fees range between 4% and 11%.
Coin Cloud Bitcoin ATM
Founded in 2014, Coin Cloud has a total of 4,900 Bitcoin ATMs located in Brazil and the United States. All ATMs support forty languages. Similar to CoinStar, KYC is requested depending on the amount of Bitcoin you wish to transact. Every transaction attracts a 1.5% fee. Note that you will receive Brazilian real in Brazil and USD in the United States when withdrawing Bitcoin.
Just Cash ATM
Just Cash began operations in 2015. It’s only available in the United States. The company allows holders of its ATMs to buy Bitcoin without completing KYC. After making a transaction, you will be issued with a receipt and a paper wallet containing private and public keys to access your purchased BTC. However, the firm’s website does not indicate transaction fees.
LibertyX launched its Bitcoin ATM a decade ago, allowing holders to instantly buy BTC from Walgreen, Costco, CVS, and Rite Aid. The ATM can also be used to convert Bitcoin into fiat currencies. According to the team behind LibertyX ATM, its product can be used to complete transactions in over 3,000 stores in the United States. An 8% fee is charged per transaction. Further, KYC information is required when large Bitcoin amounts are involved.
With its headquarters in Chicago, RockitCoin manages more than 1,400 Bitcoin ATMs across several cities in the United States. Do you want to earn some extra cash? RockitCoin is looking for partners to host its ATMs in their local communities. If interested, check the company’s website for more details.
Only a phone number is required to buy or sell Bitcoin using RockitCoin ATMs. The firm has a crypto wallet allowing ATM holders to store their Bitcoin. However, compared to other ATM providers, RockitCoin charges higher fees ($1-$2).
As crypto continues to witness mass adoption, Bitcoin ATMs have a role to play as they provide easy access to digital assets.
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