Many people don’t know there is a difference between conventional ATMs and crypto ATMs. With a conventional ATM, a person can withdraw fiat currencies like US dollars, Euros from their credit card or bank account. A crypto ATM functions more like a currency exchange that is stationary. It is a machine that enables people to purchase cryptocurrencies with fiat currencies.
CoinATMRadar estimates there are currently more than 6,500 crypto currency ATMs worldwide. Crypto currency ATMs can be accessed in more than 69 countries around the world. The highest concentration of them is in North America where there are more than 3,000 crypto ATMs. Approximately 1,200 of them are located in the United States. This is still far less than conventional ATMs that number more than three million worldwide. Many industry experts believe there will continue to be an increase in crypto ATMs in every part of the world, allowing users to buy bitcoin and other cryptocurrencies locally.
Locating A Crypto ATM
The most effective way to locate a crypto ATM is by using a website designed to find them. These websites will provide a way to search for a crypto ATM using a person’s location. These websites also provide people with important information such as the fees, limits as well as supported cryptocurrencies and more.
Using A Crypto ATM
A crypto ATM will provide a user with detailed step-by-step instructions. This makes using them an easy experience. An important prerequisite for a person buying the cryptocurrencies is to have a virtual wallet. This is where the cryptocurrency a person just purchased will be stored. It is recommended people use a smartphone app for the first crypto ATM deposit. Once this is done, they can move funds to an exchange or cold storage.
A person will first select the amount and type of cryptocurrency they wish to purchase using the crypto ATM interface. They then input their wallet address. Next, they pay the desired amount by inserting a credit or debit card. Cash can also be inserted. Once this is done, a person can confirm their purchase. Once the transaction is confirmed on the blockchain, a person will have their cryptocurrency entered on their wallet address.
These ATMs are known for being fast and easily accepting cash. People who use them are impressed with how quickly their transactions are processed. It is also popular since it doesn’t involve a complicated process or registration. They can sell Dash, Ethereum, Komodo, Litecoin, Tron cryptocurrencies and more.
Additional CoinFlip ATM Features
An important feature of CoinFlip ATMs is how they provide their users with the lowest possible rates in the market. Should someone have problems using one of the CoinFlip ATMs, they can get in touch with the company’s customer care personal team 24/7. They can be contacted by text, email as well as with a phone call. Those who use a CoinFlip ATM don’t have to provide any information that is confidential or sensitive. All the information a user does provide will never be shared with a third party company.
CoinFlip has installed more than 119 ATMs in different areas of the United States. They have made it possible for people to purchase cryptocurrencies without having a bank account. It usually takes five minutes or less to complete a transaction. CoinFlip anticipates significantly increasing the number of its crypto ATMs in the United States.