Monthly Archives: October 2014

How to buy bitcoins at a bitcoin ATM

You may be also interested in the instructions how to sell bitcoins using ATM.

In order to buy bitcoins using a bitcoin ATM you need to find the closest to you location and understand what kind of machine it is. Asking yourself where is closest bitcoin ATM near me? To find all locations – visit our bitcoin machines map. At the moment there are about 30 different types of bitcoin ATMs with about 20 manufacturers having their units actually installed somewhere. It may be difficult for an average user to understand how to buy bitcoins by using a bitcoin ATM and what are the differences among various ATMs.

Buy Bitcoins Using ATM

In this article we describe a bitcoin purchase process for 6 different mostly installed bitcoin ATMs in the world (they cover about 90% of the market altogether) and two more types, which were popular before and now are rarely used (Skyhook and Robocoin):

General

There is a general buy process at all bitcoin ATMs:

  • Verification step (optional and may vary substantially depending on machine’s type)
  • Provide bitcoin address for deposit (optionally can be generated and printed/emailed at some ATMs on the fly, but better to have your own with you before using a machine)
  • Insert cash into the ATM
  • Confirm operation (bitcoins sent to your bitcoin address at this moment)

This process may vary from ATM to ATM, and this is what we describe for every of the mentioned above bitcoin ATM types.  It is important to understand that even when machine’s software/hardware support compliance procedures, they are not necessarily activated, as it depends on the operator choice of every particular machine. That is why the same type of machine might have different verifications and limits set up.

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Bitcoin ATMs – First Year Summary

One year ago the first two-way Bitcoin ATM was installed in Vancouver’s Waves Coffee House. Let’s look what the Bitcoin ATM industry has achieved over the course of one year.

At the moment there are 282 Bitcoin ATMs worldwide, which is very close to our previous estimation of traditional bank ATMs installations in 1970-s. So the plan for the next year to reach at least 560 machines worldwide.

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Want to buy a Bitcoin ATM? Genesis1 and Satoshi1 Bitcoin ATM review

There are about 30 different Bitcoin ATM providers on the market. As the Bitcoin ATM market grows pretty fast the new players come onto the stage very often. With all this diversity it becomes quite hard to choose a Bitcoin ATM when you plan to start a Bitcoin ATM business.

In the series of articles we will cover different Bitcoin ATM types, their characteristics, advantages and weak points. This post is about Bitcoin ATMs produced by the San Diego based company Genesis Coin.

The company provided initially one product to the market – two-way Bitcoin machine called Genesis1. Recently, the one-way machine Satoshi1 was presented. The working unit is installed in Nanaimo, Canada.

Genesis1 Bitcoin ATM

This is a solid Bitcoin ATM similar to the traditional bank ATMs. Genesis1 type of ATM is installed at 16 locations at the moment worldwide.

Genesis1 Bitcoin ATM
Genesis1 Bitcoin ATM

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