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.
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):
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.
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.
There are many Bitcoin ATMs appearing around the world and there are only several main producers for these machines. Operators want to make their ATMs look individually and usually use their own design, which is applied to standard Bitcoin machines.
Let’s look at the “Top Chart 5” of such ATMs provided by BitAccess.
This Robocoin two-way Bitcoin Kiosk was installed in Hague, Netherlands. On this page you can find the online rates for buy and sell bitcoins at this machine. It is located in Barber & Co workspace office building. This Bitcoin ATM is already in use, but there will be official opening in the “last Tuesday of September”.
Last week there was a new milestone reached – 200 Bitcoin ATMs worldwide. A bit late as we already have 209 Bitcoin ATMs in operation, but here are some statistics for the installed machines with respect to Bitcoin ATM producers.
As it is seen from the infographics, the growth rate of installed Bitcoin machines has increased. The first 100 Bitcoin ATMs were launched during 7 months, and the next 100 during only 3 months.