What Is A Bitcoin ATM, And Where Can You Find Bitcoin ATMs?

Here's a fun fact: You can withdraw Bitcoin in cold, hard cash at an ATM. There's a slight catch, though: You will need to find a dedicated Bitcoin ATM to do so, as standard ATMs aren't equipped to process such transactions.

What Is A Bitcoin ATM?

A Bitcoin ATM is a kiosk in similar shape and form to a standard ATM that allows customers to withdraw Bitcoin in United States Dollar, or their local currency. Some Bitcoin ATMs are bi-directional, also offering customers the option to buy Bitcoin.

Do Bitcoin ATMs Charge Fees?

Just like a standard Dollar ATM that isn't operated by a financial institution — Bank of America, for example — Bitcoin ATMs charge fees for processing your request. But unlike them, the surcharge Bitcoin ATMs impose is a percentage of the transaction.

Related: How To Mine Bitcoin

The United States Consumer Financial Protection Bureau (CFPB) has warned that fee percentages may be very high, depending on the transaction you're carrying out, and that exchange rates may not be as competitive as consumers would find elsewhere.

Where To Find Bitcoin ATMs

If you're desperate to try a Bitcoin ATM, you can find the closest one to you by heading over to Coin ATM Radar and inputting your address (it's a worldwide service). You will then be shown the closest ATM to you, as well as its estimated service fee.

Should You Use A Bitcoin ATM?

We wouldn't recommend it for the above reason; Bitcoin ATMs are far from cheap, lumping on extortionate fees for the convenience of exchanging Bitcoin into a fiat currency, and vice versa, without having to route it through an exchange like Coinbase.