How to Send Money Through a Bitcoin ATM In 2023?

  • By Ian Cheeseman
  • June 29, 2023
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Sending money through a Bitcoin ATM is a convenient and secure way to transfer funds in the world of crypto. In recent years, Bitcoin ATMs have gained popularity due to their accessibility, ease of use, and security. 

Regardless of your familiarity with the space, Bitcoin ATMs have their place. This is especially true when considering that custodial options like crypto exchanges leave your assets in a precarious position, potentially leading to you losing your assets if the exchange goes bankrupt or is hacked. (Learn more.)

With this in mind, it makes sense that some would prefer to skip exchanges and opt for a non-custodial option, as they ensure you have complete control over your assets–this is where Bitcoin ATMs come into play. 

For those new to crypto ATMs, we provide 24/7 customer service and are always ready to provide assistance. We will walk you through how to send money through Bitcoin ATM so you can do so confidently.

4 Steps to Send Money Through a Bitcoin ATM

To send money through a Bitcoin ATM, just follow these four easy steps:

1. Create a Crypto Wallet

Before you can send money through a Bitcoin ATM, you'll need to create a crypto wallet. Here's how:

  • Research Wallets: Explore different wallet types, such as software, hardware, and online wallets, considering factors like security, convenience, and supported crypto – as each wallet can hold a certain type of cryptocurrency.
  • Select a Wallet Provider: Choose a reputable wallet provider that suits your needs. Popular options include Exodus, MyEtherWallet, and Ledger.
  • Download or Access the Wallet: Visit the wallet provider's website or download the wallet app from a trusted source. Follow the instructions to set up an account or generate a new wallet.
  • Secure Your Wallet: Create a strong password and enable two-factor authentication for added security. Keep your wallet's recovery phrase or private keys offline in a safe place.
  • Receive and Send Crypto: Your wallet will generate a unique public address for each crypto. Use this address to receive funds and send crypto securely using the wallet's interface.

Congratulations! You now have your own crypto wallet and can take control of your digital assets with confidence. Remember to stay updated on security best practices and keep your wallet software up to date.

2. Find the Nearest Bitcoin ATM

After setting up your wallet, it is time to find your nearest Bitcoin ATM. Various online platforms can help you locate the nearest Localcoin Bitcoin ATM to you.

Our page will help you find the Localcoin Bitcoin ATM closest to you. With nearly 900 ATMs, there is a good chance you’ll find one nearby. 

Once you have found the closest machine to you, you can click on the location page for additional information regarding the location.

The page will include information regarding available parking, the hours of operation of the store housing the Localcoin Bitcoin ATM, and a brief tutorial on how to use the machine and other ATMs in the vicinity. 

Now that you have your wallet set up and have found the machine closest to you, we will break down exactly how to send money through a Bitcoin ATM.

3. Deposit Cash into Bitcoin ATM

To deposit cash into a Bitcoin ATM, simply follow these easy steps:

  • Choose Bitcoin: Select the Bitcoin option on the machine's screen.
  • Locate your wallet's QR code: Find the QR code of your Bitcoin wallet address and hold it up to the machine's camera. The machine will scan the code to confirm your purchase. (Note: For larger transactions, ID verification may be required.)
  • Insert your money: Now that your purchase is confirmed, you can start inserting your cash into the machine.
  • Confirm the amount: Check the amount displayed on the screen to ensure it matches the cash you've inserted. This step completes your purchase.
  • Receive your Bitcoins: After confirming your purchase, the Bitcoins will be sent to the address you provided. Usually, transactions are instantaneous, but occasionally they may take anywhere from 10 to 30 minutes.

Please keep in mind that there will be a service fee based on the current Bitcoin market.

4. Send Your Money

When you send money to someone via a Bitcoin ATM from a crypto wallet, the process is incredibly straightforward. Follow these steps to send Bitcoin with ease:

  • Open Your Wallet: Access your crypto wallet application or access your online wallet account.
  • Select "Send" or "Send Bitcoin": Look for the option to send or transfer Bitcoin within your wallet interface.
  • Enter Recipient's Wallet Address: Input the recipient's Bitcoin wallet address. Double-check for accuracy to avoid any mistakes.
  • Specify the Amount: Enter the amount of Bitcoin you want to send. Ensure you have enough funds in your wallet to cover the transaction.
  • Set Transaction Fee: Choose the appropriate transaction fee based on your desired confirmation time. Higher fees result in faster confirmation.
  • Review and Confirm: Review the transaction details, including the recipient address and the amount of Bitcoin to be sent. Once verified, confirm the transaction.
  • Transaction Confirmation: Wait for the transaction to be confirmed on the blockchain. This process can take some time, so be patient.

The Benefits of Using Localcoin Bitcoin ATMs

Localcoin Bitcoin ATMs provide you with the best security and prevent anyone from tampering with your transaction. Thanks to transactions being conducted using cryptographic protocols, using a Bitcoin ATM for money transfers provides additional security and privacy over other money transfer options.  

On top of the added security benefit, sending money through a Localcoin Bitcoin ATM also provides a fast and efficient way to transfer funds, with transactions often processed within seconds. Secondly, Localcoin Bitcoin ATMs allow for increased financial freedom, as they operate independently of traditional banking systems, making them accessible to individuals without a bank account. 

When using a Localcoin Bitcoin ATM to send money, it's important to remember a few things. First and foremost, exercise caution throughout the process. Secondly, always verify the transaction details, including the recipient's wallet address, to avoid potential mistakes. Lastly, be cautious about making transactions for unknown individuals and be wary of payment promises. 

Your safety matters when using a Localcoin Bitcoin ATM Localcoin providers prioritize your security. 

Frequently Asked Questions (FAQs)

Is it safe to send money through a Bitcoin ATM?

Thanks to their advanced security measures and encryption protocols sending money through a Localcoin Bitcoin ATM is safe with the proper precautions. To ensure safety, use reputable ATM providers, verify transaction details and recipient wallet addresses, and be aware of fees and timeframes.

If you stay informed, exercise caution, and follow best practices when using Localcoin Bitcoin ATMs you will mitigate risks and easily send money securely.

Can I sell Crypto at a Bitcoin ATM and get cash?

Absolutely! We also provide Localcoin Bitcoin ATMs that support selling crypto. Check out our sell page to find your nearest Localcoin Bitcoin ATM that features a selling option. The page also provides a tutorial on how to sell using one of our machines.  

Can I buy smaller amounts of Bitcoin at a Bitcoin ATM?

Absolutely! You can purchase fractions of a Bitcoin or even tiny satoshis (the smallest Bitcoin unit) at our Localcoin Bitcoin ATMs. Bitcoin is divisible, so you have the flexibility to buy smaller denominations.

Closing Thoughts

Sending money through a Bitcoin ATM offers a convenient and secure way to transfer funds within the crypto ecosystem. These ATMs have gained popularity due to their accessibility, ease of use, and advanced security features. 

However, it is also important to be aware of common frauds to protect yourself and your funds. One common fraud is phishing, where scammers create fake Bitcoin ATMs or websites that look real to trick you into sharing personal information or cryptocurrency. 

By following the step-by-step guide on how to send money through a Bitcoin ATM, you can confidently transfer funds without worrying about your Bitcoin being compromised.

We prioritize your safety by offering visible warning signs on Localcoin Bitcoin ATMs, terms and conditions for using our services, and friendly reminders on our website and support line.

If you are interested in starting your crypto journey, our network of Bitcoin ATMs are located across Canada, so you are sure to find one nearby.

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