What is a Bitcoin ATM? A Guide on How to Use It and Key Considerations

1. What is a Bitcoin ATM?

A Bitcoin ATM (BTM) functions like a traditional ATM, but instead of withdrawing cash from a bank account, users can buy Bitcoin using cash or a debit card. Some machines also allow users to sell Bitcoin and receive cash.

2. Pros and Cons of Bitcoin ATMs

2.1. Pros

 - No need for a bank card: You can complete transactions without carrying a physical bank card.

 - Convenient and easy to use: Bitcoin ATMs make it possible for users without a bank account to buy and sell Bitcoin and withdraw cash.

 - Global accessibility: Bitcoin ATMs are available in many countries, providing convenient access for Bitcoin transactions.

2.2. Cons

 - Limited transaction variety: Most Bitcoin ATMs only support exchanging cash for Bitcoin, without offering other types of transactions.

 - Lack of government protection: In some countries, Bitcoin is not legally recognized, so users won’t receive support from local authorities in case of issues.

 - High transaction fees: The fees for buying or selling Bitcoin can range from 7% to 12%, which is higher than other transaction methods.

 - Not suitable for large transactions: Bitcoin ATMs have transaction limits for deposits and withdrawals.

 - Identity verification required: Most Bitcoin ATMs require users to verify their identity before transacting.

3. How to Use Bitcoin ATM

3.1. Buying Bitcoin

 - Enter the amount of Bitcoin you wish to purchase.

 - Scan your personal Bitcoin wallet’s QR code.

 - Double-check the wallet address on the screen.

 - Insert cash into the machine and confirm the transaction.

 - Keep the receipt as a proof of transaction.

3.2. Selling Bitcoin

 - Scan your Bitcoin wallet’s QR code.

 - Enter the amount of Bitcoin you wish to sell and send BTC to the provided address.

 - The machine will dispense cash into the cash slot.

4. Key Considerations Before Using Bitcoin ATM

 - Make sure you have a Bitcoin wallet installed on your phone.

 - Find the nearest Bitcoin ATM through websites like coinatmradar.com.

 - Pay attention to the instructions on the screen, as different machines have different interfaces.

 - Learn how to create a Bitcoin wallet to start trading.

5. Bitcoin ATM Availability in Vietnam

Currently, there are 5 Bitcoin ATMs in Vietnam, all located in Ho Chi Minh City. These machines are provided by Bit Access (Canada) and offer both buying and selling services for Bitcoin.