Term of the Moment
component video
Definition: Bitcoin ATM
A stand-alone automatic teller machine (ATM) for buying and selling bitcoins. As of 2024, there were more than 40,000 crypto ATMs worldwide with most in the U.S. ATMs may also handle Bitcoin Cash, Ethereum, Dash, Litecoin and other cryptos. Like regular ATMs, a processing fee is applied, which typically ranges from 4% to 15% of the transaction amount. See crypto exchange.
A Pennsylvania Bitcoin ATM
The ATM Paper Wallet
Cash and Credit Cards
Located in the Quakertown Food Mart in Quakertown, Pennsylvania, this Bitcoin ATM stands next to a regular ATM machine. Accepting and dispensing only cash, the ATM prints a "paper wallet" with QR codes that can be scanned (see Bitcoin wallet).
This Bitcoin paper wallet was generated from the machine above, and its QR codes can be scanned to import the coins into a wallet app or make another ATM transaction. The private key is used to send coins and the public key is used to receive them.
Weighing 400 pounds, this Genesis 1 Bitcoin ATM handles cash and credit cards. It also dispenses cash. Purchases and sales are entered directly into the user's mobile wallet via QR codes. (Image courtesy of Genesis Coin Inc.)