A crypto ATM lets you buy cryptocurrency with cash. You insert banknotes, and the bitcoin or other crypto you buy is sent to your wallet. Some machines also let you sell cryptocurrency and withdraw cash.
The screen and cash slot look familiar, but the transaction works differently from a bank withdrawal. You'll need a crypto wallet address, and the transfer takes place on a blockchain network. Understanding those two points before your first purchase makes the process much easier to follow.
How the exchange works
Every crypto ATM is run by a company that buys and sells cryptocurrency. The machine displays the terms, accepts your cash and processes the transaction. The operator sets the exchange rate, so the price on the screen may differ from the price you've seen on a trading platform.
Say you want to buy bitcoin with cash in Georgian lari. The machine calculates how much BTC your money will buy and asks for a wallet address. Once you've paid, the operator sends the crypto to that address. You don't have to buy a whole bitcoin: you can buy a small fraction, as long as your purchase meets the operator's minimum amount.
The name "Bitcoin ATM" doesn't always mean bitcoin is the only option. A machine might also offer Ethereum (ETH), USDT or other assets, depending on the operator and location. USDT is a stablecoin pegged to the US dollar. Seeing it on the menu doesn't mean the machine accepts or dispenses US dollar banknotes.
Before your first visit
Start by setting up a crypto wallet. For a first purchase, it's helpful to install a wallet app that supports the cryptocurrency you want to buy. Find the Receive button: it displays your receiving address and a QR code for the ATM to scan. The address itself is usually a long string of letters and numbers.
If you want the crypto sent to an exchange account, check the deposit address, network and minimum deposit amount in advance. Your exchange account ID, sometimes called a UID, is not a blockchain address. Don't enter it in the wallet address field.
You'll also need:
- A phone with internet access. You'll use it to access your wallet, check the transfer and verify your phone number if the operator requires it.
- Cash in a currency the machine accepts. Check which banknotes you can use. Don't assume you can pay by card or receive change without checking the operator's terms.
- Identification. The operator may ask for a passport or another accepted ID and require verification through an app or website. Check the requirements before you go.
Your wallet may have a secret recovery phrase, usually 12 or 24 words. Anyone with that phrase can gain access to your funds. The ATM needs your public receiving address to send you crypto. You should never enter your recovery phrase into the machine or share it with customer support.
How to buy crypto with cash
Button names and the order of the screens vary, but a purchase usually follows these steps:
- Select Buy and choose your cryptocurrency. The option might be labelled Buy Coins or something similar. Check the minimum purchase amount and transaction limit.
- Complete any required verification. This might involve confirming your phone number, verifying your ID or signing into an account you've already created with the operator.
- Let the machine scan your wallet's QR code. Open Receive in your wallet app, then check that the address shown on the ATM matches the one in the app.
- Review the terms before inserting cash. Check the exchange rate, fees and amount of crypto you'll receive. Only insert your banknotes once you're happy with the terms.
- Complete the purchase and keep the receipt. Depending on the operator, you'll receive a paper or digital receipt. Check your wallet for the incoming transfer.
If you're buying USDT, pay close attention to the network. USDT on Ethereum is commonly labelled ERC-20, while USDT on Tron is labelled TRC-20. The network selected at the ATM must match the one your wallet or exchange is using to receive the funds. Choosing USDT on both sides isn't enough. A transfer over the wrong network may not be credited, and recovery isn't guaranteed.
How to sell crypto for cash
First, make sure the machine supports selling. A machine that only offers Buy accepts cash in exchange for crypto but doesn't dispense cash. Look for Sell, Withdraw Cash or a similar option.
When you sell, the transfer goes in the opposite direction. The ATM displays the operator's receiving address. You scan its QR code with your phone and send crypto from your wallet. The screen shows both the amount you need to send and the cash you'll receive.
Send the exact amount requested, allowing for the way your wallet or exchange charges fees. If a withdrawal fee is deducted from the amount you're sending, the operator will receive less than expected, which can prevent the machine from releasing your cash. Check the field labelled "Recipient receives" or its equivalent before confirming.
The service then waits for the required network confirmations. Some operators ask you to return to the machine and enter a code from your receipt or a message to collect the cash. Keep that code safe and don't share it.
Understanding crypto ATM fees
The full cost of an exchange isn't always shown in a single fee line. An operator might build a markup into the exchange rate, add a separate service charge or include the cost of sending the crypto. If you're selling, you may also pay a network or withdrawal fee through your wallet or exchange.
The clearest comparison is what you actually receive. Suppose one service offers 100 USDT for 300 GEL and another offers 105 USDT for the same cash amount. If both quotes include all fees, the second gives you 5 USDT more. These figures are an example, not current rates.
When selling, compare how much cash you'll receive for the same amount of crypto. A "no fee" offer can still be more expensive if the exchange rate is less favourable.
There's no standard fee across all crypto ATMs, or a single transaction amount above which they all become poor value. It depends on the machine, the currencies involved and the amount. A fixed fee charged on every transaction can make several small exchanges more expensive than one larger exchange. Splitting the amount doesn't, by itself, increase a percentage-based fee if the rate stays the same.
Why the transfer may take time
Using the screen and inserting cash can take just a few minutes. The operator then has to process the transfer, and the network has to confirm it. A Bitcoin transfer can take tens of minutes to confirm, with longer waits when the network is busy. A low transaction fee can also delay confirmation. A confirmation means the transfer has been recorded on the blockchain, the shared record of transactions.
If you're receiving crypto into an exchange account, the exchange sets its own confirmation requirements. A transfer marked "sent" by the ATM operator won't necessarily be available to use on the exchange straight away.
If there's a delay, keep your receipt, transaction reference and blockchain transaction ID, often called a TXID. These help support locate the payment. If the machine takes your cash but the purchase doesn't complete, note the location, time and amount, and photograph any error message. Contact the operator before inserting more money to try to finish the transaction.
Avoiding mistakes and scams
Check the receiving address carefully when buying crypto. If you scan someone else's QR code, the purchase will go to their wallet. Open the address in your own app. Don't use a QR code from a sticker on the machine or one sent by a stranger offering to help.
In one common scam, someone posing as a bank employee or security officer tells you to put cash into a crypto ATM to "protect your money". They provide the receiving address, so you're actually buying cryptocurrency for the scammer. If someone is pressuring you to make this kind of transaction, stop and contact the organisation yourself using its official contact details.
Once a transfer has been confirmed, there is no simple cancel button. Whether the funds can be recovered depends on the circumstances and who controls the receiving address. Before confirming, check the cryptocurrency, network, address and amount one more time.
When a crypto ATM is a good option
A crypto ATM is convenient when your wallet is ready, you understand the terms and there's a suitable machine nearby. You don't need to learn how to place orders on a trading platform. You accept the quoted rate and complete the exchange.
If you're making your first crypto transfer, need to arrange a specific amount of cash in advance or would prefer payment into a bank account, speaking to someone at an exchange service can be easier. At GeCrypto, we can explain the terms and walk you through the process before you visit. That's useful when you need the money by a particular date and want to agree on the currency and documents in advance.
Crypto exchange businesses in Georgia must register with the National Bank of Georgia as virtual asset service providers, or VASPs. This also applies to businesses offering exchange services through ATMs. Check the company operating the machine: the shopping centre where it's installed tells you nothing about the operator's registration.