CoinFlip Blog (2024)

*This article was originally published on January 20, 2021, but was updated on April 8, 2023, to reflect updated information.*

So, you’ve been doing some research and decided you’re finally ready to buy Bitcoin. If you are a person who often uses cash, Bitcoin ATMs are a great option for converting that cash to crypto. Bitcoin ATMs are the easiest way to safely convert cash to Bitcoin and other cryptocurrencies fast.

In this article, you will learn the entire process of using a Bitcoin ATM from finding the crypto ATM near me to the fees you can expect to pay.

Before getting started, check out out our Beginner's Guide to Buying Bitcoin if you haven't already. This comprehensive resource will help you understand everything you need to know before buying crypto.

To use a Bitcoin ATMin order to convert your cash, you will need a crypto wallet. For more information on crypto wallets, please look at our guide .

Convert Cash to Cryptocurrenciesat a Bitcoin ATM

Step 1 - Find a Bitcoin ATM Near You

Type your location into the ATM Locator online to find Bitcoin ATMs near you.

Step 2 - Select which type of cryptocurrency you would like to buy

Once you’ve made it to your closest Bitcoin ATM, you will be prompted to select which cryptocurrency you would like to buy.

Step 3 - Accept the terms and conditions

Next, the Bitcoin ATM will present you with CoinFlip’s very detailed service terms that you can find online here.

At the top will you see a warning against participating in any scams, saying:

“Have you been sent to this ATM to make a payment for ANYTHING, such as SSN fraud, taxes, utility bills, tickets, cars, equipment, money transfers, ransom, bail, eBay, Airbnb, or anything odd? STOP! You are being scammed, hang up and call us at (877)-757-2646.”

When using a Bitcoin ATM, please be mindful only to buy crypto for yourself and always send it to your personal crypto wallet. If you have any questions or second thoughts about your transaction, please call the 24/7 customer support line, and they will be happy to guide you through the process.

All Bitcoin transactions are final and irreversible, even if they happen to be fraudulent. This is why it is up to you to do your due diligence before making a transaction.

The Terms of Service also serve as a reminder about the nature of Bitcoin and other cryptocurrencies. Namely, they are not legal tender and are not backed by any government or financial institution, meaning they are not subject to Federal Deposit Insurance Corporation (FDIC) or Securities Investor Protection Corporation (SIPC) protections.

Step 4 - Select your cash limit

After accepting the machine’s Terms of Service, you will be prompted to select a cash limit. You have two options: “up to $900”, or “more than $900”. If wish to buy more than $900 in crypto at the Bitcoin ATM you will be notified that this transaction amount is reserved for registered customers only. At this point, you can select “Yes, I’m already a registered customer,” where it takes you to Step 5 below.

If you select yes and you are not a registered customer, an error message will be displayed.

Alternatively, you can select “No, but I would like to register.” If you choose this option, the machine will ask for your phone number. After you enter that information, a customer support representative will call you to request some additional identifiable information and register you as a customer.

Step 5 - Enter your phone number

Next, you will be prompted to enter your phone number so that you can receive a single-use password that is necessary to move forward with the transaction. You will receive a text message with the password and an additional reminder to be vigilant against scams.

Step 6 - Enter your first and last name

Now, you must enter your first and last name.

Step 7 - Scan your crypto wallet address

To deposit the Bitcoin into your digital wallet, you must scan your wallet’s address. All crypto wallets have a QR code built in that is accessible through your phone. You scan the QR code using the built-in camera on the Bitcoin ATM. Once you do this, the machine instantly knows where to send your crypto.

Step 8 - Insert cash

This part speaks for itself, BUT this step is essential because this is also where you will insert any discount codes you maybe have.

(Hint: you can get a discount code sent to your inbox by subscribing to receive CoinFlip emails - Sign up here.)

After you insert your cash, the total amount of Bitcoin you will receive will be displayed on the screen. All transaction fees are included in the price of the cryptocurrency sold.

What fees will I pay at a Bitcoin ATM?

The fee for purchasing crypto from CoinFlip ATMs is 15.99%. This fee is on top of the cryptocurrency market price selected based on the index prices found here. On average, CoinFlip charges 30% less in fees than our leading competitors (based on data collected by CoinFlip in February). If you have a discount code, the discount will be deducted from the CoinFlip fee.The blockchain has its own fluctuating fee given to the network miners as a reward for processing transactions. You will also be charged this network fee, which is a minimum network fee of $2.49 for all bitcoin purchases and a variable fee for other token purchases. The variable fee is determined by how busy the blockchain is.

Now, enjoy your crypto

If you need a receipt and did not select to have it sent to you on the final green screen of your transaction, have no fear! You can have your receipt sent to you via text message by calling customer support at (877)-757-2646 and selecting option 1.

And that’s it. Using a Bitcoin ATM is as easy. If you have any trouble at all, our customer support team is available to assist 24/7, 365 days.

Using a Bitcoin ATM is one of the fastest, safest, and easiest ways to buy Bitcoin and other cryptocurrencies with cash. With low fees, a large network of Bitcoin ATMs, and the most reliable customer support, CoinFlip is the best way to purchase and sell cryptocurrency. Kickstart your crypto journey today! Find your closest Bitcoin ATM to get started!

FAQs

How to manipulate coin toss? ›

Rest the coin on the back of your thumb with your index finger wrapped around it. As you toss, don't flick your thumb but instead use your index finger to spin the coin like a frisbee. Practice this move until you've got it down pat.

What happens if you flip a coin 10,000 times? ›

For example, if we flip a fair coin, we believe that the underlying frequency of heads and tails should be equal. When we flip it 10,000 times, we are pretty certain in expecting between 4900 and 5100 heads. A random fluctuation around the true frequency will be present, but it will be relatively small.

Learn More ›

Is toss coin 50/50? ›

PARIS, France — Want to get a slight edge during a coin toss? Check out which side is facing upwards before the coin is flipped — then call that same side. This tactic will win 50.8 percent of the time, according to researchers who conducted 350,757 coin flips.

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Is CoinFlip a good company to work for? ›

Employees rate CoinFlip 3 out of 5 stars based on 60 anonymous reviews on Glassdoor.

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How to always predict coin flip? ›

Is it possible to predict who will win a coin toss before it happens? A truly fair coin toss, no, it's impossible to predict. Each individual coin toss is a random event where there's a probability of each outcome (heads or tails). If it's a fair coin, then the probability of heads is 50% and tails is 50%.

What does NFL use for coin toss? ›

Highland Mint has been producing the official NFL Super Bowl flip-coin for 31 years. Each coin is numbered, "0-0-1" will be used to decide who kicks off and who receives and if there's overtime they use coin "0-0-0". "We usually do heads with the Super Bowl logo on it and tails would be the two teams," said Bohbot.

Who is the owner of CoinFlip? ›

About CoinFlip

CoinFlip was founded in 2015 by Daniel Polotsky, Kris Dayrit, Alan Gurevich, and Ben Weiss. Headquartered in Chicago, CoinFlip placed in the top 500 on the 2021, 2022, and 2023 Inc.

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How much is CoinFlip daily limit? ›

We do $900 a day with SMS and name verification, $3000 a day with ID verification, $8000 with enhanced verification requiring social security number and talk with our compliance.

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How much are CoinFlip fees? ›

What are the fees for selling crypto at a Bitcoin ATM? CoinFlip charges a flat 4.99% fee for selling crypto for cash in addition to a minimum network fee of $1.99.

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Can you influence a coin toss? ›

It may be possible for the person flipping a coin to alter the trajectory of that coin such that it will land on heads or tails more often than probability would predict.

Learn More Now ›

How to simulate an unfair coin? ›

Simply flip the coin twice. If it comes up heads both times or tails both times, then flip it twice again. Eventually, you'll get two different flips — either a heads and then a tails, or a tails and then a heads, with each of these two cases equally likely.

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Can you bias a coin toss? ›

However, it is not possible to bias a coin flip—that is, one cannot, for example, weight a coin so that it is substantially more likely to land “heads” than “tails” when flipped and caught in the hand in the usual manner.

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What is the formula for coin toss? ›

It is based on the assumption of a fair coin, where both "heads" and "tails" have an equal chance of occurring. The formula is as follows: The probability of a desired outcome is equal to the number of favourable outcomes divided by the total number of possible outcomes.

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