As cryptocurrencies continue to become more ingratiated in our lives, many are left wondering how to get quick and easy access to Bitcoin in Sydney. The good news is that with a Bitcoin ATM in Sydney, you can perform transactions quickly and easily.
If you aren’t familiar with the idea of a crypto ATM in Sydney, then you are in luck. In the guide below, you will learn why this now-niche service is growing in popularity, especially across Sydney and New South Wales. When all is said and done, you will know what crypto ATMs are, where to find them, how to use them, and more.
What is a Bitcoin ATM?
Bitcoin ATMs (all crypto ATMs, really) are machines that allow the user to sell and buy Bitcoin – sometimes, other cryptocurrencies – right there at the machine. Though they are similar to traditional ATMs, they are different in that they don’t actually dispense cash. Instead, you can convert physical cash into cryptocurrency.
Niche cryptocurrencies may not be supported, but it is not uncommon to see others like Litecoin and Ethereum made available. For the most part, these machines universally offer the buying of cryptocurrencies while some offer selling, giving the user the ability to cash out to AUD.
These are like traditional ATMs in that they are located in a variety of public locations. Bitcoin ATMs in Sydney (and other places) are typically located in places like petrol stations, convenience stores, and shopping centres, providing easy access along the way.
How to Use a Bitcoin or Crypto ATM
One of the most important aspects before going to a crypto ATM in Sydney is how to use one. The process is really quite simple, and a few basic steps will carry you through the average transaction.
Step 1: Select Your Transaction Type. When you arrive at a crypto ATM, the first thing you will have to do is choose your transaction type. At most, you will either be able to buy or sell, though some ATMs may only offer one of the two.
Step 2: Choose Your Crypto. Bitcoin ATMs may only specifically offer Bitcoin, but other crypto ATMs may have a broader selection. Though niche cryptocurrencies may not be available, it is not uncommon to find options like Litecoin and Ethereum, among others.
Step 3: Enter Wallet Address. This is the important part. There may also be the option to scan a QR code, but make sure the wallet address is correct before proceeding. The last thing you need to do is to give your money away to the wrong wallet.
Step 4: Insert Cash or Send Crypto. From this point, it’s time to transfer currencies. If you are buying, insert cash to complete this step. If you are selling, you will need to send your crypto in order to exchange it.
Step 5: Confirm the Transaction. Take your time to review all the details. Make sure everything is correct, then confirm the transaction to finalize it. It’s really that simple.
When you use a Bitcoin ATM in Sydney, you will more than likely be required to enter a phone number as verification. In some cases, you may be prompted to provide identification, though this may come down to the total of the transaction.
Finally, make sure that you double-check the wallet address. There are far too many instances where a wallet address is mis-entered, leading to the transfer of crypto to the wrong wallet. Once the transaction has been completed, it can’t be reversed, so make sure to take your time and be careful.
Where to Find Bitcoin ATMs in Sydney
If you plan on using a Bitcoin ATM in Sydney any time in the near future, it helps to know where to find a reliable operator. For the most part, your options are going to come down to one of the four listed below:
· Localcoin ATM
· Bitcoin Dealers
· Auscoin
· Digital Currency Exchange (DCE Briefcase ATMS)
If you want to make things even easier, make use of services like Coin ATM Radar. These tools are excellent for finding machine details and even accessing real-time location maps to make finding your preferred crypto ATM all the easier.
The area of New South Wales has already seen extensive growth in terms of crypto ATM numbers. Users are seeing the benefits of being able to quickly and easily exchange fiat currencies for their preferred cryptocurrency, which should lead to even more substantial growth.
Fees, Limits & Verification Requirements
Before you seek out a crypto ATM in Sydney, there are a few things to know. First among them are the typical fees that you will encounter. For the most part, you will encounter a 6-10% markup over current market rates. That will vary depending on location and ATM type, so make sure to check the details ahead of time.
There are also transaction limits attached. For example, you may be required to make a $50 minimum transaction in order to qualify. Additionally, there are typically withdrawal limits (e.g. $5,000) to be aware of. Make sure you check with the operator in your area before visiting one.
Because of the fees and limits involved in crypto ATMs, it may be better to execute smaller purchases. Large quantities of crypto should be purchased at a trustworthy exchange, for instance. Fees alone may dissuade someone from executing a large transaction at an ATM.
Are Bitcoin ATMs Safe to Use?
When it comes to crypto, in general, the question becomes, “Is it safe?” Those who have not used a Bitcoin ATM before will want to know whether or not these machines are safe. Though there are inherent risks, they can be generally avoided.
First and foremost, make sure to double-check the wallet address before sending. This is a risk with even crypto exchanges because entering the wrong information means sending your cash or crypto to the wrong wallet. This is a simple mistake that can be avoided with a little caution and patience.
A good rule of thumb is to only use a crypto ATM from a company with a strong reputation. There are more than a few out there that don’t have a trustworthy background; take the time to do your homework and know which providers have the best reputation. It will make for a far more enjoyable, safer experience.
Make sure to watch out for skimming attempts or fake QR codes. The unfortunate part about crypto – about life, really – is that there is always someone looking to pull off a scam. Take the extra second to verify whether the QR code you are seeing is real or not.
Lastly, avoid machines that haven’t been kept up with. The most trustworthy crypto ATMs should be up-to-date with the latest encryption software, which is what makes them secure in the first place. Be certain to secure your wallet whenever buying or selling crypto as you would at an exchange. Remember, crypto safety is largely up to you.
Alternatives to Bitcoin ATMs in Sydney
Using Bitcoin ATMs is not necessarily for everyone. Though these machines offer a fast and convenient means for purchasing crypto, everyone has their own preferences. There are, thankfully, several platforms available when it comes to buying and selling crypto.
· Centralised exchanges like CoinSpot and Swyftx
· P2P platforms
· Crypto debit cards
Ultimately, these may be more preferable options when it comes to fees. That said, they do have some major downsides compared to crypto ATMs. For starters, you will require a much more formal verification process, which requires more information. Additionally, exchanges and the like require the linking of bank information, which not everyone feels comfortable sharing.
When determining whether or not you want to use a crypto ATM in Sydney, it comes down to personal preference. If you want to be able to use physical cash in hand, there is no better option. Fees might be a bit higher, but there is no question about which option is the more convenient one.
Who Should Use a Crypto ATM?
At the end of the day, crypto ATMs may not be for everyone, but they do offer the utmost convenience. First-time users of crypto looking for a more hands-on experience may see the benefits of using a Bitcoin ATM in Sydney.
Additionally, those who want to buy anonymously without having to give up sensitive personal information may benefit from a crypto ATM. The experience is also much easier for those who have limited or no internet access, making for a simple transaction. When all is said and done, you will be able to approach a Bitcoin ATM with total confidence and knowledge of your transaction.
