Bitcoin ATMs in Australia: What You Need to Know
Bitcoin is becoming increasingly easy to acquire and use thanks to a global increase in demand for digital currencies. Whereas it was once quite a technical process to gain access to crypto, you can now walk up to an ATM in the street to buy Bitcoin with cash!
Of course, not every ATM supports Bitcoin – this guide will tell you everything you need to know to get started with Bitcoin ATMs in Australia.
What is a Bitcoin ATM?
Bitcoin ATMs, or crypto ATMs, are kiosks that allow individuals to purchase cryptocurrencies using their credit cards or cash.
Bitcoin ATMs have a lot in common with traditional fiat ATMs, which provide banking customers the convenience of accessing their funds without visiting a bank.
Similarly, a Bitcoin ATM offers direct access to Bitcoin (BTC) without the need for an online exchange. Since the installation of the first Bitcoin ATM in Vancouver, Canada in 2013, the number of these machines worldwide has surged, reflecting the growing acceptance and demand for easy access to cryptocurrencies.
You can purchase BTC from any Bitcoin ATM using cash or a debit card or credit card. Many of these ATMs actually support other cryptocurrencies as well, and are often still referred to as Bitcoin ATMs or crypto ATMs. Some of these ATMs also allow you to sell Bitcoin for cash.
How to Use a Bitcoin ATM in Australia
To use a Bitcoin ATM, simply check out the touch screen menu to get started.
While there are different makes and models of these crypto ATMs, the menu will offer options to buy, and sometimes sell, Bitcoin and other cryptocurrencies in exchange for cash.
How to Buy Bitcoin With Cash from an ATM
When buying Bitcoin from an ATM, you’ll need to have a Bitcoin wallet. You’ll also typically need some form of government-issued ID.
- You’ll be prompted to scan your Bitcoin wallet QR code.
- You’ll be prompted to verify your identity by letting the machine scan your face and ID. This will likely just take a few minutes.
- Enter the amount of cash you want to spend, or the amount of BTC you want to purchase.
- You’ll be prompted to pay with either cash or a debit card transaction, much like a regular point-of-sale purchase.
- That’s it! The Bitcoin will be transferred to your wallet. Transactions tend to take about 30 minutes to process, although the time could be affected by Bitcoin network activity.
- You’ll receive a receipt for your purchase.
If you’re purchasing crypto from a machine that supports more than one cryptocurrency, select your preferred currency. Be careful to submit the correct wallet address when prompted! The machine will deposit the funds to whichever wallet address you provide.
If you’re buying USDT, for example, make sure that the network is correct – if the machine sells USDT on the Ethereum network, ensure your wallet is for USDT on the Ethereum network rather than another network like Tron. There will be instructions on the screen to help you with each step of the process.
How to Sell Bitcoin With Cash from an ATM
Selling Bitcoin for cash using a Bitcoin ATM involves a few straightforward steps, which vary slightly depending on the specific machine and its operator. Here’s a general guide on how to do it:
- First, find a Bitcoin ATM that supports selling Bitcoin for cash. We’ll list Bitcoin ATMs in our next section, and you can search for crypto ATMs on LocalCoin or Coin ATM Radar which lists over 1,000 Bitcoin ATMs in Australia and filters by buy/sell.
- Verification Process: At the ATM, you may need to verify your identity depending on the ATM’s requirements and the amount of Bitcoin you wish to sell. This could involve entering a phone number or scanning a government-issued ID.
- Initiate the Sale: Choose the option to sell Bitcoin (this might be labeled differently like “Withdraw Cash”). The machine will ask you how much Bitcoin you want to sell or how much cash you wish to receive.
- Send Bitcoin: The ATM will display a QR code representing its Bitcoin address. You need to scan this with your mobile Bitcoin wallet or manually enter the address, then send the designated amount of Bitcoin from your wallet to the ATM.
- Confirm Transaction: It may take some time for the transaction to be confirmed on the Bitcoin network. This could be instant or take up to an hour, depending on network congestion and the transaction fees you paid.
- Receive Cash: Once the transaction is confirmed, the ATM will dispense the equivalent amount of cash. Some ATMs print out a redeemable voucher that you need to cash out.
Keep in mind that fees for using Bitcoin ATMs can be high compared to online exchanges. Also, the exchange rate offered by Bitcoin ATMs might not be as competitive as what is available on digital platforms.
It’s good practice to review the terms and fees at each specific Bitcoin ATM before proceeding with your transaction.
The Benefits of Using Bitcoin ATMs
Bitcoin ATMs offer several benefits that make them an appealing choice for users interested in trading cryptocurrencies directly from physical cash. Here are some key advantages:
- Accessibility: Bitcoin ATMs increase the accessibility of Bitcoin by providing physical locations where users can engage in transactions. This is especially beneficial for those who prefer conducting transactions in person rather than online.
- Simplicity: The process of buying or selling Bitcoin through an ATM is straightforward. Users don’t need to navigate complex trading platforms; the interface is user-friendly, and transactions can be completed quickly.
- Privacy: While some verification may be required, Bitcoin ATMs generally offer more privacy compared to online exchanges. Users don’t always have to provide bank account information, and for smaller transactions, requirements can be as minimal as a phone number verification.
- Speed: Transactions at Bitcoin ATMs are typically faster than online exchanges, where you might have to wait for bank transfers or other forms of clearing. Once the transaction at an ATM is confirmed, users can immediately receive their cash or Bitcoin.
- Security: Using a Bitcoin ATM reduces the risk of fraud and scams associated with some online exchanges. Transactions are more controlled and secure, providing peace of mind for users.
These benefits highlight why Bitcoin ATMs have become a popular method for buying and selling Bitcoin, providing a bridge between digital currencies and traditional cash.
Where to Find Bitcoin ATMs in Australia?
You can use sites like LocalCoin and Coin ATM Radar. There are currently over 1,000 Bitcoin ATMs located in Australia. We’ve listed a few in specific locations below.
Bitcoin ATM Melbourne
CoinFlip Bitcoin ATM – EzyMart Elizabeth Street
65 Swanston St, Melbourne VIC 3000, Australia
Australia Post – Hotham Hill LPO – General Bytes
121 Canning St, North Melbourne VIC 3051, Australia
CoinFlip Bitcoin ATM – Midtown Plaza
246 Bourke St, Melbourne VIC 3000, Australia
Bitcoin ATM Sydney
EzyMart Pitt St
65B Pitt Street, Sydney, NSW 2000, Australia
Hunter Super Market
Shop 2 19-21 Hunter Street, Sydney, NSW 2000, Australia
EzyMart Bligh St
Shop 6 / 15-23 Bligh St, Sydney, NSW 2000, Australia
Bitcoin ATM Brisbane
EzyMart Adelaide St – General Bytes
59 Adelaide St Brisbane City, Queensland 4000 Australia
Our Takeaway and Coffee – General Bytes
120 Kingston Rd Underwood QLD 4119 Australia
Xiao Mans Rice Noodles – Lamassu
Shop2/55 Elizabeth St Brisbane, QLD, 4000 Australia
Selling Digital Assets For Cash Instantly
Of course, Bitcoin ATMs aren’t the only way to off-ramp from digital assets in Australia. The Grineo Card is available exclusively to Australian residents over the age of 18.
The card allows you to spend stablecoins like USDC and USDT and even withdraw these assets as cash from any ATM that accepts Visa!The card charges just a 1% transaction fee.
While you can’t spend or withdraw Bitcoin directly, you can instantly swap Bitcoin for stablecoins in the app and then withdraw your funds as AUD or spend in stores and online.
