Spain has recently increased its number of crypto ATMs to 215, and this now makes it the third-largest network of crypto automatic teller machines in the world.
Crypto ATMs have been around since 2013. The first one was installed in Canada just a few years after the release of the Bitcoin white paper. The point of this machine is to allow users to exchange their fiat currencies for crypto. Since 2013, the number of crypto ATMs has exploded around the world.
El Salvador installed 200 crypto ATMs in September 2021. This meant that El Salvador would host the third-largest network of Bitcoin (BTC) ATMs in the world. This has recently changed as Spain now has 215 machines. In total, El Salvador currently has 212 machines, leaving it in fourth position globally. In South America, El Salvador still has the largest network of crypto ATMs. It actually represents more than 50% of all such terminals in South America. Spain currently represents 14.6% of all installations in Europe. It’s followed by Switzerland, which has 144 ATMs. Canada and USA still have the largest numbers of crypto ATMs in the world.
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What Are Bitcoin ATMs?
These machines resemble regular ATMs. With them, you can use your credit card, debit card, or cash to exchange fiat currencies for Bitcoin or other cryptocurrencies. Some of these ATMs will allow you to make cash withdrawals as well. These machines are internet-enabled. At the moment, there are more than 38,000 terminals installed around the world. The number of ATMs has been going up because of convenience and the privacy offered.
How to Use a Crypto ATM
To make crypto purchases using these machines, you should follow these steps:
- First, install a digital wallet on your phone.
- You can then pick the cryptocurrency you intend to buy. In most cases, you will only be able to buy BTC, ETH, and LTC. There is also a limit to the amount you can purchase, and this is usually set at €5,000.
- Once you enter these details, you should open the QR code of the required crypto asset on your wallet and use the scanner on your device to read it.
- Then you can insert your card into the machine and finish the transaction. The machine will print a receipt indicating the exchange, and you will get the coins in your crypto wallet.
You should note that you can still buy these assets without a crypto wallet. In this case, the terminal will create a wallet with a private and public key. You will be able to see these keys on the receipt.
What Are Bitcoin ATM Fees?
Bitcoin ATM fees are very high and average at around 15% per transaction. The fee may include a crypto exchange cost and cash exchange fees. If you are using a debit or credit card, you may also have to pay a card processing fee. To put crypto ATM fees into perspective, you should consider the fact that crypto exchanges charge an average fee of about 1.5%. This cost will even be lower for assets that are as liquid as Bitcoin.
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Pros and Cons of Using Crypto ATMs
Below you can find some of the pluses and minuses of Bitcoin and crypto ATMs as suggested by Crypto Lists.
- Crypto ATMs allow individuals to purchase digital assets without going through traditional financial institutions.
- It is usually faster to buy crypto using these machines as you don’t need to make deposits and transfer funds to a crypto exchange.
- Bitcoin ATMs can be more private than centralized exchanges since they don’t have to know who is making the purchase.
- You will have to pay very high transaction fees.
- Customer support may be unreliable.
With 212 machines, El Salvador has fallen to the fourth position in the list for the most crypto ATMs. Canada and the USA have the largest number of Bitcoin ATMs. Although these terminals have very high transaction fees, they are still gaining popularity around the world. This is because of their high level of privacy, convenience, and speed of buying Bitcoin and other cryptos.