So you’re looking to pick up some Bitcoin to add to your portfolio? Are you wanting to invest in something that helps you to hedge against inflation?
Any investor will tell you that they are glad they invested in Bitcoin earlier this year, or last year, or the year before. And the investors that haven’t yet invested in Bitcoin are likely to tell you that they wish they did after seeing it soar to new all-time highs in 2021.
And this is especially true as we watch inflation rise.
So is there a buy limit when buying Bitcoin? Buying from a Bitcoin ATM is different than buying from an online exchange, and the amount that you can buy at one time will differ on different platforms.
So if you’re looking to ditch your fiat as fast as possible and convert it into something like Bitcoin, then keep reading below to see the easiest ways to do so.
Why Do Daily Limits Exist?
No, you can’t buy $1 million in Bitcoin using an ATM today. Most crypto ATM providers have daily or weekly limits in place.
Don’t ATM providers want to make as much money as possible? Then why would they limit the amount that people can buy and sell?
The biggest reason is security and compliance. In order to provide financial services, such as buying and selling digital assets, ATM providers need to comply with government agencies that are working to prevent crime and fraud.
Anti-money laundering (AML) laws are in place to ensure criminals aren’t using cryptocurrency to do things like fund terrorism or avoid taxation. So limits are in place and enforce by the government to ensure no one finds loopholes in the amount of cash they can access or hide.
But the limits are practical, as well. ATMs have a finite amount of space inside of them to store cash. So you can just keep depositing cash forever, as the machine can’t store that much.
Likewise, you can’t withdraw millions of dollars at one time because a single ATM won’t have that much. And even if it did, the ATM wants to be able to serve many people in a single day, so they want enough cash for the next person who needs to access some.
When buying and selling crypto online, through an exchange, daily limits are usually much higher, but limits are still present.
Usually, the limits in place are regarding how much you can deposit into your exchange account and withdraw out of it on a daily basis. Once the money is in your account, you can use it to buy or sell as much crypto in a day as you want.
What Is the Buy Limit on Bitcoin ATMs?
If you have a lot of cash on hand that you’d like to convert to crypto, then you’re probably wondering how much Bitcoin you can buy at one time.
Most Bitcoin ATMs only take cash. There are a few reasons for this. The primary reason is that it’s impossible to perform a chargeback on cash, unlike a debit card or debit card.
So those looking to cheat the system and steal from the ATM will be unable to do.
But ATMs can only process so much cash on a daily basis. Therefore, they put a buy limit on individuals regarding how much they can buy in a day.
If you meet the buy limit, you’ll need to wait until tomorrow to use the same ATM. There are many different Bitcoin ATM providers around the globe. Here are the limits of the most popular.
Bitcoin Depot
Bitcoin Depot boasts over 3,000 ATM locations across 45 states where you can buy Bitcoin in a flash. Creating an account and verifying your identity with a Bitcoin Depot machine is fast and easy.
The daily transaction limit for Bitcoin Depot is $15,000. After 24 hours, the limit resets.
But if you are buying less than $250 of your favorite crypto, only your phone number will be needed to verify your identity and process your transaction. There is a minimum despot of $20 and the machine only accepts cash. So to start your deposit, you have to first insert a $20 bill, after which you can add smaller bills if you need to.
Bitcoin Depot offers three cryptocurrencies for purchase; Bitcoin, Ether, and Litecoin.
Byte Federal
Byte Federal is one of the most popular ATM providers in the US. They have over 1,000 Bitcoin ATM locations across the country.
They are primarily located in convenient locations such as gas stations, convenience stores, grocery stores, and so forth. Finding one, especially in metro areas, is easy to do.
Most Byte Federal Bitcoin ATM machines only take cash. They have a daily limit of $21,000 in cash transactions, whether it’s buying or selling.
Their Bitcoin ATM fees are low and transparent. When using the machine, it will tell you exactly what you’ll pay for your transaction.
And they also support multiple cryptocurrencies, so you aren’t limited to just buying Bitcoin, though that’s the most popular option. You can buy Ether, Litecoin, Bitcoin Cash, Dogecoin, and many other popular cryptocurrencies and stable coins.
When using Byte Federal for the first time, you’ll need to create an account and submit KYC information. But the ATMs provide instant verification, making it super easy for you.
Using the free mobile wallet provided by Byte Federal makes it even easier to use the machines on a regular basis. Visit bytefederal.com to learn more.
Coin Cloud
Coin Cloud has thousands of locations across the US, including Hawaii. They even have a few down in South America. You can both buy and sell with cash, and they have over 40 digital assets to choose from.
Coin Cloud is very secure and offers different tiers regarding account status and buy limits. On a tier 1 account, you can buy and sell without verifying your account. However, you’re limited to $1,000 in lifetime transactions.
Tier 2 involves verifying your account with a photo ID and allows for $8,500 in daily transactions, up to a lifetime amount of $45,000.
Tier 3 allows additional verification by providing your social security number and occupation, with increases your daily limit to $25,000 with no lifetime cap.
If you are looking to make more than $25,000 in daily transactions, you can use their private client service and buy over the counter.
Coin Flip
Coin Flip has many locations across the US as well.
They also operate on a tier-based limit system. By providing just your phone number and name, you can buy and sell up to $900 per day.
For amounts up to $2,995, you’ll need to create an account with Coin Flip using your photo ID. To increase your limit to $16,000, you’ll need to undergo the advanced verification process.
Limits don’t take 24 hours to rest, but rather reset at midnight local time. For those wanting to buy crypto using a debit or credit card, they allow you to do so online, rather than at the ATM.
They offer a flip or free guarantee. If the ATM you are using is out of cash when you are trying to make a withdrawal, then your next ATM visit will be fee-free.
Rockit Coin
Over 900 Rockit Coin ATMs are available in a handful of states. They allow you to buy and sell Bitcoin, Ether, and Litecoin. If you plan to make a purchase of $10,000 or more, you can use their OTC service instead.
Bitcoin of America
Bitcoin of America offers traditional Bitcoin ATMs across the country. But they also offer POS systems, such as tablets and tellers, to make Bitcoin purchases while you are shopping at local retailers.
Once your account registration is completed, you can purchase up to 500 BTC in a day. The only alternative coin they offer is Litecoin.
Coinsource
Coinsource locations are scattered across the country.
With Coinsource ATMs, you can buy as little as $5 worth of Bitcoin and as much as $8,500 in a day. The machines only accept cash, and won’t take bills under $5.
Local Coin
Local Coin is a Bitcoin ATM network based in Toronto, Canada. They have ATM locations across Canada, and some in the US as well, where you can buy and sell Bitcoin.
You can buy as little as $20 CAD at a time, and the daily buy limit is $5,000 CAD. Their ATM location in Niagara Falls is the only Canadian location that also accepts USD.
Local Coin also sells Bitcoin vouchers, called Flexepin, at thousands of locations. You can purchase up to $1,000 per week.
Bitnovo
Bitnovo is headquartered in Spain. Rather than using an ATM to buy Bitcoin with cash, you purchase Bitcoin vouchers from local retailers using cash. You can then redeem these vouchers online or on your mobile wallet to add Bitcoin to your portfolio.
Choosing the Best Bitcoin ATM
There are many other Bitcoin ATM providers around the country and the world. And their number will only increase as more and more people begin investing in and using Bitcoin on a daily basis.
Which is the best? Well, most ATMs are produced by a handful of companies. They then sell or license them to the individual ATM networks.
So you might be using an ATM from two different companies, but they are actually the exact same ATM.
Still, they will differ. Each ATM provider can choose which cryptocurrencies to offer, and what the daily limits are for buying and selling. They can also set their own fees, so make sure to choose one with competitive exchange rates.
Some ATMs only offer the option to buy, not to sell. And some will allow you to use a debit or credit card to make a purchase as well.
The best ATM for you will be one that is conveniently located and allows you to transact in the amounts that make sense to you. It also helps if they have their own mobile wallet to use, making it easier to move your crypto around.
What You Need to Use a Bitcoin ATM
Before heading to Bitcoin ATM, you need to be prepared. The most important thing you’ll need is a virtual crypto wallet.
Download a free wallet app on your smartphone and get it set up before you visit the ATM. When you buy Bitcoin at the ATM, you need somewhere to send it in order to complete the transaction.
Wallet addresses are extremely long. You don’t want to have to type this out at the ATM. Rather, the wallet app on your phone will provide a QR code that the ATM will be able to scan, saving you lots of frustration.
If you plan on using a Bitcoin ATM regularly, it can be worth it to use the wallet app provided by the ATM. This makes it easier to buy and sell when needed.
You’ll also need to create an account with the ATM provider. Just bring along a photo ID and this process should only take a few seconds.
And of course, bring any cash that you want to turn into Bitcoin. Most ATMs require a minimum of $20.
Understanding Transaction Time
Many first-time coin buyers are confused about why transactions take a while to complete. But this is the price you pay for using the secure technology known as the blockchain.
All Bitcoin transactions are recorded on the blockchain, which is a public ledger distributed around the globe. For your transaction to finish, it needs to be recorded on the blockchain and verified by other nodes on the network.
This can take anywhere from five minutes to 30 minutes or more. It depends on how many transactions are taking place at a given moment.
The good news is that you don’t need to wait around for your transaction to be completed. Just finish your purchase, and walk away. Once the network confirmation is complete, you’ll see the Bitcoin in your digital wallet.
When selling Bitcoin for cash, it can also take minutes, if not hours to complete. So upon transaction completion, you’ll receive a printed ticket from the ATM. Once the network confirmations are complete, head back to the ATM, insert or scan the ticket, and receive your cash.
Getting as Much Bitcoin as You Want
As you can see, the buy limit on a Bitcoin ATM differs depending on the ATM provider. Some also differ in the amount of verification that you feel like providing to the ATM.
One thing’s for sure, if you want to buy a lot of Bitcoin, you can definitely do so. Choose an ATM with a high limit, provide the necessary verification information, and enjoy the rewards of owning Bitcoin.
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