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< BackJuly 7, 2020

Bitcoin ATM — Coin Cloud Review

coincloud-review-bitcoin-atm

Bitcoin is rapidly becoming far more accessible than ever before. Traditionally, the process of purchasing Bitcoin has required the use of exchange platforms. Recent developments over the last five years have seen mainstream Bitcoin and cryptocurrency brokers such as Coinbase become mainstream, allowing anybody to buy Bitcoin at any time, from anywhere.

Bitcoin ATMS, however, take Bitcoin out of the digital world and into real life, allowing anybody to exchange cash for Bitcoin at a dedicated ATM. The first Bitcoin ATM opened in Vancouver, Canada, in 2013, and created a massive industry.

There are now 8,000 Bitcoin ATMs worldwide. Finding a Bitcoin ATM near you, however, can be difficult. Coin Cloud is an extremely helpful platform that allows users to search for the closest Bitcoin ATM near them.

What is Coin Cloud?

Coin Cloud is a platform that focuses on providing users with access to Bitcoin ATMs across the United States. The Coin Cloud platform currently operates over 800 Bitcoin ATMs across the US, and allows user to exchange cash for Bitcoin in minutes.

Importantly, Coin Cloud is fully compliant. By ensuring that the Bitcoin ATM buy and sell process follows AML, KYC, and BSA laws, Coin Cloud provides users with a completely legal and easy-to-use Bitcoin purchasing method.

Coin Cloud a registered Money Service Business with FinCEN, and provides Bitcoin ATM functionality that follows the Bank Secrecy Act, ensuring that users are provided with the most secure, regulated Bitcoin ATM functionality possible. 

The Coin Cloud Bitcoin ATM network isn’t limited to Bitcoin, however. Using Coin Cloud, it’s possible to exchange cash for a wide variety of cryptocurrencies that include Stellar, Bitcoin Cash, Ethereum, Ripple, Tether, Litecoin, and more.

One of the biggest advantages offered by Coin Cloud is a dedicated wallet app. Using the Coin Cloud wallet app, traders are able to buy Bitcoin via a Bitcoin ATM, then send it to any other address with minimal effort.

How to Use a Bitcoin ATM

Using a Coin Cloud ATM is extremely straightforward. To get started, users need to verify their identity. This process can be complicated with some Bitcoin ATMs, requiring ID scans and other complex procedures.

With a Coin Cloud ATM, users only need to provide a mobile phone number to the ATM. The Coin Cloud system then sends a text message to the user, who then completes the verification process on their phone. 

After verifying their identity, the user decides on whether to purchase or sell cryptocurrency. Buying cryptocurrency or buying Bitcoin with a Coin Cloud ATM is simple — users only need to insert the amount of cash they would like to purchase, provide a QR code to the Coin Cloud ATM via an app, and the Coin Cloud system will send the Bitcoin they’ve purchased to their Coin Cloud wallet.

Selling Bitcoin with a Coin Cloud ATM is also simple. The Coin Cloud ATM provides the user with a QR code wallet address. The user scans the address with their Coin Cloud app, send Bitcoin, and are provided with cash in return. 

Coin Cloud provides a video guide on how to use a Coin Cloud ATM via YouTube

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Coin Cloud ATM FAQs

Q: Does Coin Cloud charge a fee to use Coin Cloud ATMs?

A: Coin Cloud charges a fee to use their ATM services. Specific rates for each Coin Cloud ATM vary — Coin Cloud offers a comprehensive breakdown of fees here.

Q: What is the Coin Cloud minimum purchase amount?

A: Minimum purchase amounts vary depending on specific ATM rates. The minimum fee to purchase cryptocurrency online with Coin Cloud is $100 USD.

Q: How long do Coin Cloud transactions take?

A: Buying Bitcoin with Coin Cloud provides users with Bitcoin instantly. Selling Bitcoin at a Coin Cloud ATM can sometimes take a little longer, as the transaction to the ATM must receive multiple confirmations. 

Q: How can I check Bitcoin ATMs near me?

A: Coin Cloud provides an interactive map function that allows users to search for ATMs near their location.

How to Buy Bitcoin Online With Coin Cloud

Buying Bitcoin online with Coin Cloud is relatively simple. With Coin Cloud, it’s possible to buy Bitcoin with a debit or credit card. Before you can buy Bitcoin online with Coin Cloud, however, you’ll need to complete an ID verification process.

Coin Cloud works a little differently than other cryptocurrency brokers. To buy Bitcoin online with Coin Cloud, you’ll need to navigate to Coin Cloud’s “Buy Online” tab on the main menu, then enter the amount of Bitcoin you want to buy. 

Coin Cloud will provide a quote detailing the amount of Bitcoin you will receive for your dollar value. If you’re happy with the amount of Bitcoin offered, purchasing Bitcoin is as simple as completing registration, entering ID details for verification, and providing credit or debit card details. 

Can I Sell Bitcoin With Coin Cloud?

Coin Cloud is primarily focused on helping cryptocurrency holders to sell their Bitcoin and other cryptos for cash at a Coin Cloud ATM. it’s possible to use the Coin Cloud wallet app to sell Bitcoin, but this cash is made available at a specific ATM chosen by the user.

To sell Bitcoin with Coin Cloud, users need to either sell directly at a Coin Cloud ATM, or sell it beforehand via the Coin Cloud app and pick the cash up at an ATM.

What is the Coin Cloud Wallet? 

The Coin Cloud wallet is a dedicated smartphone app available for both iOS and Android. The Coin Cloud wallet is used to manage wallet balances, receive purchased Bitcoin, pay family and friends, verify users, buy and sell Bitcoin with debit or credit cards, and reserve cash at Coin Cloud ATMs.

Key Takeaways

Bitcoin ATMs are extremely convenient, but can be difficult to find. Coin Cloud streamlines the process of selling Bitcoin for cash, eliminating the need to sell via P2P platforms or wait for exchange withdrawals. The Coin Cloud also allows users to reserve cash at Bitcoin ATMs, ensuring that users can exchange Bitcoin for cash immediately with no delays.

      

     

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