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Is there Bitcoin ATM in Edmonton?

With the widespread growth and adoption of cryptocurrencies within Canadian society, there are indeed over a hundred Bitcoin ATMs in Edmonton and the surrounding areas. Whether it’s near or within convenience stores, cafes, malls, supermarkets, and other businesses and locations, you’re never truly far from a Bitcoin ATM within the Edmonton area. 

That being said, some investors that have just signed up with Coinberry may not be clear on what Bitcoin ATMs are and how they work. If you’re looking to learn more about Bitcoin ATMs, keep reading to get an overview and see how you can use these machines to directly convert your earnings for in-person transactions.

Where to Find Bitcoin ATMs in Edmonton?

Disclaimer The following ATMs are listed online, so Coinberry isn't able to confirm the legitimacy of the ATM locations listed below:

  • Bitcoin Well ATM - Remedy 109th Street
  • 8631 109 St NW, Edmonton, AB T6G 1E8
  • Localcoin Bitcoin ATM - Jasper Gate Convenience
  • 15031 Stony Plain Rd, Edmonton, AB T5P 4W1
  • Bitcoin Well ATM - 118th Ave Superfood Store
  • 3637 118 Ave NW, Edmonton, AB T5W 0Z3

Why there are Bitcoin ATMs in Edmonton

With Bitcoin’s popularity and widespread adoption, it’s now actually common to see the Bitcoin machines in several shops and stores. In Edmonton there’s over a hundred Bitcoin ATMs and in Canada it could be 1,000+ (in Toronto alone there are more than 350). 

There’s a huge amount of convenience and benefits of having ATMs that can process cryptocurrency withdrawals and transactions, because it allows cryptocurrency enthusiasts to directly make use of their earnings within their day to day lives, without any further conversions.

With the presence of these machines, more people now can do transactions on Bitcoin and other cryptocurrencies. This further drives up the adoption of Bitcoin and cryptocurrency as a whole in everyday finance and society.

How do I use a Bitcoin machine for the first time?

Whether it’s your first time using a Bitcoin ATM in Edmonton, or you want to learn more how to buy and sell cryptocurrencies through a crypto ATM, here’s some things that you should know.

Bitcoin ATMs for beginners

We talked about the brief history of crypto ATMs and the context behind their operations. Now let’s talk about how to properly use it as a beginner.

First, you need a crypto wallet and a QR code of your Bitcoin address. This is to let the BTC machine know where to access or send the Bitcoin during your transactions. Then, you can start using the Bitcoin machine and buy or sell crypto.

To do that, the general steps in buying BTC through the crypto ATM are:

  1. Insert your phone number
  2. Verify your identity (you will receive a verification code to your phone)
  3. Scan your crypto wallet QR code
  4. Insert your fiat currency (input how much you want to trade BTC)
  5. Press “Buy” or “Confirm” to finalize the transaction

When you sell BTC using a crypto ATM, here are the steps:

  1. On the Bitcoin ATM’s screen, click “Sell BTC”
  2. Scan your crypto wallet’s QR code (you can also manually enter your Bitcoin’s address)
  3. Verify your identity (you will receive a verification code in your phone, you can scan your ID, or use your fingerprints in some machines)
  4. Send the BTC or other cryptocurrency to a specified address (you can scan the receiver’s QR code here)
  5. Confirm the transaction and wait for the machine and network to process and complete it
  6. Get the receipt as a paper proof of transaction (for your later reference)

Note that all the steps are straightforward and intuitive just like using a traditional ATM. The on-screen instructions will properly guide you in performing and confirming your BTC transactions.

Is it safe to use a Bitcoin ATM?

It’s safe to use a crypto ATM to buy and sell BTC as long as the QR code and Bitcoin address are correct. Although there have been reported cases of fraud and scams, they’re not actually caused by the machine’s technical problems. Rather, the scams are a result of wrong QR codes. What happens is that the scammers send QR codes that direct to their crypto wallet. 

Unknowingly, a Bitcoin buyer might use that wrong QR code and the scammer/recipient will get the money. To prevent that and protect yourself, you have to double check the recipient’s QR code and Bitcoin address and if it’s really from a company or person you know.

Why use a Bitcoin ATM Edmonton

Before we learn about the advantages and disadvantages of using a Bitcoin machine Edmonton, let’s first talk about the history of crypto ATMs and the context of why verifications and identities are now required.

History of crypto ATMs

About its history, the first crypto ATM was first opened in 2013 in a Vancouver coffee shop. A few other cities and locations in the US and Europe followed in the next few months and years. However, there were technical and regulatory challenges about the operations of crypto ATMs.

One way to overcome those challenges was to achieve a consensus about the machines’ use and transaction limits. One reason for this is to help prevent money laundering and other financial crimes. This consensus and the resulting regulations are also a way to protect Bitcoin users and their funds.

As a result, you will have to verify your identity and access before a transaction goes through. For example, you might first need to enter a verification code sent to your phone before you can buy or sell Bitcoin. The machine might also need to scan your government ID as proof of identification and authority. This happens especially in significantly large transactions. In addition, transaction limits are now in place to protect customers from large scams and fraud.

Note that Bitcoin ATMs are now similar to traditional ATMs and banking where you also need a verification and proof of identity. This somewhat goes against the basics of crypto where decentralization and anonymity are valued. However, the need for verification and proof of identity helps protect users and their funds. This might also help further drive up the adoption of crypto because of the appropriate regulations and added layer of protection and security.

Pros and cons of crypto ATMs

Some advantages of using an Edmonton Bitcoin ATM are:

  • Buying and selling BTC is fast and convenient
  • You don’t need a physical card for the transaction (you just need your crypto wallet, phone, and ID)
  • BTC machines are now commonly found in major cities 

Still, there are a few disadvantages such as:

  • Significantly high transaction fees (can range from 7% to 12% depending on the machine’s operator and transaction amount)
  • Transaction limits on withdrawals and deposits (this is a measure to limit financial damage to the users in case there’s fraud or scam)
  • Transaction won’t be completely anonymous as most crypto ATMs now require verifying your identity (also a way of preventing fraud and unauthorized access)

A few final reminders in using crypto ATMs

It’s always an excellent practice to protect yourself from fraud and ensure you’re doing transactions with trusted parties. It’s also good to know the transaction fees so you can better plan your BTC buy and sell transactions. Before using a crypto ATM, also ensure that the machine supports your crypto wallet.

If you’re looking to buy and trade Bitcoin to later withdraw from Bitcoin ATMs in Edmonton, sign up for Coinberry and start earning today.