Have you ever wondered how convenient it might be to convert your Singaporean Dollars (SGD) to cryptocurrencies using bitcoin ATMs in Singapore?
Over the years, Asia, particularly countries like Singapore, China, Japan, and South Korea have been the leading hubs for cryptocurrency activities such as mining and initial coin offerings although others adopted hostile crypto regulatory stances.
It should come as no surprise that bitcoin ATMs in Singapore have been operational since 2014.
The sprouting number of bitcoin vending machines in the country is good news as you can easily and quickly buy bitcoins without giving away too many details about yourself. Using bitcoin ATMs is one of the go-to methods for people who want to anonymously buy digital assets.
However, there is a trade-off and a little price to pay. But it may be worth it at the end of the day.
What is a bitcoin ATM?
A bitcoin ATM is much like a tradition automated teller machine which dispenses cash after you insert your credit card. A bitcoin ATM, as the name implies, is a machine that dispenses bitcoin or altcoins and sends it to your wallet after feeding it with fiat.
Some bitcoin vending machines are bidirectional, allowing you to buy and sell digital assets. In some instances, bitcoin ATM providers require you to have a prior account before purchasing cryptocurrencies.
There are two popular types of bitcoin vending machines: ATMs and cash kiosks. They are both connected to the internet and allow you to use cash or credit/debit card to purchase digital currencies, which are either directly sent to your wallet or given out as a paper receipt.
Bitcoin cash kiosks connect you directly to a cryptocurrency exchange without the need for your banking details. Some bitcoin ATMs, however, connect to a bank account to allow you to buy bitcoins or altcoins.
How to use bitcoin ATMs in Singapore
There are different kinds of bitcoin ATMs in Singapore and each has its own way of allowing you to conveniently buy (and sometimes) sell digital assets.
But using them is just the same process with little variation.
Here are the steps to follow when using bitcoin ATMs in Singapore:
- You first need a bitcoin wallet for transferring the digital assets to. The majority of wallets can be downloaded as an app on Android or iOS devices.
- Locate your nearest bitcoin ATM and make your way there.
- Depending on the ATM machine, click the “Start” button to make it ready for the transaction.
- Scan the bitcoin address on your phone. If you don’t have a wallet yet, the machine may generate one for you.
- With the QR code of your wallet visible, bring the screen of your mobile phone near to the vending machine so that it can scan your wallet address.
- Insert the amount you want to spend on bitcoins. Make sure that you are aware of the limits on the amount of bitcoin you can buy per transaction.
- Tap the “Send Bitcoins” button.
- The number of bitcoins to be sent to your address will be shown on the ATM screen.
The step may be a little different if the machine supports multiple cryptocurrencies. It will ask you to choose the digital asset you want to buy but the entire process is more or less the same.
Location of bitcoin ATMs in Singapore
There are currently eight bitcoin ATMs in Singapore spread across the country in different locations, especially malls, making it easier for you to buy digital asset anonymously.
Daenerys, a firm specializing in digital asset storage and compliance issues, has four machines installed in Singapore in several destinations. The machines support bitcoin, Ether, Litecoin, Bitcoin Cash, Doge, and Dash.
Coin Republic, a locally-based bitcoin broker launched the first vending machine that allows cash withdrawals in the country. The firm’s machine, located at the crypto-friendly restaurant Bartini Kitchen in Boon Tat Street, was manufactured by US-based firm Robocoin.
Speaking about the introduction of the ATM, Coin Republic founder David Moskowitz said,
“I know a lot of enthusiasts have been looking for a convenient way to sell their Bitcoin for local currency. This machine allows you to get your cash quickly using a very familiar ATM interface.”
Other machines are operated by Bitcoin Exchange Singapore and Cryptonic.
How to locate bitcoin ATMs in Singapore
Coin ATM Radar, an online service for bitcoin ATM maps, estimates that there 5,532 crypto ATMs in the world, up from approximately 471 machines in January 2015.
You can find a bitcoin vending machine by using online tools that search them for you in real-time. One of the services you can use is Coin ATM Radar.
- Visit the coinatmradar.com website
- Type your address in the search bar under the “Bitcoin ATM Map” section or click on the “Use my current location” button
- Scroll down the page to see the list of bitcoin vending machines in your area.
Bitcoin ATMs can disappoint at times
Bitcoin machines disappointed investors at the height of the 2017 BTC bull run after some of them crashed due to the increased number of people who wanted to buy the leading digital asset.
The machines charge high fees although some people believe that convenience is worth the cost. Some machines require your ID photo if you are buying digital assets exceeding the set limit.
Is a bitcoin ATM worth your time and effort
There is no reason for you not to use bitcoin machines for buying or selling digital assets as your transactions can be completed in as little as 15 seconds. However, the fees may be higher than normal due to the increased convenience.
The machines were highly sought after following the decision made by a number of Singaporean banks to cut their services to companies dealing with cryptocurrencies, showing that there is space for them in the industry.
Have you ever used a bitcoin ATM before? Share your experience with us below and let us know if you will do it again.