Learn More About Bitcoin Depot, the company behind many of the Bitcoin ATMs in North America (& how you can invest in their stock)
Who Is Bitcoin Depot?
If you’ve seen a Bitcoin ATM at your neighborhood gas station or convenience store, there’s a good chance it was a Bitcoin Depot ATM. Since its founding in 2016, Bitcoin Depot has grown to become the largest Bitcoin ATM (or BTM, if you will, short for Bitcoin Teller Machine) network in North America.
The company’s shares trade publicly on the Nasdaq exchange under the fitting ticker symbol BTM. Bitcoin Depot now has over 6,400 BTM kiosks across the US and Canada, making it (much) easier to buy Bitcoin compared to exchanges.
In fact, that’s how the company came to be. Founder Brandon Mintz learned about Bitcoin in 2013 but found the process of buying Bitcoin, well, difficult. Fast forward to today, and buying BTC still isn’t always easy. Some exchanges make you feel like a circus poodle jumping through hoops.
There had to be a better — and more convenient – way to buy Bitcoin.
Now, you can buy Bitcoin through thousands of BTM kiosks or BDCheckout locations located in popular convenience chains like Pilot, Circle K, and Royal Farms.
What Do They Offer?
Bitcoin Depot’s primary business is helping people buy Bitcoin through BTMs.
Here’s what a typical transaction looks like:
- You decide to buy Bitcoin. Great idea.
- Visit a local store where you’ve seen a BTM kiosk, or use the kiosk locator.
- Provide a valid phone number, first and last name, and email address.
- Enter the verification code you receive by SMS text message.
- Deposit cash into the BTM ($20 minimum).
- Provide your Bitcoin wallet address.
- Take your receipt or get a receipt by text.
In minutes, your Bitcoin will be sent to the wallet address you provided. Note: You may need to provide an ID for some larger transactions.
You can use the Bitcoin Depot mobile app (iOS and Android) as your BTC wallet, or you can use a standalone Bitcoin wallet like Electrum or Mycelium Wallet. Just scan a QR code. The Bitcoin Depot mobile app lets you send or receive Bitcoin, or you can use it for other cryptos as well, including DOGE, BCH, or ETH.
And Bitcoin Depot offers other ways to buy Bitcoin.
- Buy Bitcoin through the mobile app.
- Fund your Bitcoin wallet at a BDCheckout location.
- Buy BTC online at Bitcoin Depot (powered by Simplex).
Bitcoin Depot is all about making it easier to buy (and use) Bitcoin. Some crypto exchanges can take days to clear a deposit or verify your ID before you can trade. With Bitcoin Depot, you can complete your purchase in minutes.
The BTM kiosk walks you through the simple process, and you’ll usually have your Bitcoin in your wallet in about 10 minutes — the amount of time it takes the Bitcoin network to mine a new block. When you’re done, you’ll get a receipt with the details and a customer service phone number.
In addition to its standard Bitcoin kiosks, Bitcoin Depot also has about 5,000 BDCheckout locations. Circle K, for example, has over 2,400 locations that support “over-the-counter” Bitcoin purchases.
Here’s how it works: The service requires the Bitcoin Depot mobile app. You can use the app to find a participating location from about 5,000 available. Tap “load cash” in the app and choose your purchase amount. The app generates a barcode, which the retailer scans so you can complete the purchase. Shortly after, the BTC you purchased is sent to your wallet.
Bitcoin ATM Fees
As with any ATM or kiosk, expect a convenience fee (and markup) to buy Bitcoin through a Bitcoin ATM. Network fees to send Bitcoin to your wallet are included in the purchase with Bitcoin Depot, but — make no mistakes — you won’t be buying BTC at market price. To be candid, fees can be much higher with any Bitcoin ATM compared to buying through the advanced trading interface on an exchange. And even the quick-buy boxes you’ll find on exchanges can bring much higher fees.
Whether using a Bitcoin ATM or a crypto exchange, always check to be sure the amount of Bitcoin you’ll receive makes sense for you and your crypto budget.
Where Can You Find Their Bitcoin ATMs?
Bitcoin Depot BTM kiosks are common at popular convenience stores and gas stations like Circle K, Royal Farms, and Pilot, making it easy to find a location near you or when traveling. Use the BTM locator in the app or online to find a location near you.
To Sum It Up
Bitcoin Depot isn’t the only Bitcoin ATM company out there — and they’re not all created equal. Some companies only operate a handful of machines and may not have a dedicated customer service team like Bitcoin Depot. Be careful out there. Always do your own research before feeding your hard-earned money into a Bitcoin kiosk.