Asia has become the hub of cryptocurrency activity, such as initial coin offering and mining. Countries such as Japan, Singapore, South Korea, and China have been at the forefront of this development. Still, some countries have also put a very hostile crypto regulatory stance in place.
Due to the popularity of bitcoin in Singapore, the country has had bitcoin ATMs in operation since 2014. The increasing number of bitcoin vending machines is excellent since you can easily buy bitcoin without giving much information about yourself.
Using Bitcoin ATMs is one of the best methods to use if you want to buy digital assets anonymously.
If you have ever wondered how to convert Singapore Dollars (SGD) to cryptocurrencies using a bitcoin ATM, then this post is for you.
How Does a Bitcoin ATM Work?
A BTM (Bitcoin Teller Machine) or bitcoin ATM is a system that helps bypass the traditional banking system when buying or selling Bitcoin (BTC). Bitcoin ATMs in Singapore let the user buy or sell other cryptocurrencies such as Ether (ETH), Dash, Bitcoin Cash (BCH), Litecoin (LTC), and others.
The Bitcoin ATM dispenses altcoins or bitcoin to your wallet after feeding it with fiat.
Unlike the typical online crypto exchanges, Bitcoin ATMs easy buying and selling of Bitcoin. These ATMs require you to have an existing cryptocurrency account to use the machines.
There are two types of Bitcoin ATMs. They are:
- Unidirectional machines – these are one-way use machines where you can either buy or sell crypto.
- Bi-directional machines – these are two-way machines where you can buy and sell cryptocurrency.
Bitcoin cash kiosks are popular because they connect you to cryptocurrency exchanges without the need for banking details. However, bitcoin ATMs connect to a bank account first to allow you to buy altcoins or BTC.
How to Use Bitcoin ATMs?
There are different types of bitcoin ATMs available in Singapore, with each having its way where you can buy and sometimes sell your digital assets. Using them is almost the same, with minimal variations.
Here are the steps to using bitcoin ATMs in Singapore:
- You will need to have a bitcoin wallet which you can download as an app on iOS devices and Android
- Find the nearest bitcoin ATM
- Once at the ATM, click the ‘Start button to start your transaction
- Then scan the bitcoin address using your phone. If you do not have a wallet, then ATM will generate one for you
- Scan the QR code on the vending machine with your mobile phone
- Put in the amount you want to spend on bitcoins. Ensure that you know the limit of bitcoin you can buy per transaction
- When done, tap the ‘Send Bitcoins’ button
- The number of bitcoins you have bought will be shown on the ATM screen
These steps may differ if the machines in question support multiple cryptocurrencies. The bitcoin ATM will ask you the digital currencies you want to buy, but the whole process will be almost similar.
Location of Bitcoin ATMs In Singapore
Here are the eight bitcoin ATMs in Singapore according to Coin ATM radar:
1. The Arcade at Raffles Place (ATM) in Singapore
Supported Currency: You can buy and sell BTC for SGD
Address: 11 Collyer Quay #02-28 Singapore, 049317
Hours: Mon-Fri: 10:00 am – 6:00 pm
2. Bitcoin Exchange Singapore Office – Lamassu
Supported currency: You can buy BTC for Singaporean dollars here
Address: 531 Upper Cross St 03-11 Singapore, 050531
Hours: 24/7
3. Funan Lifestyle Mall – General Bytes
Supported currency: You can buy and sell BTC for SGD here.
Address: 109 North Bridge Road Singapore, 179097
Hours: Mon-Sun: 10:00 am – 10:00 pm
4. Capitol Piazza – General Bytes
Supported currency: You can buy and sell BTC for SGD here.
Address: 13 Stamford Rd Singapore 178905
Hours: Mon-Sun: 5:30 am – 12:30 am
5. Paya Lebar Quarter (PLQ) Mall – General Bytes
Supported currency: You can buy and sell BTC for SGD here
Address: 10 Paya Lebar Road Singapore 409057
Hours: Mon-Sun: 7:00 am – 11:00 pm
6. Sim Lim Square – Lamassu
Supported currency: You can buy BTC for SGD here.
Address: 1 Rochor Canal Rd Singapore 188504
Hours: 24/7
7. Millenia Walk – General Bytes
Supported Currency: You can buy and sell BTC for SGD here
Address: 9 Raffles Boulevard Singapore 039596
Hours: Mon-Sun: 10:00 am – 8:00 pm
8. The Arcade at Raffles Place (OTC) – Bitcoin Teller
Supported currency: You can buy and sell BTC, ETH, LTC for SGD here
Address: 11 Collyer Quay #02-28 Singapore, 049317
Hours: Mon-Fri: 10:00 am – 6:00 pm
Coin ATM Radar keeps updating the locations, so be on the lookout.
What Are the Pros and Cons of Using an ATM?
The Pros
- You do not need a physical card when transacting
- It is a fast and convenient way of buying and selling Bitcoin
- Some machines do not require identity verification hence keeping your transactions anonymous
- Gives access to Bitcoin for people who do not prefer using bank accounts
- A very accessible way to transact bitcoins since there are many bitcoins in the world
- Bitcoin is accessible in places where there is the limited purchase of bitcoin cash
The Cons
- The transaction fee is pretty high when compared with online cryptocurrency exchange platforms
- Not ideal for huge transactions because most Bitcoin teller machines limit deposits and withdrawals typically ranging from $1,000 to $10,000
- User activity is not entirely anonymous since most locations demand identity verification
Considerations to Make Before Putting Your Money in A Bitcoin ATM
Before you decide to put your money in the bitcoin ATMs, here is what you need to know.
- BTC is the first decentralized digital currency used by investors
- BTCs are generated all over the internet by anybody running a bitcoin miner
- Mining BTCs requires a certain amount of work for each block of chains
- Bitcoins are stored in a digital wallet that is similar to online banking
Questions You Might Still Have
1. Is Bitcoin legal in Singapore?
Yes. Bitcoin is not considered a legal tender in Singapore, but the tax authority treats bitcoin as ‘Goods”. The trading companies pay the Goods and Service Tax in Singapore. Only authorized companies can trade BTC.
2. How Do I Cash Out Bitcoin in Singapore?
There are several methods you can use to cash out bitcoin. Some of them are:
-
Peer-to-Peer Trade
This involves selling your bitcoin to another person in an online marketplace.
-
Selling via Bitcoin ATM
This is a quick and easy way to cash out, but you will need to find a Bitcoin vending machine which is not easy to find.
-
Selling in Person
This eliminates the middlemen, hence removing the transaction fees, and you get to sell your BTC at a reasonable price. If you are selling your bitcoin to a friend or relative, all you need is to scan their wallet QR or copy their Bitcoin address and transfer the Bitcoin to them.
Closing
Bitcoin ATMs in Singapore are quite efficient since they are swift. You can buy and sell bitcoin in seconds. However, you have to keep in mind that it will cost more than other trading methods.
- Bitcoin ATMs are very efficient and safe for buying and selling digital assets
- Only 8 Bitcoin ATMs are available in Singapore
- Bitcoin ATMs have higher trading fees than other crypto trading platforms. Know more about the best crypto exchanges in Singapore.
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