For those interested in quickly exchanging cryptocurrency, a cryptomat is often the first option that comes to mind. First, it seems safer than, say, exchanging crypto online. Second, the process appears more straightforward because a cryptomat is not much different from a regular ATM. Nevertheless, as with anything, there are certain pitfalls here. Below, we’ll explain why, despite the accessibility and popularity of cryptomats, they may not always be the best option for exchanging cryptocurrencies.

A bit about cryptomats in Georgia

Georgia has more than 100 cryptomats. Most of them, of course, are located in Tbilisi. But not only there. There are also several cryptomats in:

- Batumi

- Kutaisi

- Rustavi

- Gori

- Zugdidi.

To be fair, such coverage is hardly found in any other CIS country. Typically, cryptomats are only available in the capital (if they exist at all), and that's about it.

Cryptomats allow the buying and selling of various cryptocurrencies. The classic exchange option is bitcoin for cash. However, besides bitcoin, about 10 other cryptocurrencies are available for exchange.

As a rule, cryptomats are located in public places, such as shopping centers and airports. One of the first cryptomats was installed at Tbilisi Airport, and the second one — in the city center.

How the exchange of bitcoin for cash works at a cryptomat

Cryptomats generally operate like regular ATMs:

1. You select the desired operation on the screen (buy or sell cryptocurrency).

2. You go through an identification process: for example, scanning an ID card or entering a phone number.

3. If it’s a purchase, you deposit cash or use a bank card (the latter option is not always available). The cryptomat converts the deposited money into cryptocurrency at the current rate. It then transfers it to the specified cryptocurrency address (wallet).

4. If it’s a sale, you transfer the cryptocurrency to the address generated by the cryptomat. After the transaction is confirmed on the blockchain, the cryptomat dispenses cash.

5. You receive a receipt or transaction confirmation. The cryptomat usually provides instructions on how to check the transaction on the blockchain.

Advantages of cryptomats

So, what are the benefits of exchanging bitcoin for cash through a cryptomat?

- Speed

If a cryptomat is located in your city — and as we’ve discovered, there are cryptomats in six different cities in Georgia — the exchange from bitcoin to cash will take no more than an hour, including travel time.

- Cash exchange

Cryptomats allow for a quick exchange of cryptocurrency for local currency. Thus, you instantly gain access to the required amount in cash.

Disadvantages of cryptomats

As mentioned earlier, a cryptomat is not always the best method for exchanging bitcoin for cash, and vice versa. There are several reasons for this.

- Limited access

Yes, cryptomats are available in some cities in Georgia, but not everywhere. If you are, say, in Akhalkalaki and need to quickly exchange cryptocurrency, you’ll have to travel to another city.

Furthermore, some cryptomats only accept cash. So, you won’t be able to buy bitcoin using a Visa card, as you could with AllTrust.me online.

- Unfavorable exchange rates

Suppose traveling to another city is not a big deal. The unfavorable exchange rate is a much more serious drawback. For example, if you compare the rate at a cryptomat with what an online bitcoin-to-cash exchange offers, the difference won’t be in favor of the former.

- High fees

Finally, the most significant downside of cryptomats is the high fees. Depending on the transaction, the range can be between 5% and 23%. For comparison, at the AllTrust.me online exchange, you can swap bitcoin for cash with no fee at all.

Alternatives

The main alternative to cryptomats in Georgia is an online crypto exchange. For example, AllTrust.me is licensed by the National Bank of Georgia, and the bitcoin-to-cash exchange takes place at an office in the center of Tbilisi. You place a request on the website, and the exchange is completed the same day. This is also a fast exchange method. The main difference from a cryptomat is the favorable bitcoin-to-cash exchange rate and a fee starting from 0%.

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So, can you quickly exchange cryptocurrency through a cryptomat in Georgia? Absolutely. As we’ve found, such an exchange can be carried out not only in Tbilisi but also in Kutaisi, Batumi, and other cities. The main drawback is the high fee and unfavorable exchange rate. That’s why an online exchange like AllTrust.me remains the optimal option.