Introduced in 2009 and gradually penetrating all areas of everyday life, cryptocurrency is now very popular among investors and ordinary users alike. While most cryptocurrencies (except altcoins tied to strong national currencies or physical assets) are highly volatile, strong players like Bitcoin (BTC) and Ethereum (ETH) have tended to gradually increase in value. However, having proven to be a great tool for short- and long-term investments, crypto is still not a universally accepted form of money. We still have to pay for goods and services with fiat money, so there is a need to withdraw crypto savings from time to time. While you can place an order on a crypto exchange to convert some coins, there is an easier, faster and more secure way to cash out crypto, and that’s Bitcoin ATM. Below we will cover the specifics of how crypto Automated Teller Machines work and how to use them to withdraw cash.
Is It Possible to Withdraw Crypto in Cash via BTC ATM?
First introduced in 2014, Bitcoin ATMs were automated kiosks that allowed anyone to purchase some of the most popular tokens. To buy some crypto coins, you just need to enter your crypto wallet details, deposit money through a note acceptor and wait a few seconds for the transaction to complete. Voila! Your crypto wallet is now funded with coins. Notably, many of the first ATMs operated as physical outlets of crypto exchanges. However, today there are several large networks of Bitcoin kiosks from various providers offering much more than just buying crypto. So, here are some takeaways about how BTC ATMs work to help you understand the subject:
- Not every Bitcoin ATM supports the withdrawal of digital tokens into fiat money. However, there are several networks with bitcoin kiosks that exchange crypto and dispense cash.
- To use a crypto ATM, you must have your own e-purse with some amount of crypto stored in it.
- You must have the identification details to complete the transaction. However, you do not need to transcribe your public and private keys on paper, as you can use the more convenient QR code.
Finally, you must be prepared to pay a transaction fee. Crypto transactions are known to be cheaper than those conducted through traditional banking systems. However, when using a BTC ATM, the transaction fee will be significantly higher. However, this is the price for the urgency and convenience offered by BTC ATMs.
Withdrawing Cash from Bitcoin ATM – Step-by-Step Guide
To find the nearest kiosk, you can use ‘ATM near me’ maps or simply enter the relevant query into a search engine. As Bitcoin becomes an increasingly popular and sought-after financial vehicle, Bitcoin ATM networks are popping up all over the world. Currently, there are 30,000+ crypto-kiosks supporting various digital assets worldwide. Using the ‘ATM near me’ map, you can find the nearest kiosk and get some information about it, including whether it supports crypto cashing. Note that not all ATM operators are licensed, so choose one that is legitimate. So, once you’ve found the right ATM and are in front of it, here’s what you need to do to withdraw your Bitcoin savings:
- Start a new session if the ATM is on standby and select the ‘Withdraw Cash’ option if available in the kiosk interface.
- Specify the amount of money you wish to receive, pre-selecting any of the supported national currencies. Please note that depending on the amount of money you are requesting, some personal information may be required such as your phone number or driving license.
- In the next step, you will see a QR code displayed on the Bitcoin ATM screen. This code includes both the address of your crypto purse and the amount of coins you need to send to get the amount you specified earlier. To proceed, launch your crypto wallet app on your phone, select the ‘Send’ option and then activate the QR code scanner.
- Point your smartphone camera so that it captures the QR code displayed on the ATM screen. If successful, your Bitcoin wallet app will receive all the necessary transaction data, so you don’t need to fill in anything manually.
- Now click ‘Send’ to make the ATM dispense the requested amount of money. If you are withdrawing a relatively small amount, the money will be issued instantly.
If you request a fairly large withdrawal amount, it may take some time (usually around 10 minutes) for the blockchain to process the transaction. You can use the increased transaction fee feature (if supported by your Bitcoin wallet app) to speed up the transaction. Otherwise, after a few minutes of waiting, you will receive a message that the transaction is processed. Then simply click ‘Redeem’ on the ATM screen to retrieve your money.
Benefits of BTC ATMs for Withdrawing Cash
In summary, a Bitcoin ATM is an automated crypto-kiosk that operates in much the same way as an ATM used in traditional banking systems and offers roughly the same functionality. However, the main difference is that cryptocurrency ATMs are systems backed by blockchain, a decentralized, distributed database where digital assets operate. Despite the major differences between regular and Bitcoin ATMs in terms of backend, thanks to handy crypto purse mobile apps, you’ll avoid some rather complicated processes. Just scan the generated QR code to confirm the transaction and receive your cash. So, here are some important advantages of using BTC ATMs for cash withdrawals (to sale crypto):
- It’s fast. Even though the ATM actually performs an intermediate operation to convert your crypto coins into fiat money, it only takes a few seconds to process a cash withdrawal request (usually of up to $3,000).
- Anonymity. For cashing out relatively small amounts, you do not need to disclose your personal details. However, when requesting withdrawals of $2,000 or more, be ready to provide your mobile number or ID card.
- Security. Bitcoin ATM uses robust hacking protection for both the hardware and software part of the kiosk. However, do not forget about security measures for your cryptocurrency purse, as in most cases it is the human factor that causes loss of cryptocurrency savings.
Rather high fees are the only drawback to using a Bit coin ATM. On the other hand, an automated cryptocurrency kiosk provides you with a secure environment for conducting almost instant transactions to cash out (to sell Bitcoin to cash) your digital assets. When choosing an ATM, consider features such as the transaction fees charged, the cryptocurrencies supported, and the legality issue. Thus, it is better to use an ATM powered by reputable operator with the appropriate license.
1. What is a Bitcoin ATM?
It is an automated outlet that operates like a bank kiosk and allows you to buy tokens and withdraw them into cash (to sell tokens).
2. Can I cash in my bitcoins via ATM?
While most Bitcoin machines only offer you the option of buying digital assets, there are some devices that allow you to cash out tokens.
3. How can I find the nearest ATM?
The easiest way is to type ‘Bitcoin ATM near me’ into a search engine and open maps to find the nearest device.
4. How do I confirm a cash withdrawal transaction?
When withdrawing small amounts, all you need to do is scan the QR code through a special feature available in your wallet app. If you request a large withdrawal, ATM may ask for some of your personal details, such as your mobile number.
5. Is the cryptocurrency ATM a secure device?
By choosing a reputable operator’s automated kiosk, you can be confident in the security of your transactions.
6. How long does it take to process a cryptocurrency cashout request?
Withdrawal requests for small amounts are processed almost instantaneously. However, if you want to withdraw (to sell Bitcoin for cash) $2,000 or more, the processing time can be around 10 minutes.