Bitcoin ATMs were one of the first and most popular ways to buy and sell small amounts of Bitcoin, and they still remain one of the most popular ways to do so today. In this article we’ll take a look at how to turn your Bitcoin and crypto into cold, hard, cash by withdrawing from a Bitcoin ATM.
How Do I Find A Bitcoin ATM To Withdraw Cash Near Me?
The first step in using a Bitcoin ATM to withdraw cash by selling your crypto is to locate a machine in your area, which is either a 2 way machine (allows both buying crypto and selling it for cash) or a one way machine that allows you to sell and convert your crypto to cash.
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This is important because some machines only allow you to purchase Bitcoin or Crypto, and others are 2 way machines which allow both buying and selling, while still others only allow you to sell your crypto.
Step 1: Find a Bitcoin ATM nearby
The best way to find a machine that allows for cash withdrawals is to navigate to CoinATMRadar.
In the search bar, you can search by city/state/address/country, or use your device’s location to find Bitcoin ATMs near you. You can also further filter the results by machines that let you BUY or SELL, and by crypto assets. We’ll filter with sell, for our purposes, since our goal is to convert crypto to cash.
If you scroll down, you’ll see the list of results, which shows nearby Bitcoin ATMs, operator, proximity, fee rates, discounts, and transaction limits, if available.
You can also click the “details” button to get more info about a specific machine, which can help guide your decision, such as install date, user feedback, business hours, and which crypto assets the machine is compatible with. You can also check competing Bitcoin ATMs with the best rates for buying and selling, and also the closest alternatives.
Choose the Bitcoin ATM that suits your use case best and go to the location. Next, we’ll discuss how to use the Bitcoin ATM once you’ve chosen one. CoinATMRadar lists these Bitcoin ATMs as the most recommended makes/models when selecting a machine to sell your crypto:
- Robocoin
- Genesis Coin (only Genesis1 and Satoshi2 machines, Satoshi1 ATM is one-way only)
- BitAccess
- General Bytes (only BATMThree model, BATMTwo is one-way machine)
Also, make sure you have your phone with a mobile crypto wallet that contains a balance with the crypto you want to sell, when you head to the machine to make your transaction.
Step 2: Create an account (May be optional)
This step is not necessary for all Bitcoin ATM machines. Some machines require you to create an account to make any transactions, while others may require you to create an account or verify your identity if you are planning to make a high value transaction.
Most ATMs don’t require any personal info unless you transact more than $900 USD/per day.
For some machines, the only info you may need to provide is a phone number, and for others, you may need to scan your ID. These variables are dependent on the operator, and state where the machine is located.
What is the maximum amount you can withdraw from a Bitcoin ATM?
As stated above, most machines will allow withdrawals up to $900/per day without providing AML/KYC information. That being said, most machines will allow withdrawals up to $10,000/daily with the user providing AML/KYC verification.
This amount may also be dependent on how much cash the machine has available. You will not be able to withdraw $10,000 if the machine only shows that it has $5,000 cash available.
Step 3: Choose sell crypto or withdraw cash
Different machines may have either a “sell crypto” option which you need to select, and then also select the crypto you’d like to sell, or a “withdraw cash” option which you’ll need to select, and then choose the crypto you’d like to sell.
You may also need to select the amount of cash you’d like to withdraw, either from a list of predetermined amounts, or you may need to manually enter the amount.
Be sure to read the machine’s terms and conditions and verify the fees and exchange rates before you begin your transaction.
What kind of fees do Bitcoin ATMs charge?
Bitcoin ATM fees can differ wildly from operator to operator and for buying and selling. Typically, Bitcoin ATM fees can range anywhere from 6%-25% with the national average in the US being around 11%.
Step 4: Send your crypto to the Bitcoin ATM Machine
After choosing the cryptocurrency you wish to sell and the amount, the machine will display a QR code for you to send your coins to. Scan the QR code with your mobile wallet app to initiate the transaction.
Depending on the cryptocurrency and blockchain confirmation times, the transaction could take several minutes before the machine receives your funds. Most machines will require one onchain confirmation, although some cryptocurrencies may require several onchain confirmations for the transaction to finalize.
Step 5: Withdraw your cash, or receive your redemption voucher
Once the machine detects your transaction, one of two things will happen. Either, you will be able to withdraw your cash directly, or you will be given a redemption voucher that doesn’t expire until you redeem it for your cash.
In the case of redemption vouchers, you may have to wait between 1-6 onchain confirmations, before you can enter the redemption code into the machine and receive your cash. This could take anywhere from 10 minutes to 1 hour. Once the onchain confirmations have occurred, you can enter the redemption code, and the machine will deliver your cash.
In conclusion
Although Bitcoin ATMs may not be the best way to transact in terms of fees, they do offer a quick, convenient, reliable, and secure way to privately buy and sell Bitcoin. They’re a great way to transact in small amounts, without giving up your personal info to invasive AML/KYC regulations.
They are located in many cities, states, and countries, and are oftentimes the only way some people can acquire or trade their Bitcoin and crypto for national currency. Like everything in the cryptosphere, you’ll need to assess if the tradeoffs make sense for your personal use case.
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