How to Use a Bitcoin ATM to Turn Your Coins to Cash Instantly

If you’re looking for a way to bring your crypto exchanges into the world, consider local BTMs. Stationed in places where people frequent, such as shopping malls, gas stations, and grocery stores, you can find BTMs available for use. They are often beside kiosks like Coinstar in your local supermarket.

You can also use online locators to find BTMs in your area. You may also find additional information about hours of operation and whether the BTM is bidirectional. Utilize these resources to make your exchanges as convenient as possible.

If you’re used to online crypto, you may have some questions surrounding how to use a BTM. Below, we discuss how you can turn your coins to cash. Read on to learn more.

What Is A Bitcoin ATM?

A bitcoin ATM is a stationed kiosk available for people to buy (and sometimes sell) Bitcoin with cash or debit cards. Essentially, they serve the purpose of facilitating Bitcoin transactions. You can also sell Bitcoin if the BTM you’re using is bidirectional.

BTMs make it convenient for individuals looking to benefit from a decentralized form of financial services. Unbanked individuals may also utilize BTMs. These kiosks allow for an alternative way to complete crypto exchanges, as they do not require your banking information.

How Can You Convert Bitcoins To Cash?

To purchase Bitcoin, you need a digital wallet and a government-issued I.D. Your digital wallet has a QR code and address that are used to access the machine. To send Bitcoin to sell to another user, you will need their digital wallet information. Transactions get confirmed via the blockchain, allowing you to exchange your Bitcoins for cash. The blockchain is a digital ledger of cryptocurrency transactions.

When you enter the amount you want to convert to cash, the BTM will calculate the conversion, including the current market rate and any additional fees. Fees to use a bitcoin ATM vary by location and operator, and they can be costly. You may be required to pay more than 20% to complete your transaction.

When Do I Receive My Purchase?

If you are converting your coins to cash, the machine will deposit the cash from the machine. If you’re using a card, it goes to your card. Most transactions take between ten and sixty minutes. Crypto to cash transactions are dispensed instantly from the bitcoin ATM.

Does It Matter Which BTM I Use?

If you’re searching for an alternative way to manage your money, consider using a bitcoin ATM. Read about the security and reliability of each machine beforehand. Additionally, not all BTMs allow selling, so be sure to check online locators for machine details.

Are You Prepared?  

Remember that BTMs are still a new concept and require awareness of the potential security risks depending on the machine and the operator. Likewise, be aware of the fees that apply to your transactions. As long as you have your digital wallet and I.D., you can convert your coins to cash using a bitcoin ATM near you.