How to get cash from BTC ATM
With the rise in popularity of Bitcoin, an increasing number of people are using Bitcoin ATMs to withdraw cash. Withdrawing from a Bitcoin ATM is much like withdrawing cash from a regular ATM, except that you're exchanging your Bitcoin for cash instead. In this post, we will walk through everything you need to know about how to withdraw money from a Bitcoin ATM and how to sell your Bitcoin!
1. Find the nearest ATM
First, you'll need to find a Bitcoin ATM near where you live or work. You can see the list of all ATMs on Paydepot by entering your zip code or address into the search bar on the "Find Crypto ATM" page. You can further narrow down your search by inputting what type of transaction you would like to complete (selling or buying), as well as the kind of cryptocurrency you want to sell or buy.
2. Learn more information about the ATM location
Once you've found the right location, you'll want to learn more about the ATM's location. Some standard information you can see by clicking into a place includes:
- Hours of Operation: While most ATMs are 24/7, they may be located inside a business that has limited hours. Always check the location details to find out where precisely the ATM is located.
- ATM Trading Capabilities: You'll want to know what type of cryptocurrency you can withdraw or purchase through the specific ATM. By clicking into the location of choice, you'll learn what's supported at that particular location.
- Directions: Each location will feature an address and specific recommendations on how to get to the point from your area.
3. Learn more information about transactions in the Purchase Requirements Section
Next, you'll want to click on the section that explains what happens during your transaction by clicking into the area labeled "Purchase Requirements Section." In this area, it will lay out the exact steps you'll need to take to complete a transaction. Again, make sure to read this over to ensure you have the correct documentation with you before trying to use a Bitcoin ATM.
4. Head to the Bitcoin ATM
The next step is to head over to the location where you'll be withdrawing your money or purchasing from a Bitcoin ATM. When you arrive, make sure you have:
- A government-issued ID card or passport
- Your phone and wallet, along with any other documentation required for identification purposes (i.e., driver's license, social security card)
- Cash if purchasing Bitcoin
Remember that you won't be able to complete your transaction without having all of the applicable information collected.
The screens are self-explanatory and will guide you through the process of buying the cryptocurrency once you approach the ATM.
5. Insert the amount of cash needed for the transaction
Bitcoin ATMs work like regular ATMs, so you'll need to insert the amount of cash required for your transaction. You can input either a dollar value or the number of coins you want by clicking on "US Dollars" or "Coins." If you're selling Bitcoin, follow the on-screen prompts to sell your cryptocurrency properly.
6. Provide the address of your Bitcoin wallet
Next, you'll need to provide the address of your Bitcoin wallet. You can click on "Wallet" and input a destination address where you want the cryptocurrency sent. This may be an email address or another crypto account.
7. Check the details and finish the transaction.
The final step is to review all of the details from your transaction and then finish by clicking "Confirm." The ATM will process your request, sending you a receipt that includes an address where you can find information about the status of your transaction. You'll also be able to see any errors or warnings on this same screen for reference purposes. From there, you will be able to withdraw cash from a Bitcoin ATM.
Remember that if you've purchased Bitcoin, your transaction might not appear in your wallet right away. It can take between 10 minutes to 24 hours, depending on how many transactions need to be fulfilled before yours. So, be sure to check your transaction's status through your wallet to see if your transaction has been fulfilled.
If you're ready to get started with your transaction today, whether you're selling Bitcoin for cash or purchasing Bitcoin, find one of Paydepot's ATMs today!
Disclaimer: The information provided contains opinions of the author or editorial staff regarding investment, tax, or financial information. Such articles are provided for general informational purposes only and do not purport to provide specific legal or other professional advice. This information provided is in no way a solicitation to sell or purchase cryptocurrencies in any way. The recipient agrees that the authors, owners, and publishing agents of this article have no liability whatsoever for the material presented here, as we do not offer any brokerage or advisory information.
PAYDEPOT doesn’t give any advice or recommendations. For financial advice, contact a professional consultant.