How to sell Bitcoin at ATMs?
Wait, first, let’s answer this: can you sell Bitcoin at ATMs? Indeed, you can. There are automated tailor machines (kiosks) that allow Bitcoin and cryptocurrency owners and users to buy and sell cryptocurrencies. They can use their credit and debit cards.
But, unlike traditional ATMs, Bitcoin ATMs work by communicating directly to the blockchain. No, there is no connection available with the banks here. When selling your Bitcoin to these Kiosks, you will get a QR code to which you can send your Bitcoin.
So, how does this entire process run? Read this article to get a clear idea of how to sell Bitcoin using credit and debit cards.
How To Sell Bitcoin At ATMs?
The process is pretty simple and straightforward. Follow these easy steps you have to follow to sell your Bitcoin at Bitcoin ATMs –
Identify Yourself
First, you have to identify yourself when selling your Bitcoin. This depends on the local regulations and the verification process you have to go through before selling your coin at the Kiosk.
Send Your Bitcoin To A Provided Address
When starting your transaction, the Bitcoin ATM will create a transaction address for you. There, you have to send the Bitcoin. Use the QR code provided through the ATM to send the Bitcoin.
Cash Out Your Bitcoin
Now that you have sent the Bitcoin to the said location, you will receive your cash shortly. Once the ATM receives the Bitcoin, it will send you the cash itself. The process takes around 2 to 3 minutes. But stay patient and go through the entire process thoroughly. However, if you want to receive updates, try using your Bitcoin wallet app.
Different Ways Of Cashing Out Bitcoin
So, you have Bitcoin that you want to sell. Here are some common methods for selling your Bitcoin –
Through Exchange Platforms
The first place to go when you want to buy or sell cryptocurrencies is the Bitcoin Exchange app or platform. These are authentic platforms for trading cryptocurrencies. Coinbase is the most famous among all currently popular Bitcoin Exchanges. It has a buy and sell button that you can use to trade cryptocurrencies on the platform. Also, the sellers can select the amount of cryptocurrency they want to sell and sell it from their wallet.
Once you have sold your cryptocurrency, there will be a cash balance stored in your Coinbase wallet. Later, you can transfer the money to your bank account. You don’t necessarily have to use Coinbase as your Cryptocurrency Wallet. Other wallets like Binance and Kraken also work.
Bitcoin Brokers
You can also decide to sell your cryptocurrencies through a broker platform. In most cases, cryptocurrency traders are the clients of platforms like Weibull or Robinhood. If you are one of them, buying and selling your bitcoin on these platforms will be the best decision.
You will get instant cash once you finish your trade. After spot Bitcoin ETFs came into existence back in 2024, it has made the buying and selling of cryptocurrencies easier for traders and sellers. Most importantly, ETFs are available on most of the crypto brokerages and have a comparatively lower expense ratio.
P2P Bitcoin Selling
Selling Bitcoin through ATMs and exchange platforms is indeed great. But, if you want to create a more personalized experience, then try using the P2P Bitcoin trade method. It is a way of selling cryptocurrencies directly to another user online. There are several peer-to-peer platforms that allow Bitcoin sellers and buyers to choose the right price and the right person to trade with. The exchange can be done in person as well.
In this case, sellers can sell their Bitcoin online for dollars. In fact, there are different exchange platforms helping buyers and sellers form P2P connections and trade cryptocurrencies. The sellers have to first agree to sell cryptocurrency on this platform. Then the platform will escrow their cryptocurrencies. Once the transaction is complete and the seller receives the money from the buyer, the platform deposits the cryptocurrency to the buyer’s wallet.
There are other different selling options, such as platforms such as Paxful. The sellers can set their rates for their Bitcoin and choose from any of the payment methods provided on the platform. There are plenty of payment methods available. For example, gift cards, cash, and digital currencies.
Sell Cryptocurrencies At Bitcoin ATMs
Bitcoin selling is easier when you are doing it through Bitcoin ATMs. These are Kiosks you use to sell your Bitcoin and cash them out. According to Hermes Bitcoin, Bitcoin ATMs are equivalent to selling them on exchange platforms. However, these ATMs do not function like the traditional ATMs. There are many Bitcoin kiosks where you can sell your cryptocurrencies.
When you initiate a sale, the machine generates a QR code that you have to scan to make the transaction.
Transaction is done, the machine will provide cash worth the cryptocurrency you just have sold. However, keep in mind that cryptocurrency transactions at the ATMs charge you with high fees. So, before making any transaction, it is best to see the price they charge you with.
Trade One Cryptocurrency For Another
If you are selling through the exchange platforms, then you have to know that some of them do not allow you to convert specific cryptocurrencies into cash. This restriction is there for only a few cryptocurrencies. In this case, you have to take a different approach.
You can trade one cryptocurrency for another currency that is accepted for sale. Once you have changed the cryptocurrency, you are ready to sell it on the platform for dollars. Sellers usually convert their cryptocurrencies to Stablecoins or Tether. The next step is to convert all those cryptocurrencies into cash.
Is It Safe To Sell Bitcoin At Bitcoin ATMs?
This is a very important aspect to consider, especially when you are selling Bitcoins through Bitcoin ATMs. The Bitcoin ATMs are completely connected to the internet and might have some security issues ( according to some users). However, Bitcoin ATMs are completely secure, and they are equipped with technology that secures the entire process and the channel of transaction.
The technology of these ATMs goes beyond any hardware and malware malfunction. The wallet where the Bitcoin owners store their cryptocurrency stays completely secure and safe. No one can access your coins without the current password and security details.
Some Bitcoin and ATM operators collaborated to build a Cryptocurrency Compliance Cooperative to ensure the use of Bitcoin is secure. There is also FinCEN to ensure that the BTM transactions are safe and secure for the sellers.
How Much Fees Does Bitcoin ATM Charge?
When selling your cryptocurrencies through Bitcoin ATMs, there are some fees involved. The fee is a percentage of the transaction made. It gets added to the price of the Bitcoin when purchased, or it may be added to the price when it is withdrawn as cash.
There are different fees and their rates for buying and selling cryptocurrencies on these ATMs. The average buying fee is around 8%, and the average selling fee is around 5% on most of the machines. The fees vary from one machine to another, and they can range between a meager 7% to a massive 26% of the entire transaction.
Is It Possible To Sell Bitcoin With A Debit Card?
Bitcoin ATMs are not only meant to sell coins. Users can also buy Bitcoins from the ATMs. But what are the modes of transaction? Can you buy using cards, or do you only have to use cash? Well, some Bitcoin ATMs allow purchases through debit cards. But not all of them support a debit card. In fact, most of the BTMs require users to use cash for transactions.
Why Bitcoin ATMs Are Great For Transaction?
Now that you know how to sell Bitcoin at an ATM, it is important to know why you must choose this method. You can use Exchange apps or P2P transaction methods as well. But why Bitcoin ATMs?
Fast Transaction
The main reason for choosing an ATM for selling or buying Bitcoin is because of the speed or convenience part of it. When it comes to selling Bitcoin for cash, this is the best method to pay you in cash in minutes.
But, if you use other methods for the transaction, you have to wait for two to three days before the money gets deposited into your account. This is only possible because identity verification is not mandatory here.
Use Of Cash
Yes, you can use cash as the payment method for selling and buying Bitcoin when you are doing it face-to-face. However, other methods do not involve physical money in the equation. Unless you are using a Bitcoin ATM, it is difficult to get cash by selling your Bitcoin. You can directly sell your Bitcoin and get instant cash. You can also choose to buy the coins by paying cash at the ATM.
Why Are Bitcoin ATMs Not So Great For Transactions?
While there are some advantages, there are some disadvantages of selling Bitcoin to the seller as well. For example –
High Fees
Bitcoin transactions using Bitcoin ATM machines are expensive. Traders will get lesser fees through other methods such as exchange or P2P transactions. Bitcoin ATMs charge a fee that’s around 8% to 26% for each purchase or sale on the machine.
But, if done through popular trading platforms like Coinbase, the fees are around 0.5% to 4.5% per trade. So, evidently, there is a vast difference when it comes to fees. But, with convenience in mind, traders want to explore this option.
Limits
There is a limit attached to the Bitcoin ATMs as well. These machines usually have a lower maximum when it comes to the amount of Bitcoin you can buy or sell at a time. So, presumably, these machines are good for withdrawing quick cash when you have urgent needs. However, large amounts of money withdrawal is not possible here.
Final Words
How to sell Bitcoin at ATMs? As explained above, it starts with locating the nearest Bitcoin ATM where you can withdraw money from. Then, use the QR code to complete your transaction. Most ATM machines will charge a fee, whether you are buying Bitcoin or selling it. So, did you find the answer you were looking for? Let us know your feedback through the comment section. Thank you for reading.
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