Almost everyone heard about bitcoins because social media regularly flashes a piece of news about the Cryptocurrency, especially bitcoins. Not all bitcoins users know the availability of Bitcoin ATMs and do not know how to use them. Does your mind now think about How to Sell Bitcoins Using ATM? You are at the right destination. Read the article until the end.
Almost everyone knows how to purchase bitcoin because tons of ways are accessible, including ATMs. But, for selling, only a few reliable methods are available. Among them, ATM is the reliable and affordable option because it works similar to traditional ATM. After reading this article, everyone will transact bitcoin and withdraw the cash using the ATM with ease.
What is a Bitcoin ATM, And How To Sell Bitcoins Using An ATM?
Bitcoin ATMs are similar to regular ATMs in which you get the cash using your debit card. But, it enables you to perform the cryptocurrency traditions. Hundreds of bitcoin ATMs are accessible throughout the world. So, you can access it wherever you need to buy or sell bitcoins.
Being the leading cryptocurrency, there is no surprise in bitcoin having its own ATM system. This digital currency is gaining massive popularity because of its increasing integration and acceptance into society.
Bitcoin ATMs sometimes call as the BTMs. Using this kiosk, you can purchase bitcoins using your debit card or fiat currency. Like buying, you can sell the bitcoins for cash instantly. Even though it looks similar to traditional ATMs, it is not the same. It connects with the internet to make the users purchase or sell the bitcoins.
It enables you to connect the customers to the bitcoin wallet or exchange rather than connecting to the bank. It serves as a reliable method to purchase bitcoins in person. Bitcoin ATMs are widely available in restaurants, stores, and airports. In October 2019, the launch of the first BTM occurred, and now more than 7000 machines are accessible throughout the world.
How Do BTM Works, And How To Sell Bitcoins Using ATM?
The bitcoin ATM contains the QR scanner, monitor, and bill acceptor. It enables the customers to buy bitcoin in exchange for the cash separately. Two types of the bitcoin ATMs are accessible – one-way (purchase) and two-way (purchase or sell).
The majority of the crypto ATMs are one-way machines with purchase functionality. Usually, the Bitcoin ATM exchanges cash for the bitcoin sent to the digital wallet instead of the bank account. You will find certain bitcoin kiosks, which accept credit or debit cards in exchange for cryptocurrency, such as bitcoin.
Here Are The Major Processes Involved In The Working Of Bitcoin ATMs.
- Customers need to register their new account at the ATM by presenting their government-issued photo ID. Then, enter their phone number and create the PIN.
- After completing the registration, the customers scan their bitcoin wallet address with the help of the QR scanner. Or else, they can enter the wallet address using the on-screen keyboard or PIN-pad.
- Once you have entered the wallet address, the customer requires the amount of the cash into the BTM to buy the desired amount of bitcoin.
- After interesting the cash, BTM releases the bitcoins by broadcasting the transaction to the bitcoin blockchain, where you can witness your bitcoin transactions.
- Upon the completion of the transaction, the customer can access the bitcoins. Remember that you should follow these steps carefully to complete the transaction.
- Here, you will understand the process of buying bitcoin. Now, your mind will think about – How to Sell Bitcoins Using ATM? Scroll down the page.
Step-By-Step Instructions on How To Sell Bitcoins Using ATM
Are you tired of looking for the right guide on How to Sell Bitcoins Using ATM? Well! You do not wait anymore because here are the significant steps you need to follow to complete the transaction. Selling the bitcoin using ATM is highly cost-efficient and more accessible. All you have to do is follow the steps mentioned in the below section.
Obtain The Bitcoin Wallet
You should have a wallet that supports the bitcoin if you wish to sell the bitcoin quickly. If the wallet is not compatible, you will lose your transaction amount. Whether you have a web, mobile, or hardware wallet, it should support Bitcoin transactions. Or else, you will confront hassles.
Find The Nearest ATM
Next, it is time to choose the bitcoin ATM near your location. You can use the reliable ATM radar to find the nearest machine in a second. You have to render your postal code or location to search about and display the nearest ATM. Usually, ATM-finding websites keep all the vital information about the bitcoin ATMs. It includes fees, online status, verification procedures, and others. You can even find the life map of the ATMs, and thus you do not confront hassles in reaching the destination.
Choose The Selling Option
Have you reached the bitcoin ATM close to your location? Do you not know How to Sell Bitcoins Using ATM? If yes, then follow these steps carefully.
- Tap the ATM’s touchscreen
- Read the on-screen prompt and click withdraw cash
- Enter your phone number with the help of a keypad
- You will get the verification code to your mobile through message. Enter it to proceed with the transaction further
- Choose the cryptocurrency you want to sell, like bitcoin
- Enter the amount of bitcoins you wish to sell. Then, press sell bitcoins to confirm the bitcoin transaction
- Now, you will obtain a receipt printed with the QR code, which is the address to which you send bitcoins. You have to scan the QR code with your wallet app to send the bitcoins.
- You must wait up to 24hours for confirmation of the bitcoin transaction.
- Once you receive the message that the transaction is complete, tap on the machine’s screen and choose the redeem ticket.
- Enter the redemption code and get the cash and your transaction receipt.
Keep in mind that you will get the cash if your transactions have obtained enough confirmations. Or else, you will be told that the withdrawal is not ready. You can scan the QR code on the receipt to know this detail.
In addition, you should have patience because the transaction may take a longer time based on the amount of bitcoins you want to sell. Depending on the bitcoin market, there will be a specific serve fee in the ATM. You should be aware of these things beforehand.
Major Reasons To use Bitcoin ATM
Many reasons are there for using the bitcoin ATM over other transaction methods. Here are the benefits you get from this method.
With a bitcoin ATM, you can purchase and sell the bitcoins within seconds. It lets you create the account on the spot and complete the entire transaction without much hassle. So, all you require is the bitcoin wallet to run the transactions with the help of bitcoin. Compared to crypto exchange, it is the fastest method for bitcoin transactions.
Even if you do not have the crypto wallet, you will create it on the spot, as said earlier, but it is possible only with a few machines. In addition, you will do it with the help of your mobile. By accessing your QR code or wallet public address, the transactions will happen easily and quickly.
BTM allows you to purchase and sell bitcoins separately. Not all transactions need AML (anti-money laundering) and KYC (know your customer). Both methods follow specific rules and policies. Those who want to enter the crypto world must be aware of these things to avoid last-minute hassles.
Usually, transactions with bitcoin ATMs are secure and safe in terms of the customer’s privacy. The transactions you make with bitcoin ATM are entirely private. It means you and the recipient will be aware of the exchange. So, you will be stress-free and worry-free.
Security And Trust
With the anonymity feature, bitcoin ATM renders enough security for their users by safeguarding their identity. In addition, BTM never shares your wallet details and completes the entire transaction within seconds.
BTMs ensure the ease and efficiency of accessing the machine to make the transaction. It provides enough guarantees for privacy and security. So, you can trust the BTM for seamless and smooth transactions. You should make sure that you are at a reliable destination to avoid problems.
So, you will now get the appropriate solution for your query – How to Sell Bitcoins Using ATM? Try to follow the steps mentioned above to complete the bitcoin selling transaction easily and quickly. Do not worry if you have any trouble or issue during the transaction.
Wait for some time because you will get a notification regarding the transactions to your mobile. It helps you to decide things you have to do further. It would help if you did enough research about this topic before using the BTM.