Yes, we are at that point to actually use Bitcoin ATMs and withdraw our money through them. It’s not available worldwide, but in some countries, it’s nicely regulated and everyone who saved some crypto coins can get an equal amount of fiat currencies through the so-called cash machines. Through the last 12 months, Bitcoin changed a lot of times, showing us how volatile and vulnerable it still is, no matter how big is the interest and how many people are currently active in the blockchain, but also on trading platforms.
It’s a matter of time when cryptocurrencies will be widely accepted, but at this moment, some of the resources are pretty limited, and traders don’t have plenty of options. Also, seeing how the crypto market is getting bigger every day, it’s expected that more and more people are interested to invest or trade. According to jt.org, there are plenty of risks people aren’t aware of, because they take things for granted, without considering some links can be malicious, or that not every trading platform is trusted and legit. There are those who already suffered some loss because of that, and they are afraid to use even the legal services, including the crypto ATMs.
And while we are here, let’s see what we need to know about using a Bitcoin ATM to cash out your savings:
1. Learn what is a Bitcoin ATM
As this cryptocurrency is getting accepted, there is also a need for more commercial solutions when it comes to cashing out their crypto belongings.
Bitcoin ATMs look the same as the others, and you can buy or sell BTCs through them. It takes a little time to complete the transaction, but it doesn’t require registration. Anyway, most of the providers will recommend you to create an account, so it can easily sync the data and complete the transaction faster. Also, you need to have a digital wallet to store the Bitcoins on it, so it can be used on the “cash machine”.
2. Find the nearest BTC ATM
You can use the online locators to find the Bitcoin ATMs that are closer to you. Also, some of this service will list important information on the fees and availability, verification, and the average time of transactions. You only need to turn on your location settings, and the map will locate the ATMs all around the world, and you can find those who are near you.
3. Buy or sell Bitcoins
Once you reach the machine, the system will ask you what are your intentions. You can choose between buying Bitcoins or selling those you have. If you want to buy them, you need to enter the amount of money (in traditional currencies) you are planning to spend, and the machine will calculate how many crypto coins you will get for that. The ATM will provide a code you need to enter in your crypto wallet and confirm the transaction. Also, you can choose to withdraw cash. Use the information from your e-wallet to claim the activity, and the next thing you know, you have the money in your pocket. For example, you can insert $1,000 and get the equivalent amount of BTCs, or you can choose how many coins you want to sell, so you can get the money. Keep in mind that some fees can be charged.
And it’s simple like that. You can choose to get a printed voucher to keep in your diary of crypto transactions, or you can permanently save the log in your wallet. The whole process will take 5 to 10 minutes, depending on the machine. You can even use these machines to send money to another recipient.
What else do I need to know about these ATMs?
Some of them come with cash limits. That means you can’t insert $100,000 at once, because the machines aren’t capable of that. But, you can split the amount into smaller pieces, and get the Bitcoins for that price. Another important thing to know is that you can’t use your credit or debit card to buy Bitcoins – you must work with cash. No one will ever suggest syncing your bank account with crypto profiles and platforms, because this market is vulnerable and you can easily lose everything you have while sleeping. Also, you are becoming an easy target to the hackers if you do that.
BTC transactions through ATMs are completely anonymous and that leads to another important thing you must remember forever – the transactions can’t be reversed. That means, once you complete the transfer of money, there is nothing that can stop that flow. So, be careful when you are transferring money because even one digit can send them to someone you don’t know. There are no refunds too.
Also, you can’t use them to pay bills or services. If someone asks you to do that, they are trying to scam you. Don’t send any sensitive information to anyone, even though they claim they can reach you and do something bad to you too. Their goal is a fraud, and we suggest you not fall for stories like that. Even though you can send money to third parties, we recommend keeping this activity for yourself and your personal needs.
Using Bitcoin ATMs is simple as using the traditional ones. The interface is similar, but the options are completely different, so you need to be careful and try not to get confused. Most of these machines are transparent and you can clearly see and understand the instructions.
You must be very careful, and as we said, it’s always better to keep your activities on the crypto market private. It can be an interesting topic for conversations with friends or coworkers, but remember that plenty of people are skeptical and can find it disturbing. In the end, it’s your money, and you are the one who decides how to use them.
BTC ATMs are very simple and intuitive, but anyway, being careful will only bring a benefit to you.