If you’ve considered investing, chances are you’ve heard a lot about how to buy Bitcoin. And purchasing this cryptocurrency is indeed a great way to get more direct control over your financial resources. But what happens if you decide to convert some of that Bitcoin back into cash?
Making a Bitcoin ATM withdrawal can be a great way to capitalize on your Bitcoin investment. (In this article, we will use the familiar term “withdrawal” – Actually, the process involves selling your Bitcoin to the ATM operator.) If you are more of a reader, scroll on to learn more about this process and how you can get cash from a Bitcoin ATM, or press play for a video rundown.
Learn How To Use A Bitcoin ATM
What Is Bitcoin
Before we delve into how to withdraw cash from a Bitcoin ATM, let’s talk about what Bitcoin is. Bitcoin is one of the most popular and reputable cryptocurrencies currently on the market. The currency is entirely digital and is separate from any government or third-party banking organization.
Bitcoin was launched in 2009 and has exploded in the decade since. As of this writing, each Bitcoin is gaining value, and more and more vendors have started to accept the cryptocurrency. As a result, it has become immensely popular among people who want more direct control over their money or are worried about geopolitical turmoil’s impact on their finances.
How It Works
Most traditional currency (fiat currency) is controlled and managed by national governments. But Bitcoin operates completely separate from any government and instead is regulated by a blockchain system. Anyone can access this blockchain and see what’s happening with the Bitcoin supply.
Bitcoin takes its value from the same sources that traditional currencies do. First, we’ve all agreed that these currencies have value and may be traded for goods and services. Secondly, there are a limited number of Bitcoins (21 million, to be exact), which gives the currency an inherent value.
A series of ever-more-complex computer algorithms addressed Bitcoin fraud. These codes are all but impossible to break, meaning people can’t just code up more Bitcoin whenever they’re short on cash. Because of this process, the Bitcoin supply stays consistent, preventing inflation from destroying the currency.
Benefits Of Bitcoin
There are several benefits to working with Bitcoin, beginning with its financial independence. Because Bitcoin does not operate within any single government or banking organization, it’s immune to the whims of geopolitics. It’s also resistant to government seizure, saving you if you lose a liability case or fall behind on child support payments.
Many people also enjoy the anonymity Bitcoin transactions provide. Unlike fiat currency transactions, you may not need to provide identifying information to purchase with Bitcoin. Although any Bitcoin user can see all dealings with the currency, no info can tie that transaction back to you as a person.
Benefits Of Bitcoin ATMs
If you plan to get into Bitcoin investing or use Bitcoin ATMs can be a fantastic resource. For one thing, these ATMs give you access to faster and easier Bitcoin transactions. In addition, you can convert cash to Bitcoin and back again, allowing you to keep a finger on the pulse of cryptocurrency investing.
These ATMs also simplify the buying process for even the newest Bitcoin users. Some Bitcoin platforms can be confusing and may propose hidden fees. A Bitcoin ATM is simple, especially after reading this helpful guide!
Download The App
If you plan to use a Bitcoin ATM, download an appropriate Bitcoin Wallet app onto your smartphone. This app will allow you to view and manage your Bitcoin balance. Think of it as your Bitcoin debit card; it gives you access to the world of Bitcoin investing and will be how you interact with a Bitcoin ATM.
You can use a few good mobile wallet apps to access and manage your Bitcoin investments. We recommend ByteWallet for your cryptocurrency ATM and crypto banking needs, available for download in the Apple and Google Play app stores. Blockchain, Mycelium, and Jaxx are a few other good options available for free as well. If you don’t have access to a smartphone, you can also bring a printed QR code from an online wallet program known as a paper wallet.
Create An Account
Once you pick a mobile wallet app and get it downloaded, you’ll need to set up an account. This account will be where you view and manage your Bitcoin information, including buying and selling Bitcoin. It is important to note that you may need to provide some identifying information when setting up this account.
In most cases, mobile wallet apps will at least ask you for your email address and some payment information. However, since most Bitcoin ATMs deal only in cash, you should not have to enter your banking info.
Find An ATM Near You
Once you download the mobile wallet app and create your account, it will be time to start looking for an ATM in your area. If you’re using our recommended, ByteWallet, refer to our convenient ATM locator directly within your app. As Bitcoin has become more popular, more and more ATMs have started to pop up nationwide. As for Byte Federal, we have over 1300+ ATM locations across the United States.
Byte Federal has locations from Florida to Maine to Missouri and California. You can check our interactive map to find an ATM location close to you, and we’re working every day to expand into new areas.
It is essential to note that you in order to make cash withdrawals from a Bitcoin ATM, you must be sure to find a two-way Bitcoin ATM. Two-way Bitcoin ATMs offer the option to both buy, and sell crypto coins. Not every cryptocurrency ATM is two-way, so be sure to do your research before heading to a BATM to withdraw cash.
Own Bitcoin
Of course, one of the most important things you need to do to make a withdrawal from a Bitcoin ATM is, well, own Bitcoin. However, if you can’t afford a whole Bitcoin’s hefty price tag, the currency comes in smaller, more affordable divisions. For example, you can buy one-hundred-millionth of a Bitcoin, called a satoshi.
You can get Bitcoin in several ways, including purchasing it with cash at a Bitcoin ATM. You can also buy Bitcoin online with credit card purchases or bank transfers. If you’re making an online sale or providing a service for someone, you may also be able to accept Bitcoin as payment instead of traditional currency.
Check The Exchange Rates
Before you make your Bitcoin ATM withdrawal, check the current exchange rates for Bitcoin. Since Bitcoin is an independent currency, its value in relation to other fiat currencies fluctuates. This means that while your Bitcoin may be worth a certain amount of U.S. currency today, it may be worth a different amount tomorrow or next week.
Ideally, you want to withdraw cash when Bitcoin exchange rates are high. So note what exchange rates are like when you buy your Bitcoin. If possible, wait until exchange rates are higher before you cash in your Bitcoin so you can get the most from your investment.
Look At Withdraw Limits
Before making your Bitcoin ATM withdrawal, you should check the withdrawal limits for your ATM. Many ATMs and Bitcoin vendors limit your daily spending on a transaction. These limits help protect vendors and control the flow of Bitcoin.
Bring A Picture ID
Before you leave to make your Bitcoin withdrawal, grab your wallet from the house. At many Bitcoin ATMs, including the Byte Federal machines, you’ll need a photo ID to make a withdrawal. This can include a government-issued ID, such as a driver’s license or a passport.
Many people value Bitcoin for its anonymity, and providing a photo ID may remove that advantage. And while it is true that this requirement allows your withdrawals to be traced back to you, it does not impact the transactions you make in the Bitcoin world. Instead, this requirement protects you from someone else stealing your identity and using it to convert your Bitcoins back into cash.
Register With The ATM
Once you get to the ATM, you plan to use; you’ll first need to register with the ATM. This registration effectively lets the ATM know which Bitcoin account you’ll be withdrawing from and allows you to confirm your identity. Depending on the ATM and the mobile wallet app you use, you can connect to the ATM directly with your phone. You may also need to enter your phone number and input the verification code from the ATM. Some ATMs may require you to scan your ID to confirm your identity.
Select 'Withdraw Cash'
Once you get to the ATM, you plan to use; you’ll first need to register with the ATM. This registration effectively lets the ATM know which Bitcoin account you’ll be withdrawing from and allows you to confirm your identity. Depending on the ATM and the mobile wallet app you use, you can connect to the ATM directly with your phone. You may also need to enter your phone number and input the verification code from the ATM. Some ATMs may require you to scan your ID to confirm your identity.
Scan The QR Code
Once you select “Withdraw cash,” the ATM will ask you how much money you want to withdraw. This step is where the exchange rates you looked up earlier will come into play. You’ll only be able to withdraw as much cash as your Bitcoin is worth or as much as the daily withdrawal limit, whichever is lower.
The ATM may take a moment to process your withdrawal request since it has to send a confirmation through the Bitcoin blockchain system. However, before that request goes through, you may see a QR code to give you a redemption code for your cash. Scan this QR code with your phone camera and follow the directions at the link it sends you.
Collect Your Cash
After your blockchain request goes through, you’ll get a message indicating that your transaction is approved and your cash is ready. In addition, the ATM may show a “Redeem” button that will allow you to enter your redemption code. This button will verify that your request is approved and that you can collect the requested cash.
Once you enter your redemption code, the ATM will dispense the requested cash. Then, your Bitcoin balance will update. That’s it; your transaction is complete.
Learn To Make An ATM Withdrawal
If you’re ready to cash in on your Bitcoin investments, a Bitcoin ATM can be a great way to do it. First, check exchange rates and set up your mobile wallet before going to the ATM. Then, bring a picture ID and follow all the instructions on the ATM screen to get your cash in hand quickly and easily!
If you’d like to make a Bitcoin ATM withdrawal, check out the rest of our site at Byte Federal. We have Bitcoin ATMs nationwide. Learn more about us today and find the financial tools you need to thrive.
