What is a bitcoin atm?
A Bitcoin ATM (Automated Teller Machine) is a machine that allows you to buy and sell bitcoin using cash. They work similarly to traditional ATMs, but instead of dispensing fiat currency. They will enable you to buy and sell bitcoin using your bitcoin wallet.
Bitcoin Atm providers
There are several companies that manufacture and operate bitcoin ATMs. Some of the major providers of ATMs include:
- Genesis Coin – Genesis Coin is a manufacturer of bitcoin ATMs and other cryptocurrency kiosks. The company has a network of over 4,000 ATMs and kiosks around the world.
- General Bytes – General Bytes is a Czech Republic-based manufacturer of bitcoin ATM. They are going to provide the best experience for the users of cryptocurrency.
- BitAccess – BitAccess is a Canadian company that manufactures bitcoin ATM. The company has a network of over 1,000 bitcoin ATMs and kiosks around the world.
How to use bitcoin atm?
To use a bitcoin ATM, you must have a wallet set up on your phone or computer. When you arrive at the ATM, you will be prompted to scan your wallet’s QR code to initiate the transaction. You will then be asked to enter the amount of bitcoin you want to buy or sell, and the ATM will display the corresponding amount in fiat currency. You will then be able to insert cash into the ATM to complete the transaction.
Where are Bitcoin ATMs?
There are several websites that provide maps of bitcoin ATMs around the world, including:
These websites allow you to search for bitcoin ATMs by location and feature a map. Which shows the locations of bitcoin ATMs in your area.
- Coin ATM Radar
- Bitcoin ATM Map
- Bitcoin ATM Locator
It’s important to note that bitcoin ATMs may not be available in all areas, and fees for using them can vary. It’s always a good idea to check the fees and availability of bitcoin ATMs in your area before using one.
How Much Can I Withdraw at bitcoin ATMs:
The amount of bitcoin that you can withdraw from a bitcoin ATM can vary depending on the specific machine and location. A few bitcoin ATMs may have limits on the amount of bitcoin that you can withdraw in a single transaction, while others may not have any limits at all. But you can withdraw $900 in an amount of approximately, Source
Bitcoin ATM Have High Fee?
Bitcoin ATMs tend to have higher fees than other methods of buying and selling bitcoin, such as using a bitcoin exchange or peer-to-peer platform. Approximately crypto ATMs fee’s, charge 10% to 15% according to Coin ATM Radar research and this is so high as compared to traditional ATMs However, bitcoin ATMs can be a convenient option for buying and selling bitcoin if you need to do so quickly and don’t have access to a bank account or credit card.
How to sell Bitcoin for cash?
5 ways to sell your bitcoin holdings for cash:
- Selling on a cryptocurrency exchange: You can sell bitcoin on a cryptocurrency exchange such as Coinbase or Binance. Once you have an account. You can link it to your bank account and transfer funds to buy or sell bitcoin. Your transactions will be secure when you withdraw bitcoin holdings to your bank through exchange platforms. It’s one of the easiest ways to sell your cryptocurrency bitcoin holdings for cash.
- Bitcoin ATMs: You can find bitcoin ATMs in certain cities that allow you to exchange bitcoin for cash. Bitcoin atm is not so popular worldwide because most countries don’t regulate it. In the future maybe you will get Bitcoin ATMs near your house or office.
- Peer-to-peer marketplaces: Websites like LocalBitcoins or Paxful connect buyers and sellers directly. These websites allow you to sell your bitcoin for cash or other forms of payment. So this way, there are people on these websites who want to sell their bitcoin holdings. They use peer to peer marketplace with great security for both parties buyer and seller. You can also use peer to pee marketplace of Binance.
- Over-the-counter trading: OTC trading allows you to sell large amounts of bitcoin without affecting the market price. OTC trading is usually done through a broker or market maker. If you have considerable funds like 1 million dollars or 10 million dollars worth holding of bitcoins. You can trade on OTC but it’s not so popular.
- Bitcoin debit cards: Few companies offer bitcoin debit cards that can be loaded with bitcoin, and then used to withdraw cash at bitcoin ATMs or make purchases. one of the popular exchanges also offers bitcoin debit cards like Binance.
It is important to note that before selling your bitcoin. You should research and compare different options to find the one that best suits your needs and is the most secure. All of the above ways are the genuine and easiest ways to cash out your bitcoin holdings from exchange platforms.