To convert your Bitcoin to cash, you’ll need to rely on your crypto wallet. Using your wallet, you can send your coins to the BTM address and have your cash dispensed once you’ve confirmed the transaction. Not every BTM supports the purchasing and selling of Bitcoin, so it’s critical to look up the machines in your areas to determine their functions beforehand.
You can use BTM locators to find machines in your area. Enter your zip code and city to find locations near you. Additionally, be mindful of the operating hours, as they may depend on where the machines are stationed. For BTMs located inside other establishments, they typically follow the hours of the associated business.
Stand-alone machines are not necessarily 24-hour, which is another reason to check your locators ahead of time. Below, we discuss converting your crypto at BTMs. Read on for a step-by-step guide for beginners and turn your crypto coins to cash in no time. Let’s get started.
Preparing For Your Bitcoin ATM Transaction
Ensure you have what you need. You’ll need your digital wallet and additional verification items before starting your bitcoin ATM transaction. Have a government-issued ID and your QR code ready for this purpose.
You may also be asked to enter a phone number, so make sure you’ve factored in the contact number you want to use before you go. Additionally, make sure that you have enough to cover the fees that apply to your bitcoin ATM usage. These fees can be steep, and there may also be transaction limits in place depending on the operator.
Following The Prompts
Choose “Sell Bitcoin” from the prompts on the bitcoin ATM screen. Then, follow along and select the set amount of cash you’re looking to take out. Wait for the machine to showcase the corresponding Bitcoin you’ll need to submit.
Follow the verification steps, i.e., entering a verification code, scanning your ID, or taking a selfie (these terms vary depending on the amount and the BTM you use). Scan the ATM’s code with the “Send” option on your wallet app. Your code will contain the ATM wallet address and the established amount of Bitcoin required.
Sending Over Funds
Send the correct amount of Bitcoin over from your wallet. From here, you’ll wait for the confirmation from the bitcoin ATM, which can take up to an hour, depending on the state of the blockchain.
Collecting Your Money
After your transaction is confirmed, you can receive the cash dispensed from the BTM. Remember to take your receipt for your records. You may be required to enter a redemption code at the BTM to collect the cash. The steps vary by operator and the amount of the transaction.
Directing Your Transaction
By following the above steps, you can complete your BTM transactions. Using a bitcoin ATM is straightforward once you’ve identified machines in your area. As long as you’re aware of operating hours and applicable fees, you can follow the guidance on the BTM to direct your transaction.
