Although Bitcoin has become more popular over time and has gained greater acceptance as a medium of exchange and a store of value, it is yet to hit a critical level of adoption that would rival fiat money. Despite the development of several blockchain projects and products related to digital currency, it is not safe to rely on it as a stable kind of money. This is because it’s not yet widely accepted in business circles and has shown itself to be quite an erratic investment and trading vehicle. Therefore, it becomes necessary to cash it out, especially in case of an anticipated decline.
How to Withdraw Money From Bitcoin ATM’s?
A Bitcoin ATM is like a conventional ATM, but it’s not tied to any bank and allows users to buy bitcoins with cash or credit card, or cash out their bitcoins. Bitcoin ATMs offer an easy way to convert digital currencies into cash without the stress suffered from using exchanges. The good thing is that there are over 2,000 Bitcoins ATMs located globally.
These machines provide a straightforward and secure way to withdraw bitcoins or cash with no need to involve another party. However, some people may find using these ATMs a bit challenging or have no Bitcoin machine nearby, can use reliable cash-out points or services such as NakitCoins.Luckily, they can even do the conversion and other transactions online by visiting nakitcoins.com.
Below are some steps on how to cash out bitcoins at a BTC ATM:
· The first thing is to locate the nearest bitcoin ATM to you, and you can use some sites like Coinatmradar, which has a live map of the functional machines.
· Once you are at the ATM, select the option you want for cash withdrawal
· When the machine asks t for the currency choice, select Bitcoin
· You then choose or key in the withdrawal amount
· Transfer the cryptocurrency from a mobile wallet, to the ATM provided QR code
· Collect your money
Advantages of using ATMs to cash out bitcoins
As you learn how to withdraw money from bitcoin ATMs, you may wonder about the advantages of the method over other ways of cashing out bitcoins. Below are some of the pros:
· Using a Bitcoin ATM to cash out bitcoins is one of the easiest and quickest ways to convert bitcoins into cash. It is far more straightforward than using an exchange.
· Some of the ATMs do not require the one cashing to produce any form of identity verification. As such, they maintain a good level of anonymity and confidentiality.
· The method does not need bank accounts
· It is secure, so there are no risks of losing your money to online scammers or illegitimate backstreet dealers.
Disadvantages of using bitcoin ATMs to withdraw money:
Some of the cons of using the machines to convert your crypto to cash include:
· You have to go physically to the ATM to cash out your bitcoins to convert your coins into fiat currencies. This means it may not be a practical option for those who cannot visit the machines.
· Cashing out bitcoins at the ATM attracts huge transaction fees, typically 7 to 12%. The charges have to cover the machine maintenance, space rent, regulatory fees, volatility, and other costs.
· ATMs have restrictions on amounts so you may not be able to withdraw huge amounts. Most of them have limits between $1,000 and $10,000.
· There are far fewer Bitcoin ATMs than fiat ATMs. Bitcoin ATMs are not so common in developing countries.
Bitcoin ATMs are not as popular as exchanges for cashing digital currency. However, they are a fast, safe and secure way to convert crypto to fiat currencies.