The Concept of Bitcoin ATM
With the advent of the crypto currency called Bitcoin, transactions were mainly done through wallets but a step has been taken further to ease Bitcoin transactions with the introduction of the Bitcoin ATM. You will see in this guide how to withdraw money from Bitcoin ATM.
A Bitcoin ATM is basically an outlet or kiosk where people use their debit cards or cash to purchase; in some cases the functionality is dual which includes both sale and purchase of bitcoin. Cash kiosks and ATMs are the two types of Bitcoin machines, their internet connectivity enables the debit card and cash payment which in turn can be exchanged for cash or moved to a public key on a Blockchain.
Below are full steps on how to locate and use a Bitcoin ATM machine
Locating A Bitcoin ATM Near You
For the sake of this guide, we will be using the Coin ATM Radar service as an example for locating an ATM Bitcoin. This is achievable because it offers you the option of using the live Global ATM Bitcoin map to scan/search nearby ATMs.
Steps to follow to use this service
- Visit the website https://coinatmradar.com/ and add City/Location
- Click on search ATMs right after you have added your City/Location
- Click on the closest ATM, also click further to see details
- To get the Google maps on directions, simply click on ‘Get Directions’
Benefits you can get from these services include
- Easily finding a Bitcoin ATM map
- Locating the nearest Bitcoin ATM close to you
- Information gathering about the ATM’s limit, fees, Buy/Sell, Buy Only, Sell Only features
- Easiest direction to locate the chosen ATM from your location.
Now you have gotten instructional guides on locating a Bitcoin ATM closest to you, the next steps will take you through how to withdraw money from Bitcoin ATM.
Cash Withdrawal from a Bitcoin ATM Machine
- Before you withdraw cash, you should own Bitcoin and also have transactions stored in a wallet
- The wallet address where the Bitcoin is stored must be available which serves as your private key, In cases where you own more than one wallet, simply select the one you want to use for the transaction
- On the Bitcoin ATM, log into your account and select ‘Withdraw Cash’ option
- Next is to enter the desired amount to be withdrawn after which you will send Bitcoin to the wallet address with the indication of QR code
- You can collect your cash in a time frame of 30 minutes or less depending on when the blockchain network confirms your transaction.
Note: There are fees attached to every transaction, these fees vary between 8% to 10 depending on the service provider.
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