Did you know that 7.1 million Americans didn’t have a bank account in 2019? Why would this many people decide to do so? The sad news is that most of them aren’t deciding to be unbanked.
The main reason is that they simply cannot afford to do so. With banks, there is often a minimum balance requirement. For some people, this is difficult to maintain in order to avoid paying fees.
All of these fees add up.
One solution is Bitcoin.
Wouldn’t you like to learn how to withdraw money from a Bitcoin ATM? When you need fiat cash, you can do that via a Bitcoin ATM.
With Bitcoin, you don’t need a third party to be able to transfer funds. You also don’t need anyone’s permission to set up a Bitcoin wallet either.
To learn how to withdraw money from a Bitcoin ATM, read our guide below.
Download a Bitcoin Wallet
First, you’ll need to get your hands on a Bitcoin wallet. The easiest way to do so is by downloading one to your smartphone.
While the bitcoin is technically stored on the blockchain, a Bitcoin wallet will tell the Bitcoin ATM what address to send it to. Be sure to keep your private keys in a safe place away from wandering eyes.
Alternatively, you could purchase a hardware wallet or use a paper wallet for long-term storage.
Locate a Bitcoin ATM
Next, you’ll need to find a Bitcoin ATM near you. Whether you’re traveling or taking a walk in your neighborhood, you’re bound to spot one.
You’ll find most where you’d find traditional ATMs like at gas stations, airports, and strip malls.
How to Withdraw Money From a Bitcoin ATM
When learning how to withdraw money from a Bitcoin ATM, you should first realize that you’re technically selling bitcoin to do so. You are also free to sell any other cryptocurrency the Bitcoin ATM supports.
Depending on the amount you’d like to withdraw, you will need to provide a government-issued ID.
You can also sell your fiat cash for bitcoin which is the same concept as buying bitcoin.
When you walk up to the Bitcoin ATM there will be a “Sell” button. Hit that and then select “Bitcoin”.
Once that is set, now you’ll want to enter the amount of money you’ll want to withdraw. Please note that the price of bitcoin and cryptocurrency fluctuates, so you’ll always get the current market price when making a sale.
Scan the QR Code
Now you’ll want to scan your QR code. This is your public address which will tell the Bitcoin ATM to send it to your wallet. Once the Bitcoin ATM recognizes your address, you are almost good to go.
Wait for Bitcoin Blockchain Confirmation
Before you leave the Bitcoin ATM, we recommend you wait for at least one network confirmation. This won’t take more than one to two minutes.
If you’ve entered your phone number, you will receive an automated text message.
Once one confirmation has gone through for your Bitcoin transaction, your cash will dispense. Selling bitcoin is so easy and convenient, isn’t it? Please be aware of any fees before selling.
Bit by Bit
After you’ve successfully learned how to withdraw money from a Bitcoin ATM, you’ll want to tell friends and family.
While the world is becoming more Bitcoin-friendly, most still don’t have an option to accept it directly. That is why using a Bitcoin ATM will have you spending Bitcoin in no time.
Bit by bit, you’ll keep learning more about the infamous protocol. To keep your head in the crypto game, be sure to check out our blog regularly.