If you are keen to cash out your Bitcoins, opting for a Bitcoin machine may be the best thing to do. You must understand that cryptos like Bitcoin are volatile; values are likely to change within hours. So, if the timing is wrong, you could end up losing a lot of money.
How can you convert Bitcoins into cash?
While converting BTC into cash is possible through peer-to-peer platforms and exchanges, using a Bitcoin ATM may be simpler. When you use a broker, you have to deposit your cryptos on the exchange and request a withdrawal. The broker then transfers the equivalent amount of money to your bank account. This is a straightforward and secure method but it can be time-consuming. It will typically take about 4-6 working days for transfers to go through.
When you are wondering how to sell Bitcoin, a crypto ATM is a wise option. Here too, you need an account whereby you can sell your coins and get money in exchange. The Bitcoin ATM resembles a regular cash ATM but it does not handle fiat money. It is meant for facilitating Bitcoin transactions.
How to use a Bitcoin ATM for selling your Bitcoins:
To sell your Bitcoins, you must walk up to an ATM and scan the wallet QR code. Finding a Bitcoin machine near you shouldn’t be a hassle because there are hundreds of these popping up in high-traffic areas like malls, cafes, or airports. But these machines can charge you fees for transfers and not all will allow you to exchange BTC for cash. You need to find two-way machines which have both buy and sell functions.
To sell BTC, ATM providers may ask users for an account that can manage the selling operation. The registration for this may take a while; if you are a first-timer, you have to provide valid contact numbers for activation. You have to submit a government-approved ID, a current photo, and a palm scan. This registration process may not be identical for all Bitcoin machines and depends on the ATM operator. But you will definitely have to offer some kind of ID verification.
Once your user identity has been established, you will be provided with a QR code. This is the address of your Bitcoin wallet where Bitcoins are to be sent. Depending on the type of machine you find, the cash will be dispensed at once or you get a redemption code. In this case, you must wait for the transactions to get confirmed. At times, you may have to wait for as many as 6 confirmations before you are permitted to take cash out.
According to reports, only about 40% of total Bitcoin machines support selling. So, it is better to check for this feature before you drive down to the nearest Bitcoin ATM in Illinois. Selling or buying Bitcoins can now be done anywhere you find ATMs. The process is much faster because transactions are immediate. There is no waiting period as in crypto exchanges. And people without access to banking services will find these crypto ATMs very useful.