As cryptocurrencies gain popularity and their values increase, people are looking for ways to cash out on their digital assets. If you want to buy or sell cryptocurrencies, you should know that bitcoin transactions occur on crypto exchange platforms where buyers and sellers can find each other. You will use an exchange platform to transfer funds safely from your seller\’s digital wallet to your own. But, these online platforms do not allow users to sell bitcoin for cash. So, crypto owners may find themselves asking “Where can I sell Bitcoin for cash?”. If you are hoping to sell your bitcoin in exchange for cash, you will have to find a bitcoin ATM or make a peer-to-peer transaction. This article will offer a full breakdown of how to sell bitcoin at a bitcoin ATM to withdraw cash.
The first step to selling bitcoin at a crypto ATM is finding a crypto ATM that supports buying and selling. Many bitcoin ATMs are in operation, and as crypto’s popularity grows, they are becoming more and more common. Still, there are variations in the services bitcoin ATMs offer. Some crypto ATMs allow users to buy bitcoin and others allow users to both buy and sell bitcoin. Make sure that the machine you are using supports purchases in order to make a sale and withdraw cash.
Step By Step Process For Withdrawing Cash From A Bitcoin ATM
When you arrive at a crypto ATM machine, you will find options to buy or sell bitcoin. Once you have selected the option to sell bitcoin (or “withdraw cash”) then you will input how much you would like to sell. RockItCoin’s crypto ATMs support sales starting from a minimum of $20.
The next step in selling bitcoin at a crypto ATM is verifying your identity. RockItCoin crypto ATMs require sellers to provide their phone numbers, then the machine will text you a PIN number. Once the machine has verified your identity, you will be signed in and prompted to select the type of cryptocurrency you want to sell, and the amount of money you want to withdraw.
The following screen provides a QR code to scan using your digital wallet. This QR code inputs the address of our wallet into your app, so you can send the crypto to us in exchange for cash. The machine will convert your bitcoins into a dollar value and vice versa. Since bitcoin’s value changes all of the time, the amount of bitcoin sold to withdraw your desired cash amount is going to change depending on the market value of the particular coin you are selling. Selling $20 worth of crypto today could require more (or less) bitcoin than it will tomorrow or next week. The machine will handle all of the conversions for you.
Once the QR code is scanned in your digital wallet, you will need to confirm the transaction and send the required amount of crypto to the address from the ATM QR code. The system will confirm your transaction and alert you when the cash is ready for you to redeem.
Where Can I Sell Bitcoin For Cash?
You should know that you have options when it comes to selling your bitcoin. If you want to sell your bitcoin in exchange for other cryptocurrencies via online transactions, you have the option to sell through an exchange platform. These online transactions are not ideal for users looking to make crypto to cash transactions.
If you want to sell your bitcoin for cash, you have two options: you can sell bitcoin at a crypto ATM or you can sell bitcoin in a peer to peer transaction. Here is a breakdown of all you need to know about the benefits of selling through a crypto ATM versus the benefits of selling peer to peer.
Benefits of Selling Bitcoin At An ATM
Bitcoin sales at a crypto ATM are beneficial for
- Sellers looking for convenient and local sales
- Sellers looking for an option to sell crypto without exchange platforms
- Sellers looking for secure options to sell their assets
- Sellers looking for a way to get exchange their crypto for cash quickly
Selling bitcoin for cash at a crypto ATM offers the major benefit of convenience. As crypto grows in popularity, more and more bitcoin ATMs are in use. They are easy to find! RockItCoin has over 1,800 bitcoin ATMs operating across the United States today.
Sellers do not need to use an exchange platform when selling bitcoin for cash through a crypto ATM. To sell bitcoin for cash at a crypto ATM, all you need is your phone number and your digital wallet.
If you do not want to deal with finding an exchange platform or finding a credit or debit card that works on an exchange platform, then sticking to bitcoin-to-cash transactions is the simplest method of sales you can find. Crypto ATMs are accessible, easy to use, and transactions are quick.
Benefits of Peer to Peer Transactions
Peer to peer sales are effective for
- Sellers who do not want to use exchanges
- Sellers who do not have to wait for transactions to process
- Sellers who want to avoid fees
If you are unable to locate a crypto ATM near you, you have the option to engage in a peer to peer transaction. These transactions will require some heavy lifting as you will need to find a buyer and initiate a trade. The benefits of peer to peer transactions include the ability to sell your crypto without a third-party platform. You also have the opportunity to get cash quickly in person, rather than waiting for your transaction to be processed. These transactions allow buyers and sellers to avoid transaction fees and you will be able to get your cash immediately upon making the sale. You can also avoid transaction fees by opting for peer to peer transactions, instead of selling your digital assets through exchange platforms or at a crypto ATM.
Still, without third parties to ensure your crypto and your cash reach their proper destinations in the sale, there are security risks in making large transactions in person.
Are Crypto ATM Transactions Secure?
When sending your cryptocurrency to a digital address in exchange for cash, sellers are sure to put value in the security of their transactions. As always, your digital wallet is secured through encryption. Your transactions on a bitcoin ATM are secured through personal identification processes and unique QR codes.
So long as you maintain the privacy of your digital wallet, keys, QR codes, and PIN, your cryptocurrency will remain secure in your possession until you initiate a sale. Bitcoin ATMs offer security in the form of anonymity as well.
How Are Exchange Rates Calculated?
When you sell bitcoin at a crypto ATM, you will input the amount of money you want to “withdraw” or earn from your digital assets. The dollar number you select is translated to a cryptocurrency amount by the machine. Because bitcoin ATMs are connected to the internet, they are able to stay current on the monetary value of bitcoin. This dollar value is always changing because the crypto market is quite volatile. By using a bitcoin ATM (rather than a peer to peer transaction) you can ensure that your bitcoin’s value is accurate and current to the market.
How To Find A Bitcoin ATM
RockItCoin crypto ATMs are in operation across the United States and with over 1800 RockItCoin crypto ATMs available, chances are high that you will be able to find a crypto ATM near you. Using RockItCoin’s ATM location map you can narrow down your search to find machines that offer both buying and selling services. Using this map, you can input your location to find nearby crypto ATMs that offer the services you need.
Some crypto ATMs only allow customers to buy crypto at their machines. In this case, you will only be able to deposit cash into the machine to purchase bitcoin; you will not be able to withdraw cash by making a sale at any crypto ATM you find. As you locate crypto ATMs in your area, be sure that they allow you to sell bitcoin from your machine.
You should also be sure that the machine supports the type of digital wallet you use. RockItCoin crypto ATMs support purchases and sales for Bitcoin (BTC), Bitcoin Cash (BCH), Litecoin (LTC), Ethereum (ETH), and more. Make sure that the crypto ATM you use operates with the type of crypto you want to buy or sell.
Fees to Expect When Selling Bitcoin At A Crypto ATM Machine
Most crypto ATMs will charge their users a usage fee, so when buying or selling bitcoin, expect that the machine will require transaction fees. Some machines have higher transaction fees than others. If you are selling a large amount of crypto, crypto ATMs can get expensive, especially if you are using a crypto ATM that has high transaction fees. Consider your budget as you make a plan to sell your digital assets.
RockItCoin ATMs can be found all across the United States and many locations offer both buying and selling services. Our machines are exceptionally safe and the security of your transactions is very important to us. You can trust that our machines protect your privacy. You should also know that RockItCoin’s crypto ATMs are one of the fastest ways to turn crypto into cash. If you are looking to turn your digital assets into cash, then find a RockItCoin machine near you! Whether you are selling your crypto for cash at an ATM or looking to sell your bitcoin online, RockItCoin offers options for safe, reliable, and quick transactions.