What Every Beginner Needs To Know About Bitcoin Automated Teller Machines (ATM)

Owning Bitcoins can be daunting especially if you are a beginner. It’s not only about buying and storing your Bitcoins, sometimes you would also need to sell them or what we call ‘cash out.’ If you know how to do it and where to go, cashing your Bitcoins for real money can be easy. The transaction is not complicated and it will only take a few seconds to withdraw them, and a little more time if you want to sell them and convert it to USD into your bank account.

A Beginner’s Guide In Selling Bitcoins

Bitcoins were created by Satoshi Nakamoto in 2009 and this is the base of all cryptocurrencies. It currently has a market cap of $128 billion and one Bitcoin is valued at $7,692. Bitcoins are more popular compared to other cryptocurrencies in the market these days which is also why it is more expensive than the others. One of the ways to sell your Bitcoin or do Bitcoin transactions is through Bitcoin ATMs.

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The Bitcoin ATM

This is a kiosk that will allow you to exchange Bitcoin and cash. There are Bitcoin ATMs that have bi-directional functionality and will allow you to purchase Bitcoin and also sell them for cash on the same machine. There are other Bitcoin ATM providers who will require their users to have an existing account in order for them to make their transactions.

Bitcoin ATM In The United States

According to 2017 statistics, there are over 800 Bitcoin ATMs all over the United States. Shop owners are believed to earn over $300 a month for the rental space. The transaction fees on every Bitcoin ATM use is approximately 16% while other transaction fees are about 7.5%. These Bitcoin machines are imported from all over the world, like the ones from Prague. The Czech company named General Bytes even placed Bitcoin ATMs in Las Vegas and other American cities.

Always remember that these Bitcoin machines are not the same as your traditional bank ATMs. These are directly connected to the internet which will allow you to insert cash and exchange it for Bitcoins. A paper receipt will be given to you as proof of your transaction. You can also use the Bitcoin ATM to move money to a public key on the blockchain. They may look like your traditional ATM machine but they are not connected to a bank account, instead, they are connected directly to a Bitcoin Exchange.