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How to withdraw from a Bitcoin ATM

February 3rd, 2021Joey PrebysJoey Prebys

Previously, I've described how to convert your cash to Bitcoin and other cryptocurrencies at a Bitcoin ATM. But, did you know that some Bitcoin ATMs allow you to withdraw your bitcoin for cash? It's true! If you're looking to convert your bitcoin to cash easily, safely, and fast, then look no further. 

Bitcoin ATMs are a great option for withdrawing cash in exchange for cryptocurrency because, depending on the size of your transaction, all you need is a digital wallet, a mobile phone, and some cryptocurrency you are willing to exchange for cash. You do not need a bank account when using a Bitcoin ATM, and transactions take only a few minutes.

In this guide, I will explain, step by step, how to withdraw cash at a Bitcoin ATM.

If you are a total beginner at Bitcoin and cryptocurrency, I highly recommend starting with this article: A Beginner's Guide to Buying Bitcoin.

Additionally, if you are interested in buying bitcoin and other cryptocurrencies at a Bitcoin ATM, check out this step-by-step guide: How to Use a Bitcoin ATM

Withdrawing cash at a Bitcoin ATM

To withdraw from a Bitcoin ATM, you will first need to find your closest Bitcoin ATM that allows you to sell. To do this, type your zip code into the ATM Locator online, and be sure to apply the filter "Buy and Sell." 

Please note that not all CoinFlip Bitcoin ATMs allow you to withdraw cash in exchange for bitcoin. This is why using the "Buy and Sell" filter is essential. 

Once you've found your closest "Buy and Sell" ATM, be sure that there is a purple marker next to the location you have selected. The purple location marker indicates that this machine can facilitate two-way transactions and allow you to both buy bitcoin and withdraw cash in exchange for bitcoin. 

After you've arrived at the nearest Bitcoin ATM that allows you to withdraw cash in exchange for cryptocurrency, you must select which crypto you would like to exchange.

Currently, you can only exchange bitcoin and litecoin for cash at a CoinFlip ATM. 

So, select bitcoin or litecoin, then proceed to the next step. 

Next, the Bitcoin ATM will present you with CoinFlip's very detailed service terms that you can find online here

Take a look over the Terms of Service in your own time, but know that all Bitcoin transactions are final and non-refundable.

After accepting the machine's Terms of Service, you will be prompted to select a cash limit. You have two options: "up to $900", or "more than $900". 

If you plan on withdrawing less than $900, select "up to $900" and proceed to the next step.

Suppose you plan to withdraw more than $900. In that case, you will be notified that this transaction amount is reserved for registered customers only. At this point, you can select "Yes, I'm already a registered customer," where it takes you to Step 5 below.

If you select yes and you are not a registered customer, an error message will be displayed.

Alternatively, you can select "No, but I would like to register." If you choose this option, the machine will ask for your phone number. After you enter that and submit a confirmation code, you will be asked to provide additional identification. In this case, you will skip step 6 below. 

To learn more about CoinFlip's identification requirements for all transactions, including those greater than $900, read this article: Do You Need an ID for a Bitcoin ATM Transaction?

Next, you will be prompted to enter your phone number so that you can receive a single-use password that is necessary to move forward with the transaction. You will receive a text message with the password.

After confirming your phone number and name on the Bitcoin ATM, you will be prompted to enter the amount of bitcoin or litecoin you wish to exchange for cash to withdraw. 

Depending on the machine, you will only be able to withdraw in increments of $50. 

After deciding the amount of crypto you would like to exchange for cash, the Bitcoin ATM will print a QR code receipt. Now, you will need to open your crypto wallet app on your smartphone. 

Using your crypto wallet app, you will need to send the exact amount of bitcoin or litecoin listed to the CoinFlip wallet address by scanning the QR code. 

After sending the exact amount of crypto to CoinFlip, you must wait for one confirmation of your transaction on the blockchain. Depending on which crypto you are selling, this can take a few minutes. 

Once your transaction has been confirmed, you will receive an automated text message stating that your funds are ready for withdrawal. 

If it has been a few minutes and you haven't received a text message, please call customer service at (773)-800-0106.

After there has been one confirmation of your transaction on the blockchain, you can redeem your receipt for cash at the ATM. Just scan the QR code on the ticket with the camera on the ATM. You will be prompted to enter your phone number, once again, to confirm your identity. Once you have established your identity, the machine will dispense your cash.

Please note that withdrawal receipt tickets are only valid for 45 minutes after they are printed, so it is important to complete this transaction during this window of time. 

If, for any reason, it has been longer than 45 minutes since the receipt was printed, please call customer service at (773)-800-0106, and they can revalidate the ticket for withdrawal. 

What are the fees for withdrawing at a Bitcoin ATM?

CoinFlip charges a flat 4.99% fee for withdrawing cash in exchange for cryptocurrencies across all CoinFlip Bitcoin ATMs. CoinFlip displays its fees in the price of the cryptocurrency being exchanged.

The blockchain has its own fluctuating fee given to the network miners as a reward for processing transactions. You will also be charged this network fee, which is a minimum network fee of $1.99 for all Bitcoin purchases and a variable fee for other token purchases. The variable fee is determined by how busy the blockchain is.

That’s it!

If you need a receipt and did not select to have it sent to you on the final green screen of your transaction, have no fear! You can have your receipt sent to you via text message by calling customer support at (773)-800-0106.

Using a Bitcoin ATM is one of the fastest, safest, and easiest ways to withdraw cash in exchange for bitcoin and litecoin. 

Kickstart your crypto journey today! Find your closest Bitcoin ATM to get started!

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