How to withdraw from a Bitcoin ATM
Previously, I've described how to convert your cash to 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, , 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 , 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.
Withdrawing cash at a Bitcoin ATM
Step 1 - Find your closest Bitcoin ATM
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.
Step 2 - Select the crypto you want to sell
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.
Step 3 - Accept the terms and conditions
Step 4 - Select your cash limit
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.
Step 5 - Enter phone number
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.
Step 6 - Select the amount you wish to withdraw
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.
Step 7 - Scan the QR code with your digital wallet application
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.
Step 8 - Wait for one network confirmation
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.
Step 9 - Withdraw your cash
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.
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.
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