This post features a tutorial on withdrawing cash from a Bitcoin ATM by essentially selling your Bitcoins. You should know that not all machines support two-way operations, meaning they only allow the purchase of Bitcoin. According to our Bitcoin ATM Charts, about 40% of all installed Bitcoin ATMs support sell operations. In order to find your nearest Bitcoin machine where you can sell Bitcoins, visit CoinATMRadar and map it out.
Banking on Bitcoin
A bitcoin teller differs from an ATM location in that the interaction is with a live person rather than a machine. The customer provides their QR code from their bitcoin address to the cashier and requests to purchase bitcoins for cash. This process may vary depending upon the operator of a particular location and the service provider. There are around 130 locations currently operating in the United States, mostly in the smaller cities.
Coinstar has stepped up their game from counting pennies to peddling Bitcoin. By partnering with Coinme, they now offer the ability to buy Bitcoin with cash at more than 2200 locations in 21 states and Washington DC. The locator map is quite user friendly, and they even have their own online wallet to make things incredibly simple. However, they do require identification verification, causing them flack from the Bitcoin community.
Map it out…find the closest Bitcoin ATM with the necessary features. Different machines have different capabilities and security requirements. Coin ATM Radar is the place to do your homework. This link provides a wealth of information, including which Bitcoin ATM machine is in each location and how to operate it. There are over 5000 Bitcoin ATMs in place around the world, and over 3300 of them are in operation in the United States.
This post features 4 rather entertaining videos showing the simplicity of using these new age ATMs. A Bitcoin ATM looks similar to a traditional ATM that dispenses traditional currency, but the Bitcoin ATM is not going to dispense cute little gold coins. The value is represented digitally and transferred digitally to the recipient, but it is a revolutionary secure means of exchanging money globally without intrusive government interference.
Before you purchase Bitcoin, you must have a “wallet” to store them in. Since you can’t even see or touch Bitcoin, this is confusing at first. The value is basically attached to a long string of numbers called a “private key”, represented by a QR code that can be scanned into your “public key” or Bitcoin address of your wallet. It is crucial that you become familiar with how your wallet functions, because this is how you save, protect and spend your Bitcoin.