Withdrawing Bitcoin from an ATM is easier than you might think. It’s often the language that confuses people.
When you are withdrawing from Bitcoin ATMs, it means you are selling your existing Bitcoin in return for fiat cash (USD, EUR, GBP, etc).
So you are actually withdrawing cash from a Bitcoin ATM (BTM) by selling crypto.
Now that this is understood, let's take a look at how the Bitcoin ATM withdrawal works in practice.
Understanding Bitcoin ATM withdrawals
To withdraw Bitcoin (BTC) from an ATM, you will first need to verify that it is a Two-Way/ Bidirectional Bitcoin ATM. About 40% of Bitcoin ATMs (BTMs) are Two-Way, and about 60% are One-Way/Unidirectional.
Two-Way BTMs allow you to sell your cryptocurrency for fiat cash. One-Way BTMs only allow you to purchase cryptocurrency using cash. So if you are looking to withdraw Bitcoin from an ATM your first step is to make sure that it is a Two-Way BTM.
You can look this up online on one of the many BTM directories, such as CoinATMRadar.com. There are now multiple Bitcoin ATM locations to choose from. And Bitcoin ATM withdrawals are extremely easy to complete.
How can I withdraw my Bitcoin from an ATM?
The steps to withdrawing from Bitcoin ATMs are outlined below. Remember that you will have to have BTC stored in a cryptocurrency wallet in order to sell it. Also remember that you are withdrawing cash by selling crypto from Bitcoin ATMs.
- Find a Two-Way Bitcoin ATM.
- Input transaction details (type of cryptocurrency, total amount, etc).
- Verify One Time Password (OTP) via SMS.
- Scan your government issued identity.
- Send BTC to the address by scanning the given QR address code.
- Wait for confirmation.
- Take cash.
There are limits on how much cash you can withdraw from Bitcoin ATMs. These daily limits are most often between $5,000 - $10,000, which is more than enough to satisfy the vast majority of customers. You can withdraw up to $900 without fulfilling KYC requirements in certain jurisdictions with certain operators, but it’s best to check these details beforehand.
The steps above are not set in stone. It will depend on the transaction amount, your jurisdiction, whether you are buying or selling, and the Bitcoin ATM service provider.
But if you are undergoing KYC, then you will definitely be asked to scan a government-issued ID for verification, and you may also be required to confirm via SMS.
How much cash can you take out of Bitcoin ATMs?
Bitcoin ATM withdrawals are subject to regulatory scrutiny. So there are limits as to how much cash you can take from Bitcoin ATMs. This is to prevent money laundering. The exact amount of cash you can take out of a BTM is usually between $5,000 - $10,000. You might have to make two withdrawals to achieve this maximum limit.
The amount will be set by the Bitcoin ATM operators so you should check beforehand. The maximum amount will vary by state. You will often be able to withdraw up to $900 or so in the USA without having to undergo KYC identity verification.
These are daily limits for Bitcoin ATM withdrawals. But if you have maxed out your limit you can simply return the next day. With all the talk about limits, most consumers will have no need to take out more than the maximum.
But you can talk to the Bitcoin ATM operator directly if you want to take out more. You will most likely be subject to enhanced KYC procedures to do this.
Crypto Dispensers Bitcoin ATMs
If you’re looking for nearby Bitcoin ATM locations to purchase (or sell) cryptocurrency, then Crypto Dispensers is probably the easiest option. Crypto Dispensers was established in 2017 with the aim of bringing cryptocurrency mainstream.
Their Bitcoin ATMs have features that set them apart from others. You can purchase up to $900 in crypto without undergoing KYC at the kiosk. The transaction is usually completed within 10 minutes and the fees are quite low (10%) by industry standards. Some operators can charge 20% and upwards for transactions in the expectation that users won’t know any better.
The Crypto Dispensers Bitcoin ATMs are also top of the line. The transaction process is smooth and the interface and camera are of the highest quality. KYC and AML compliance has been dealt with so you don’t have to worry about stepping on the wrong side of the law.
How to use Crypto Dispenser Bitcoin ATMs
Using a Crypto Dispenser BTM is easy. Most are One-Way BTMs, meaning that you cannot sell your Bitcoin for cash through them. Make sure to check these details before visiting the BTM.
If you want to withdraw from a BTM, the process will be similar to the steps outlined above.
To purchase Bitcoin, the process when using a Crypto Dispenser BTM is as follows:
- Find your nearest Crypto Dispensers BTM.
- Select cryptocurrency type.
- Select the ‘Buy’ option.
- Select amount (over or under $900).
- Verify identity (if over $900).
- Verify One Time SMS Passcode (if over $900).
- Scan wallet QR code.
- Insert fiat cash.
The process is very simple and will take less than 10 minutes total to receive your cryptocurrency. You can do it while at your local shopping mall for added convenience.
Where to store your cryptocurrency
Remember that if you are looking to withdraw Bitcoin from an ATM, you will first need some cryptocurrency to start with. So the first step is that you need to create a cryptocurrency wallet. Those new to cryptocurrency will need to understand how this works. You can store your cryptocurrency in your Crypto Dispensers account for convenience.
Alternatively, you can choose from one of the thousands of online wallets. Each wallet will have a QR address code. When prompted at the Bitcoin ATM, you scan this code so it knows where to send the cryptocurrency.
You will need a separate wallet address for each kind of cryptocurrency. So there will be a different QR code for Litecoin, Bitcoin Cash, Ethereum, etc. When you need to sell your cryptocurrency and withdraw fiat from a BTM, you will be scanning a QR code and sending cryptocurrency to that address.
The process will basically be reversed.
Is it legal to withdraw Bitcoin from an ATM?
Though there has been a lot of regulatory uncertainty, it is perfectly legal to buy and sell Bitcoin and other cryptocurrencies. There are established limits but once you pass the KYC/AML requirements, then you are not doing anything wrong.
You won’t be able to complete the transaction if you don’t satisfy these requirements anyway, so it's not possible to get it wrong. However, you do have to disclose profits gained when you sell your cryptocurrency or when you make a purchase with it. This is a taxable event that you need to disclose.
If you make a loss, however, you can write off some of the taxes.
How much does it cost to use the Bitcoin ATM?
The Bitcoin ATM fees can vary considerably. The average price tends to be between 8% - 12%. The better quality providers will price within this range. You may also have to pay a network fee between $2 - $5.
Some BTM operators can charge 20% or higher. They are basically taking advantage of consumers with this price. Even worse, these fees are either undisclosed or misleading. The small network fee might be touted as the ‘charges’ while the markup on the sale is 25%.
This is why it's best to work with established providers that offer fixed and transparent fees. Otherwise, you can get taken advantage of and not even know it. You can check the spot price of the cryptocurrency with what is being offered to make sure.
How safe are Bitcoin ATMs?
Bitcoin ATMs are perfectly safe once you understand how they work. The KYC/AML procedures are built into the software and are regularly updated. You can’t really get scammed, though you may be overcharged if you use an untrustworthy BTM provider.
Use a reputable Bitcoin ATM business like Crypto Dispensers and you will know all the charges, fulfill all KYC obligations, and receive your crypto or cash in the quickest possible time frame.
It’s the perfect time to invest in cryptocurrency and you can buy or sell at a BTM near you. This is one of the quickest and easiest ways to invest directly in cryptocurrency without breaking the bank.
Where to find Crypto Dispensers ATMs
Crypto Dispensers offers a number of services as America’s number 1 cash-to-crypto exchange. They have made it easy for everyday citizens to access cryptocurrency with a wide range of Bitcoin ATM locations. The company has exchanged over $100 million since 2017 and offers 3 convenient ways for you to purchase your Bitcoin or alternative cryptocurrency.
Crypto Dispensers now has over 50 Bitcoin ATM locations across the USA as well as 12,000 Bitcoin ATM locations where you can deposit your cash and purchase cryptocurrency through an online account. You can visit your local CVS or Riteaid and deposit fiat cash into your Crypto Dispensers account. Once in your account, you can purchase cryptocurrency effortlessly from your laptop.
Most of the Crypto Dispensers Bitcoin ATMs tend to be located in shopping malls. This is due to the increased foot traffic and it makes them easy to access for customers. You can find the exact location by searching on the official site. You can also filter for a given radius to see how near it is.
Visit your nearest Crypto Dispensers ATM or retail location here.