Let’s say you have some bitcoin, and you need to exchange it for USD. While you could buy bitcoin-friendly gift cards and purchase stuff that way — maybe even buy your groceries and put gas in your car — it’s not very likely that you can pay your rent or car insurance with a gift card.
You can turn your BTC into USD with an online exchange, but then you’ll probably need to wait a few days to receive your money. And if you don’t have a bank account, that route likely isn’t going to work anyhow.
You could go to a peer-to-peer (P2P) exchange and find someone who wants to trade you cash for your bitcoin, but that takes time, you don’t know if you’re getting a fair deal, you could easily get scammed, and … well, you either need to deal with a personal transfer of funds or meet some stranger in a public location. Usually a coffee shop, casino, back alley or other seedy place. Do you REALLY want to do that? We don’t.
The easiest, fastest and safest way to turn BTC to USD is with a Bitcoin ATM, like a Coin Cloud. But not just any Bitcoin ATM has the functionality to cash out. In fact, almost 80% of BTMs in the USA only let you buy bitcoin with cash, not sell it.
You need a two-way Bitcoin ATM to turn your bitcoin to cash, and over 60% of all two-way machines in the USA are Coin Cloud BTMs. So go the route most trusted and recommended, because that way you know what you’re getting, you know there’s 7-day customer service, and you know your money is safe.
If you’re using another wallet app to store your bitcoin, that’s cool — you can cash out at a Coin Cloud machine with any app. BUT (and it’s a big BUT), if you do use the Coin Cloud Wallet app, you’ll cut down the time required to withdraw your cash as well as the number of steps. The app will automatically generate your BTC amount, and you don’t need to return to the machine twice. You can also reserve your cash for up to 48 hours at any BTM.
So here are the instructions using the Coin Cloud Wallet:
If you’re using a different app, just search for the nearest Coin Cloud machine online and proceed to do the transaction in person. Note that you’ll have to enter the exact bitcoin amount requested by the BTM manually, and you’ll have a short waiting time of 10-15 minutes while your transaction is verified on the blockchain before you can retrieve your money.
Disclaimer: The information and views supplied on the Coin Cloud blog are for educational and entertainment purposes only. We are not financial advisors, so please do your research and consult with a trusted financial specialist before investing your money.
Founded in 2014 in Las Vegas, Nevada, Coin Cloud is the leading digital currency machine (DCM) operator. With over 4,500 locations nationwide, in 48 states and Brazil, Coin Cloud operates the world’s largest and fastest-growing network of 100% two-way DCMs, a more advanced version of the Bitcoin ATM. Every Coin Cloud DCM empowers you to quickly and easily buy and sell over 40 cryptocurrency options with cash.
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