If you’re looking to “cash out” your bitcoin (sell it for cash that you can withdraw immediately), you’re probably wondering if you can do so at a Bitcoin ATM.
And the answer is … maybe.
If you’re using a Coin Cloud, you can definitely get cash from it. 100% of Coin Cloud digital currency machines allow you to both buy AND sell crypto for cash (bitcoin and 28 altcoins).
But for other Bitcoin ATM operators, that’s not the case.
Of the 3 operators with the most locations in the US, just the #1, Coin Cloud, is 100% bi-directional (two-way). Operators #2 and #3 have only 4% and 2% bi-directional machines, respectively.
That means that 96-98% of Bitcoin ATMs from other self-described “leading” operators will only let you buy digital currency … not withdraw cash.
If you further break down the numbers, it turns out that 54% of all bidirectional machines in the US are Coin Cloud … and more than 77% of all Bitcoin ATMs in the country, from all operators combined, will NOT let you get cash. (You can buy cryptocurrency with cash, but you can’t sell it.)
Coin Cloud is pretty proud of our 100% two-way designation. We don’t want to decide for you what to do with your money … we want to give you the option of buying what you want, and getting cash when you need it. You can trust that our machines will give you your money whenever you want it.
We recently did an experiment and found that most map results, even from Google, don’t make it clear whether any particular Bitcoin ATM is one-way or two-way. Nearly all unidirectional (one-way) machines are buy-only.
So, what happens when you set out to the nearest Bitcoin ATM anticipating a cash sell, and discover it’s a one-way machine? You don’t want to get all the way to the location just to find out that you can’t get your cash.
So if you’re searching for a machine that will let you cash out, the best way to make sure you’re getting it is by using the Coin Cloud BTM locator map. That way you don’t have to second guess whether the machine closest to you lets you withdraw cash or not … ALL the machines that come up in your search will give you cash.
You might have heard it takes a long time to get cash from a Bitcoin ATM. This is only partially true; it does take longer than a regular banking ATM, but that’s because you’re converting bitcoin (or whatever digital currency) into USD, a process that needs to be verified and registered to the blockchain. That process usually takes 10-15 minutes, which is the time required to create a new block on the blockchain and confirm it once.
Sometimes, if the blockchain network is particularly backlogged, it could take longer … but usually it doesn’t.
Here’s a hack for you that speeds up the cash-out process: use the free Coin Cloud Wallet app to set up your sell in advance. It will reserve your cash at your chosen machine for up to 48 hours. How cool is that?
Then, when you arrive at the machine 15 minutes later, you just enter your phone number and withdraw your cash right away.
We welcome you to use any of our machines across the nation to cash out your virtual currency, 24 hours a day.
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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