If you have bitcoin and are ready to make a withdrawal, then you might be planning on heading to an ATM to do so. If it's your first time doing so, then you might be unsure of what you will need to do, and you might be a bit worried about making a mistake along the way. These tips can help you out, though.
Be Aware That They Aren't Always Easy to Find
Although cryptocurrency is becoming more and more popular nowadays, it can be a bit more difficult to find a bitcoin ATM than a more traditional ATM. Therefore, you might need to do a little bit of research and planning beforehand. If you search online, you should be able to find a bitcoin ATM near you.
Pay Attention to the Exchange Rate and ATM Fees
When you head to an ATM to withdraw bitcoin, you can expect to pay ATM fees. These vary from ATM to ATM, so pay attention to the fees so that you know what to expect. Additionally, you should pay attention to the exchange rate, which can vary from day to day and from one machine to another.
Have Your Identification Ready
In many cases, you will be required to show identification when using a bitcoin exchange ATM, so make sure that you have your driver's license, state identification card, passport, or another government form of ID on hand.
Determine If You Want to Withdraw Bitcoin or Cash
In many cases, you have the option to either withdraw bitcoin or withdraw cash at a bitcoin ATM. If you choose to withdraw bitcoin, then you can have it loaded to a QR code on your smartphone, or you may be able to have a "paper wallet" printed out with a QR code. This is going to be your best option if you're going to be using your bitcoin at a business that accepts cryptocurrency. Be aware that there are still limited options for using bitcoin at brick-and-mortar businesses, although there are more options now than ever.
If you're going to withdraw cash, then you'll need to make sure that you're using a bitcoin ATM that will allow you to do so. Be aware that there might be additional fees for exchanging your bitcoin for cash instead of simply withdrawing bitcoin. If you're looking to turn your cryptocurrency into cash as soon as possible, however, you might just find that it's worth it. Contact a cryptocurrency service to find a Bitcoin exchange ATM.