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A Step-by-Step Guide to Withdrawing Money From Bitcoin ATM

Louise Villalobos

ByLouise Villalobos

Mar 8, 2024
A Step-by-Step Guide to Withdrawing Money From Bitcoin ATM

If you have ever come across a Bitcoin ATM and wondered how you can withdraw funds from it, then this article is for you. Stick around! We will show you how to remove money from Bitcoin ATMs.

How to Withdraw Funds From Bitcoin ATM

For the purpose of this guide, we will use Bitcoin ATMs offered by crypto firm Bitomat. There are over 250 Bitomat Bitcoin ATMs located in various nations. We have chosen Bitomat ATMs since they have lower transaction fees than their competitors.


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Moreover, Bitomat ATMs require customers to complete a minimal KYC procedure. In countries where KYC requirements are not prioritized, you can anonymously withdraw funds from a Bitomat ATM.

Before withdrawing a huge amount of money from any Bitcoin ATM, it is advisable to make a test transaction with a small amount, say $10.

Here are the steps to follow to withdraw funds from a Bitomat ATM:

1. Go to Shitcoin.club and click “locations” to find a Bitomat Bitcoin ATM near you.

2. Once you find and access the ATM, click the “Sell Crypto” button on the machine.

3. A QR code will then appear. Scan it using your crypto wallet holding the Bitcoin you wish to withdraw.

4. On your wallet, enter the amount of Bitcoin you want to withdraw to initiate an on-chain transaction.

5. When the transaction is complete, the Bitomat ATM will let you withdraw cash and issue you a receipt.

And that’s it! You have successfully withdrawn funds from a Bitcoin ATM.

Types of Bitcoin ATMs

There are two types of Bitcoin ATMs as of 2024: One-way and two-way. A one-way Bitcoin ATM only allows users to either buy or sell crypto, not both. A two-way ATM, on the other hand, supports both purchasing and selling.

Although these ATMs are largely known as Bitcoin ATMs, they support other cryptocurrencies, including USDT and Ether.

How Bitcoin ATMs Work

A Bitcoin ATM functions similarly to the ATM you use at your local bank. However, instead of a debit card, you use your crypto wallet to withdraw funds. Moreover, while traditional banks are only used to withdraw funds, Bitcoin ATMs, on the other hand, let users buy cryptocurrencies by connecting them to an exchange.

Pros and Cons of Bitcoin ATMs

Pros

  • Bitcoin ATMs lower the entry barrier for the unbanked into crypto.
  • These ATMs usually complete transactions almost instantly.
  • They offer convenience for those who like cash-based transactions.
  • Bitcoin ATMs are easy to operate.
  • They are ideal for crypto users who don’t want to transact directly through exchanges.

Cons

  • You may have to verify your identity before making any transactions on Bitcoin ATMs.
  • These ATMs have higher fees than those imposed by exchanges.
  • They have limited availability.
  • Bitcoin Bitcoin ATMs have put limits on withdrawal amounts.

How to Find Bitcoin ATM Near You

As cryptocurrencies continue to rise in popularity, more and more Bitcoin ATM providers are entering the market to give easy access to ATMs. To find a Bitcoin ATM near you, simply visit the Coin ATM Radar website.

How Much Can I Withdraw From a Bitcoin ATM?

KYC requirements and varying local policies for anti-money laundering determine the limits that Bitcoin ATM providers set on withdrawals. For example, if you complete the basic KYC procedure in Spain, Bitomat will allow you to withdraw up to €1,000 per day.

Is Withdrawing Funds From Bitcoin ATMs Legal?

Yes! You can convert your crypto to cash using any Bitcoin ATM whose operator is registered with relevant authorities. Note that countries like Algeria and Bolivia have banned crypto, meaning Bitcoin ATMs are not allowed to operate there.

Bitcoin ATMs’ Transaction Fees

Bitcoin ATMs charge fees based on the transaction size. Data from Coin ATM Radar shows that most Bitcoin ATM providers apply a transaction fee ranging between 8% and 16%. Bitomat, on the other hand, charges a 3.5% fee on every transaction.

Conclusion

While Bitcoin ATMs offer much-needed convenience, they also come with their own risks. So, understand them before using any ATM.

Louise Villalobos

Louise Villalobos

Louise Villalobos is an adept writer, renowned for her compelling articles that illuminate and engage. Her prowess in breaking down intricate subjects provides readers with clarity and nuance. With a vast and varied portfolio, Louise has solidified her standing as a distinguished voice in contemporary journalism.