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Why Would You Sell Bitcoin at an ATM?



Posted on: November 10, 2022

In this digital day and age, a ton of people show interest in buying and selling Bitcoin. Unlike fiat currencies, Bitcoin is decentralized and digital, meaning it isn’t subject to the same rules and regulations. Hence you can purchase and sell Bitcoin without going through any financial institution. As a result, it makes it a lot easier and faster to do transactions. You can buy and sell Bitcoin online, in person, or even at an ATM. But why would you want to sell Bitcoin at an ATM? Is it safe? Is it convenient?

Let’s take a look.

What Does it Mean to Sell Bitcoin at an ATM?

When you sell Bitcoin at an ATM, you are essentially exchanging your Bitcoin for cash. It means that you will need to have a Bitcoin wallet to do this. You can either use a software wallet or a hardware wallet.

A software wallet is a program you download and install on your computer or phone. A hardware wallet is a physical device you can use to store your Bitcoin.

Once you have a Bitcoin wallet, you must find a Bitcoin ATM. You can use websites like Coin ATM Radar to find a Bitcoin ATM near you. It’ll show you the locations of all the Bitcoin ATMs in your area. Always choose a Bitcoin ATM that allows you to sell Bitcoin. These are usually different from the ones that allow you to buy Bitcoin.

When you find a Bitcoin ATM, you will need to insert your cash into the ATM and then scan your Bitcoin wallet’s QR code. It is vital to ensure that you use a wallet compatible with the ATM. Some ATMs only support certain types of wallets.

Upon completion of the process, you will receive your cash. 

Reasons to Sell Bitcoin:

There was a reason you invested in Bitcoin in the first place, but now you might have a change of heart. Perhaps you need the cash for an emergency, or maybe you just want to cash out while the price of Bitcoin is high.

Here are a few circumstances under which selling Bitcoin might be a good idea:

Reallocating Funds:

You might want to withdraw some of your money out of Bitcoin and invest it in other things. It is especially true if you think that the price of Bitcoin is going to drop in the near future. By selling your Bitcoin, you can free up cash to invest in other assets.

A Spate of Negative News:

The media can have a profound impact on the price of Bitcoin. If there’s a lot of negative news about Bitcoin, then the price is likely to go down. In this case, it might be wise to sell your Bitcoin while the price is still relatively high. You must keep your finger on the pulse of the latest news to make the right decision.

You’ve Made Substantial Profits:

If you’ve made a lot of money from investing in Bitcoin, then you might want to take some profits off the table. The project may continue to grow and be successful, but it’s always a good idea to cash out while you’re ahead. This way, you can reinvest your profits into other ventures or simply enjoy them.

Why Would You Want to Sell Bitcoin at an ATM?

There are various ways of selling Bitcoin. Conventionally, people sell their Bitcoin to a friend or family member or use a Bitcoin exchange. However, these methods all have their disadvantages.

Delayed payments and chargebacks are common with peer-to-peer transactions. Bitcoin exchanges can be hacked, and you might not get your money for weeks or even months.

It is why many people are switching to the safety and convenience of using a Bitcoin ATM. So let’s understand the reasoning behind this a bit more.

Convenience

One of the biggest reasons people choose to sell Bitcoin at an ATM is convenience. ATMs are typically located in high-traffic areas, which makes them easy to get to. And, because they’re automated, you don’t have to worry about dealing with a human teller. All you need to do is insert your cash and let the machine do its thing.

Anonymity

Bitcoin ATMs offer a certain degree of anonymity. When you buy or sell Bitcoin online, there is always a record of the transaction. However, when you use an ATM, the only transaction record is on the receipt you get from the machine. So as long as you don’t lose that receipt, your identity will remain completely anonymous.

Immediacy

Emergencies happen, and sometimes you need cash right away. You can get your cash immediately when you sell Bitcoin at an ATM. There is no waiting for bank transfers or dealing with delays. You can just get your cash and be on your way.

Ease of Use:

Some people are intimidated by the thought of using a Bitcoin ATM. However, they’re effortless to use. All you need to do is insert your cash, scan your wallet’s QR code, and confirm the transaction. The whole process takes just a few minutes.

Using a Bitcoin ATM is much simpler than selling Bitcoin at an exchange.

High Security:

The infrastructure of Bitcoin ATMs is designed to be highly secure. They use tamper-resistant hardware and software to protect your money. Blockchain technology makes it nearly impossible for someone to hack into the system and steal your money.

Plus, since they’re automated, there is no need for a human teller who could potentially steal your money.

Conclusion:

As you can see, there are many reasons why someone might choose to sell Bitcoin at an ATM. Whether for convenience, anonymity, or security, ATMs offer many advantages over other methods of buying and selling cryptocurrency. If you’re considering selling Bitcoin, an ATM might be the best way. 

We recommend checking out CryptoBase to find a Bitcoin ATM near you. It is a trusted and secure platform that makes it easy to buy and sell Bitcoin.