Bitcoin ATM Withdrawal Guide 2023

  • By Ian Cheeseman
  • July 12, 2023
bitcoin ATM withdrawal guide

Are you looking to unlock the value of your Bitcoin and convert it into real-world cash? 

As the cryptocurrency market continues to evolve, the need for convenient and secure methods to convert Bitcoin to cash has become increasingly important.

With the advent of Bitcoin ATMs, the process of withdrawing cash from your Bitcoin holdings has become more accessible and user-friendly. This is especially true when considering the comprehensive reach of Localcoin ATMs across Canada, ensuring you’ll find one nearby.

This comprehensive Bitcoin ATM withdrawal guide will act as your gateway into the world of Bitcoin withdrawals and provide you with a step-by-step process to sell Bitcoin instantly for cash. The guide will explore how to locate the nearest Bitcoin ATM, the necessary preparations to make, and the exact steps involved in conducting a successful withdrawal. 

5 Steps to Withdraw Money from Bitcoin ATM

Localcoin offers a convenient pre-sell online service. With this feature, you can sell your Bitcoin in advance and pick up the cash at your preferred sell ATM location after blockchain confirmation to avoid any waiting period–to take advantage of our Pre-Sell Online feature.

1. Find Your Closest Bitcoin ATM

Photo

To begin, select the Localcoin ATM from which you want to withdraw your cash. You can easily find a Localcoin ATM nearest to your location by entering your address or postal code in the search field.

2. Select Amount

Photo

Choose the amount of Bitcoin you wish to sell. Enter the value in $50 or $100 increments, depending on the ATM you have selected. This allows you to specify the exact amount you want to convert into cash–the process will look like this: 

3. Verification

Photo

Take a moment to read through the Terms of Service provided. Then, provide your mobile phone number so you receive a text message containing a security code. You should receive the SMS text immediately after entering your mobile number.

Enter the PIN code provided to complete the verification process. Remember, your Redeem Ticket will only be valid at that specific machine. 

4. Send Bitcoin

Photo

Send the exact amount of Bitcoin specified to the QR code provided. It's important to complete the transaction within 30 minutes. Please note that the confirmation of your payment may take a few minutes. 

Once the transaction is confirmed, you will receive an SMS notification indicating that you can proceed with the Bitcoin ATM cash withdrawal. Keep in mind that in rare cases, the confirmation process may take up to an hour due to network congestion.

Note: It is highly recommended to send Bitcoin from your personal wallet, such as Trust Wallet, Blue Wallet, or Exodus, rather than from an exchange like Shakepay, Coinbase, or Newton, as exchange withdrawals may be subject to delays.

5. Go to the Bitcoin ATM and Withdraw Cash

Photo

At the time of withdrawal, follow these steps on your mobile device while standing in front of the ATM. The QR code displayed on your screen will be necessary for the withdrawal process.

  • Click on the "Generate Ticket" button to proceed. 
  • Shortly after, you will receive an SMS text containing a "PIN code." 
  • Confirm the code to generate a Redeem Ticket QR code.
  • At the Localcoin ATM, select the "Redeem Ticket" option on the screen. 
  • Scan the "QR code" generated by the Redeem Ticket to receive your cash. 

It's important to perform this step on your mobile device in front of the ATM for a smooth and efficient withdrawal process.

And that is it! You have successfully withdrawn money from a Localcoin Bitcoin ATM!

Frequently Asked Questions (FAQs)

What is Required to Sell Crypto at a Bitcoin ATM?

To sell crypto using a Localcoin Bitcoin ATM, all you need is a digital wallet to store your cryptocurrencies and a phone number to verify your purchase. Check out some of the wallets Localcoin recommends here.

How Much Does it Cost to Sell Crypto Using a Bitcoin ATM?

Fees typically include a percentage-based transaction fee. Please refer to the fee structure page before initiating a transaction to understand the costs involved.

How much can you withdraw from a Bitcoin ATM?

When using a Localcoin Bitcoin ATM to sell crypto, there are some limitations to the transactions you can do. For more information, check out the fees and limits page.

Which Bitcoin ATM has the lowest fees?

Localcoin strives to keep the sell fees for its Bitcoin ATMs competitive, aiming to provide cost-effective options for users looking to convert their Bitcoin into cash. However, coupons are occasionally provided, so keep an eye on Localcoin's Twitter, Instagram, and Facebook so you can keep up to date on all of the coupons offered.

What Crypto Can I Sell From a Localcoin ATM?

Currently, Localcoin offers the ability to sell Bitcoin at each sell ATM location. However, there are plans to integrate other forms of crypto in the near future!

With this Bitcoin ATM withdrawal guide, you now have a clear understanding of how to withdraw money from a Bitcoin ATM. By following the step-by-step process, you can confidently convert your Bitcoin into real money conveniently. 

Remember to consider factors such as finding a nearby Bitcoin ATM, creating an account if necessary, selecting the cryptocurrency and withdrawal amount, and being aware of any applicable fees and limits. Bitcoin ATMs provide a bridge between the digital and physical worlds of finance, offering a user-friendly option for cashing out your Bitcoin.

If you're ready to convert your cryptocurrencies into cash, Localcoin offers Bitcoin ATMs across Canada where you can securely and easily withdraw your digital assets. Our Bitcoin ATMs provide a convenient way to access your crypto funds and convert them into physical currency. 

Whether you're looking to cash out a portion of your holdings or completely liquidate your cryptocurrencies, Localcoin's network of Bitcoin ATMs is here to assist you in the withdrawal process. 

Find the closest Bitcoin ATM and start withdrawing your crypto with confidence!

Posted in
  • Education
Banner for Interac e-Transfer Sell

Recent Posts