Bitcoin ATM - Is It Real Deal? What To Watch Out For?

in #bitcoin6 years ago (edited)

In this post I will share my experience of selling BTC in a Bitcoin ATM and what I learned from it. I hope this post will help you in many ways !!!

Bitcoin ATM Canada.png
So, few months ago I was trying to cash out some of my bitcoins locally in Canada, specially in a BTM (Bitcoin ATM).

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After an extensive search I found few options where I can buy and sell my BTC. To give it a try, I went with the nearest one. I was excited and nervous at same time. Excited, as I was using it for first time and nervous as it was unknown. It was like who knows if this even works 100% or not, who will refund my BTC if something goes South.

Anyways, I went to that place and it was a Convenience Store. Yes, BTM was located inside a Convenience Store!!IMG_6485.JPG

I did my transaction and sold $100 worth of BTC and paid a whooping 15% in fees. I know it is too much fee, but hey it worth first time experience :-). Selling BTC was straight forward process and I will break it down for you.

Steps BTM.jpg

1 Choose Sell BTC/ Withdraw Cash option on BTM Screen.
2 Choose Coin you want to sell. Normal options are BTC/LTC/ETH.
3 It will ask you amount of money you want to Withdraw from BTM. Select your amount.
4 Next screen will show you a BTC Address and amount of BTC you have to send. In most of the cases you see a QR code and that makes life MUCH Easier !!!
5 Scan QR code and send BTC to that address. In my case I send around $115 to withdraw $100. Pro tip: You can choose priority payment method from your BTC wallet (eg. Blockchain) to send BTC faster. This will save you from lot of waiting.
6 BTM will print out a receipt with redemption code. Keep your receipt safe as you will use this code to withdraw cash.bitcoin atm toronto.jpg
7 Wait for sometime (1 network confirmation) and your cash would be ready to withdraw using redemption code.
8 That's it, you are good to go. Yeah it was that easy.. No personal Info required !!!

Now, there are few points that may differ for you depending on BTM you are using. Like, some BTM prints receipt first for you to scan QR code, some of them also provide option of entering your phone number for easy notification when your cash is ready and some of them make it compulsory for you to enter your phone number.

So, paper is MUST for most of the BTM and if you are going to one, call ahead and make sure that BTM has paper, else you may just waste your time and effort.

This was my first experience with BTM, after this I went to few more and learned many things that I will share in next post.

I hope you liked this post and this may have cleared few doubts out using BTM. Please comment and let know what other things you would like to know about BTM and please upvote if you liked this post.

I have also recorded a video and posted in one of my Youtube Channel. This video is in my native language Hindi, I hope you will like it.

Thanks for reading, catch you soon.

Ciao,
Sandeep B

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@freecrypto47 thanks for keeping us safe... wish u a happy life

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Brother good to see you on Steemit and i want to Welcome you and i am your follower on YouTube and always great to hear Bhai Ka Channel Hein. And we need people like you and Money guru to develop the community and the concept of Steemit is really revolutionary and i personally associated with Steemit from approx 9 months and didn't invested anything but got effective returns. And specially Steemit brought great changes in Third World Countries.

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And SMT's will play game changing role and then we can also participate in ICO's in more effective way because then ICO's will be launched on the Steem Blockchain. And also there are many effective developments are coming, and one of them is One Account and One Vote and Oracle System.

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I want to wish you great heights on this platform and in life. Wishing you an great day and stay blessed you and your family. 🙂

@chireerocks Thanks a lot bhai. Much appreciated. Seems like you have good experience with Steemit, it will come handy for sure. :-) Awesome Going !!!

Welcome brother. Yes, i am associated with Steemit from last 9 months and closely analysing the community and for sure in five years Steemit will going to rule the Social Networking World. Brother in future SMT's will be very crucial, in my opinion you can check Dlive and Dtube because you really create professional and amazing videos and also it will increase your Fan Base in Dtube and Dlive. Many Big YouTubers are already redirected towards the Dtube and Dlive. Hope that soon we will get to see you on DTUBE or Dlive. Stay blessed. 🙂

@hireerocks you people are so good to encourage new users .

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Thank you so much for your kind appreciation. Wishing you an great day and stay blessed. 🙂

congratulations for ur steem account. Together we will make our community proud

All the best for your Steemit future. Stay blessed. 🙂

@sandeeptgs is it possible that one day we will see these atms in india also????

Once government has regulated the crypto, I think we can see them @spread-knowledge

I think it will happen for sure. Let India regulate crypto once and that's when we will see everyone jumping to get BTM license.

Nicky to see you @sandeeptgs her I really like you I am big fain of you on YouTube aek bar aapse bat bhi Hui thi jab aapne dusra channel banaya tha or aapko won Kiya tha ki Sandeep bhai ka cantent chura ke dal rahe ho fasoge tab aapne kaha wo bhi mara hi channel he or aapne no bhi diya tha but wo miss hogya or 1 bat jab AAP kahte ho BHAI KA CHANNEL HE maza sa aajata he

Thanks @sandeeptgs for Clearing my douts and yes i am also waiting for the day when bitcoin get legal in india.

but it will take time to come in india

My big brother sandeep bhai is here 😎

Hope one day we will be able to buy n sell the cryptocurreny via Atm in our country as well.

Yes, India will also see such ATM's once govt. regulates crypto.

yes sir i love bitcoin ATM ,, and sayad india mai bhi kabhi esa din aay..

Sir kuch toh bada hone vaala hai na, joh AAP sab Sarah's ho steemit par😊😊

Thank you for sharing your experience with us & the tips. Yet I think this thing will take time to come in India, as still some news for regulations still pending and we don't know the outcome and the aftershoks. Hope for the best and hope in future we will have same BTM here in India :)

Sharam kis baat ki Bhai ka blog he...Welcome bhai ...aap toh itna power leke aye ho