There is nothing like cashing out your hard earned gains, but what is the best way to cash out? Last week I looked at the most convenient and mainstream way to cash out the Bitcoin debit card. This week I will look at another way to cash out (and purchase!) your Bitcoin; The Bitcoin ATM.
How A Bitcoin ATM Works
It's works pretty much like a standard ATM works, except you put cash in to buy Bitcoins or send Bitcoins to the machines address and get cash out INSTANTLY & of course anonymously. The more popular option are ATM's that ONLY buy Bitcoin, but more and more locations that serve both buying and selling are becoming more popular. Now, there isn't one of these on every corner, but luckily we have some great resources.
ATM Maps To The Rescue!
If you live in a major metro area in the United States chances are you have a Bitcoin ATM within modest driving distance. I live in Long Beach, California and there are quite a few in my city and even more as you travel north to Los Angeles. CoinATMRadar.com is a great resource for finding a local Bitcoin ATM. They have a large listing and it's easy to navigate. They also have some helpful articles. The info they give on each location is nice, although it may be outdated.
BitcoinATMmap.com is another free resource that is very similar, but seems to have fewer listings. The information is also a bit less, but the platform works quite well. Between these two resources you are sure to find yourself a Bitcoin ATM near you, but how do you actually "cash out?"
Strip Club Prices Up In Here, Up In Here
So you have some Bitcoin and you want to cash it out eh? Well first find yourself an ATM that accepts sell orders and get that wallet ready (in more ways then one!). Just like any other ATM the fee that you are charged and what price you sell (or buy at) is determined by the owner of the ATM. These fees can range from 4-10% and don't expect to get the best price. The owner sets the prices and it can get private dance room expensive to buy or sell, so make sure you weight those options.
Pros & Cons
There are some down sides and some upsides to cashing out at a Bitcoin ATM. Here are the pros & cons at a glance to help you break it down easy.
Pros
- You can get your Bitcoin almost instantly
- The transaction is completely anonymous (unless the owner is creeping over your shoulder.)
- Good resources to help find the right Bitcoin ATM
- Due to the volatility of Bitcoin, in theory you might be able to get a better deal
- You get to leave your house!
Cons
- Fees can be very high, as much as 10% or more!
- The price fluctuates so the owner may have a price always higher then average market value
- There are limits on how much you can buy and sell
- Hard to file a complaint if something goes wrong
- You have to leave your house...
Are Bitcoin ATM's for you? Maybe... I prefer to keep my transactions all digital to be honest. While I have not tired using a Bitcoin ATM just yet, I do plan on doing it in the very near future and posting my adventure here; stay tuned to your favorite 'stache channel!
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