If you’re on-the-go, a simple way to cash out your Bitcoin is by stopping into an ATM. While they’re not nearly as common as traditional bank ATMs, Bitcoin ATMs (BATMs) are slowly popping up in various retailers, airports, convenience stores and malls in most major cities. And while they operate similarly to a regular ATM — that is, scan a code, check your balance, receive cash — there are some crucial differences.
For one, not all BATMs allow you to purchase bitcoin and sell your bitcoin for cash, so you’ll need to find one that does. Secondly, BATMs are nowhere near as quick as a traditional ATM: The time it takes to process and complete your transaction largely depends on traffic volume on the blockchain.
If you do happen to find a two-way Bitcoin ATM, generally the process of cashing out is the same: Instead of a bank card, you’ll be prompted to scan your wallet QR code. You can then input how much Bitcoin you’d like to withdraw, based on your available balance. The BATM will display how much cash you’ll receive, and once the transaction is completed on the blockchain network, you can collect and go.