A few years back, Bitcoin ATM was the only option for crypto holders to withdraw their crypto for cash, and it is somehow a complex and pricy process. But crypto cards have made it very easy for crypto enthusiasts to use cryptos for day-to-day purchases and withdraw cash. Let’s learn about Bitcoin ATM machines and how to withdraw cash by a crypto card.
Bitcoin ATM Machines
Bitcoin ATMs are automated teller machines that allow crypto holders to sell Bitcoin for cash. According to BBC, the first Bitcoin ATM was installed in 2013 in Vancouver, Canada. Today there are more than 34,000 Bitcoin ATMs globally installed, with the United States having the highest number.
Bitcoin ATMs look similar to traditional ATMs, but they work differently. You can also buy Bitcoin using Bitcoin ATM.
Withdraw cash from Bitcoin ATM Machine (BTM)
To withdraw cash from BTM, you do not need a bank account but only a mobile phone and cryptocurrency you are willing to exchange for money. Following are the steps to withdraw cash from Bitcoin ATM Machine.
- First, you need to find your closest Bitcoin ATM Machines that allow you to sell Bitcoins.
- On the BTM interface, select “Withdraw cash.”
- Select Bitcoins and input the amount you want to sell.
- A QR code will be provided. Scan this code and transfer Bitcoins from your Bitcoin wallet to this given address.
- Wait for a few moments for the transaction to be processed.
- Withdraw cash.
How much does it cost to withdraw cash from Bitcoin ATM?
BTM withdrawal fee can be 7% to as high as 26%. Mining pools complete BTM transactions, and each miner charges some fee which combined to become higher.
How much can you withdraw from Bitcoin ATM?
You can withdraw up to $3,000 to $25,000 per day. The minimum amount, however, starts from $20. The daily withdrawal limit can vary.
Is it secure to use Bitcoin ATM?
BTMs are safe to use. These are secured through encryption. However, Kraken says BTM are vulnerable to hacks.
Crypto Cards
Crypto cards are similar to regular bank cards. These cards allow you to spend your cryptos for real-world purchases. You can also withdraw cash against your cryptos. These cards are supported by Visa and Mastercard, which provide the license to crypto companies to issue these cards. Crypto credit and debit cards are different from traditional ones payments are stored in a digital wallet, under the control of the owner, which means that you don’t depend on any financial institution. This feature enables fast and irreversible transactions since the payments go directly from one party to another without any financial intermediate, meanwhile, credit card transactions can be canceled. Crypto cards are also beneficial in terms of security, as transactions with these cards exclude the personal information flow, being made anonymous alphanumeric address, which changes with each transaction.
Crypto cards can be used at any retailer that accepts Visa or Mastercard payments. More than 44 million merchants in 200 different countries accept Visa, and 37 million merchants in more than 210 countries and territories worldwide, accept Mastercard payments.
How to withdraw cash by a crypto card?
You need to have an account at your card issuer platform. With crypto cards, you do not directly pay with cryptocurrencies. Instead, your cryptos are first fetched from your account and are converted into your local currency by your card provider, and then is sent to the merchant.
You can withdraw cash by a crypto card at any ATM worldwide that bears VISA or Mastercard logo. The process is the same as using a regular bank card for withdrawing money at ATM. You can easily locate any nearby Visa or Mastercard ATM. Crypto cards are available as crypto credit and debit cards.
There are many crypto cards available in the market. Each card supports a number of fiat currencies for withdrawal.
How much does it cost to withdraw cash using a crypto card?
Some crypto cards do not charge a fee on ATM withdrawal up to a specific amount limit. However, it can be up to $3 per transaction.
How much can you withdraw crypto card?
Each crypto card issuer offers a different ATM withdrawal range. For example, it can be $1,000 per month with no ATM withdrawal fee and charges2% above this limit.
What are the top crypto cards available?
The most popular crypto cards are Crypto.com debit card, Coinbase debit card, BlockFi credit card, etc.
Is it safe to use crypto cards?
Crypto cards are safe as they ensure industry-standard security measures.
Closing Thoughts
Both BTMs and crypto cards have provided the facility of using cryptocurrencies. But they differ in how they work. You can choose to use any of them at your convenience. But for both, you must be careful about the security of your assets.