With crypto currency transactions becoming more part of everyday life for many it is become more important to be able to transact between cash and your chosen crypto currency quickly and cheaply. There are times when you want to save your crypto currency, when it is best to leave it to inflate in value, but at other times you may want to exchange it into cash again, so you can spend it or invest it elsewhere. So where can you sell cryptocurrency for cash?
Where to Sell Cryptocurrency for Cash
Options for selling crypto currency are mainly online, with transactions exchanging the crypto currency into US Dollars or another national currency so it can be added to a credit card or debit bank account. This may take several days to complete a transaction, and especially if you want the actual cash in your hand you will then need to visit an ATM to withdraw the funds. This can be a long process. However, another option which is now available and will save you a lot of time is using a crypto currency ATM machine.
A crypto ATM allows you to withdraw cash from your crypto currency wallet accounts, and also pay cash in to buy new crypto currency. These ATM machines are pretty much as easy to use as a regular ATM, and carry out your identity checks as well as the digital side of your transaction.
How to Use a Cryptocurrency ATM
The drawback to this is that there are very few crypto ATMs at present with an estimated 3000 to 4000 ATMs currently available globally. The US does have its fair share with most major cities have one or more ATMs from one or more providers. They are typically located in shopping malls, independent stores and transport hubs such as train stations. They are in secure locations, so you are happy to take cash to or from them in large quantities.
Transaction fees average around 8% for purchase of crypto currency, and around 9% for sale of crypto currency, so bear this in mind. The convenience of having your transaction take place immediately is costing you a percentage point or two over an online transaction, and some ATM providers can charge much higher rates, anywhere up to 30%, so try and avoid these unless you have no choice. Its often better to travel further to an ATM with a much better rate for large transactions than to go for your local ATM which has a larger fee. Bear in mind as well that fees are often in a tiered system, with larger transactions having lower percentage fees so it is advisable to make one large transaction where possible rather than several smaller ones.
So using a crypto currency ATM for selling your bitcoin or other crypto currency can be a very good option, which will enable you to cash out of your cryptocurrency in minutes rather than days. Look for your local crypto ATM to see how close it is to your home.