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How do Bitcoin ATM's work? I have a wallet on my computer and wanted to know how would the bitcoins there be transferred to the ATM and exchanged for cash.
Could somebody explain this process to me?
Using Bitcoin ATM's, how does selling work?
Answers
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There are various types of Bitcoin ATM's, only some of them offer to sell Bitcoin. Here is a list of some of those types and a good explanation of the selling process:
https://coinatmradar.com/blog/how-to-sell-bitcoins-using-bitcoin-atm/
Typically you receive a voucher and an address to send the Bitcoins to, then redeem the cash using the voucher, after the transaction has confirmed.
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- Atm will generate a bitcoin deposit address
- Client scan it using smartphone and send bitcoin to that address
- Atm will wait for confirmation and emit fiat money from dispenser
Things to consider: KYC level for bitcoin amounts Generation of addresses Confirmation number ATM connected full node Rate exchange And more , but I believe this is the basic.
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Following are the steps are followed for the usage of the bitcoin ATM machine :
- Open the QR code for your Bitcoin wallet on a smartphone. You can get a bitcoin wallet from Coinbase if you don’t already have one! Don’t forget to download Coinbase’s app for iPhone or Android from the AppStore or GooglePlay.
- Then run the QR code under the bitcoin ATM machine’s scanner.
- Enters the amount of cash to be exchanged for Bitcoins.
- Waits for the machine to process the transaction and give out a confirmation.
- Check your bitcoin wallet to see if the Bitcoins transaction is processed
This is a good answer, however, the OP is asking about selling his Bitcoin's, not buying them. – Willtech – 2018-04-27T12:31:39.683