How To Cash Out Bitcoin And Other Cryptocurrencies
It’s possible that cryptocurrencies could replace fiat currencies in the future, but for now, most transactions demand the use of dollars, pounds, euros and other centralized forms of cash. If you own Bitcoin, Ether or Litecoin, you might find yourself wanting to cash out those holdings to secure your gains.
You can convert your cryptocurrency to fiat in a variety of ways, and all of them have their merits. Some methods are more complicated than others and require more energy, monitoring, and planning on the part of the seller. Here, we’ll take a look at your options so you’ll be well equipped to cash out when the time comes.
Cash Out Bitcoin and Other Cryptocurrencies at an ATM
Cryptocurrency ATMs are the fastest and often most secure way to cash out Bitcoin and other cryptocurrencies. Like traditional ATMs, Bitcoin ATMs allow customers to visit a physical location and make their transactions quickly and without undue confusion. If customers have their Bitcoin wallets prepared, a full transaction can be done as quickly as 30-60 seconds.
Cashing out your cryptocurrency at an ATM offers multiple advantages:
Ease of Use
Bitcoin ATMs are intuitive, interactive, and designed to guide users seamlessly through a transaction. Many people are already accustomed to interacting with traditional ATMs in order to conduct fiat currency transactions; the user processes are quite similar. This means that you won’t need to make any major adjustments to your usual routine when you use a Bitcoin ATM.
The AML/KYC procedures are much more seamless that with other methods of cashing out cryptocurrency. There is no need to register at an online exchange, deal with wire transfers, or engage in complicated procedures that otherwise are a necessary part of cashing out cryptocurrency.
Last but not least, crypto ATMs are accessible and offer customer support. Most Pelicoin ATMs are open 24/7, and also offer customer support via email and phone.
Efficiency and Speed
Cryptocurrency ATM transactions are the swiftest in the business, and our machines process commands instantly. That is why Bitcoin ATMs are known as the quickest platform available for buying and selling cryptocurrency. Our crypto ATMs are 4G-enabled and extremely straightforward, and their user interface is designed to direct customers through every step of the transaction, streamlining your entire experience. Overall, ATMs are the fastest way to convert your cryptocurrency and make your cash available for use.
Bitcoin ATMs are run by genuine, verified operators that are legally established business entities. The absence of third-party middlemen mitigates the possibility of fraud. Currently, there are no known bugs, malware, or software hacks for Bitcoin ATMs. This makes Bitcoin ATMs the most secure method of cashing out cryptocurrencies.
Riskier, More Complicated Methods
If you’re willing to take chances and do the work of jumping through multiple hoops, you can use other methods to exchange your cryptocurrencies for cash. Although these methods are more time-consuming and less straightforward, they remain popular avenues of converting cryptocurrency to cash.
These include selling your cryptocurrency on a major exchange. The large American exchanges can take up to three weeks. Once you have an account, you can be capped at as low as $500/day in transactions and will require an ACH or wire transfer to get the cash into your bank account. You can also use a peer-to-peer exchange. Although this method is much faster (30-60 minutes), they’re extremely vulnerable to fraud.
Find a Pelicoin ATM Near You
Pelicoin is the Gulf South’s largest and most secure cryptocurrency ATM network. You can find our machines in Louisiana, Mississippi, Alabama, and Tennessee. Survey our locations to see which site is most convenient to you.