How to Sell Bitcoin at a Crypto ATM

How to Sell Bitcoin at a Crypto ATM

It’s important to know that many cryptocurrency ATMs do not support two-way operations (buying and selling cyrptocurrencies). According to our calculations, as many as 40% of all installed Bitcoin ATMs actually do support sell operations. In order to find the nearest bitcoin machine where you can sell your cryptocurrency, visit our ATM map.

Here is a list of Bitcoin machine types that normally support sell operations (some operators may disable sell operations, so you need to check before planning a trip).

  • Genesis Coin (only Genesis1 and Satoshi2 machines, Satoshi1 ATMs are only one-way)
  • Lamassu
  • General Bytes (only BATMThree model, BATMTwo is one-way machine)
  • BitAccess
  • Robocoin

For information about how to buy bitcoin/cryptocurrency using ATMs visit this page for a step by step guide.

 

General Information

When you sell bitcoin for cash using Bitcoin ATM, there are several general steps you need to know:

  • Verification step (optional, but normally for sell operations the operator will require you to identify yourself. However, the identification procedure may vary for different machine types, or even operators running similar machines).
  • Send bitcoin to the given by bitcoin ATM QR code
  • Depending on the settings you will either get cash out of the machine immediately (may be set for small amounts), or you will be given the redeem code and need to wait for bitcoin transaction confirmations (normally 1 confirmation is used, but depends on the machine and operator, e.g. wallet update for Robocoin ATMs required customers to wait for 6 confirmations before they can get cash)

 

Genesis1 and Satoshi2 Machines from Genesis Coin (Satoshi1 ATM is one-way only)

The selling procedure in this type of ATM may vary as Genesis Coin supports white-labeling, so what you see on the screen may be different from operator to operator. Here is an example of selling bitcoin using Bitcoinnect ATM in China:

  • Choose “Withdraw Cash”
  • Choose the appropriate cryptocurrency you would like to withdraw from
  • Choose amount to withdraw
  • Send bitcoin to given address QR code
  • Receive cash immediately as bitcoins transaction is propagated on the network

Note: While this machine supports several verifications including phone verification and finger scan, some operators may have these features disabled.

For more information about this machine please view the Genesis1 or Satoshi2 machine from Genesis Coin

 

Lamassu

The selling process for the Lamassu ATM goes as follows:

  • Choose “I want Cash”
  • Choose the amount that you would like to withdraw
  • Scan the QR code that appears on the screen
  • Enter in your passcode
  • The cash will be dispensed below the monitor

For more information about this machine please view the Lamassu bitcoin ATM

 

General Bytes BATMThree (BATMTwo is one-way machine)

There are two different types of bitcoin ATMs from General Bytes: BATMTwo (one-way) and BATMThree (two-way as the one in the picture above).

In order to sell bitcoins at this machine one has to go over the following steps:

  • Choose “Sell bitcoins” option in the menu
  • Define amount of transaction to sell (depending on the amount different verification procedures might apply, e.g. no checks, mobile check by SMS, fingerprint scan, ID doc scan, all this varies from operator to operator and you need to check it before using the machine.
  • Then a receipt will be printed, which will contain a bitoin address whereto particular amount of bitcoin to be sent. Also in the same QR code there is a redeem code add, which will be used later for getting cash from bitcoin ATM.
  • Send bitcoin to the given address and wait depending on how many confirmation you are required to wait by operator.
  • Then use the machine again, now choose “Redeem ticket” option to start and scan the same QR code from receipt, you will be given cash immediately.

 

Here is how a printed redeem receipt looks like:

For more information about this machine please view the BATMThree bitcoin ATM by General Bytes

 

BitAccess

BitAccess is another popular Bitcoin ATM, which supports sell bitcoin operations. Here is a standard procedure you are asked to follow in order to exchange bitcoin for cash:

  • Provide your mobile number
  • Enter received verification code
  • Choose “Sell bitcoins”
  • Enter the amount
  • Send bitcoin to given address QR code
  • Get cash
  • Optionally you can print the receipt for the transaction

 

For more information about this machine please view the BTMs machine by BitAccess.

 

Robocoin

Disclaimer: Robocoin bitcoin ATM producer has closed activity. There are still several Robocoin type kiosks installed at various locations, however, most of them switched to a different swoftware. So although the machine looks the same, the UI of the selling bitcoins process changed a lot. Most of such machines switched to General Bytes software and now the process of selling bitcoins there is similar to the one of BATMThree model from General Bytes (see below).

Here is how selling bitcoins worked at original Robocoin kiosk:

This is the first two-way Bitcoin ATM type that is installed in many countries at the moment. However, Robocoin has received many complaints from users due to its complicated buy and sell bitcoin procedure. The machines had biometric palm vein scanner and the whole process, especially the first registration, was quite complicated. Recently, following the market requirements the Robocoin company announced that they plan to remove palm vein scan step.

On the other hand, with recent update of software Robocoin made it mandatory for operators to use Robocoin’s proprietary wallet solution, which means that customers’ funds are stored at Robocoin. Since November 2014 Robocoin has switched all operators to their new Wallet 2.0. The operators who were not willing to proceed with the update, had to switch to something else, e.g. Satoshipoint integrated Lamassu software into their machines. At the moment they support only buy bitcoins operation, but sell operations are planned for the nearest future.

So, if you are going to use Robocoin kiosk you need to clearly understand that even on the same hardware the software may vary and the process will be different.

When you want to sell bitcoins at Robocoin (native software) you need first to create a wallet at Robocoin. In the previous article we covered the steps how to create Robocoin wallet.

Now, before you can cash out your bitcoins using Robocoin ATM you need first to have bitcoins in your wallet. So if you have them in your own wallet, you need first to transfer it to Robocoin. Here are the steps:

  • Tap “Receive” option on the screen (when you are logged in to your wallet)
  • You will be provided with QR code for depositing bitcoins
  • Send bitcoins to this address
  • Wait 6 confirmations, which Robocoin takes to accept the transaction

Be prepared to wait about 1 hour between you transferred bitcoins to Robocoin machine and the moment you can actually withdraw cash. However, if you already have funds within Robocoin wallet, the selling of bitcoins for cash is quite fast.

So after your funds are in Robocoin wallet, all you need to do is:

  • Sign in to Robocoin ATM (phone and PIN, verification code)
  • Tap “Withdraw” button
  • Choose the cash amount you want to withdraw and click “Finish”
  • Get the receipt and cash

The process is demonstrated in the following video: