In our previous article we described how you can buy bitcoins using Bitcoin ATM, in this post we describe the process of selling bitcoins via ATM.
What you need to know is that not all machines support two-way operations, many still only allow to buy bitcoins, however according to our Bitcoin ATM Charts about 40% of all installed Bitcoin ATMs actually support sell operations. In order to find your nearest bitcoin machine where you can sell bitcoins – you can visit our bitcoin ATM map. Use “Crypto->Fiat” ticked in the bottom filter to show all locations where you can sell bitcoins (you need to have “Fiat->Crypto” unchecked in order to hide locations where you can only buy bitcoins).
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 your trip):
- Genesis Coin (only Genesis1 and Satoshi2 machines, Satoshi1 ATM is one-way only)
- General Bytes (only BATMThree model, BATMTwo is one-way machine)
Some other manufacturers also support sell operations in their machines, however the mentioned above represent the majority of installed units on the market.
When you sell bitcoins for cash using Bitcoin ATM, there are several general steps you need to go:
- 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 bitcoins 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 of Robocoin ATMs required customers to wait for 6 confirmations before they can get cash)
UPD: 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:
Genesis1 machine from Genesis Coin
This is a two-way Bitcoin ATM, which you also can find at many locations. If you think about running a Bitcoin ATM you may be interested to read the Genesis1 review.
The sell bitcoins procedure in this type of ATM may vary as the ATM supports white-labeling, so what you see on the screen may be different from operator to operator. Here is an example of selling bitcoins using Bitcoinnect ATM in China:
- Choose withdraw cash
- Choose Bitcoin (these machines normally may support other cryptocurrencies)
- Choose amount to withdraw
- Send bitcoins to given address QR code
- Receive cash immediately as bitcoins transaction is propagated on the network
The following video demonstrates the process:
However the machine itself supports several verifications including phone verification and finger scan, and some operators may have these features enabled, so be prepared.
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 bitcoins for cash:
- Provide your mobile number
- Enter received verification code
- Choose “Sell bitcoins”
- Enter the amount
- Send bitcoins to given address QR code
- Get cash
- Optionally you can print the receipt for the transaction
The following video illustrates this process:
General Bytes BATMThree bitcoin ATM
There are two different types of bitcoin ATMs from General Bytes: BATMTwo (one-way) and BATMThree (two-way as on 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, finger print 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 bitcoin address whereto particular amount of bitcoins 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.
- So send bitcoins to the given address and wait depending on how many confirmations 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:
The process of selling bitcoins at this type of machines is demonstrated in the following video by Karel from General Bytes (check the second part of the video):
You can find the nearest Bitcoin ATM to you using our Bitcoin ATM Map.
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