How Do I Turn My Ethereum to Cash?
Yesterday we talked about how to trade Ethereum, or rather Ether (ETH) since Ethereum is the blockchain. There are different options for doing that, but when it comes to cashing out … there are only a few plausible ways.
1. Peer-to-Peer (P2P) Trading
Of course, you could always set up a personal deal with someone, and trade your ETH for their USD. Whether you meet them on a forum, P2P trading platform or just Facebook, it’s still considered peer-to-peer trading.
We just don’t think it’s very appealing, since doing a cash trade requires you to meet up with this person, who is quite likely a stranger. How do you know the location is safe, and how do you know this person won’t rip you off or rob you of your belongings? I mean, it might be a negative view of the whole thing, but this method of trading seems so archaic. Not to mention dangerous, creepy, and just plain unnecessary.
2. Bitcoin ATM
The fastest and easiest way to cash out your Ethereum Ether is using a Bitcoin ATM. But not just any Bitcoin ATM. There are two criteria:
- It must be a Bitcoin ATM that’s compatible with Ethereum.
- It must be a Bitcoin ATM that allows you to cash out (almost 80% of US-based machines do NOT allow this!)
“Wait a minute,” you might be thinking. “Why would something called an ATM not allow me to withdraw cash?” Yeah, it’s a good question.
The Truth About Bitcoin ATMs
The truth is that only 20% of all Bitcoin ATMs actually allow you to cash out. Instead, they let you BUY bitcoin (and sometimes a few other currencies) with cash, but the machines aren’t capable of feeding that cash back out. They’re one-way (unidirectional) only.
You wouldn’t be alone in thinking that a machine isn’t anything like an ATM if it doesn’t let you withdraw cash.
And yet, 80% of self-proclaimed Bitcoin ATMs don’t let you get cash, because it’s much more expensive to build and maintain a two-way (bidirectional) machine. There’s more complex hardware, more robust software, higher manufacturing and repair costs, and more armored truck services required.
Trust a Coin Cloud BTM
But guess what? 100% of Coin Cloud Bitcoin ATMs are two-way, AND they let you cash out your Ether (plus 30 other currencies).
Coin Cloud is the compliance leader, so all your transactions are safe. If you need help or have questions, our best-in-class customer service team is available 7 days a week.
Disclaimer: The information and views supplied by Coin Cloud are for educational and entertainment purposes only. We are not financial advisors, so please do your research and consult with a trusted financial specialist before investing your money.
What is Coin Cloud?
Coin Cloud is a digital currency machine (DCM) company founded in 2014 in Las Vegas, Nevada. With over 1,600 locations nationwide, Coin Cloud is the world’s largest and fastest-growing network of two-way DCMs, a more advanced version of the Bitcoin ATM. Over 60% of all two-way bitcoin machines in the US are Coin Cloud DCMs, empowering you to quickly and easily buy and sell 30+ virtual currency options with cash. You can find your nearest Coin Cloud DCM here.