Can You Sell Your Bitcoins for Cash?
Once you own Bitcoin, you need to know how to sell it as well. And if you want to sell it for cash … well, the options are limited.
Bitcoin ATM (BTM)
The easiest and fastest way to sell your bitcoin for cash is to use a Bitcoin ATM — but not just ANY Bitcoin ATM. Most BTMs are one-way, only allowing you to buy bitcoin, but not to sell it.
However, the largest Bitcoin ATM operator in the USA, Coin Cloud, happens to have 100% two-way machines that let you buy AND sell. And in fact, since most BTM companies have only a few, if any, two-way Bitcoin ATMs, it turns out that over 54% of all American BTMs are CoinClouds.
If you are cashing out $10,000 USD or less worth of Bitcoin, you should use the nearest CoinCloud machine to do your transaction (amounts over $10,000 will use the second option, OTC, which is listed below).
First you need to find the nearest CoinCloud, which you can do with our CoinCloud BTM locator map.
Next, take your mobile phone with you and follow these steps:
How to sell Bitcoin for cash
- Press the “Start” button
- Enter your mobile phone number
- Enter the unique identifier code texted to your phone
- Select the “Sell” option
- Select the “BTM” option
- Enter the amount you wish to withdraw (in denominations of $20, $50 and $100)
- Scan the QR code that appears on the BTM screen with the camera function on your mobile wallet app
- On your Bitcoin wallet, enter the EXACT amount the BTM is requesting
- Send the funds to the QR code you scanned
- Transactions take approximately 10–15 minutes to process on the Bitcoin network
- Once the transaction has fully processed, you will receive a text message informing you to return to the BTM to withdraw your funds
- At the BTM, log in with your phone number once again to retrieve the dispensed cash
By the way, if you’re using the CoinCloud Wallet app, several steps here become faster and easier:
- The app automatically generates the EXACT amount of digital currency that the BTM is requesting.
- You can set up your sell in advance on the app. Your chosen machine will reserve your cash for up to 48 hours, and you don’t have to wait for a text message or go back to the machine twice.
Over the Counter (OTC)
If you want to trade a higher volume of bitcoins for cash, you will use the Private Client Over-the-Counter (OTC) trading desk and do your transaction in person or via wire transfer. To find out more, please call or text our customer support team at 855–264–2046 or email Support@CoinCloudATM.com