How Do You Convert Crypto to Fiat?
Yesterday we talked about what “fiat to crypto” means, and how you can use Bitcoin ATMs to buy cryptocurrency with cash.
But did you know that some Bitcoin ATMs also let you covert crypto to fiat? While only 20% of all BTMs allow you to do this, 100% of Coin Cloud BTMs do.
Yes, that’s correct … ALL Coin Cloud Bitcoin ATMs let you buy AND sell digital currency, even though 80% of BTMs don’t. Coin Cloud is the only national brand that allows you to cash out at any machine.
What is Crypto to Fiat?
Crypto to fiat means taking cryptocurrency you already own, like bitcoin, and selling it for fiat currency (like USD). Withdrawing cash this way is surprisingly rare among Bitcoin ATM companies, but the good news is that every Coin Cloud machine has the ability to dispense money.
Picture this: You’re traveling in a strange city and you lose your debit card. You have no cash, and no balance in your PayPal or Venmo account. But you DO have some bitcoin in a mobile wallet.
Most people would say, so what? You can’t readily spend that bitcoin at any restaurant or hotel. And even if you buy a bitcoin-friendly gift card to a major retailer, that’s pretty limited in an emergency. Not to mention that if it’s a physical gift card, you have to wait for it to arrive. Sigh.
And if you’re trying to get bitcoin out of your crypto wallet or exchange account, that could take days too. Plus, since you lost your debit card, it probably doesn’t matter. Yeah, if it gets to your bank account fast enough, Google Pay, Samsung Pay or Apple Pay might help. But that process is rarely instant. Maybe you can send it to PayPal, and find a retailer that lets you pay at the register with PayPal. Still limited.
Coin Cloud to the Rescue
But what if there’s a Coin Cloud Bitcoin ATM near you? You can find out with our easy locator map. And if there is, you can have cash in hand within 10 minutes. You can even set up your sell in advance with the Coin Cloud Wallet app, and reserve your cash at any machine for up to 48 hours.
Here’s how the process looks:
- Open your Coin Cloud Wallet app
- Under “Nearest Coin Cloud ATMs,” find your favorite one
- Choose “Quick Cash” under your closest machine
- Enter the unique identifier code texted to your phone
- You will be shown the Sell Limit for that machine; proceed by choosing “Start”
- Enter the amount in USD that you wish to withdraw (in denominations of $20, $50 and $100)
- Choose “Proceed” and confirm your cash amount
- Select the wallet you are selling from, or enter your wallet address if it’s not displayed
- Head to the machine while the transaction is being processed (about 10–15 minutes on the Bitcoin network)
- At the BTM, log in with your phone number to dispense your cash The whole thing is done in 10 to 15 minutes, including travel time. Wham, bam, thank you, ma’am!
So, the next time you find yourself with a lost debit card, think about going the Coin Cloud route first. You can even keep some emergency funds in your Coin Cloud Wallet for just such an occasion.
What is Coin Cloud?
Founded in 2014 in Las Vegas, Nevada, Coin Cloud is the world’s leading digital currency machine (DCM) company. With over 1,600 locations nationwide, in 47 states and Brazil, Coin Cloud operates the world’s largest and fastest-growing network of 100% two-way DCMs, a more advanced version of the Bitcoin ATM. Every Coin Cloud DCM empowers you to quickly and easily buy and sell 30+ virtual currency options with cash. You can find your nearest Coin Cloud DCM here.