If you have been looking at ways to cash out BTC, you aren’t alone. If you are in Georgia State, you may consider searching for a Bitcoin ATM in Georgia to do this.
Cashing out Bitcoins can be done through crypto ATMs or through exchanges. You can use a third-party exchange broker to convert BTC into cash; these are the Bitcoin ATMs. Alternately, you can use P2P transaction platforms whereby you sell your cryptos to an individual directly; for instance, through LocalBitcoins.
Ways to convert your crypto coins into cash- pros and cons of each:
Exchange: The third-party broker is nothing but a crypto exchange. The process is identical to what we use when converting currencies at any foreign airport. So, you basically deposit the coins into a crypto exchange. When it gets Bitcoins, you may request for cash withdrawal of a certain amount. This is then transferred to your bank account.
Brokers however have to conform to anti-money-laundering protocols and you must withdraw cash from the same account in which you deposited the coins. It’s a safe method but certainly not the quickest. You have to wait for about 4-6 days for the money to arrive at the account.
P2P platforms: These are fast and anonymous when you wish to know how to sell Bitcoins for cash. You get to choose which payment method the buyer will use; this may ensure faster transactions. For instance, you can ask your buyer to give cash to your account or use PayPal. Get ID proof before handing Bitcoins over to them.
P2P transfers are quick but vulnerable to fraudsters and scammers. You need to be in control of what is happening and you must keep the coins locked until you get confirmation from the buyer.
ATMs: Using a Bitcoin ATM near you for selling cryptos can be almost the same except for some key differences.
- You already have the account; you simply need to type in your phone number or scan it to get started.
- The machine sends a QR code which you must key in for transactions to begin.
- You have to click the “sell” option and select the crypto of your choice. You need to type in the amount of BTC you wish to convert into cash.
- The wallet will ask for the receiving address when you select the “withdraw” or “send” option. You can use your smartphone cam to scan this QR code provided by the kiosk.
- Once you have confirmed a withdrawal on the wallet you will be asked to confirm it on the machine.
- Most ATMs will demand the transactions be posted on the blockchain before you can collect the cash. This means you must wait patiently for a few minutes or even an hour until the cash is ready to be disbursed.
- Once the sale is confirmed, you collect the receipt. You can walk away and go finish other pending work. Come back to the ATM when you get a text message from it about the cash being ready. This time you scan the receipt or insert it as directed and the kiosk will give you the cash in hand.
So, if you must collect cash in exchange for Bitcoins in a Georgia ATM, plan it in advance. Beware of phishing attempts by hackers who try to emulate financial service providers or banks and ask for your seed phrase. You must never share this detail with anyone.