CAN I WITHDRAW CASH FROM A
BITCOIN ATM?
Yes! Visit Hermes Bitcoin ATM in Los Angeles to withdraw cash from your bitcoin wallet. Bitcoin ATMs are machines that dispense Bitcoin in exchange for cash. While every Bitcoin ATM is able to accept cash and buy cryptocurrency, only some are able to sell cryptocurrency, allowing you to withdraw cash.
HOW MUCH MONEY CAN YOU
WITHDRAW FROM A CRYPTO ATM?
While Bitcoin ATMs may share the same acronym as a traditional bank ATM, they don’t serve the same purpose. Traditional bank ATMs allow you to deposit and withdraw money from your bank account. Bitcoin ATMs allow you to deposit and withdraw money in order to purchase and sell Bitcoin.
Since Bitcoin ATMs are federally considered a financial institution (1), they are regulated by FinCEN. FinCEN is the Financial Crimes Enforcement Network, otherwise known as the bureau of the U.S. Department of the Treasury’s agency that monitors and combats money laundering and other financial crimes.
FinCEN has certain regulations, but Bitcoin ATM operators can set their own upper and lower limits, as long as they abide by the federal regulations. Hermes Bitcoin ATMs have a minimum limit of $20 per transaction and a maximum of $10,000 per day.
DO YOU NEED AN ID WHEN WITHDRAWING
FROM A BITCOIN ATM?
All transactions require some form of identification verification. We require a phone number for verification of transactions that are under $3,000. For transactions $3,000 and over, regulations require photo ID verification.
HOW DO I CASH OUT MY
BITCOINS?
Cashing out Bitcoin is equivalent to selling your Bitcoin. You can cash out at Hermes Bitcoin ATM in Los Angeles. To make cash withdrawals and sell your cryptocurrency, you can follow the prompts on the Bitcoin ATM. The machine will provide a QR code that you can send your Bitcoin to. It may take a few minutes, but the machine will then dispense your cash.
Are Bitcoin ATMs Safe?
It may be hard to come to terms with since Bitcoin ATMs are directly connected to the internet, but BTMs are entirely secure. BTMs are equipped with technology that protects against software and hardware malfunctions. Malware technology is also not able to threaten Bitcoin ATMs. Your digital wallet is encrypted and protected. Without the correct passwords and security credentials, no one aside from you can access your wallet.
A number of Bitcoin ATM operators have come together to form the Cryptocurrency Compliance Cooperative to make the use of Bitcoin ATMs even safer for the consumer, furthering the legitimization of the cash-to-cryptocurrency industry (2). FinCEN regulations are in place to keep BTMs as safe as possible.
WHAT IS A DIGITAL WALLET AND HOW DO THEY WORK WITH THE ATMS?
You may be wondering exactly how Bitcoin ATMs work. Essentially, BTMs use a QR code that is directly connected to your digital wallet. Upon walking up to one, you can easily follow the step-by-step prompts on the screen to purchase cryptocurrency in exchange for cash. The process is simple:
- Scan the QR code associated with your digital wallet. If you don’t have a digital wallet, you can print a paper wallet right at the machine
- Choose what cryptocurrency you wish to purchase, as well as the amount.
Feed your cash into the machine. - Wait only a few moments for the amount to hit your digital wallet to confirm the purchase.
HOW MUCH ARE BITCOIN ATM FEES?
All crypto ATMs charge a fee for their use, but the amount varies from machine to machine. The fee is a percentage of the transaction made which is added to the price of the purchase or taken out of the amount sold when cashing out. Hermes Bitcoin ATM in Los Angeles offers the lowest fees in the city. The average Bitcoin ATM buy fee in the U.S. is around 8%. The average selling fee is around 5%. Bitcoin ATM fees range from as little as 7% to as much as 26% (3).
ARE BITCOIN ATMS ANONYMOUS?
Bitcoin ATMs are anonymous. In fact, anonymity is one of the more major security measures. Cryptocurrency is largely anonymous, however, Ben Weiss, CEO of CoinFlip claims that Bitcoin, “is not anonymous. It’s pseudo-anonymous. You can’t buy any large amount of Bitcoin without KYC or ID or driver’s licenses.” However, he did claim that “Bitcoin is actually more transparent in many ways than typical things in the financial system.”
Due to Bitcoin ATMs being regulated by FinCEN, operators are required to uphold a Know Your Customer program (KYC), which requires them to gather certain customer information. While this takes away from Bitcoin ATM’s anonymity, the KYC programs are in place to keep Bitcoin ATMs compliant with federal law, keeping customers and operators safer in the long run.
HOW LONG DOES A BITCOIN ATM TAKE?
Bitcoin ATMs are one of the quickest ways to buy cryptocurrency because you can make instant purchases. Unlike buying Bitcoin online or through an app, there is no processing period. Each machine and transaction can take slightly longer, but purchasing Bitcoin usually only takes a few moments.
Selling Bitcoin through a BTM can sometimes take ten to twenty minutes in order to confirm the blockchain. Hermes Bitcoin ATMs have an app that allows you to reserve cash at a certain ATM in advance to make the purchase even quicker.
CAN YOU BUY BITCOIN WITH A
DEBIT CARD?
You can buy Bitcoin with a debit card through an online service, however only a select number of Bitcoin ATMs allow you to purchase Bitcoin at the machine using a debit card. Some BTMs are set up for only cash, while others allow you to use a card.
FIND YOUR CLOSEST BITCOIN ATM
Finding your closest Bitcoin ATM has never been easier. You can simply Google “Hermes Bitcoin ATM near me,” or you can go to the Hermes Bitcoin locations page. You can find locations nearest you, hours of operation, contact information, and directions all in one place.
