Social media


How to withdraw cash from a Bitcoin ATM in Budapest?

Author: LB 2020-06-19 102

The world of cryptocurrencies has many hidden potential. You can invest in these assets, but originally the main purpose was not trading, but rather to represent value in a digital way. That's why cryptos were invented. With Bitcoin for example you can store value, as it is backed by a solid mathematical model. If this is true, we should be able to convert it into real money. Let's see how this happens in the capital of Hungary, where I tried to use a Bitcoin ATM.


When you are using a traditional ATM you just simply insert your card, enter your PIN, choose the desired amount and you can withdraw your cash almost in an instant. This is what you would expect when using a Bitcoin ATM, however the situation is somewhat different.


I did a few of these Bitcoin ATM discovery tours in Budapest and I realized that even though Google Maps told me that there is a machine at a certain location, the machine was not there already, or the store was not open and I could not use the ATM.


In my previous post, I demonstrated the convenience of these machines in Budapest when I purchased Bitcoin for Hungarian money. The machine is located on Oktogon, but let me embed a map for you so you can also find this ATM in the city center of Budapest.


So you have to look for a hamburger shop. If you found it, enter the store and go towards the cashier and the ATM will be on the right.


Bitcoin ATM on Oktogon.

The Bitcoin ATM looks like this:


Bitcoin ATM in Budapest on Oktogon

Purchasing Bitcoin from this machine is easy. You don't have to input much of your personal data, only your phone number. This will be used to verify your transaction. If you insert your cash into the machine, it should display the inserted amount.

Entering your phone number.

So in the following few lines, I will show you how to withdraw cash using this Bitcoin ATM in Budapest. This is very handy if you are travelling to the Hungarian capital and you don't want to bring too much cash with you. You can purchase cryptos in your home country and you can sell them here using this machine to withdraw local money.


Obviously there will be transaction fees, but this might be a safe way to transfer money between counties, because travelling with a large amount of cash is not a good idea, especially if you are in third world countries.


So I tried to do this feat using this Bitcoin ATM. I already had an e-wallet installed on my phone. In this wallet I had approximately 15.000 Hungarian forints and as the minimal amount you can exchange using this ATM is 10.000 HUF this was just perfect.


So first of all you have to choose the "Sell" option and set the desired amount:

Set the desired amount.

The machine will print a receipt and the requested amount will be on this piece of paper. You will also find a QR code on this receipt and you can scan this with your phone to send your Bitcoins.

Sending Bitcoins from my phone.

Just use your e-wallet application to send the cryptos to the machine's hash address.

Selling Bitcoin to withdraw cash in Budapest.

After you have successfully sent the Bitcoins you will receive a short message from the operator saying that you have to wait for a little while for the transaction to be verified. We all know this well. The miners need time to verify our transaction and the length of this mostly depends on the number of miners currently present in the Bitcoin architecture. Obviously, when you use your bank's card, this is almost immediate, because your bank has a centralized, therefore a very rapid system to handle these transactions.

Transaction completed.

As soon as the transaction is verified you can go back to the ATM, scan the QR code printed on the receipt and the ATM should dispense your cash. You can also check the state of the transaction using an online Blockchain explorer, but the operator will send you a message anyway.

Withdrawing cash.

Finally, let's have a delicious burger in this burger shop. I am not affiliated with them, but the burger was indeed tasty.

Bon Appétit!

You can support me using the following BTC address: 1D6qYk7mWQFE1K5tUgqimjiCLT66AHdyNX


Interesting entries


14.09.2020

How to withdraw money from a Bitcoin ATM in Kraków, Poland

14.09.2020

Testing a Bitcoin ATM in Kraków, Poland

09.09.2020

Withdrawing cash from a Bitcoin ATM in Salzburg, Austria

09.09.2020

Purchasing Bitcoin in Salzburg, Austria without registering your phone number

01.09.2020

Chinese technology is taking over the telecommunication markets in Africa

29.08.2020

Bitcoin ATM in Košice, Slovakia

28.08.2020

Selling Bitcoin for cash in Bratislava

26.08.2020

How to purchase Bitcoin in Bratislava without registering your phone number

26.08.2020

The cost of withdrawing cash from a Bitcoin ATM in Budapest

26.08.2020

How much does it cost to use a cryptocurrency ATM in Hungary?

24.08.2020

Detailed comparison on Bitcoin ATMs across central Europe

24.08.2020

Withdrawing cash in Prague from a Bitcoin ATM

21.08.2020

Bitcoin ATM in Prague with no fixed transaction fee

22.08.2020

How to withdraw cash from a Bitcoin ATM in Prague without revealing your personal information?

22.08.2020

Buying Bitcoin in Prague

22.08.2020

How to purchase Bitcoin in Prague without revealing your personal information?

10.07.2020

How to buy cryptocurrency in Budapest

02.07.2020

Purchase cryptos at the best market price!

28.06.2020

The Japanese way of money from the Genji Era to the Mt. Gox scandal

24.06.2020

How to withdraw cash using a Bitcoin ATM in Vienna?

20.08.2020

Two-way Bitcoin ATM in Vienna, Austria

20.06.2020

Two-way bitcoin ATM in Budapest

19.06.2020

How to withdraw cash from a Bitcoin ATM in Budapest?

18.06.2020

Cryptocurrency ATM in Budapest

12.06.2020

Employee evaluation system based on blockchain technology from Japan

12.06.2020

Kazakhstan to ban transfer between anonymous electronic wallets

11.06.2020

Bitcoin mining is getting popular in Kazakhstan with Japanese investment

08.06.2020

Deceptive marketing schemes on video sharing platforms in China

04.06.2020

Revolutionary solutions in networking from Japan

15.05.2020

User data leakage from Russian financial institutions

22.12.2019

Where are the largest Bitcoin mines in the world?