How to withdraw cash from a cryptocurrency ATM in Hungary
To say the truth, the world of cryptocurrencies is fascinating. it took me some time until I could fully believe that virtual currencies can represent value. I come with a technological background so I have always been skeptical about virtual things. This was especially true when I was thinking of entering the crypto world. It's not easy to put your hard earned money into something you do not fully understand. Nevertheless today I decided to test a crypto currency ATM in Budapest to withdraw real cash.
CashCoin operates a few machines in the capital of Hungary and Google Maps shows you these locations if you search for “cryptocurrency atm Budapest”. Unfortunately some of these have already been removed so make sure you have plenty of time when trying to withdraw cash from these machines because you might have to find another one.
Anyway, the cryptocurrency ATM I could find on Oktogon. This is a two way machine, which means that you can purchase virtual currency using your physical cash and you can also sell these cryptos to the machine when you want to withdraw local currency.
So first of all you have to find a burger shop on the square that looks like this:
Bitcoin ATM in Budapest
When you enter the shop you have to keep going straight and the machine will be on your right a few metres away from the counter.
This is the screen you will find if you turn right:
Bitcoin ATM in Budapest
First of all touch the screen and choose the following option. With that you will be able to sell your crypto currency to the machine.
Make sure you have a digital wallet installed for example on your phone and it has sufficient funds. The next step will be to set the required amount. If I understood well the minimum transaction amount is 10,000 Hungarian forints, so you will have to have an equivalent amount of Bitcoin available in your wallet.
When you said the required amount the machine will tell you how many bitcoins you will have to transfer.
The next step will be to open your digital wallet and transfer these bitcoins to the address of the machine. This can be achieved by just simply scanning the machine’s QR code.
In my digital wallet application there are several options to choose from regarding the speed of the transaction. The slowest transaction costs the less however you will have to wait a few hours until your transaction is verified on the blockchain. You will not be able to withdraw your cash from this machine until the transaction is verified.
When the transaction is verified you will receive a short message from the machine telling you that your cash is ready and you can visit the location again to withdraw cash. This took me a few hours and I started panicking so I contacted the operator using their email address.
They answered me very rapidly and they explained the situation. This is not really a mistake but you just have to make sure that your transaction is verified on the blockchain. For that you can use the official site or just simply wait for the short message you received from the machine.