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How to withdraw cash from a Bitcoin ATM in Budapest?

Author: LB 2020-06-19 1345

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

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