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How to withdraw cash using a Bitcoin ATM in Vienna?

Author: LB 2020-06-24 2138

It might be hard to believe, but it is true and you can see it using your own eyes. There are cryptocurrency ATMs in Vienna that enables you to withdraw physical money using your digital assets. Isn't this cool? This will definitely help not only you who want to do business in the capital of Austria, but also those who are still skeptical about the whole technology.

There are more and more cryptocurrencies appearing every day. We call this altcoins and you can even trade these assets on exchanges or buy derivatives and earn (or lose) money with these kind of instruments. High yields are advertised almost everywhere on the Internet with leverages, but this is undoubtedly a very risky field for beginners. Let's not forget that these digital currencies have been invented for different reason. Cryptocurrencies are usually backed by solid mathematical theories and for me science was always more important than down-to-earth trading. In this article I will show you how to exchange these cryptos, especially BTC and withdraw cash in the capital of Austria without uncovering your identity.

Cryptocurrency ATMs in Budapest

The Bitcoin ATMs are usually located in restaurants or coffee houses because they need a certain level of security. Otherwise they could be tampered and the cash inside is at great risk.

You could ask: "Why do I need a crypto ATM if I can purchase cryptos on exchanges using my credit card?". Well, this question makes sense, but I can tell you that there are few advantages when it comes to crypto ATMs. The key point here is anonymity. Usually, when you sign up for a crypto exchange, you have to register your personal data. When you make a payment on such a platform, you have to input your credit card details and we think of the number of credit card frauds these days... Some users are not happy with the idea of just recklessly giving away their important data.

When you use a Bitcoin ATM in Budapest for example, every time you initiate a transaction you have to register your phone number according to the current anti-moneyloundering regulations. This number will be used to send you a short message with a code to confirm your transaction. I don't think you can legally omit this step and the number will always be there to associate the transaction with your phone.

Oddly enough, when using a Bitcoin ATM in Vienna, the situation is a bit different.

In the summer of 2020, I had the chance to travel from Hungary to Austria, because the border between the two countries was open already. I found out the Austrians are pretty liberal when it comes to cryptos. This was a bit of a surprise for me, considering the fact that in some countries Bitcoin (mining) has already been made illegal, because the local governments are aiming at developing centralized cryptos, which is itself ridiculous, because originally Bitcoin was made to decentralize finance.

Anyway, I arrived in Vienna on a Sunday evening and the Bitcoin store was not open. I decided to visit the place on Monday morning on Maria-Theresien-Straße. The shop is called "The House of Nakamoto" and this is where it is located:

Cryptocurrency ATM in Vienna, Austria

The House of Nakamoto in Vienna.

If you enter the store, you will find the ATM on the right. Unfortunately, I don't speak German and when I tried to talk to the shop assistant I had to fallback to English. Well, it wasn't too easy.

Bitcoin ATM in Vienna.

But luckily, the ATM did speak English, I pressed the "Sell" button and initiated a Bitcoin transaction.

Selling Bitcoin in Vienna.

So the next step is to choose the amount of Bitcoin you want to sell. For me this was less than 250 EU.

Choosing the range.

Here comes the difference! When you are using the Bitcoin ATM in Vienna, you don't have to register your phone number. This step is optional. If you register your phone number the operator will send you a message upon successful transaction. If you don't do it, you can still check the status of the transaction on the Blockchain with your application.

The lowest amount in a BTC transaction.

The lowest amount you can sell here was 50 EU, you cannot withdraw less than this, but I don't think this is a problem.

The optional SMS alert.

Next, the Bitcoin ATM displays the equivalent BTC amount and it prints a long receipt for you.

BTC transaction receipt.

This is all in German, which was impossible to decipher for me, but as I have already used these machines in Budapest I knew what was happening so I quickly scanned the QR-code and sent the 50 EU to the given BTC address.

Receipt, all in German.

This was pretty similar to what I experienced in Budapest.

Sending Bitcoin.

In Hungary, I had to wait a few hours until my transaction was validated, and I didn't want to spend too much time in Vienna. Luckily, the transaction was validated in 20 minutes and I could go to the Bitcoin ATM to withdraw my cash.

Withdrawing cash from a Bitcoin ATM in Vienna

Choose the "Redeem ticket" option.

Withdrawing cash in Vienna is super easy. You just have to bring your receipt to the ATM, scan your QR code and the ATM will eject the 50 EU banknote in the following way:

Withdrawing cash.

This is a very important step for me. This proves that the value of my digital asset can be expressed using real money, but let's not forget about the concomitant costs. This is clearly not for free, as the machine has a built-in transaction fee and the EU/BTC is determined by the operator, but there is no way you can protect against this. You can think of it as a fee to keep your money. Nobody will be there, waiting for us on the street with several thousands of euro banknotes and give us these notes for free whenever we want them, right?

Transaction speed

The speed of withdrawal is influenced by many factors. So when you want to withdraw your cash, you have to first send your BTC to the machine and the transaction requires time. In some wallet applications, you can set the maximum amount of transaction fee you are willing to pay. The higher this amount is the faster your transaction will be. If you are in a foreign country in you need cash urgently, you can increase this amount to make things proceed faster.

I would also be interested in transactions with higher amount. You could see that it was possible to choose between 2 ranges. One was less than 250 EU and the other one was higher than 250 EU. What happens if we want to withdraw more? Like 1000 EU, or 2000 EU? I doubt that these machines store more than that amount. If you want to withdraw larger amount, I surmise that you have to contact the ATM's operator... Anyone with experience? What happens in this case?

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

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