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The cost of withdrawing cash from a Bitcoin ATM in Budapest

Author: LB 2020-08-26 299

If you want to sell your Bitcoin you can do that by using a Bitcoin ATM. There are several machines in the Hungarian capital and you can exchange your cryptocurrencies with the help of these devices. In this post, I will show you how to use these ATMs. The one I am about to introduce here is located on Széll Kálmán tér and I will show you the steps to withdraw Hungarian money using this machine. I will also shed light on the cost of this ATM.

So first of all I had to locate the Bitcoin ATM in Budapest. In my previous posts, I have already introduced a few of these machines and I used Google Maps to locate these in the centre of the city. This one is located on the Buda side of Budapest:

So you will have to go to Széll Kálmán tér and the burger shop will be a few minutes away on foot from the tram stop:

Bitcoin ATM in Budapest.

Look for the machine on the right side:

Bitcoin ATM in central Budapest.

I wanted to withdraw cash from this machine so I choose the sell Bitcoin option:

Selling Bitcoin.

The next step is to specify the range you want to sell Bitcoin in:

Choosing the range to sell Bitcoin.

In order to verify this transaction you have to register your phone number. When you are using a machine in the Czech Republic or in Austria for example, this step is not present. If you need complete anonymity I recommend those.

Registering a phone number.

Today, I wanted to withdraw 10.000 (~40 USD) Hungarian forints and I set this amount here. You can also see that the ATM has a 1000 HUF fixed cost. This is roughly 4 USD.

Selling Bitcoin in Budapest.

When you press the green button, the machine will print a green receipt:

Receipt from the ATM.

This is how the receipt looks:

The receipt.

You will find a QR code printed on this receipt and you have to scan this code using your e-wallet application to send the requested coins to the address of the Bitcoin ATM.

Sending the Bitcoin

So I transferred Bitcoins equal to 38.95 USD:

Sending Bitcoins

If I exchange this USD into HUF I am going to get 11.655 HUF:

Exchanging Bitcoin or USD into HUF.

This means that withdrawing 10.000 HUF from this machine costs 11.655 so we can say that this time the cost of this transaction was roughly 16%. When I used the machines in Czechia I witnessed much lower costs. Don't forget to check out those articles too. Obviously, if you are trying to withdraw larger amounts of cash the proportion of the fixed cost will decrease, but I am not sure of the USD/BTC rate the machine is using. This can affect the cost too.

As I had registered my phone number previously, the operator sent me a short message to notify of a successful transaction and it was time to go back to the machine:

An SMS from the operator.

When this happens, you have to go back to the ATM and choose the "Redeem Ticket" option:

Redeeming my ticket.

You just have to scan the QR code:

Scanning the QR code.

And the final step is to take our cash dispensed by the machine:

The dispensed cash.

So this was it. I don't think this was too difficult. If you are a miner, you receive your salary in cryptocurrencies or you are just simply a cryptoenthusiast then this machine is a must try!

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

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