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The short answer? Yes, if the Bitcoin ATM (BTM) is designed for it.
The long answer? There are two types of Bitcoin ATMs in the world.
One-way Bitcoin ATMs
These machines likely account for about 80% of the market. They are typically unidirectional, allowing users to buy but not sell cryptocurrency. It’s a common industry observation that people who enter the crypto space seldom exit. During bear markets, individuals looking to liquidate their holdings usually turn to Centralized Exchanges (CEX) like Binance, Kraken, or Shakepay. They might withdraw funds directly to their bank accounts, convert their crypto into stablecoins, or choose to weather the storm. Some may also decide to do business directly with over-the-counter (OTC) physical desks in their city like Yap.cx in our own bevolved city of Montreal or use two-way Bitcoin ATMs (more on that later).
One-way Bitcoin ATMs are generally smaller in size because they don’t need a dispenser slot, and their vault sections hold less currency due to the lack of cash dispensing. This compact design makes them easy to identify.
Here’s some examples of what’s out there –
Localcoin
Instacoin
CryptoDirect (of course, our very own!)
As you can see, the frames of one-way BTMs are generally smaller. This size difference can serve as a quick cue to confidently identify whether the machine in front of you is a one-way or two-way BTM.
Two-way Bitcoin ATMs
Following the Pareto principle, these machines probably represent about 20% of the market. As you might have guessed, they allow users to both buy and sell cryptocurrency. For some people, this provides mental reassurance, knowing they have an exit strategy should they decide to leave the crypto markets.
As expected, these machines are bulkier and often have a dispenser slot similar to a traditional ATM. This additional hardware accommodates the cash dispensing functionality.
Here’s some examples of what’s out there –
HoneyBadger
Instacoin
As you can see, these are slightly bigger in size, indicating the ability to both buy & sell cryptocurrency at these kiosks.
Now to answer another question that may come up is –
Can I withdraw cash from a Bitcoin ATM like a regular ATM?
In theory, with the hardware that two-way machines have, you could. However, most software currently used in Bitcoin ATMs does not support regular cash withdrawals from bank accounts. Implementing such a feature would require operators to obtain additional categories on their Money Services Business licenses and navigate compliance hurdles they may prefer to avoid.
In other words, the answer is most likely no to that last question (let us know if you find one in the wild that has that functionality!)
Conclusion
In conclusion, most users of Bitcoin ATMs are generally buyers of cryptocurrency and not sellers. However, it can be reassuring to know that there exists many ways you can liquidate your holdings and return back to fiat. If you’re interested in using a Bitcoin ATM to obtain cash, you can use a good resource like CoinATMRadar where you can filter specifically for two-way machines.