Cashing Out Bitcoin
Using a Coinsource BTM (Bitcoin Teller Machine)

My friend Mike was gifted a small amount of Bitcoin some time last year and recently decided to cash some of it out. The current all time high prices for Bitcoin had finally become too irresistible for him, and it was now time to test this thing called 'Bitcoin.' So my friend invited me to come along since he knows I am big on crypto-currency.

Mike decided on using a 'Bitcoin BTM' by Coinsource, one of the bigger and better known Bitcoin BTM Network operators in the United States. After looking on their website and using the locator map, he found one nearby. Not all Coinsource BTMs are open or accessible 24 hours. Also, some Coinsource BTMs only let you buy Bitcoin. Fortunately, the one my friend located inside a liquor store was available, and would accept Bitcoin in exchange for US Dollars, which is what my friend was looking to do.

The topic of conversation on the way to the Coinsource BTM was Bitcoin and Crypto-currency of course. I explained to my friend that I had never seen a BTM in person but had read and seen pictures of them online. We were both excited to see and use this new revolutionary technology called 'Bitcoin.'

So now standing in front of the machine, Mike first had to create an account and then go through a verification process in order to use the machine. The machine asks for your cell phone number in order to send SMS message codes for verification. It will also ask you to place your Identification card in front of the machine's camera in order for it to record an image of it. Once this is done, then Coinsource begins the process of verifying the user of the machine, which did not take very long.

Coinsource informed Mike via text that his account was verified after about 20 minutes. This then allowed him to proceed with the Bitcoin transaction. The machine asks whether you want to buy Bitcoin or exchange it for cash. He proceeded to exchange for cash, which then asks for the amount of the withdrawal after showing you the exchange rate for your transaction. Once the amount was selected it brought up a QR Code with a Bitcoin address to which to send the needed Bitcoin for the US Dollar amount selected. Mike used his Bitcoin wallet on his phone to scan the QR code provided by the Coinsource Machine to send the Bitcoin. Once he did this, the Coinsource machine printed out a small receipt with a redemption code. The redemption code was to be used after the Bitcoin sent to Coinsource was confirmed by the Bitcoin Network. So now we needed the miners to find Bitcoin Blocks, and the Bitcoin Nodes to then propagate a confirmation of Mike's Bitcoin transaction.

A Bitcoin transaction can take anywhere from 10 minutes up to several hours to be confirmed by Bitcoin's decentralized network. By now we had been at the Coinsource machine for at least 30 minutes with the I.D. verification process and then the sending of the Bitcoin in order to then withdraw cash. Now all Mike needed was one Bitcoin Network confirmation of the transaction in order to then proceed to use the Redemption code and withdraw cash. So we waited another 30 minutes to see if the transaction would confirm. Nearly two hours later we decided to take a break from the waiting game and went to a nearby deli for some food.

It would not be until the next day when the transaction actually confirmed. Once Mike saw that on [Blockchain.info](https://blockchain.info/home) his wallet showed a confirmation, he called me to accompany him back to the Coinsource Bitcoin ATM. This time his redemption code worked perfectly after logging into the system, and the machine dispensed Mike's funds.

I can now see why the Bitcoin Hardfork/Softfork debate needs to be resolved as soon as possible. The Crypto-currency market is at an all time high, taking some of Bitcoin's market share. Now is not the time for Bitcoin to take this long to confirm a transaction that paid a small fee. Although in the end Mike had no real complaints.

Signature Logo Created by @czar
if you need one, he is steem dollars reasonable!


05/05/2017
Full $teem Ahead!

My Top Blogs

-2 species, 1 fate


--It's Steem's Turn

Pic. 1 Source