When it comes to converting Bitcoin back to fiat money, there are quite a few different options users can choose from. The most obvious choice is to sell your bitcoins to a Bitcoin exchange, and have them send you the fiat currency to your bank account. Option two is having bitcoins converted to fiat and use one of the many Bitcoin Debit Cards available to you. Option three is to find a Bitcoin ATM near you, which is a two-way machine, and sell bitcoins directly to the machine. But surely there must be an easier way?
Coins.co.th – Sell Bitcoin, Withdraw from ATM, No Bank Card Needed
Plenty of manufacturers are dabbling around in creating their very own Bitcoin ATM, which are still very pricey machines to own. However, they do bring us an easy way to convert fiat currency to Bitcoin and vice versa, without too much hassle. Unfortunately, not every Bitcoin ATM in the world lets you sell Bitcoin in exchange for fiat currency, so it is not the perfect solution.
In Thailand, one company has come up with something entirely different, as they combine disruptive technology (Bitcoin) with existing infrastructure (bank ATMs) and strip out one of the major requirements : a bank card fromt hat specific bank. Coins.co.th allows users to sell their Bitcoin in exchange for fiat currency, and withdraw the funds from any Krungthai Bank ATM, without needing a bank card.
Some of you may be wondering how it is possible to withdraw funds from a bank ATM without owning a bank card. Krungthai Bank ATMs have an option to access funds without a bank card, as you can see in the Youtube video below this article. However, when using this feature, a user needs to enter two references which serve as a two-way authentication procedure for receiving funds.
Selling bitcoins through Coins.co.th is very easy, simply create an account, enter a Thai mobile phone number, log in and create a Bitcoin sell order. While creating a Bitcoin sell order, it is important to check “Cardless ATM Payout” as a payout option, as wella s to select “Krungthai ATM (Cardless).
Once your order is generated, you will see a Bitcoin payment address along with a QR code to send over the funds. As soon as the Bitcoin transaction has 2 confirmations on it, you will receive both transactions references within 24-48 hours. One reference will be sent to you via SMS (on the phone number provided earlier), while the other reference gets sent to your email address.
Note from the author : Both references are valid for 15 calendar days, so you do have ample time to go and collect your payment from a local Krungthai Bank ATM.
In order to cash out your Bitcoin transaction to fiat currency, head over to your local Krungthai Bank ATM, and choose the “Without card press this option” button, and on the next screen, choose “E-Cheque”. This is where a user needs to enter both reference codes, confirming each code by pushing the “Correct” button. Make sure all the details are correct, and finalize the transaction.
What may be the most important fact about this easy and convenient Bitcoin-to-fiat-currency option is the fact that these Krungthai Bank ATMs are usually accessible 24/7, giving Coins.co.th users every option to collect their payout as soon as possible. A truly remarkable service offered by the folks over at Coins.co.th, and one which will prove to be very beneficial to people living in Thailand.
At this point in time, it is unclear whether or not there are any fees involved in using this new service provided by Coins.co.th.
Website : http://coins.co.th