On January 23, 2021, the popular Youtuber Mambafx published a video in which he withdrew $ 16,000 in cash from Bitcoin ATMs. The video shows how it took several Bitcoin ATMs to complete the process. At the end of the 17-minute film, Mambafx withdrew over $ 16,000 by selling Bitcoin to the ATMs.
Mambafx is a popular popular retailer on Youtube and various social media. He recently made a video about withdrawing Bitcoin. In a previous Youtube video, Mambafx showed how difficult it was to withdraw $ 5,000 in Bitcoin (BTC) using cryptocurrency ATMs in its region. In its latest video shared with 86,000 channel subscribers, Mambafx is successfully cashing out over $ 16,000 in Bitcoin.
Of course, it wasn’t easy to withdraw $ 16,000 worth of Bitcoin and convert it into cash. When he first visited Bitcoin ATMs, Mambafx said that individuals could sell Bitcoin and said it would make $ 15,000. However, after reading the Machine’s Terms of Use (ToS), Mambafx was only allowed to withdraw $ 2,900 in cash and all in $ 20 bills.
The trader also told his Youtube subscribers what the price of BTC was and how much he had made a few thousand more dollars before cashing out. Also, Mambafx said he might even try to withdraw $ 100,000 next, and asked his fans if people would like to see this video in the future.
Despite the success in withdrawing $ 16,000, Mambafx said he suffered “10% losses on these withdrawals” while using these Bitcoin ATMs. Just before visiting the first Bitcoin ATM, Mambafx said, “So we’ll go to the mall and hopefully withdraw $ 20,000 smoothly, which is very unlikely, but we’ll try to see how many ATMs we need to go to.”
Mambafx pays out Bitcoin at a two-way crypto ATM.
During the 17-minute video, viewers can watch Mambafx being forced to stop at a variety of Bitcoin ATMs to pile up $ 16,000 in cash. Interestingly, the machines only spit out $ 20 bills and at one point where Mambafx had withdrawn $ 3,000 he thought the money was going to get stuck in the slot.
At the end of the video, Mambafx managed to extract approximately $ 16,440 after using his smartphone app to find all of the two-way Bitcoin ATMs he could sell BTC to. Despite paying a whopping 10% fee per payout at the end of the video, his pocket was filled with an enormous amount of $ 20 bills. It is likely that the well-known Youtuber also paid a few dollars for BTC network fees. The video also highlighted the fact that Mambafx had to wait a long time for network confirmations. The video shows that Mambafx managed to get a small amount of 100 dollar bills during the process.
The two-way ATM often requires a single confirmation or more on the BTC network and gives the customer a voucher to retrieve the funds after confirmation is completed. Mambafx would sit around quite often, waiting for the network to confirm, and then subsequently withdrawing his money using his voucher. It’s definitely a precautionary measure to keep the ATM safe from Replace-by-Fee (RBF) scam, but it does add a long video of the wait when someone like Mambafx wants to withdraw $ 16,000.
Selling $ 100,000 worth of Bitcoin to crypto ATMs to withdraw all that money can take an extremely long time for Mambafx.
What do you think of Mambafx, which is successfully selling $ 16,000 worth of Bitcoin for cash? Let us know what you think on this matter in the comments section below.
Tags in this story
$ 100 bills, $ 16,000, $ 16,000 cash, $ 20 bills, 10% fees, 2-way Bitcoin ATM, Bitcoin, Bitcoin (BTC), Bitcoin ATM, BTC network, Cash, Cash, Withdrawal, Withdrawal of Bitcoin, Dollar, Mambafx, Network Confirmation, Two-Way Bitcoin ATM, USD
Photo credits: Shutterstock, Pixabay, Wiki Commons, Youtube, Mambafx,
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