$100 bills, $16K, $16k in cash, $20 bills, 10% Fees, 2-way bitcoin ATM, Bitcoin, Bitcoin (BTC), Bitcoin ATM, BTC network, Cash, Cash Money, cashing out, Cashing Out Bitcoin, Dollars, Mambafx, network confirmation, Two-Way Bitcoin ATM, USD

On January 23, 2021, the popular Youtuber Mambafx published a video of himself withdrawing $16,000 in cash from bitcoin ATMs. The video shows how it took multiple bitcoin ATMs to complete the process but by the end of the 17-minute film, Mambafx withdrew over $16k by selling bitcoin to the automated teller machines.

Mambafx is a popular popular trader on Youtube and various social media outlets. Just recently, he filmed a video about cashing out some bitcoin. In a previous Youtube video, Mambafx showed how difficult it was to cash out $5k in bitcoin (BTC) by leveraging cryptocurrency ATMs in his region. In his latest video shared with 86,000 channel subscribers, Mambafx successfully cashes out over $16k in bitcoin.

Of course, the process of cashing out $16,000 worth of bitcoin and turning it into cash wasn’t easy. Even at the very first bitcoin ATM Mambafx visited that allows individuals to sell bitcoin said that it would let him take $15k. However, after reading the machine’s terms of service (ToS), Mambafx was only allowed to take out $2,900 in cash and all of it in $20 bills.

The trader also told his Youtube subscribers how BTC’s price was on a tear and he had made a few thousand dollars extra before cashing out. Further, Mambafx said that he may even attempt to do a $100k withdrawal next and asked his fans if people would like to see that video in the future.

Despite the success in withdrawing $16k, Mambafx said he suffered “10% losses on these withdrawals†when using these bitcoin ATMs. Just before visiting the first bitcoin ATM Mambafx said: “So we’re gonna go into the mall, hopefully smoothly withdraw $20k, very f***ing unlikely, but we’re gonna try and see how many of the ATMs we gotta go to.â€

$100 bills, $16K, $16k in cash, $20 bills, 10% Fees, 2-way bitcoin ATM, Bitcoin, Bitcoin (BTC), Bitcoin ATM, BTC network, Cash, Cash Money, cashing out, Cashing Out Bitcoin, Dollars, Mambafx, network confirmation, Two-Way Bitcoin ATM, USD
Mambafx cashing out some bitcoin at a two-way crypto ATM.

By the length of the 17 minute+ video, viewers can watch Mambafx being forced to stop at a myriad of bitcoin ATMs in order to stack $16k in cash. Interestingly, the machines only spit out 20 dollar bills and at one point while withdrawing $3k, Mambafx thought the money would get stuck in the slot.

By the end of the video, Mambafx managed to extract approximately $16,440 after using his smartphone app to find all the two-way bitcoin ATMs that would allow him to sell BTC. Despite paying a whopping 10% fee per withdrawal at the end of the video his bag was filled with an enormous amount of $20 bills. It’s likely the well known Youtuber probably paid a few bucks for BTC network fees as well. The video also highlighted the fact that Mambafx had to wait a long time for network confirmations. The video shows Mambafx did manage to get a small amount of $100 bills during the process.

The two-way ATM often requires a single confirmation or more on the BTC network and it gives the customer a voucher in order to retrieve the cash after a confirmation completes. Mambafx sat around quite often waiting for the network confirmation and then withdrew his cash after the fact with his voucher. It definitely is a precaution for protecting the ATM from a replace-by-fee (RBF) scam, but makes for a long video of waiting when someone like Mambafx wants to withdraw $16k.

Selling $100k worth of bitcoin to crypto ATMs in order to withdraw all that cash could take an extremely long time for Mambafx to accomplish.

What do you think about Mambafx successfully selling $16k worth of bitcoin for cash? Let us know what you think about this subject in the comments section below.

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

Du lịch nhật bản, hướng dẫn du lịch Nhật và đánh giá địa điểm Nhật Bản Japan travel news, japan travel guides, japan holiday destinations and japan reviews

RELATED NEWS

Report: Document Shows Specific Bitcoin Miners in Xinjiang Instructed to Shut Down

An official notice stemming from the Changji prefecture government in Xinjiang details that officials from the Zhundong Economic-Technological Development Park must instruct bitcoin miners to shut down. China’s province of Xinjiang is a highly concentrated region of bitcoin miners and bitcoin activities at the park must cease by June 9, according to the document. Nevertheless, […]

Xem chi tiết: Report: Document Shows Specific Bitcoin Miners in Xinjiang Instructed to Shut Down

Mystery Whale Returns by Moving $35 Million — Miner Transfers 1,000 ‘Sleeping Bitcoins’ from 2010

Two months after the mystery mining whale from 2010 transferred a string of 20 block rewards with 1,000 bitcoin on March 23, it seemed as though the entity was finished, after spending 10,000 bitcoin total. However, it took 78 days for the whale’s next move, as another 20 blocks from 2010 were transferred on Wednesday […]

Xem chi tiết: Mystery Whale Returns by Moving $35 Million — Miner Transfers 1,000 ‘Sleeping Bitcoins’ from 2010

Commodity Strategist Mike McGlone Says $40K BTC Target ‘More Likely’ Than $20K

Bloomberg Intelligence senior commodity strategist Mike McGlone believes bitcoin is “more likely†headed for $40K instead of $20K after discussing the possibility of capitulation in a recent tweet. McGlone’s opinion follows a number of predictions that say bitcoin could drop to the $20K zone if there’s more pullback in the cards. Bloomberg Commodity Strategist Suggests […]

Xem chi tiết: Commodity Strategist Mike McGlone Says $40K BTC Target ‘More Likely’ Than $20K

Crypto Payments App Bottlepay Is Now Available Across Europe

U.K.-based crypto payments provider Bottlepay has started offering services in other European countries. Users on the Old Continent will be able to send and receive even small amounts of euro and also buy, store and spend bitcoin with merchants accepting cryptocurrency. Bottlepay Promises Low-Cost Transactions in Euro and Bitcoin The Bottlepay app will allow Europeans […]

Xem chi tiết: Crypto Payments App Bottlepay Is Now Available Across Europe

Mike Novogratz: Bitcoin Investors Waiting for a New Narrative Shift

Mike Novogratz declared institutional investors are waiting for the next narrative shift in a recent interview at the Bitcoin 2021 conference in Miami. The CEO of Galaxy Digital thinks the market is now in a consolidation phase after the price crash last month. Novogratz also commented on what the rise of defi could mean for […]

Xem chi tiết: Mike Novogratz: Bitcoin Investors Waiting for a New Narrative Shift

NYAG Court Order to Shut Down Coinseed Succeeds, CEO Creates Profanity Token for Attorney General

The crypto trading platform Coinseed is shutting down operations according to a written statement from the company’s CEO Delgerdalai Davaasambuu. A court order secured by New York Attorney General Letitia James told Coinseed to halt all of its operations. Following the announcement of the shutdown, Coinseed’s CEO said he created an ERC20 token called “FLJ†[…]

Xem chi tiết: NYAG Court Order to Shut Down Coinseed Succeeds, CEO Creates Profanity Token for Attorney General

Grand Theft Auto 6 to Feature a Fictional Cryptocurrency

One of the biggest franchises in the videogame industry, Grand Theft Auto, will feature in-game payments of “bitcoin†or another fictional cryptocurrency. Contractors will pay the player with this currency when they need to make anonymous, untraceable payments. This would constitute another push for Bitcoin awareness into mainstream media culture. Grand Theft Auto 6 to […]

Xem chi tiết: Grand Theft Auto 6 to Feature a Fictional Cryptocurrency

Bitcoin Keys Cannot be Hacked: Skeptics Question the Official Colonial Pipeline Bitcoin Seizure Story

On June 7, the United States Justice Department and the Federal Bureau of Investigation (FBI) announced the “recovery†of 63.70 bitcoin from the funds Colonial Pipeline sent to the hackers. The official story has a number of inconsistencies and federal investigators did not disclose how the FBI was able to confiscate the Darkside gang’s private […]

Xem chi tiết: Bitcoin Keys Cannot be Hacked: Skeptics Question the Official Colonial Pipeline Bitcoin Seizure Story

Alternative 401(k) Product Offers In-Plan Cryptocurrency Investment via Coinbase Institutional

El Salvador Offers No Capital Gains Tax, Permanent Residence to Crypto Entrepreneurs

White House Tech Advisor Tim Wu Keeps at Least $1 Million in Bitcoin

White House Tech Advisor Tim Wu Keeps at Least $1 Million in Bitcoin

Alternative 401(k) Product Offers In-Plan Cryptocurrency Investment via Coinbase Institutional

Scammers Pick Bank Transfers Over Cryptocurrency, Australian Report Reveals

As Crypto Interest Winds Down Bitcoin’s Daily Transaction Rate Plummets to Two-Year Lows

FBI Agent Recovers Private Key to $2.3M in Bitcoin Paid to Colonial Pipeline Hackers

Other Articles