Bitcoin is the most popular cryptocurrency in the whole world. Since the cryptocurrency, is a relatively new concept, most of the common users don’t have in-depth knowledge on how to conduct some bitcoin financial transactions or why should they even use those ATMs. Let’s look at the advantages of using Bitcoin ATMs.
What Is a Bitcoin ATM?
A Bitcoin ATM is a machine that allows you to exchange Bitcoins or to convert Bitcoin into cash and then withdraw this cash, they look like your traditional ATM’s but they aren’t linked to your bank accounts or any traditional financial institution for that matter. Bitcoin ATMs make the exchange process more feasible and convenient for people to turn their Bitcoin into cash or vice versa.
The growing popularity of cryptocurrency draws in flocks of individuals and investors every year. Now the investors, as well as traders, don’t need to follow intense procedures of the cryptocurrency exchange in order to buy Bitcoins. Bitcoin ATM operators are making it easier to use their machines with a user-friendly interface. The goal of the Bitcoin ATMs is to make the purchase simple, safe, and secure.
How Does a Bitcoin ATM Work?
Bitcoin is an electronic currency which also trades against fiat currencies. This means you can exchange dollars, Euros or other currency with respect to bitcoin. A user or a trader must have a verified account linked to their Bitcoin wallet to access the services from Bitcoin ATM. In Bitcoin ATM, the user deposits fiat currency and receive Bitcoin into their wallet without any delay. This whole process of buying Bitcoin is done within a few screen taps. Bitcoin ATM provides ample privacy to the users, that is why more people are interested in using technology.
Advantages of using Bitcoin ATM
Bitcoin ATM provides the fastest platform to buy and sell bitcoins. The whole operation takes less than 15 seconds, which consists of scanning the QR code of your Bitcoin address, key in the wallet address into the machine and clicking “Send” to complete the process. Hence, in this way the whole transaction is completed immediately.
2) Security and Anonymity
One key feature of the Bitcoin ATM machines is that you can directly interact with the machine, there is no third party involved. We uphold the privacy of an individual by allowing for anonymity. You can buy or sell your bitcoins which don’t require any form of verification, especially for relatively small amounts.
3) User- friendly accessibility
Bitcoin ATMs are one of the main reason that cryptocurrencies became easier for individuals to use. There is a huge segment of users who are not familiar with digital currencies or who won’t go through registration at the online exchange and wire transfer for deposit funds. In this case, the bitcoin machine is a much easier option, which one can accidentally spot at a nearby location. People are already familiar with traditional bank ATMs, so transitioning to using Bitcoin ATMs is very easy. Bitcoin ATM providers have implemented easy-to-understand interfaces that anyone could use without having any special knowledge.
4) Ease in making International Transaction
Bitcoin made it easy to send and get money anywhere in the world. Bitcoin ATMs even accept Bitcoin debit cards so users can withdraw cash easily or use them to exchange Bitcoin for the local fiat currency while traveling abroad. This simplifies the process of accessing local fiat currencies and reduces the friction for people who are struggling to exchange money in foreign countries eliminating the issue of exchange.
5) Financial inclusion
There is a financial advantage when people use Bitcoin ATMs for operations. In order to use the online exchange, the users are required to send fiat funds as a deposit. For this, users need to have a bank account. Although things getting better lately with the development of online mobile financial services, still half of the adult population are unbanked or underbanked. Bitcoin ATMs can easily serve them as it eliminates the intermediaries and lowers the transaction costs by taking back control from intermediaries.
There you have it, folks. Bitcoin ATMs are aimed to make cryptocurrency more available to common and unbanked users. It is quite possible that you will find more Bitcoin ATMs in the coming years. Bitcoin ATMs are here, for our rescue!!