Bitcoin is high on the rise, and the increase in installation of Bitcoin ATMs across the world’s major cities is proof. So what do these ATMs do, and why are they such a big deal? Bitcoin ATMs are machines that allow people to buy the cryptocurrency using cash. Some ATMs are bi-directional, meaning they let you sell Bitcoin as well. Here are some of the unique benefits of buying and selling Bitcoin using an ATM:
You cannot afford to ignore data safety and privacy when performing an online transaction. Bitcoin ATMs are nothing like online exchanges, which require buyers and sellers to identify themselves before performing transactions. All an ATM wants is for you to enter your wallet authentication details and complete the sale or purchase. If you bought some cryptocurrency from a Vegas Bitcoin ATM, no one will know you did it. The amount won’t be disclosed either, and your transaction cannot be traced to you whatsoever.
The cryptocurrency world is fairly volatile. Opportunities appear and vanish in minutes, putting you at an increased risk of making losses if your transactions are drawn out. One of the main selling points of Bitcoin ATMs is their high speed of the transaction. Your Bitcoin will be in your wallet within minutes of pressing the “confirm” button, which you will not get with traditional marketplaces. Online exchanges must make your request through a lengthy verification procedure and do the same for the party on the other side of the transaction before approving it. This can be highly inconvenient for someone who is in a hurry.
- Ease of use
The reason most people don’t use cryptocurrencies is that they don’t know how to navigate online cryptocurrency exchanges. Exchanges are not difficult to use if you are tech-savvy, but they can be nightmarish for people who don’t know their way around online platforms. Bitcoin ATMs look just bank ATMs, so you don’t need any familiarization with the system to perform a transaction.
- Convenience to foreigners
Currency exchanges in foreign countries are oftentimes crowded, unnecessarily prolonging the process of acquiring local currency. Bitcoin ATMs can come in handy for you in two main ways. They will help you avoid those crowded exchanges, and they will save you the need to carry cash money as you travel abroad. All you need to do is put your money in a digital wallet and exchange it for local fiat currency upon arrival at your destination.
- Bigger transaction volumes
Most online exchanges have purchasing caps, meaning you cannot purchase Bitcoin worth more than a certain amount in one transaction or within a specific timeframe. While Bitcoin ATMs have the same restrictions, their caps are significantly higher, and there are hardly any limits on the number of times you can transact in a day.
Bitcoin is here to stay, and so are Bitcoin ATMs. The above are some of the benefits of using ATMs over online exchanges and other conventional methods of acquiring Bitcoin. Hopefully, this article will help you to make a more guided decision on whether or not to start using ATMs.