If you haven’t heard of Bitcoin and its increasing demand over the past few years, then you are living under a rock. Bitcoin is considered the digital currency of the future. With more and more individuals around the world embracing Bitcoin as a form of payment and committing to buy or sell it, the desire to access it quickly and securely has increased, leading to growth. Bitcoin ATMs.
What is a Bitcoin ATM?
A Bitcoin ATM (Automated Teller Machine) is a machine similar to normal ATMs, through which people can buy or sell BTC and other cryptocurrencies in cash or by debit card. These Bitcoin ATMs are linked to a Bitcoin network through the Internet. To use the machine, users must first have an account with a Bitcoin ATM provider. Companies like Payroll deposit, for example, allow their customers to buy and sell Bitcoin for cash at one of their self-service kiosks.
Reasons to use a Bitcoin ATM
Bitcoin ATMs offer users a new alternative to deal with the hassle of trading online. Here are some of the reasons why they are a better alternative.
1. Ease of buying and selling Bitcoin
Buying or selling BTC through online exchanges and platforms can be quite tedious and confusing for new Bitcoin buyers or traders. Many traditional and commercial banks also make buying or selling BTC very inconvenient by not allowing customers to use their bank account for Bitcoin trading.
Therefore, buying Bitcoin from a Bitcoin ATM is as easy as using a regular cash ATM. You can buy BTC in a few simple steps within seconds. Bitcoin ATMs have a versatile use by allowing the sale of Bitcoin in exchange for local currency.
Even if you don’t have a registered account with the Bitcoin ATM provider, they allow you to set up and complete your transactions within minutes. All you need to bring to the Bitcoin ATM is your phone to verify your phone number and scan the QR code, which sends the coins directly to your wallet.
There is more than More than 12,000 Bitcoin ATMs around the world, with numbers that are increasing daily, making it easier to access these Bitcoin ATMs.
2. Reliable way of doing Bitcoin transactions
Bitcoin exchanges or online platforms are generally not secure, fraudulent, or easy to hack. Hence, they are risky to trade or deal without proper due diligence.
On the other hand, Bitcoin ATMs allow you to buy and sell BTC directly from your wallet safely and securely while ensuring that you maintain full control over your funds. They are completely non-custodial, which means you retain full ownership of your coins at all times.
Bitcoin ATMs are owned and operated by reputable, registered companies that offer secure modes for transacting with their customers. They go above and beyond to make sure that their users receive hassle-free service from them.
3. Provides complete privacy
Preserving a certain sense of privacy is more crucial than ever since every movement made on the Internet is recorded somewhere online. Hence, it is essential to keep financial information private.
When transacting online, users are required to link their bank account information when accessing a Bitcoin platform to comply with the institution’s KYC / AML standards. This means that online exchanges have full access to your personal and financial data.
An additional security measure is that Bitcoin ATMs produce a new private key and a public key in the form of QR codes printed on paper (known as “paper wallet“) whenever a new trade request is made. This adds a layer of security to your crypto investing adventure that you won’t get from an online exchange.
4. Fast in nature
Buying BTC through online exchanges can take up to a week, sometimes even longer. There are very few reputable online exchanges that offer buying and selling platforms and are almost always inundated with account requests. Many potential customers are often stuck in limbo, eager to invest in Bitcoin but unable to do so until their account is validated using their bank details and KYC.
Bitcoin ATMs offer the freedom to buy and sell BTC when it’s convenient for you, not when it’s convenient for you for the exchange you signed up with. Bitcoin ATMs take seconds or even minutes to complete a transaction and can be used 24 hours a day, seven days a week.
5. Service oriented
With Bitcoin exchanges on the internet, it can take days to contact someone who can help you with your problems or queries. Users have to submit a ticket and wait their turn, which can be very long and tedious for users.
When using Bitcoin ATM, if you have any issues, a customer support person will be easily reachable and will help you. This is a great feature, especially for new Bitcoin users who can relax knowing that their BTC will be bought and sold properly. They even offer various features like a dedicated phone line, live chat or support, ensuring that your buying and selling experience is as pleasant as possible.
Conclusion
As the most convenient option, Bitcoin ATMs are quickly overtaking online exchanges and banks. There will surely be an increase in the number of Bitcoin ATMs in the years to come. If you want to avoid bank accounts, long queues, and questionable claims made by exchanges, Bitcoin ATM is a perfect option. The almost frictionless shopping experience with an ATM is one of its best features.
Interesting related article: “How to differentiate Bitcoin, Bitcoin Cash and Bitcoin Gold? “