What are Bitcoin ATMs and their top 5 advantages?
by Arnab Dey Investing Published on: 27 January 2022 Last Updated on: 23 March 2022
Since 2013, Bitcoin ATMs have already existed but have been dominated by online exchanges for a long time. That has subsequently altered as a result of the significant surge of Bitcoin ATMs that have been installed around the United States and the rest of the world.
A Bitcoin ATM is comparable to a standard ATM, with the exception that it only accepts Bitcoin as payment. It is usually installed as a tiny kiosk with a screen interface and provides a simple way to transact Bitcoin (BTC). It is akin to accessing a bank account using a standard ATM.
For some Bitcoin ATMs, you are allowed to purchase and sell not just Bitcoin but also other significant cryptocurrencies like Ethereum (ETH), Bitcoin Cash (BCH), or Litecoin (LTC).
How does it work?
All Bitcoin machines follow a similar operating technique. As mentioned above, the process is very similar to using an ATM at a bank.
To use the equipment, you must have a validated account, which is a Bitcoin wallet, just like a standard ATM. The methods below show how to buy Bitcoins or other cryptocurrencies from a kiosk.
- First, you will need to enter your mobile phone number.
- As part of the verification process, you will also have to type in the validation code and take a fingerprint scan.
- Once validated, you are good to go and select Buy Bitcoins or any other altcoin of your choice.
- Scan your wallet or create a new one. Then scan the QR code for the wallet.
- Place your bill and send it. You may also select the printed transaction ticket as you finish.
Learn more on the Bitcoin Evolution website.
What are the advantages of using it?
1. Security
You can feel confident that there are no other parties involved. This means that Bitcoin ATMs can protect your digital currency from hackers and cyber-criminals. Despite its simplicity, the verification procedure is foolproof.
2. Anonymity
With Bitcoin ATMs, you do not have to be concerned about your privacy or confidentiality. To make a transaction, you will need a digital wallet, and there is a security procedure in place.
Some machines do not need identity verification (in countries where KYC, or Know Your Customer, is not required), keeping you anonymous and leaving no trace of transactions.
3. Speed
The majority of Bitcoin ATMs process requests in under 15 seconds. A user only needs to scan the QR code, select on insert or withdraw bills, and then press the transmit icon to complete the transaction.
4. Flexibility
Bitcoin ATMs may be found in 60 countries throughout the world (e.g., United States, Canada, El Salvador), and you can use any of them to sell or purchase digital assets.
5. Mainstream Adoption
Many individuals are already accustomed to using fiat ATMs, making the switch to Bitcoin ATMs quite simple. This is one of the reasons why Bitcoin ATMs may now be found in over 60 countries.
As a result, the more individuals who use Bitcoin ATMs, the more likely Bitcoin will become popular. Bitcoin ATM users assist in raising awareness and trust in Bitcoin as a currency.
Where and how to find Bitcoin ATMs nearby?
All you have to do is do a fast web search for the local Bitcoin ATM, but keep in mind that, despite being there for more than five years, ATMs are still fresh in culture.
And if there is not around your area right now, chances are there will be soon, especially if you live in a medium to a large city.
Reminder: Before investing in cryptocurrencies, do your research.
This page’s content is only to educate our visitors. We highly encourage you to perform extensive research and seek the counsel of a licensed financial expert before investing in cryptocurrencies.
This guide should not be used to make particular decisions on cryptocurrency use, legal issues, investments, taxes, cryptocurrency mining, exchanges, wallets, or anything else. Any thoughts stated in the article are strictly those of the author.
Read Also:
Related
