If you haven’t heard about Bitcoin and its growing demand in the past few years, then you are living under a rock. Bitcoin is deemed as the digital currency of the future. With more and more individuals around the world adopting Bitcoin as a form of payment and engaging in either buying or selling it, the desire for safe and quick access to it has grown, leading to the growth of Bitcoin ATMs.
What Is a Bitcoin ATM?
A Bitcoin ATM (Automated Teller Machine) is a machine similar to the normal ATMs, through which people can buy or sell BTC and other cryptocurrencies via cash or a 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 Paydepot, for example, allow their customers to purchase and sell Bitcoin with cash at any one of their self-serving kiosks.
Reasons to Use a Bitcoin ATM
Bitcoin ATMs offer users a fresh alternative to cope up with the hassles that come with online exchanges. Below are some of the reasons why they are a better alternative.
1. Ease of Buying and Selling Bitcoins
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, purchasing Bitcoin from a Bitcoin ATM is as straightforward as using a regular cash ATM. You can buy BTC in a few simple steps in just a few seconds. Bitcoin ATMs have multipurpose use by allowing the selling of Bitcoin in exchange for the local currency.
Even if you don’t have a registered account with the Bitcoin ATM provider, they enable 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 directly sends the coins to your wallet.
There are more than 12,000+ Bitcoin ATMs worldwide, with the numbers increasing daily, which makes getting access to these Bitcoin ATMs easier.
2. Reliable Mode of Doing Bitcoin Transactions
Bitcoin online exchanges or platforms usually are either not secure, scam, or easy to hack. Hence, they are risky to do trading or any transactions without proper due diligence.
On the other hand, Bitcoin ATMs allow you to buy and sell BTC straight from your wallet safely and soundly while ensuring that you retain complete control of your funds. They are completely non-custodial, which means you retain complete ownership of your coins at all times.
Bitcoin ATMs are owned and operated by registered and reputed companies who offer secure modes to do transactions with their customers. They go above and beyond to ensure that their users have a hassle-free service from them.
3. Provides Complete Privacy
Preserving some sense of privacy is more crucial than ever since every move made on the internet is recorded somewhere online. Hence, it is critical to keep financial information private.
While transacting online, users must 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 complete access to your personal and financial data.
Additional security measure is that Bitcoin ATMs produce a fresh private key and public key as QR codes printed on paper (known as a “paper wallet” ) every time a new transaction request is made. This adds a layer of security to your crypto investing adventure that you won’t get from an online exchange.
4. Swift in Nature
Buying BTC via online exchanges can take up to a week, sometimes even more. There are very few reputable online exchanges that offer platforms to buy and sell and are almost always swamped with requests for accounts. Many potential customers are frequently 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 freedom to buy and sell BTC when convenient for you, not when it’s convenient for the exchange you signed up with. Bitcoin ATMs machines take seconds, if not minutes, to complete a transaction and can be used 24 hours a day, seven days a week.
With internet Bitcoin exchanges, it can take days to reach out to someone who can assist you with your issues or queries. Users need to submit a ticket and wait for their turn, which can be very time-consuming and cumbersome for the users.
While using Bitcoin ATM, If you have any problems, someone from customer support will be easily reachable and assist you. This is a great feature, especially for new Bitcoin users who can relax knowing that their BTC will be bought and sold correctly. They even offer various features like a dedicated phone line, chat, or live support, thereby ensuring that your purchasing and selling experience is as pleasant as possible.
As the most convenient option, Bitcoin ATMs are rapidly overtaking online exchanges and banks. There will surely be a rise in the number of Bitcoin ATMs in the coming years. If you want to avoid bank accounts, long queues, and dubious claims made by exchanges, the Bitcoin ATM is a perfect option. The near-frictionless experience of purchasing with an ATM is one of its best features.
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