All of us are somehow familiar with the word “Bitcoin.” The reason is that Bitcoin is the first-ever digital currency and is still dominating the crypto world. Mostly, we use various complicated crypto exchanges for trading Bitcoin or rely on trusted platforms such as Fintech-Insight to buy & sell this valuable currency. But gradually, it is becoming old-fashioned after the announcement of Bitcoin ATMs. Hearing it for the first time confuses everyone, and that’s natural because all of us think of ATMs as machines that provide paper money to the users. Bitcoin ATMs exist and provide access to the BTC holders to spend their coins anytime, anywhere.
What Are Bitcoin ATMs?
You can define Bitcoin Automated Teller Machines as a brick-and-mortar model of traditional crypto exchanges. These ATMs are similar to those associated with conventional banks but function differently. Bitcoin ATMs enable you to buy BTC using paper money or debit/credit cards. There also exist some of these machines that allow withdrawing fiat money using BTC. Similar to conventional ATMs, Bitcoin ATMs can also process immediate transactions. You can use them at any time and rely on these ATMs to fulfill your essential BTC buying needs.
Bitcoin ATMs can replace Bitcoin mining. Bitcoin mining involves labor that demands sufficient funds necessary to run the operations of blockchain. It also has a lower Return On Investment as the value of BTC you get as payment is not very high. Since mining is not much profitable, some people prefer to buy BTC using online platforms. However, the majority of the users saw that these transactions were not suitable because they had to wait for a week to get their desired cryptocurrencies. To cope with this problem, Bitcoin ATMs came into existence.
How One Can Find Bitcoin ATMs?
Contrary to your thinking pattern, Bitcoin ATMs are attracting attention all over the world. At present, you can find at least one Bitcoin Automated Teller Machine in more than 75 countries, which is incredible. However, in reality, there exist more than 6000 Bitcoin ATMs in these countries. Finding a Bitcoin ATM is not that much worrisome. All you have to do is to put “Bitcoin ATM near me” in Google’s search box and it will produce multiple results.
How Do These ATMs Work?
Bitcoin Automated Teller Machines are 24×7 connected to any of the crypto exchanges via the internet. When a user wishes to trade BTC using these ATMs, he is required to provide some mandatory information. Based on the location of an ATM according to the country, various Anti-Money Laundering and Know Your Customer regulations may apply to each transaction via Bitcoin ATM. Meanwhile, there exist some Bitcoin Automated Teller Machines that provide innovative security by deducting higher fees.
Using these ATMs will demand no Anti-Money Laundering or Know Your Customer information. Rather, you make a payment to receive BTC, and you get cash for selling BTC. However, you must do some homework before using these anonymous-friendly ATMs. There are times when these ATMs charge 10% as a transaction fee. If you want to keep it secret that you are trading Bitcoins, such ATMs are very lucrative for you.
Is It A Great Technology?
Although convenience and effortless access are both exceptional benefits of Bitcoin ATMs, these are not the only of them. These ATMs offer highly secure transactions as they do not keep the information of your driving license and electronic wallet, which prevents the falling of your images into unauthorized hands. They also contain multi-layered coding that is impossible for an unknown user to access.
The rapid growth of Bitcoin ATMs also declares it a great and promising technology. With the rise in the popularity of the BTC, the number of ATMs at multiple venues will also increase. Hence, you will hardly need to travel to access cryptocurrencies. Thanks to the Bitcoin ATMs that enabled you to get the advantages of trading and saving BTC. It allows you to make safer transactions and buy both online and offline (in stores). You can also make money by possessing BTC and waiting for appreciation in its value. It is a rewarding investment but for this purpose, make sure you are not spending it all and saving at least some portion. All these facts make Bitcoin Automated Teller Machines a great and rewarding technology.