Looking for a real world alternative to online bitcoin trading? Why not use a cryptocurrency ATM! Here’s our guide to using these convenient and secure machines
You’ve probably been hearing about cryptocurrency for years, but many people have been hesitant to make the investment for a variety of factors. Potential buyers worried about the security involved with making large purchases of Bitcoin and the potential for Bitcoin to lose value over time. Well, we’ve come a long way from those days, and bitcoin has seen a massive rise in popularity among investors.
Today, investors in Bitcoin are looking for new and innovative ways to boost their convenience and the liquidity of their investment. Who knew that the answer to their wish would come in the form of an old-fashioned ATM, a cryptocurrency ATM, to be precise.
Read on to learn all about this new technology!
What Is Bitcoin Banking?
Bitcoin is one of many different forms of internet currency, also known as cryptocurrency. The intended purpose of cryptocurrency is for use on online purchases of goods or services. Think of it as analogous to the tokens you win at a casino when you’re gambling, which you then trade in for cash.
The internet is full of different cryptocurrency offerings, including Dogecoin, which is named for the Doge meme. Bitcoin, however, has the most legitimacy and therefore the highest value. Demand for Bitcoin is high among consumers, and they’re looking for easy ways to securely invest in it. Still, traditional banks are wary of Bitcoin and few are willing to deal with cryptocurrency.
When it comes to Bitcoin, consumers aren’t willing to take no for an answer. Since traditional banks aren’t up to the challenge of dealing with Bitcoin, there has been a rise in Bitcoin banking, and a boom is expected in the very near future.
What Is a Cryptocurrency ATM?
What good is a bank if consumers don’t have a way to access their money at a moment’s notice? With the value of Bitcoin on the rise, consumers are looking for easy ways to buy, sell, and convert their Bitcoin to cash.
Enter the cryptocurrency ATM.
A cryptocurrency ATM functions almost exactly like a traditional ATM you’d find at any brick and mortar banking institution. You can enter cash into the ATM and use it to buy more Bitcoin and add it to your account. You can also sell Bitcoin at the ATM, and even transfer the funds of the sale into cash.
There are some variations in the options available at a Bitcoin ATM. For example, older versions of these ATMs only allow you to buy Bitcoin. You’ll just want to be careful to verify that the ATM you visit is capable of all the functions you need it to perform.
How Does It Work?
You’re ready to visit your very first cryptocurrency ATM, but you have questions about how it works. We’ve got you covered.
A cryptocurrency ATM looks pretty similar to a standard ATM. It has a monitor, bill acceptor and dispenser, and a QR code scanner. Instead of accessing your bank account, they are linked to a cryptocurrency exchange. You can access your personal account through a debit card or by entering your Bitcoin wallet credentials.
From there, you are able to buy or sell Bitcoin, or you can convert the Bitcoin you own into cash. There may be transaction fees associated with your use of the ATM. These fees typically range between 10 and 20 percent of the transaction, though they can be higher or lower.
Why Should You Use a Bitcoin ATM?
If you’re used to doing everything you need to do from the comfort of your own couch, you might be wondering why you should even bother venturing out of the house to visit a Bitcoin ATM. As it turns out, there are quite a few legitimate reasons why they’re preferable to buying and selling on your computer.
In order to buy and sell cryptocurrency online, you need to sign up for an exchange. Once you’re signed up, there’s a waiting period for the exchanges to verify the transaction and make the cryptocurrency available for use. This can be anywhere from a few days to a few weeks.
Buying and selling cryptocurrency at an ATM, however, can mean instant access to your funds.
You Don’t Need a Bank Account
Cryptocurrency may be new and innovative, but many exchanges still require that users have a bank account or e-wallet in order to buy or sell Bitcoin. This is fine for many people, but if you’re concerned about sharing the details of your financial institution with sellers on the internet, then you might be a little gunshy about taking the plunge into cryptocurrency.
Cryptocurrency ATMs accept cash, however. This means you can start investing in Bitcoin without ever having to involve your traditional bank.
If you’re not tech-savvy, then buying Bitcoin online is probably not going to feel very intuitive. Thankfully, Bitcoin ATMs are easy to use. This is primarily because buying and selling is a simplified process that anyone would feel comfortable using.
How Do You Find a Cryptocurrency ATM?
Just like banks, cryptocurrency ATMs are offered by a variety of different financial institutions. In order to find one, you will need to log on to the website or mobile app of the financial institution. Check out this company as the starting point to your search for an ATM.
When searching for an ATM, you can verify the offerings provided by each ATM. This will save you the stress of arriving at an ATM that doesn’t perform the functions you need it to.
Are You Ready to Take the Leap to Cryptocurrency?
Investing in new and exciting forms of cryptocurrency might require a leap of faith, but that leap is paying off in spades for many people. A cryptocurrency ATM is a great way to make buying and selling cryptocurrency super easy and convenient. Plus, what’s not to love about having easy access to your hard-earned cash?!
It’s hard to stay on top of the latest business and investment trends like Bitcoin ATMs. Thankfully, our blog can help you stay on the cutting edge of these things and much more. Check out the rest of our blog for everything you need to know to stay informed!