With more and more cryptocurrencies popping up each year, it’s easy to forget the original contender - Bitcoin. This early form of crypto may have been approached with caution in the past, but these days there is no denying that it’s one of the most valuable forms of digital money available. As the industry has expanded over the years, so too have the options available to traders and these days, there are even Bitcoin (and crypto) ATMs available in physical locations.
What is a Bitcoin ATM?
Where a bank will often have a cash machine neatly located outside of its premises, or in strategic parts of a city or town - so too will you find crypto ATMs. Unlike traditional cash machines that provide paper money when a customer withdraws, a Bitcoin ATM can be used to purchase this type of cryptocurrency which will then go straight into the owner’s Bitcoin wallet. Just like when buying from a reputable site such as https://buycoinnow.com a dedicated ATM can be used to log into with the sole intention being to provide the user with the option to buy more Bitcoin.
How Do They Work?
They are fairly straightforward to use. The user can either insert a card (if they have one), or log in with their credentials before being shown their account balance via their wallet. They can then see the current exchange rate from any number of services, although some machines are exclusive to particular providers.
The option to transfer traditional currency can then be used, where the trader can exchange a sum of money and have it transferred into Bitcoin.
Why Might People Want to Do This?
If a particular store only accepts crypto payments, or if the exchange rate is better when buying in Bitcoin, the potential of topping up a wallet can be very beneficial. Other options include being out and about and hearing that the value of Bitcoin has suddenly decreased, and so having an ATM nearby can be an efficient way to invest quickly and without fuss.
Are They Safe to Use?
These ATMs use all of the same features, metrics and security as traditional machines, in fact, many industry experts consider them to be more secure as they don’t store physical money in any form. As a result, the digital nature of these devices can allow the user to transact in a safer environment - and as their wallet will be updated instantly, they will be free to transact with their Bitcoin in seconds.
Overall, Bitcoin ATMs are a fantastic addition to the industry because they are versatile, provide ease of access, and can be viewed on a large screen, which many traders find far more convenient than when using mobile phones or tablets. As they are safe and secure, they can be used with minimal concern, allowing the trader to interact however they choose, whether they wish to check their balance, make a deposit in exchange for Bitcoin, or see what the current rate of exchange might be. Throw in the fact that they are designed to work exclusively with crypto as opposed to traditional money, and it becomes apparent why these machines are popping up all over the place as time goes by.