Have you considered buying Bitcoin?
If so, you should consider buying Bitcoin from a local Bitcoin ATM. Most Bitcoin users opt for buying Bitcoin through a web exchange or directly from another Bitcoin owner.
However, there are many benefits of using a local Bitcoin ATM that surpass even the best crypto exchange. As the cryptocurrency market expands, one can expect to see much growth in the Bitcoin ATM network.
Here’s why you should buy from your local Bitcoin ATM:
One of the biggest advantages of using Bitcoin is that it offers financial privacy which is increasingly becoming less common.
However, there are still ways for your Bitcoin activity to get traced to your identity. On a web exchange, you’ll often have to create an account where you enter your vital information.
What about using a hardware wallet? While this is far more secure, your hardware wallet can still get hacked.
With a cryptocurrency ATM, there’s no published record of your transactions. As such, there isn’t a method of tracking your Bitcoin ATM transactions to your identity.
Bitcoin ATM services realize the importance of financial privacy for cryptocurrency users. As such, one can expect more crypto users to use Bitcoin ATMs in the future.
You don’t need to provide any information about your current bank account to use a Bitcoin ATM. You’ll need a smartphone and might need a photo ID for larger transactions. However, in most cases, a Bitcoin ATM won’t save your photo ID in its system.
Bitcoin ATMs offer the best security for protecting cryptocurrencies in contrast to web exchanges and hardware wallets.
There aren’t any third parties with a Bitcoin ATM. All transactions occur between your wallet and the ATM. The proprietor who holds the Bitcoin ATM on their premises can’t access the Bitcoin stored in the ATM.
As of this publication, hackers have focused their attention on web exchanges and hardware wallets. As such, one should consider using Bitcoin ATMs before they become even more popular!
One of the biggest advantages of Bitcoin ATMs is the speed of transactions. While Bitcoin remains the most popular cryptocurrency, its biggest issue is its slow transaction speeds.
If you use a web exchange, there might be a long waiting period for your account to get approved. If you use a hardware wallet, it might take time to set up the wallet for use!
But with Bitcoin ATMs, you can receive your Bitcoin within a few minutes. The process works the same way as a regular ATM — except you’re getting a better type of money!
Registering with a Bitcoin ATM also only takes a few minutes. It’s much less of a hassle than using a web exchange or installing a hardware wallet.
You can use a Bitcoin ATM without needing to first create a crypto wallet. You withdraw Bitcoin from the ATM and then it’ll generate a wallet for you. This wallet address gets printed on a small receipt. Afterward, you can choose how you wish to save this wallet’s public and private key.
But, I Still Don’t Understand How Blockchain Works
Luckily, you don’t have to! While there’s always an advantage to knowing more about blockchain and how Bitcoin works, a Bitcoin ATM doesn’t require you to have any technical expertise.
The Bitcoin ATM will show you how to buy Bitcoin and how to access your Bitcoin wallet.
The only major effort that you’ll have to put in is to protect your wallet address. This will get generated on your ATM receipt. You can keep this receipt in a safe storage area. You can also rewrite it elsewhere or you can store it on a hard drive or wherever else you think is safe!
How a Bitcoin ATM Works
Now let’s look at the process of using a Bitcoin ATM. When you approach a Bitcoin ATM you’ll follow the on-screen steps to register with the ATM.
Once you’ve registered, you then select the option to buy Bitcoin. Afterward, you’ll get the option to generate a new crypto wallet or transfer Bitcoins to your current wallet. As of now, you can only transfer Bitcoin to a wallet created by a Bitcoin ATM.
If you choose the latter option, you scan the QR code that was printed on the receipt dispensed from your previous transaction.
Once you’ve chosen your option, you insert the cash into the ATM. Within a few minutes, the cash will get converted into Bitcoin and this will transfer to your wallet.
The Future of Bitcoin ATMs
So what’s next for Bitcoin ATMs? One can expect more Bitcoin ATMs to pop up in major cities across the world. If you don’t have a local Bitcoin ATM today, you might have one tomorrow!
The major concern with Bitcoin ATMs is that they might malfunction on occasion. There’s always the possibility you might not receive your Bitcoin if the ATM malfunctions. This is what puts many crypto investors off from using Bitcoin ATMs.
However, the great news is that this is exceptionally rare. Your regular ATM that most of us trust blindly is far more susceptible to malfunctions!
You can also expect cryptocurrency ATMs to offer coins other than Bitcoin in the future. We can also expect more businesses to accept Bitcoin as a form of payment. As such, we can expect more businesses to install Bitcoin ATMs in their place of business.
If you’re a crypto investor, you might want to consider buying a few Bitcoin ATMs yourself. They’re the best way to buy Bitcoin and one that you should consider next time you find a local Bitcoin ATM!
Where’s Your Local Bitcoin ATM?
Now you’ve got to find your local Bitcoin ATM and start buying Bitcoin!
While these are still in their infancy, they offer the best method for buying Bitcoin in comparison to web exchanges or direct purchases.
You’ll get greater privacy and security. You also won’t have to stress about slow transaction speeds or installations. Make sure you take advantage of a Bitcoin ATM whenever you come across one!
You can find more great articles on Bitcoin and cryptocurrencies on our website!