While Bitcoin ATMs have been there since 2013, they seem to have been overshadowed by online exchanges. Their numbers have started growing recently with many having placed in different locations across the US. You will frequently find users searching for “Bitcoin ATMs near me” on popular search engines. This gives you a fair idea of how popular these facilities have become. They can offer users an alternative to bypass many challenges that online exchanges face. A 2019 report states that the BTC ATM market is likely to hit $144.5 million in two year’s time.
What benefits can you get from using a Bitcoin ATM?
- Convenience: One of the strongest reasons to use Bitcoin ATMs is because they are super convenient. Converting BTC into cash is instantaneous and hassle-free. This streamlines the process of getting local currency and reduces friction for those seeking money in foreign lands. When you have Bitcoin ATM machines at shopping malls and hotels, it can be very advantageous for people who are in immediate need of cash. They would probably choose to take cash out from their Bitcoin wallets rather than bank accounts.
- Speed: Bitcoin ATMs are popular as they can increase transaction speeds. Unless Bitcoin ATMs were available, you would have to first transfer money from Bitcoin wallets into bank accounts. Only then could you withdraw the amount you need. This may not happen right away and could even take a couple of days or longer for processing. One of the major complaints that critics have against Bitcoin’s mainstream adoption is that this crypto is difficult to use. But with Bitcoin ATMs mushrooming in different locations, this will no longer be an issue. Since people are already familiar with regular ATMs, they can start transacting seamlessly with Bitcoin ATMs too.
- No need for accounts: When you use exchanges like Gemini or Coinbase for Bitcoin transfer you have to abide by certain formalities. You need to link your bank account details to satisfy the exchange’s AML/KYC rules. The exchanges, on their part, may take their own time to approve your account. People who prefer privacy will find transacting through ATMs more convenient.
- Security: Since there is only one individual interacting with a Bitcoin ATM machine, chances of frauds are less. In comparison, platforms like LocalBitcoins may offer P2P trading, but you can face security challenges during face-to-face interactions. Chances of getting robbed when you transact large amounts are quite high. So, Bitcoin ATMs offer a far secure way of withdrawing or depositing your money.
- Ease-of-use: This is perhaps one of the biggest advantages that Bitcoin ATMs can offer. It does not need a rocket scientist to operate a machine like the Bitcoin ATM. The step-by-step process is clear and short; there is no need for an online wallet or account. The receipt will have a QR code containing the private and public keys. This can be scanned immediately and recognized by regular wallet apps.
So, go ahead and find the nearest Bitcoin ATM and start transacting your cryptos without any worry. Bitcoin ATMs may still be in their infancy but they are gaining popularity by the day and becoming easier to find.