Realizing the advantages of Bitcoin ATM when compared to the traditional ones
Thanks to Satoshi Nakamoto’s efforts, that are paying off in this manner. The Bitcoin along with the Blockchain Technology is bringing transformation in the industry where its popularity has reached nooks and corners of the world. It is certainly no surprise that the top members of the elite family are trying to find out the inventor behind this technology who has completely shifted people interest from the central banks which were under their control towards the cryptocurrencies which are solely under the people jurisdiction.
Bitcoin has spurred a number of cryptocurrencies who claim to be solving the issues of the current Bitcoin network. The initial coin offerings and the application of the blockchain technology in a number of applications are turning out to be a boon. The blockchain era seems to be like an industrial revolution in the financial sector.
Bitcoin along with many other cryptocurrencies, now, are actively being used as a currency rather than an investment asset, due to the number of provisions provided by the payment gateway service providers by integrating the Technology with a number of merchants both offline and online.
Now the investors, as well as traders, don’t need to follow intense procedures of the cryptocurrency exchanges in order to buy Bitcoins. Bitcoin ATMs are here, for our rescue. Buying the future cryptocurrency has been made very simple and fast due to the Bitcoin ATMs that are installed in a number of countries around the world. The user needs to follow 6-7 steps in order to purchase Bitcoins.
One must not get confused with traditional ATMs which are connected to the banks. These Bitcoin ATMs are connected to the Blockchain Network and just adds or removes the number of Bitcoins at a public address in the network. Bidirectional ATMs are also available which provide the interconversion between Fiat currency the Bitcoin.
The ease of use of access has been increased by the Bitcoin ATMs. This would surely help people to consider it as a currency. They can even be used for money transfer through the world. At one end of the world, a person can send convert the cash into Bitcoins and send those Bitcoins to the receivers wallet. The receiver then can similarly go to any Bitcoin ATM and convert his Bitcoins into cash. This hassle-free process has lesser transaction fees when compared to the heavy transaction duties levied upon by companies like MoneyGram or Western Union Money Transfer.
According to statistics for 2017, there are almost more than 800 Bitcoin ATMs in the United States alone. The merchants that provide space for the Bitcoin ATMs earn about $300 on an average per month. The only drawback in the Bitcoin ATMs is the high transaction fees of 16% when compared to the traditional fees of 7.5 %.
Privacy and anonymity (Bitcoin ATMs)
Genesis Coin along with General Bytes are some of the leading Bitcoin ATM manufacturers around the world. Bitcoin ATMs are preferred over LocalBitcoins because they provide higher anonymity to the users as they don’t have to meet someone and interacts only with a machine. They even provide privacy to the users as they do not have to deal with huge cryptocurrency exchanges for their conversions. Any problems that arise due to the technical faults of the ATM can be reported to the respective ATM providers in order to reimburse the loss. Hence it is highly secure.
Bitcoin ATMs are available only during the business hours unlike the cryptocurrency exchanges which are available 24/7. However, they are still preferred because almost 40% of the world population doesn’t own a bank account which is a prerequisite in order to transact cryptocurrencies on an exchange.
It is obvious that with more number of Bitcoin ATMs in working condition the transaction fees is bound to reduce. This will also be a great benefit to the long-term cryptocurrency investors, as they do not have to abide by the legal compliances of an exchange, and can just buy Bitcoins and Hodl them without the intervention of any intermediaries. The accessibility of the cryptocurrencies is bound to increase with these Bitcoin ATMs. ATMs for other cryptocurrencies also would soon be available in the market. With all these advancements happening in cryptocurrency space at such a rapid pace, the centralized banks have no resort but to accept the fact that this is the future economy.