Cryptocurrency On The Go: Bitcoin ATMs
Bitcoin ATMs have started popping up in various locations around the world. As the
popularity of this digital currency increases, demand for easy access to Bitcoins is increasing as well.
Consumers also want an easy way to convert their traditional currencies into Bitcoins. The solution to this problem is the development and spread of Bitcoin ATMs. The first Bitcoin ATM was installed at a coffee shop in Vancouver, Canada in 2013. The machine was so popular that similar ones were soon installed at other locations across Canada. The concept quickly spread to the United States, as well as the rest of the world.
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How Bitcoin ATMs Work
Since Bitcoin is a completely digital currency, the concept of a Bitcoin ATM is slightly different than a traditional one. A traditional ATM allows users to withdraw physical cash from the machine. Bitcoin ATMs instead allow users to buy Bitcoins with cash, or convert their existing Bitcoins into cash. Subsequently, the ATM functions more like an exchange than a cash withdrawal machine.
To use a Bitcoin ATM, you will first need to identify yourself. Since the Bitcoin system highly depends on security to run effectively, you’ll need to scan a code from your existing digital wallet to start the transaction. Therefore, you will need to have your phone or tablet with you, if you want to use the ATM.
Once you have been identified, you can then start your transaction. To buy Bitcoins, you will need to use your digital wallet to generate a QR code. Insert your cash into the machine and then scan the barcode to send the Bitcoins to the wallet.
If you need to convert Bitcoins into cash, the process is a bit simpler. Fewer people have Bitcoins to turn into cash, so this process is done less often. After identifying yourself to the ATM, you will be able to access the status of your wallet. You can then turn the Bitcoins into cash. Some Bitcoin ATMs will print out a paper receipt detailing your transaction. The fees for using a Bitcoin ATM are higher than the fees you would pay to use a traditional ATM. The fees to use an ATM, instead of an online exchange, for Bitcoins are also higher. This is because the infrastructure needed to run a Bitcoin ATM is quite costly.
Why Use A Bitcoin ATM?
There are many arguments for and against the use of Bitcoin ATMs. Many people actually avoid using them. This is because the fees are so much higher than they are for online exchanges. However, the convenience factor is what keeps many people coming back to Bitcoin ATMs. Having the option to walk into a local coffee shop and make a quick Bitcoin transaction is easier, for many people, than learning how to use an online exchange. For people who like to be able to convert their Bitcoins into physical cash, this is also very convenient.
Another huge benefit of using a Bitcoin ATM is that, no matter where you are in the world, you have access to your currency. This can be especially helpful if you are a traveler looking to avoid high exchange fees. If you purchase Bitcoins before you leave home and then withdraw it once you reach your destination, you can save money. To find your nearest Bitcoin ATM machine, search online for a Bitcoin ATM map.
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