Bitcoin ATMs have been popping up in convenience stores, shopping malls, and restaurants around the globe to help make cryptocurrency more convenient and accessible. If you’ve never bought any bitcoin, or you typically buy your crypto online, you may be wondering what the point of a bitcoin ATM is.
Below, find six reasons to consider using a bitcoin ATM.
1. You are a crypto beginner
Many turn to bitcoin ATMs for their first foray into cryptocurrency. First-time bitcoin users tend to appreciate the familiarity of the ATM and the simplicity of converting cash into cryptocurrency. Using a bitcoin ATM does not require extensive experience. It is as simple as selecting which crypto you would like to purchase, scanning your digital wallet, and inserting your cash!
Unlike cryptocurrency exchanges, onboarding is a breeze. Depending on the size of your transaction, all you need to use the bitcoin ATM is a name, phone number, and a digital wallet. Many bitcoin ATMs also come with customer support available by phone 24/7 to answer any questions you may have throughout the process.
2. You value privacy
When every move we make is recorded somewhere online, maintaining some sense of privacy is more important than ever. There are plenty of aspects of life that are reasonable to keep private and financial history is one of them.
Converting cash to crypto means there are no discernible charges on your credit card or bank account. This adds a layer of privacy to your crypto investing journey that cannot be found from an online exchange where the use of a credit/ debit card or bank transfer is necessary.
3. You want to keep your transactions secure
Bitcoin ATMs are one of the safest and secure ways to buy and sell bitcoin and other cryptocurrencies. Unlike cryptocurrency exchanges, bitcoin ATMs are entirely non-custodial, meaning that you always have complete ownership of your coins.
Bitcoin ATMs allow you to buy and sell crypto directly from your wallet safely and securely while ensuring that you always have complete control over your coins.
Plus, depending on the size of your transaction, bitcoin ATMs don't require much personal information besides a name and a phone number. This means if the bitcoin ATM operator was ever hacked or compromised (which has never happened), then your personal information is not at risk.
4. You want your crypto ASAP
Bitcoin ATM transactions are fast and typically processed within 3 minutes. This means your BTC will be in your wallet by the time you get back to your car after using the machine.
Cryptocurrency exchange users have likely experienced times when exchange websites shut down due to overcapacity during times when the market is hot. Bitcoin ATM operators like CoinFlip by Olliv never shut down during these times. You can feel confident knowing you are buying and selling bitcoin as soon as you need to before the price changes again.
5. You do not have a bank account
Bitcoin ATMs are an excellent option for people without bank accounts to store funds or access essential financial services. It is estimated that more than 6% of households in the United States are unbanked. If you've never been in this position before, you probably don't realize just how essential having a bank account is in day-to-day life. We use banks to keep our money safe from being lost, damaged, or stolen. We use it to pay our bills, buy necessities, and receive our paychecks.
Bitcoin ATMs create a gateway between the people without access to bank accounts and the digital economy - allowing unbanked people a kind of financial security they did not have before. Bitcoin ATMs have virtually no barriers to entry - anyone with a phone number and digital wallet can buy, sell, and safely store cryptocurrencies.
6. You have a lot of cash
Anyone with experience as a server or delivery driver knows what it's like to have a lot of cash on hand. Bitcoin ATMs can help you turn your cash tips into crypto investments in just a few easy steps. Bitcoin ATMs can be especially beneficial if you have a lot of cash and no bank account.
Instead of storing cash in high-risk places like on your person or in your home, safely store your money in cryptocurrency. If you are not interested in bitcoin's price volatility, then exchanging your cash for a stablecoin like USD Coin, which is pegged to the US Dollar, can be a great way to keep your money safe at face value.
There are many reasons why someone may choose to use a bitcoin ATM over other methods of purchasing cryptocurrency. With bitcoin ATMs, transactions are convenient, fast, secure, and accessible, among other things.