Read News For Me
What do you think is the most common way to access Bitcoin? Well, it’s definitely the use of a trusted exchange platform where you can access cryptocurrencies quickly. But, another better way is to use Bitcoin ATM.
Bitcoin ATMs are constantly in discussion since their launch in 2014. Since 2015, their number is continuously increasing and has reached new heights since the start of 2021. At the beginning of this year, more than 14,000 BTMs (Bitcoin ATMs) came across the world.
The significant difference between a Bitcoin ATM and a traditional ATM is that the former is decentralized and connected to the blockchain through the operator. In contrast, the conventional ATM is associated with banks. Additionally, traditional ATMs are the cash dispenser, while the BTMs are the acceptors of the cash.
Their demand and popularity have increased by almost 50% in the past few years, and the foremost reason for this could be the increase in demand for BTC. But, a thought always comes to our mind: why do we actually need an ATM for transacting Bitcoin when we can do that with Bitcoin exchange platforms? The primary reason for this could be the requirement of lengthy verification sign-up processes for exchange platforms. Comparatively, BTMs are the quickest possible way to sell or buy BTC and that too, anonymously.
Additionally, there are many such persons who are not that tech-savvy and hence, cannot access the online exchanges with convenience. So, the use of Bitcoin ATMs can help people who do not have a bank account or cannot access the exchange platforms with ease. Also, BTMs offer extra privacy and high-speed, making BTC accessible to every person across the world.
Being decentralized, Bitcoin ATMs are always better than the traditional ones. For instance, banks do not offer any service to change your cryptos into money, but you can easily do that with a Bitcoin ATM.
The Bitcoin setup is consisting of kiosks found in many places. The foremost step is to locate a BTM near your place, and after that, you can deposit money to a bitcoin wallet or withdraw cash from your wallet.
To deposit your money in the wallet, you are required to have cash with you, and then you can buy Bitcoins for that cash. To buy BTC, you just need to click “Buy Bitcoins” in BTM and then provide your mobile number, enter validation code and scan your finger. After that, select which coin you want to buy. Note that you can also buy cryptocurrencies such as Dogecoin, Litecoin from Bitcoin ATMs. Then, you can insert your cash bills and click “finish”. Similarly, you can also withdraw cash from the Bitcoin ATM.
The growth of BTMs is evident from the data of CoinATMRadar, showing that the number of Bitcoin ATMs are consistently increasing. But, the exciting thing is that the adoption of cryptocurrency is also rising in the past few years. Now it is definitely not a coincidence that the usage and adoption of cryptocurrencies are growing with the growth of BTMs.
The primary reason that makes BTMs help ion crypto adoption is their ease of use to everyone. Currently, there are almost 70 countries where BTMs are located. You can easily use BTMs if you want to travel abroad, and you need not change your currency for that. You can just carry your Bitcoin wallet.
When it comes to crypto adoption, Bitcoin ATMs can have a significant role to play. The reason is that they make it convenient to access cryptocurrencies for everybody across the globe, and the use of BTMs can indeed lead to more growth in the adoption index of Bitcoin and other crypto-assets.