- August 6, 2021
According to market predictions, the Bitcoin ATM market is set to increase to a worth of $542.52 million by 2027. This indicates a sharp rise in Bitcoin ATM usage, but why? What are the benefits of Bitcoin ATMs over online exchanges?
If you understand the benefits of using a Bitcoin ATM, it’s no wonder the market for BTC ATM machines is exploding.
Cryptocurrency adoption is now a global phenomenon, and Bitcoin is the daddy of all cryptocurrencies. One of the reasons for the growing adoption of cryptocurrencies and Bitcoin is the privacy it offers.
Online Bitcoin transactions offer a certain level of privacy—however, Bitcoin ATMs take this even further. By using a Bitcoin ATM, you can enjoy the ultimate in financial privacy.
This is just one of the many advantages of using a Bitcoin ATM. Want to learn about all the other benefits Bitcoin ATMs offer? Keep reading to find out, as well as learn more about how to use a BTC ATM.
What Is A Bitcoin ATM Used For?
Before we get into their advantages, what is a Bitcoin ATM used for? The main purpose of using a Bitcoin ATM is for buying Bitcoin with cash. You can also sell Bitcoin that you hold for cash using a Bitcoin ATM.
Currently, you cannot transfer Bitcoin to other addresses from a Bitcoin ATM.
They Offer Ultimate Financial Privacy
One of the most popular benefits of Bitcoin ATMs is the privacy they offer. Bitcoin was designed to be a private, secure, and decentralized unit of exchange. If you are wondering, “Why to use a Bitcoin ATM?” privacy is one of the biggest reasons.
When you transfer Bitcoin from one wallet to another, the record of this is visible for anyone to see. However, as there is no link between your wallet and your identity, transactions are kept 100% private.
Unfortunately, if you want to buy or sell Bitcoin or other cryptos, you will need to work through a verified exchange. If you don’t, you run the risk of scams and chargebacks.
The downside to this is that large exchanges are obliged to hand over user information to controlling bodies such as the IRS. Exchanges also require users to go through the KYC procedure, which gives them access to all of their personal and banking information.
All of this means that your transactions are never 100% private when you work with an online exchange.
When you utilize a Bitcoin ATM, you will need to provide proof of your identity. However, Bitcoin ATM transactions are still much more private than those done through an online exchange.
Bitcoin ATMs Are Incredibly Safe
Another reason for using Bitcoin ATMs, is they are very secure. While exchanges are commonly hacked and scams abound online, physical Bitcoin ATMs are pretty much tamper-proof.
For one, they are run by local businesses and operators. These operators need to sign legal documentation with the Bitcoin ATM company. There is no third party involved in the transactions; it’s just you and the machine.
Because there are no third parties, Bitcoin machines are more secure than most exchanges and online platforms.
They Are Very Fast
Besides being highly secure, Bitcoin ATMs also offer an instant way to buy or sell cryptocurrencies. Although transactions on online exchanges are speedy, the signup process can be very drawn out.
In some cases, it can take weeks for your account to be approved and verified. Depending on your reason for buying BTC, this might not be an issue.
However, if you’re aiming to buy the dip and get in on bitcoin at a good price, this delay can often cost you dearly. After a week or so, the price of Bitcoin may have risen substantially—and you might have missed out on a golden buying opportunity.
When using a Bitcoin ATM, you don’t have to worry about any delays. You can carry out your transaction within a few minutes and buy Bitcoin almost instantly without needing to go through lengthy verification processes.
For example, if you use one of our ATMs, registration is only a few minutes.
Bitcoin ATMs Are Easy To Use
Besides being fast, secure, and private, using a Bitcoin ATM is also very easy. Anyone who has used a regular ATM before will feel right at home using a Bitcoin ATM.
Users won’t need to navigate complicated trading exchanges or worry about PC malware at all. You can use the Bitcoin ATM in a similar way to other ATMs, with a few minor crypto-related differences.
You Don’t Have To Be Tech-Savvy To Use A Bitcoin ATM
As we just mentioned, using a Bitcoin ATM is very simple. What’s more, you also don’t need to be highly tech-savvy. One of the stumbling blocks to Bitcoin adoption has been the learning curve it can involve.
With Bitcoin ATMs, you don’t need to understand all the intricacies of blockchain to invest in crypto. All you need to know is how to operate the ATM and wallet safekeeping best practices.
Knowing how to operate and safeguard your wallet is very important, however, so make sure you brush up on these basics before you head to your closest ATM.
It’s One of the Easiest Ways to Open a Wallet
If you are thinking of buying Bitcoin, you should always make sure you learn about wallet creation and ownership basics. However, Bitcoin ATMs take away the need for you to create your own wallet online.
If you don’t have a Bitcoin or crypto wallet and don’t feel like going through the process of creating one online, you can simply purchase bitcoin using a Bitcoin ATM, and the machine will generate a paper wallet for you.
From here, you can choose to back up your paper wallet at home, on a hard drive, or any other offline method you choose.
You Don’t Need A Bank Account to Use A Bitcoin ATM
Don’t have a bank account and thinking about using a Bitcoin atm? No problem!
Bitcoin ATMs don’t require you to enter any kind of bank details. All you need is cash, your photo ID, and your cellphone.
Bitcoin ATMs Allow You To Easily Invest In Bitcoin
Are you keen to invest in Bitcoin (or other cryptocurrencies) but aren’t sure where to start? Using a Bitcoin ATM is a great way to begin.
Instead of having to set up exchange accounts and navigate the online crypto buying and selling waters, you can simply head to your closest Bitcoin ATM, cash in hand.
Besides educating yourself on wallet protection best practices, this is all you will need to do. You can safely invest in Bitcoin within a few minutes. Should you wish to sell your Bitcoin at a later date, you can do this by using a Bitcoin ATM once more or any other channel you choose.
Bitcoin ATMs Are Becoming More Widespread
Another benefit of Bitcoin ATMs is they are becoming more and more widespread. This means you can access them with increasing ease.
Currently, there are over 28,000 Bitcoin ATMs in the US. In contrast, there are over 470,000 regular ATMs. However, with new Bitcoin ATMs popping up all the time, chances are you have one in your area.
How Do You Use A Bitcoin ATM?
Are you wondering how do I use a Bitcoin ATM? As we said, the process is very easy.
For our ATMs, you will need to bring the cash you want to buy your Bitcoin (or other cryptocurrencies) with, your cellphone, and your photo ID.
Once you get to the ATM, the first thing you’ll need to do is press the start button and go through a short registration screen. From here, click on buy Bitcoins. Then you will have a choice whether to scan the QR code for your wallet or generate a new one.
Once you have either scanned your wallet’s QR code or generated a new one, you can then insert your bills and finalize the transaction.
Using A Bitcoin ATM Has Never Been Easier
Thanks to the proliferation of ATMs from companies like us and others, using a Bitcoin ATM has never been easier. What’s more, not only are Bitcoin ATMs now easy to find, they are also convenient and simple to use.
Additionally, Bitcoin ATMs offer enhanced security, privacy, and speed. If you have cash that you want to invest in cryptocurrency, then using a Bitcoin ATM is often the best way to do this.
Need to find a Bitcoin ATM near you? Check out this page for a list of our Bitcoin ATM locations.