Also referred to as Bitcoin machines or BTMs, Bitcoin ATMs are changing the interaction people have with cryptocurrency. These physical kiosks enable users to purchase and, at some machines, to sell Bitcoin and other cryptocurrencies, using cash or debit cards.
As the use of digital currencies grows around the world, Bitcoin machine ATMs are making virtual currencies accessible to the masses. These digital assets are increasingly present in our physical world and, yet still “invisible” behind technological barriers to access. However, as internet access grows they are also a bridge to the under-banked and unbanked struggling in the physical economy.
Convenience and Accessibility
The unmatched convenience makes Bitcoin ATMs a revolutionary access point for cryptocurrencies. While many traditional crypto exchanges demand a protracted and infuriating onboarding process (complete with identity verification and bank account linkage), that’s not the case for BTMs most of the time.
At their most basic level, modern BTMs offer an immediate and accessible way for the public to buy and sell Bitcoin. Compared to global access, with a BTM you can perform the same function as a cash machine; places like shopping centers, gas stations, and convenience stores can all serve as BTC access points. Bitcoin ATMs also serve unbanked and under-banked populations.
The World Bank estimates that around 1.4 billion people worldwide do not have access to a bank account. Bitcoin ATMs provide these individuals a way to engage in the digital economy without depending on conventional financial institutions. Enabling cash-to-crypto transactions gives these machines the power to make more people participants in the world of digital currencies, which is a step toward greater financial inclusion.
Faster Transactions
Another big plus for a bitcoin machine ATM is its speed. Traditional exchanges can take hours or even days to process transactions. That’s because they have to deal with all sorts of intermediaries and counter-parties like banks and payment processors, that have their own internal processing times and schedules. In contrast, using a Bitcoin ATM is a pretty straightforward affair. You put in the cash and you get nearly instant access to your crypto.
Bridging the Gap Between Traditional and Digital Finance
Bitcoin ATMs serve as a link between the conventional financial world and the realm of cryptocurrencies. The very idea of cryptocurrency can come across as vague and even scary to many.
However, greater access to these machines can help bring widespread adoption of Bitcoin and other cryptocurrencies. In addition, international remittances benefit from the existence of BTMs. These machines allow people to convert their local currencies into Bitcoin, which can then be sent anywhere in the world.
The process is much faster than relying on conventional banking systems and it is far cheaper than using the many money transfer services that exist today. Sending remittances via Bitcoin is a fantastic alternative for those who want or need to send money to friends and family across borders.
The Financial Benefits and Conveniences Are Nearly Endless with a Bitcoin Machine ATM
In summary, BTMs are being introduced to the global market, with the hope that they will provide more access to Bitcoin and other cryptocurrencies. These crypto ATMs are offering a fast way to purchase Bitcoin, leading to the hope that they can compete with exchanges by offering faster, more convenient transactions.
