2021 will become the golden years for Cryptocurrencies and Bitcoin. During the first week of 2021, Bitcoin has already crossed the $40K mark. It is certainly a promising start for Bitcoin. Many experts believe that Bitcoin will continue to move forward from here on out.,
Seeing how Bitcoin is performing in 201, many new traders and investors are looking for an opportunity to enter the Crypto trade market. One of the easiest ways for traders and investors to enter the crypto trade market is the Bitcoin ATMs.
It is also known as the Bitcoin Teller Machine, in short BTM. It makes the exchanging of fiat currency to Cryptocurrencies super easy. Bitcoin ATMs are physical centres that allow you to buy Bitcoins in exchange for fiat currencies. There are some other machines as well that help you see Cryptocurrencies in exchange for fiat currencies.
Why Are Bitcoin ATMs Important?
Whenever we talk about Bitcoin ATMs, the first question we are asked is why to go for BTM when we have some of the best Crypto exchange platforms. Well, the answer is very simple, they offer the fastest way to access Cryptocurrency assets.
Unlike the other Cryptocurrency exchange platforms, Bitcoin ATMs do not ask for the KYC. They do all the processing anonymously.
Whether you are looking to buy $100 worth of Bitcoin or $1000, you do not have to show any ID authentication. However, most countries have taken strict measures to tighten security.
The best part of the BTM is that they offer banking-like services, which really comes in handy if you are a person without any bank account.
Pros of Bitcoin ATMs
Bitcoin ATMs have several advantages over the Crypto exchange platform. Here we have listed down the advantages you can enjoy using BTM.
- The fastest way to access Bitcoin assets.
- No need for Bank accounts.
- It doesn’t require any form of verification.
Cons of Bitcoin ATMs
While Bitcoin ATMs are one of the best ways to buy and sell Bitcoin and other Cryptocurrencies, there are some downsides as well.
- Transaction fees are high.
- It is not suitable for large transactions.
- The number of BTMs are negligible.
How Does Bitcoin ATMs Work?
BTM can perform two-way transactions. That means you can buy Cryptocurrency in exchange for fiat currencies. However, most of the Bitcoin ATM supports fiat to Cryptocurrencies purchases.
Here are some of the most renowned Bitcoin ATMs in the market.
- Lamassu Bitcoin ATM.
All these Bitcoin ATMs are connected with the Bitcoin exchange platform with the help of the internet. All you need to do is deposit your nation’s currencies, and you will be able to buy the equivalent worth of Bitcoin or other Cryptocurrencies.
Before you use a Bitcoin ATM, let me remind you that you need to have a Bitcoin wallet before you can make a purchase. To know more important facts about Bitcoin, visit the website in the image given below
Buying Bitcoin Using BTM
With the different machines, the Buying process might vary. However, here is a general process that will give an idea of how you can buy Bitcoin with the help of BTMs.
- Verify Your Identity
- Provide Your Bitcoin Address To Make A Deposit
- Insert Your Fiat Current For the Deposit
- Confirm The Amount & Complete The Transaction
Selling Bitcoin Using BTM
The selling process of Bitcoin using BTM is also the same. Here is the general process that you need to know.
- Enter the amount of Bitcoin.
- Send Bitcoin to the displayed address.
- Cash will be dispensed once the transaction is complete.
With Bitcoin ATMs in the frame, it is super easy to purchase Bitcoin in exchange for fiat currencies. These ATMs are especially beneficial for the user who lacks a bank account. Before you enter the Crypto trading world, gather as much knowledge as you can. The more market knowledge you have, the fewer mistakes you will make.