There are now over 23,000 Bitcoin ATMs worldwide. Countries like Poland and Romania are in the
top 10 hosting the machines. The United States currently hosts 17,000 BTMs.
Bitcoin is more popular than ever these days, and it makes sense to see more and more of these
machines. Have you ever seen or used one before? Whether you are new to the crypto space or a
seasoned vet, there is room for everyone.
If you’re asking yourself “What is a Bitcoin ATM and what are its benefits? then this post is for you. Below we break down the beloved Bitcoin and why you’d want to hit up a cryptocurrency ATM.
What Are the Benefits of Using a Bitcoin ATM?
A Bitcoin ATM mimics what you might expect from a traditional ATM. Rather than dealing with a
Bitcoin exchange on your computer or phone and signing up for an account, you could head to the
closest Bitcoin ATM instead.
Via the machine, you will interact with the interface and perform buys and sells through a Bitcoin
exchange. For small amounts of Bitcoin, you most likely won’t have to deal with KYC as you would on a typical exchange like Coinbase or Kraken.
Ease of Use
The ease of use with a Bitcoin ATM is unmatched. The easy-to-follow intuitive design will bring about mass adoption.
The way it works is by depositing cash into the Bitcoin automated teller machine and scanning your
Bitcoin wallet’s QR code to receive the funds. To sell your Bitcoin, you will be scanning the QR code
on the Bitcoin ATM when prompted.
Using a Bitcoin ATM in a foreign country when traveling is such an upgrade over a currency
exchange. When you’ve spotted a Bitcoin ATM, just use one to perform a Bitcoin exchange into the fiat currency. Alternatively, you could buy Bitcoin if the country you’re in supports it as currency in retail shops.
This reduces the friction when sending money abroad at a much cheaper and faster rate.
In the early days of using a Bitcoin ATM, you wouldn’t have to worry about things like KYC and AML laws. Nowadays Bitcoin ATMs are compliant via the Department of Treasury’s Financial Crimes Enforcement Network (FinCEN).
Rather than doing a peer-to-peer human transaction, all you have to worry about is the machine. This severely limits the risk of being robbed or worse.
Business owners will love the foot traffic a Bitcoin ATM provides. Depending on the Bitcoin value at
the time, more and more people will begin to use it more frequently.
As a user, it isn’t difficult to find a Bitcoin ATM in your area.
Buy Into Bitcoin With a Bitcoin ATM
Have you bought into Bitcoin with a Bitcoin ATM yet? If not, what’re you waiting for? They are a beautiful way to get involved in the crypto space easily.
Once you feel comfortable enough doing so, feel free to share your experience with social media.
Bitcoin is for everyone to enjoy.
For more money-based articles, you’ll want to check out the rest of our blog!