When it comes to trading, buying, or selling cryptocurrency, there are a few ways to go about it.
The most dominant method in the scene is the online crypto exchange platform. There are quite a few of them, and some have accompanying apps so you can access your account from your phone as well. They usually make money through deposit and withdrawal fees, as well as converting one virtual currency to another.
Two other methods include peer-to-peer trade and cryptocurrency kiosks, or Bitcoin ATMs. Let’s look at the defining aspects of each.
First, let’s get a basic understanding of what peer-to-peer (P2P) crypto trade is. As the name suggests, peer-to-peer trade is simply crypto trading with a verbal/digital contract between two people rather than a person and a third party. To make this method more trustworthy, each trader often gets access to the other’s trade history. This type of trade is often much more time consuming than the other two listed here.
So why would someone decide to do it? Well, there are a few answers. Firstly, peer-to-peer trade allows for more unique trade options. Since the contract is an agreement between two people, instead of trading the standard “bitcoin for USD,” the traders could decide to exchange bitcoin for something like a pair of shoes or the dinner bill. Not only that, but peer-to-peer allows the traders to purchase some of the lesser-known altcoins that most exchanges don’t offer.
Moving on to Bitcoin ATMs, or BTMs, this type of trade is less time-consuming than either peer-to-peer or crypto exchanges. The bigger difference that sets BTMs apart from crypto exchanges is the physicality of the trade. With a crypto kiosk, you can sell your bitcoin and get your cash into your hand almost instantly.
Regarding the issue of not having a wide diversity of digital currencies available, most BTM companies cap off at around 10 offered cryptocurrencies. Coin Cloud, on the other hand, offers 30 different altcoins while still assuring utmost security.
The common issue that ties all three of these trade options together is, sadly, confusion. When first getting into purchasing or trading cryptocurrency, nobody wants to do hours of research to understand what is actually happening to their money.
Cryptocurrency exchanges can be frustratingly confusing when you first sign into them. Not only that, but amongst all this chaos, they often demand money from you. And it can take days to get your account verified and transfer money from your bank. Not to mention how hard it is to get customer service or support.
Peer-to-peer only gets more confusing from there, considering you and one other person have to know everything about what you’re doing if you want your trade to be safe and successful. Plus, the traditional way of doing this is to meet some stranger in a public place, like a coffee shop or bar. Who wants an awkward and potentially dangerous meetup just to buy bitcoin?
Some BTM companies aren’t much better on the simplicity scale; they slap a bunch of numbers on a screen and expect you to know what they mean.
Coin Cloud’s kiosks seek to solve this issue of confusion with a simple interface, and an all-day support team, ready to pick up your call. There’s no room for confusion when you can contact Coin Cloud’s support team with no extra charge.
Not only that, but Coin Cloud’s website provides free insight into cryptocurrency and its nuances through its blog posts. Both this information and support are things crypto exchanges often charge you for.
Overall there are many pros and cons to all these methods: BTMs, cryptocurrency exchange platforms, and peer-to-peer exchanges. But Coin Cloud’s BTMs seek to remove the frustrating bits, giving you the quickest, safest, and most pleasant experience possible.
Disclaimer: The information and views supplied on the Coin Cloud blog are for educational and entertainment purposes only. We are not financial advisors, so please do your research and consult with a trusted financial specialist before investing your money.
Founded in 2014 in Las Vegas, Nevada, Coin Cloud is the leading digital currency machine (DCM) operator. With over 4,500 locations nationwide, in 48 states and Brazil, Coin Cloud operates the world’s largest and fastest-growing network of 100% two-way DCMs, a more advanced version of the Bitcoin ATM. Every Coin Cloud DCM empowers you to quickly and easily buy and sell over 40 cryptocurrency options with cash.
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