At this time in 2013, the concept of a Bitcoin ATM just didn't exist. Now, a mere 7 years later, there are thousands of them across the nation. Leading the charge is the number one provider, Coin Cloud, now approaching 800 two-way digital currency kiosks (meaning you can buy AND sell, not just Bitcoin, but also 29 Altcoins … with cash!)
What's so great about Bitcoin ATMs? And why are they better than online exchanges? Let's find out …
Bitcoin ATMs are cropping up at all the places you go every day. Think gas stations, convenience stores, consumer electronics stores, grocery stores and more. Soon they'll be on every street corner. Sure, online exchanges are convenient as well (they're online, hence the name — and accessible from your computer or phone any time, day or night). But … Bitcoin ATMs (or BTMs) finish the transaction in minutes. Online exchanges take a lot longer.
That brings us to point #2. With a BTM, you can have Bitcoin in your wallet within five minutes, or cash out your Bitcoin stash immediately. Just like withdrawing cash from a bank ATM. Online exchanges have a longer process, with more levels of approval and more personal information required, so the whole experience is slower … especially if you want cash in hand. Now. Like, stat! Because you're not going to get that online.
Obviously you need to prove who you are, any way you want to deal with official financial machines. But with a Bitcoin ATM, you only need a phone number, unless you're trading huge amounts. You can keep your Social Security Number and bank account information to yourself.
Continuing from the previous point, you don't even need a bank account or debit card to use a Bitcoin ATM. With an online exchange you have to link up your bank account, or your debit card, or your credit card … some way to move money back and forth for your trades. With a Bitcoin ATM? All you need is cash. Nothing else. It doesn't get any simpler.
If anything goes wrong, or you have questions, Bitcoin ATM providers like Coin Cloud have live customer service available by phone, chat or email. Online exchanges … not so much. You can just wait until they get back to you, because again, speed is not one of the selling points for online exchanges.
Does all this sound too good to be true? Well, let's be honest here. You'll pay a bit more in transaction rates when using a BTM. That's because you're dealing with the convenience, speed, customer service and everything else listed above, as well as armored trucks to handle the cash, full-time staff to keep the system compliant and safe, premium retail real estate placement, and machine maintenance. Just like you'll probably pay a bit more for milk or beer that you buy while at that convenience store. But hey, that's why they call it a convenience store!
If you're curious about how it all works, and want to experience the cash-to-digital currency (or digital-to-cash) experience yourself, find your nearest Coin Cloud Bitcoin ATM here.
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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