They’re Cool … But Why do Bitcoin ATMs Exist?

“Familiarity” is Only Part of the “BTM” Story
By 
Coin Cloud Team
, published on 
April 20, 2020
They’re Cool … But Why do Bitcoin ATMs Exist?

You see them in the corner store, the gas station and the casino. Those Bitcoin ATMs, also known as BTMs, are pretty cool. There’s no denying that. But really, why do we need them?

Well, the demand for Bitcoins and other cryptocurrencies has steadily increased worldwide. So, cryptocurrency providers have been forced to figure out ways to integrate this “new frontier” into the daily lives of the population.

Before Bitcoin ATMs hit the market, it was kind of like the Wild West. All transactions, no matter how large or small, were conducted in “less-than-regulated” ways. At Coin Cloud, we call that era the “last mile problem.” Why? On the timeline of cryptocurrency history, this was the final period before it became a scalable entity.

But now, people need the ability to transfer their assets in a reliably secure way. Enter the new normal … the BTM era.

Bitcoin ATMs make cryptocurrency transactions as simple as using a regular banking ATM to withdraw or deposit cash. BTMs save you the hassle of going through lengthy online procedures, and instead give you a convenient and familiar way to explore the cryptocurrency market.

Familiar… But How Does it Work?

First off, Bitcoin ATMs operate very similarly to the bank machines you’ve used before. It’s simple: you verify your identity, deposit your cash into the machine, and make your transaction. No schemes, no complicated procedures … just a simple and familiar transaction. These machines are designed to simplify the cryptocurrency transaction experience so that it’s safe, legal, and secure. ATMs are an important part of our financial experience, and have proven to be just as viable in the rapidly-maturing age of digital currency.

History

The first cryptocurrency ATM went live in 2013. After a long regulatory journey, some of the first licensed vending machines hit the market in 2014, including Coin Cloud BTMs. The agreement was that legitimate Bitcoin ATMs had to follow the same regulations and laws as conventional ATMs, including a limit on withdrawals and deposits.

Benefits of using a Bitcoin ATM

The Bitcoin ATM offers a lot of advantages over buying and selling crypto online.

1. Familiarity

Bitcoin ATMs offer a familiar, user-friendly interface that doesn’t require advanced knowledge or technical expertise to operate.

2. Usability

The point of an ATM is convenience. Online exchanges can be complex and time-consuming, but Bitcoin ATMs are designed to work just like conventional ATMs.

3. Speed

While most online exchanges take a few hours – or even a few days – to complete one transaction, the Bitcoin ATM can do it in a matter of minutes, if not seconds!

4. Tangibility

Bitcoin ATMs offer tangible ways to see and interact with your digital wallet. This helps users understand and trust the transaction … which aids in the widespread acceptance of the cryptocurrency system.

5. Privacy

You typically need nothing more than your phone and your government-issued ID to complete a transaction at the Bitcoin ATM. This completely eliminates the need for inputting personal details or filling out long forms.

6. Inclusivity

Since Bitcoin ATMs can be used by anyone with ID and a mobile device, they open up financial opportunities to those currently without access to a bank.

7. Liquidity

The most obvious benefit of Bitcoin ATMs is that they allow you to exchange cryptocurrencies for cash, instantly. They also let you liquidate your digital assets whenever you want, in a quick and convenient way. Only with BTMs, the transfer from digital to tangible cash is seamless.

So, the next time you’re thinking of buying some crypto, why not walk over to your nearest Bitcoin ATM and give it a try? You might be surprised at how easy it is, with no hassle, no long queues, and no worries.

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.

What is Coin Cloud?

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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