Wait, What? An ATM for Bitcoin? Get Real!

Why Do We Need Physical ATMs for Digital Currency?
By 
Coin Cloud Team
, published on 
April 10, 2020
Wait, What? An ATM for Bitcoin? Get Real!

They’re everywhere! In all 50 states, and probably in a city near you.

Bitcoin ATMs (or BTMs) are relatively new, but they’re the bank machines of the future. So, you should not only get used to seeing them, but learn how they work – and how they can benefit you.

It might seem strange to have a physical machine for a virtual currency. However, these innovative cash machines provide a modern solution for bringing secure digital money into the real world. And your past experience on the crypto market is completely irrelevant.

Picture this:

• You’re in a strange city and lose your wallet. You have to cancel all your credit cards, and now you have no access to funds. But you do have a bitcoin account, so a quick trip to the nearest digital currency kiosk produces cash in your hand.

• Or maybe you need to make an online purchase, but you don’t have the funds in your PayPal or bank account. Maybe it’s even a purchase that you don’t want showing up on your statement. A lot of online (and offline) retailers accept bitcoin and other cryptocurrencies, and you can stock up quickly by inserting your cash into the nearest BTM.

The Coin Cloud network includes over 600 BTM locations across the nation, making it the largest and fastest-growing brick-and-mortar retailer of bitcoin. You’re now just minutes away from a world-class experience that makes the transaction process simple and safe. And the big ambition is to continue growing that network, further increasing the ease and accessibility of digital currency.

Pretty cool, right?

But why would you, a person of supreme intelligence, want to buy (or sell) bitcoin through an ATM?

Global Acceptance

Unlike standard fiat currencies, you don’t need to worry about exchange rates between countries. The virtual bitcoin is borderless and decentralized, meaning it isn’t regulated by any specific government or central bank. So, no matter where you’re from or where you travel, you can use your bitcoin at the current market value.

High Limits

Many online cryptocurrency exchanges only let you buy or sell a few hundred dollars at a time, but Coin Cloud ATMs give you a bitcoin transaction limit of $2,999, and up to $10,000 a day.

No Bank Involvement

It’s usually pretty hard to buy bitcoin through your bank. The big financial institutions keep changing their minds about whether or not they support cryptocurrencies. They often mistakenly paint digital currency as being volatile and risky. But the good news is, you don’t need a bank to buy or sell bitcoin – transactions are done through a decentralized computer network instead.

Anonymity

Contrary to popular opinion, the bitcoin transaction process is not entirely anonymous. All transactions are stored permanently on the blockchain, and using the same wallet address repeatedly will leave a trace. But it’s kind of like the digital equivalent of paying with cash. In other words, while it’s hard to get a refund, it’s also extremely difficult to reveal your identity. And your personal financial information isn’t even part of the equation.

Security

Don’t worry about hackers or con artists … you’ve got proven integrity and trustworthiness on your side. You don’t have to supply your financial institution, credit card numbers, or any other sensitive personal data, including often your Social Security Number. The BTM needs your phone number and a valid driver’s license, to prove you’re a real human, but that’s about it. And everything’s privately and securely stored for your protection.

Speed

Buying bitcoin online can be time-consuming and frustrating. You have to wait for your account to be verified, and the volume of requests can slow that process down considerably. BTMs, on the other hand, offer 24/7 convenience, and all you need is a mobile wallet to make the transaction. Everything’s done within 10-15 minutes. Talk about efficiency! Cha-ching!

So yeah, you’ll be seeing bitcoin ATMs cropping up faster than you can say Satoshi Nakamoto. Don’t worry, it’s nothing to be alarmed about … it’s simply a sign of the times, and the money of the future. What’s not to like about that?

Find your nearest Coin Cloud BTM 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.

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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