The cryptocurrency industry is confusing enough. Why do we need to make it more complicated by using different terminology?
There are a few things to look at when it comes to figuring out what best to call a machine that offers a service. There’s not just one answer.
Here’s the short answer: A Digital Currency Machine, Cryptocurrency Kiosk, Crypto ATM, Bitcoin ATM and BTM are all basically the same thing. They’re machines that let you buy (and/or sell) bitcoin, and sometimes other digital currency, with cash. They don’t require a bank account — just cash and a mobile wallet.
Here’s the longer answer: While the industry has chosen to use the “Bitcoin ATM” verbiage most often (followed by BTM and Crypto ATM), we at Coin Cloud don’t necessarily agree that it’s the most accurate description.
Using the term “ATM” is confusing to many consumers because they naturally associate it with a banking ATM (which is fine, because that’s what it’s named after).
1. Unlike an ATM, you don’t need a bank account or debit card to use a Bitcoin ATM. 2. 80% of BTMs don’t let you withdraw cash like an ATM does. 3. ATMs have a different set of licensing requirements than BTMs. 4. Many BTMs are compatible with more virtual currencies than just Bitcoin (hence the term Crypto ATM, which still has the first three problems).
Coin Cloud prefers to call our kiosks Digital Currency Machines because it’s a more accurate description, and because our kiosks are different than other brands:
No other national brand can say this. 100% of Coin Cloud DCMs are two-way (bidirectional), so you can buy digital currencies with cash, or sell them for cash (“cash out”). Other brands operate 96%+ buy-only machines, compatible with only a few additional currencies besides bitcoin.
So don’t be confused. We don’t mind if you call our machines a Bitcoin ATM, BTM, Crypto Kiosk, or just a Coin Cloud. But when you hear the term Digital Currency Machine, or DCM, you’ll know it’s new-and-improved terminology that we feel best represents what we offer our customers.
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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