What Problems Do Bitcoin ATMs Solve?

5 World Issues Solved by Bitcoin ATMs
By 
Coin Cloud Team
, published on 
November 11, 2020
What Problems Do Bitcoin ATMs Solve?

What is a Bitcoin ATM, besides a machine that allows you to buy (and sometimes sell) digital currency for cash? It might seem like just a simple Bitcoin version of an ATM at first, but in fact these machines serve far greater purposes.

Here are 5 world issues solved by Bitcoin ATMs:

1. Economic Oppression

Life is full of uncertainties, especially in modern pandemic-ridden times. Those who feel the most secure about the future tend to be those with economic freedom — and yet unfortunately it’s not available to everyone. Instead, many people around the world live in economic oppression, unable to fully engage in the economy, own property or start a business.

The USA ranks 17 in the world for economic freedom, behind Singapore, Hong Kong, New Zealand, Australia, Switzerland, Ireland, United Kingdom, Denmark, Canada, Estonia, Taiwan, Georgia, Iceland, Netherlands, Chile and Lithuania, according to the Heritage Foundation. Those countries enjoy higher income in every category, longer life expectancy, better education, more literacy and less violence. Not to mention more happiness overall.

Bitcoin and other cryptocurrencies are decentralized, allowing people to take control of their own finances. This leads to equality, personal empowerment and justice for all. Bitcoin ATMs help this journey by giving fast and easy access to digital currency, not just for the most educated or wealthiest people, but for everybody.

2. Global Poverty

If more people around the world adopted and used digital currency, poverty could possibly be eradicated — or at least substantially reduced. Digital currency makes it easier to safely store funds, limit theft, launch and grow a business, make and receive payments, connect with customers and vendors around the world, and operate like the richest and most successful people without even needing a bank or expensive infrastructure.

Digital wallets travel with you and work anywhere, effectively removing borders. Ethereum and other smart-contract blockchains have the potential to replace pricey legal processes. Virtual currency is used to invest in art, support social programs and fund nonprofits. As a result, the wider-spread usage of virtual currency has the potential to improve millions, or even billions of lives.

3. Unbanked Population

Over 7 million US households are completely unbanked while close to 20 million are underbanked, as of 2019. These people rely on cash for day-to-day transactions, and generally can’t participate in the digital economy … until now.

Bitcoin ATMs provide one way for the unbanked or underbanked to buy digital currency with cash and keep it in a secure wallet on their mobile phone. They can then spend the funds online, in a growing number of stores, buy bitcoin-friendly gift cards, and cash out when they need to use fiat money.

4. Barriers to Investing

A common question people ask financial experts is, “What stock should I buy if I have $1,000 to invest?” But if they’re asking that question, often they don’t know enough about the stock market (or futures, forex, etc.) to be making an investment in the first place.

However, we’ve discovered that a key segment of financial investment experts are bullish on bitcoin, pointing out that despite short-term volatility, the price does tend to keep going up over the long term.

We can’t say for sure how long this trend will continue, or how high the price could go, but we can say that for people who want a taste of investing in something without undergoing years of studying the ups and downs of the stock market, bitcoin is at least one of the easiest investments to make — especially if you use a Bitcoin ATM. Insert cash, scan your phone and you’re done. Then you just “hodl” for as long as you want.

5. Remittance Challenges

We all want to take care of our families. But what if you have no way to send money to your friends or family members overseas, or on the other side of the country? Well, another great thing about Bitcoin ATMs is that you can deposit funds into any digital wallet, just by scanning a QR code. This makes it super-simple to put bitcoin in your grandmother’s wallet, whether she lives in Hawaii or Hungary.

On the flipside, even people who don’t consider themselves tech-savvy generally have no problem using a Coin Cloud Bitcoin ATM. So, if you need your parents or your cousin to send money to your wallet, just take a screenshot of your QR code and they can scan the image from wherever they are. Coin Cloud BTMs are found across the country, and form the only nationwide network that allows cash-out at every machine. 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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