Which is Safer? Bank or Bitcoin ATM?

Bitcoin ATMs Remain Safe During COVID Pandemic
By 
Coin Cloud Team
, published on 
July 23, 2020
Which is Safer? Bank or Bitcoin ATM?

During the COVID-19 pandemic quarantine, we’ve been urged to stay away from people and social distance as much as possible.

But what if you need to send money to a friend or relative overseas, or even just down the street? What’s the safest and fastest way to do that? Especially if they want to end up with cash in hand?

Believe it or not, the fastest way is likely to be a digital currency machine (DCM), commonly known as a Bitcoin ATM. And the safest way is … well, the same!

Fastest Way to Send Money

Even if you could walk easily to their house, you would have to pass people along the way, wear a mask, and be face-to-face with whoever you’re delivering the cash to (plus you would probably have to get the cash somewhere in the first place). So even if it was the fastest way, it wouldn’t be the safest way.

Arguably just as fast would be using a DCM. You could insert cash at your end, send it to someone else’s crypto wallet, and they could withdraw cash at their end. The whole thing takes as little as 10 minutes from start to finish. And with over 875 locations, there’s probably a Coin Cloud DCM near you.

If the other party lives anywhere besides the same city as you, the DCM would undoubtedly be the fastest choice. Bank wires take several days, and digital payment platforms become complicated if the other person is in another country. Being decentralized and borderless, Bitcoin doesn’t have the same type of issues (that’s why they call it “frictionless”).

Safest Way to Send Money

Besides the speed, using a DCM is actually the safest way too … not just in terms of avoiding germs, but also in making sure your money gets where it’s going.

For steering clear of germs, using a DCM lets you avoid crowded bank lines and dealing with people directly. Coin Cloud DCMs are cleaned and disinfected regularly, or you can use your own disinfectant wipe and/or latex gloves. The smooth glass touchscreen doesn’t even have buttons or crevices to capture grime and germs.

And as for keeping your money safe … well, Coin Cloud’s robust compliance program regularly stops scams in progress and ensures no crime or money-laundering is taking place at the DCMs (we will expand on that in the next blog post).

There’s no doubt that it’s beneficial to have emergency cash during a pandemic. And obviously, the easier, faster and safer it is to get that cash, the better it is for all. You can try it out for yourself at your nearest Coin Cloud DCM.

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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