Coins and banknotes have been for a long time referred to as currencies. The financial world has changed and in fact today, the cyberspace has provided an alternative that has seen money becoming electronic. Such options that the internet has provided include bitcoins, altcoins among others. There are close to or above 1, 658 cryptocurrencies available worldwide and still counting. This has called for cryptocurrencies ATM as well as Bitcoin ATM. The bitcoin ATM comes along with benefits and you need to understand what it is and how it works.
What’s a Bitcoin ATM?
A Bitcoin ATM is an automated teller machine that allows one to buy bitcoins using cash or a debit card. One can use the bitcoin ATM to either buy or sell the bitcoins for cash. In some instances, one would be required to have an account to transact on the machine.
These machines come in two categories: the bitcoin ATM and the cash kiosk. The bitcoin ATM looks very much like standard ATMs, but they do not have any connection to a bank instead they connect the one transacting with a bitcoin exchange. However, there are specific bitcoin ATMs that are linked to a bank and one can actually buy bitcoins without having to use cash but debit from their bank accounts directly.
How do I use a Bitcoin ATM?
- One is required to obtain a bitcoin wallet by merely opening the QR using a Smartphone. You can also get a bitcoin wallet from Coinbase or download the Coinbase app on Google play store or Appstore.
- Run the QR code on a bitcoin scanner available on the bitcoin ATM
- Insert the amount of cash you wish to exchange for the bitcoins
- A confirmation message shall appear after the ATM has processed
- Check your bitcoin wallet if the transaction has been successful
Benefits of using a Bitcoin ATM
- Access to money is easy, worldwide
You may have travelled abroad and in need of cash. The ATMs will lower the inconvenience of checking into a bank or an exchange bureau to access the foreign currency. The bitcoin ATMs work efficiently as the exchange bureau as you can get the local currency right there.
- Transactions are perfect
The steps to transact using the bitcoin ATMs are simple and easy. One takes very little time different from when purchasing from bitcoin exchange. Like normal ATMs where one is required to provide a pin to access their accounts, the bitcoin ATM is superior since you only need a single verification message. Transactions are private, and no third party is required, including encryption of Data.
- Cash Transfer
Bitcoin ATMs allow the user to easily access cash, convert cash into bitcoins and sending to a receiver’s bitcoin wallet. The one receiving the bitcoins can easily turn the bitcoins into cash by using the bitcoin ATM. The transaction also cost less and is stress-free.
The Coinflip Company
The company owns bitcoin ATMs. Today, the firm trades different cryptocurrencies including Komodo, Bitcoin, Ethereum, Litecoin and Dash. The Coinflip Company owns 120 crypto ATMs across the United States. Mr. Daniel Polotsky is the CEO of the company.
Mr. Polotsky believes that this technological advancement in the financial industry will significantly impact blockchain soon. He strongly thinks that sectors such as healthcare, transport, and cloud storage and prediction markets will be most affected by blockchain.