Cryptocurrencies have come a long way since Bitcoin first arrived on the scene in 2009.
At last count, there are between 6,000 and 8,000 different cryptocurrencies (the estimates vary according to the source), with a total market cap of over $300 billion. So there’s no dearth of cryptos to choose from—although not all cryptocurrencies are created equal, and many are worth considerably less than the dollar.
The growth in the popularity of cryptocurrencies has also fueled the rise of the Bitcoin ATM machine. And this has greatly democratized the use and availability of cryptos to just about everyone.
Found in nearly 60 countries around the world, Bitcoin ATMs have made it easy to buy Bitcoin and begin to invest in crypto.
So, let’s take a look at fifteen of the major benefits of using a Bitcoin ATM.
Maintaining your privacy these days is almost impossible.
In this interconnected, plugged-in world of ours, it’s hard to evade the notice of the data-gatherers and information-pilferers. Internet privacy has never been more difficult than in 2021.
Financial information is one of those areas that is most susceptible to hacking and intrusion. One of the benefits of Bitcoin ATMs is that they can help shield your financial habits from prying eyes.
A Bitcoin ATM machine lets you convert your cash to a cryptocurrency. Doing so avoids leaving any transactional footprint through your bank account or credit card. Your further transactions on a cryptocurrency blockchain are further hidden, which adds another layer of privacy to your financial activity.
#2 Easy for Beginners
A cryptocurrency ATM is a great first option for those who are just getting into the crypto scene.
The reasons for this are obvious. First, there’s a degree of familiarity when using a Bitcoin ATM machine, since it’s very similar to a traditional ATM machine. Second, converting cash into crypto is simple and easy to understand.
In most instances, all that’s needed to use a Bitcoin ATM is a name, phone number, and a digital wallet. There’s no special experienced needed to use one of these machines. So if you’re looking to invest in crypto, or you’re trying to find an easy way to buy Bitcoin, a Bitcoin ATM is a great way to get started.
#3 It’s Fast
If you’re eager to get your crypto as soon as possible, there’s really no better way than to use a Bitcoin ATM.
Most transactions on one of these machines are processed within just a few minutes. So that means you’ll have your designated cryptocurrency in your digital wallet almost immediately.
And even if you’re looking to cash out your crypto holdings, you can have your fiat cash within a short time. These transactions usually take a little longer, since they must be verified on the blockchain, but even so, Bitcoin ATMs are the perfect option for the impatient.
#4 Great if You Don’t Have a Bank Account
Another one of the benefits of Bitcoin ATMs is that they’re perfect for those who don’t have bank accounts, for one reason or another, or can’t otherwise access financial services.
It turns out that over 6% of households in the United States (over 14 million adults) are among the “unbanked,” and even though this number is declining, it still leaves a significant amount of people outside the banking system.
The beauty of Bitcoin ATMs is that they allow financial services to these underserved people. Only a phone number and a digital wallet are needed to use these machines.
#5 They’re Easy to Find
If you’re wondering “where do I find a Bitcoin ATM machine near me,” then you’re in luck.
The truth is, Bitcoin ATMs are popping up all over the place, so you don’t have to worry about finding one near you. Many sites, like bytefederal.com, offer easy-to-use maps so you can find the machine that’s closest to your location.
If you’re in any large or medium-sized metropolitan area, you can bet there’s going to be a Bitcoin ATM that’s within easy reach.
#6 You’ve Got a Lot of Cash
If you’re in the service or delivery industries, then you’ve probably had experience with having large amounts of cash on hand.
A Bitcoin ATM machine is a great way to convert these cash holdings into a lucrative Bitcoin or other cryptocurrency investment. This is especially important if you’re among the “unbanked” (see #4 above), and you’re looking to convert your cash into something a little more liquid.
Bottom line, it’s a better option than the risky step of storing your money in your home or carrying it around with you on your person. Unless you’re Chuck Berry, most people prefer not to have to carry cash everywhere they go.
#7 Secure Transactions
As we mentioned earlier, there are plenty of ways to surveil online transactions these days. Whether it’s low-level hackers or government agencies, it seems everyone wants to know what you’re doing with your money.
Doing business with a Bitcoin ATM means that your transactions are secure and private. You have total ownership of your cryptocurrency coins, because Bitcoin ATMs are non-custodial, unlike crypto exchanges.
Best of all, the information required to use a Bitcoin ATM is very limited. That way, should a machine ever be hacked, neither you, nor your information, nor your crypto coins are at risk.
#8 Easy Way to Invest in Crypto
Sometimes it can be a little daunting when looking for ways to invest in crypto.
This is especially the case if you’re not quite sure where to start. In these situations, a Bitcoin ATM comes to the rescue.
With cryptocurrency exchanges, you must first set up exchange accounts, and then get the knack of selling and buying Bitcoin (or other cryptocurrencies) online. With a Bitcoin ATM, you can get started through a very familiar and less intimidating process.
All you need is regular cash, and you can exchange it for crypto in a safe and uncomplicated procedure. That’s all there is to it!
#9.You Don’t Need to Be a “Techie”
We can’t stress enough how easy it is to use a Bitcoin ATM.
One of the things that might intimidate beginners is the idea that cryptocurrencies (and the methods for acquiring them) are for tech-nerds alone. But that’s not the case at all.
The intricacies and theoretics of cryptocurrencies may be abstruse and difficult to understand. But getting in on the action is easy. Again, all you need to get started is cash, a phone number, and a digital wallet.
#10 Very Flexible
This has a lot to do with the now widespread availability of Bitcoin ATMs. Just as with traditional ATMs, you can do business wherever these machines exist.
This gives you the flexibility to purchase and invest in cryptocurrencies wherever you happen to be in the country. If you’re on the move a lot or do business in different states and cities, this is a great option for safely storing your cash in crypto.
#11 It’s a Great Way to Create a Digital Wallet
Instead of having to open a digital wallet online, many Bitcoin ATMs simplify this step for you.
The way this works is that when you purchase crypto through such a Bitcoin ATM, it will generate a paper wallet. Once you have one of these paper wallets, you have two different options.
You can choose to keep your cryptocurrency offline on a “hard wallet.” You can back this up at home using a hard drive or another such method. Or, you can choose to transfer your cryptocurrency to an online digital wallet.
#12 They Make It Easy to Access Money Abroad
When travelling overseas, one of the biggest issues is having to convert currencies from one local form to another.
The prevalence of cryptocurrencies and Bitcoin ATM machines around the world makes it easy to circumvent this problem. Instead of using traveler’s cheques or visiting currency exchanges, simply investing in crypto gives you easy access to money around the world.
All that you need to do is find a local Bitcoin ATM machine, and convert your crypto holdings into local fiat currency.
#13 Worldwide Availability
And this takes us to the next benefit of using a Bitcoin ATM.
These machines are becoming more and more popular wherever you go, including in many different countries around the world. Yes, the United States has by far the most Bitcoin ATMs, with something like 26,000 locations (the next leading country, Canada, has only 2,000).
But these machines have spread across the globe, and have now appeared in almost 60 countries. This includes most of Europe and the Anglosphere, but it includes many countries in South America and Africa as well.
This is a trend that’s likely to continue, so before long you’ll be able to access Bitcoin ATMs wherever in the world you go.
#14 Avoid Issues With Online Exchanges
The problem with using online exchanges to buy and sell crypto is that they present several unwanted hurdles.
The major problem is that these exchanges require users to link their bank account information with the exchange. This means the exchange now has access to all your banking information. And that’s a serious issue when one of the features of cryptocurrencies is supposed to be privacy.
As we’ve pointed out above, Bitcoin ATMs are safe and secure and require no extraordinary measures. They’re fast and easy to use, and completely private.
#15 Promotes Mainstream Adoption
Finally, we come to what is perhaps one of the most important benefits of all to using a Bitcoin ATM.
In short, these machines help promote the mainstream visibility and adoption of Bitcoin and other cryptocurrencies. These machines take crypto from the realm of an eccentric, niche online phenomenon to something that is common and every day.
Since Bitcoin ATMs make it easy to use cryptocurrencies, it will help them become more popular, increasing the number of users. And the more people there are using crypto, the sooner it can mount a serious challenge to fiat currencies.
How to Use a Bitcoin ATM Machine
Using a Bitcoin ATM is very simple. In fact, if you know how to use a traditional ATM, then you’ll have no problem using a cryptocurrency ATM.
The details of the process can vary between different Bitcoin ATMs. A typical machine will have some sort of a touchscreen prompt, usually asking you to get started with your crypto purchase.
If you’re looking to purchase a cryptocurrency, all you have to do is select this option. You’ll next be asked to enter your mobile phone number. After doing so, the machine will send a text to your number with a verification code or a single-use passcode.
Just enter the code in the machine, and you’re ready to get started. This is where the fun begins because the Bitcoin ATM machine will prompt you to select from different cryptocurrencies. Bitcoin is, of course, the most popular. But there are many different options for the discerning crypto enthusiast, including Ether, Litecoin, Cardano, Binance Coin, and many others.
The next steps are just as easy. You select whichever digital currency you want, and enter in the amount you wish to purchase. Of course, you’ll need cash on hand to back up that amount, which you will feed into the machine.
The transaction is then complete, and the purchased amount of crypto will appear in your digital wallet.
Get in on the Action With a Bitcoin ATM
Cryptocurrencies like Bitcoin are mounting a serious challenge to the primacy of fiat money. And the emergence and adoption of Bitcoin ATM machines around the world are making these transactions more popular than ever.
So what are you waiting for? If you’re curious about investing in crypto, now’s the time to start. And using a Bitcoin ATM makes it easier than ever.
We hope you found this article informative and useful. While you’re here, please check out the rest of our site for more tech and finance news and information.