Benefits of a Bitcoin ATM
Many people are still confused that such a thing like a Bitcoin ATM exist. Yes they do. Bitcoin ATMs are in short known as BTMs. It is a machine that accepts cash and releases Bitcoin in return. BTMs are anonymous, so they have severe buying limits.
How Bitcoin ATMs work
You can release the Bitcoin either into your Bitcoin wallet or into a paper wallet also known as a hard wallet. You collect your Bitcoin from the wallet through the QR code mentioned on your mobile phone, which is actually your wallet address. Whereas paper wallets are an offline device where you provide your address to seller and retrieve your Bitcoin. A transaction is almost always printed by the ATM itself during the purchase.
However, to know the price of your purchase, you need to look at the current Bitcoin exchange rate as the ATM retrieves it from the web in real-time. There is also an additional fees charged by the ATM for its service. These amounts are always mentioned on the machine prior to purchase and also displayed on the printed receipt.
Do Bitcoin ATMs Give Cash?
Most people generally have a quarry whether Bitcoin ATMs dispense cash or not? So, you must know that there are some Bitcoin ATMs that can release Bitcoin for cash and cash for Bitcoins. Nonetheless, most of the ATMs help only in buying Bitcoin.
How much fee do Bitcoin ATMs charge?
An average fee charged by Bitcoin ATMs is around 8.93%. However, it is not a fixed rate for every ATM model. So, you need to read all the instructions given on the machine before starting the processing of the transaction. If you are buying crypto from a Baap ATM, which is a small portable device usually kept beside the seller, you would have to ask the seller the total cost of your purchase.
Benefits of Bitcoin ATMs
Speed
The speed of ATM’s machines is unbeatable. It works in seconds and is the fastest platform for trading Bitcoins. Most of the ATM models are so quick that it’s GST command in less than 15 seconds. All you need to do is scan your QR code and click the insert or withdrawal button. Afterward, all you need to do is hit send to complete your transaction.
Is it a safe and protected exchange platform
Only genuine operators are allowed to run Bitcoin ATMs. Apart from that, business entities can also use it. It is a secure exchange platform because everything is built on legal documents, and the owner needs to provide authentic contracts approving your business. The chances of fraud are negligible as third party involvement in the transaction is zero. The transaction takes place only between the user and the machine. If the machine requires a seller, they are trained on the software of the ATM and only assist with the purchase.
Furthermore, every purchase is done anonymously despite a simple verification process. Likewise, some devices permit obscurity so that the Identity of the user after the transaction can be kept hidden. Because of all these features, BTMs are the secure medium of exchanging for cryptocurrencies.
User interactive in nature
BTMs are easy to use. Users can easily understand the functioning of Bitcoin ATMs on their own. The BTMs automatically give direction to the user step by step by making transactions processing simpler. With Bitcoin ATMs, the trading process of bitcoins is straight forward. So, it takes less time to complete the transaction.
Good for your business
You can efficiently operate a bitcoin ATM as it is readily available to anyone who wants to buy it. You can earn extra revenue in the form of interest from the BTMS. Moreover, you can generate a cumulative monthly income of over a $1000. It is also a great way to attract new client, be it at your convenience store, retail store or any other store front where your able to advertise.
Ways to find a nearby Bitcoin ATM
The site www. coinatmradar.com helps the user to locate the nearest Bitcoin ATM. All you need to do is visit their official website, enter your location in the search column and you will find a list of nearby ATMs.
Final Thoughts on Benefits of Bitcoin ATM
It will not be wrong to say that BTMs have improved cryptocurrency exchanges by making the transactions more decentralized. No matter what, whether you are the seller or buyer of Bitcoin, you can easily visit an ATM and do your trading faster. Also, there are numerous benefits offered by this device. Some of the most common advantages include an interactive user interface, the secure medium of transaction, better for business, no experience needed to buy or sell and much more.
Note: Remember, you can only operate the Bitcoin ATMs within business hours.
Benefits of a Bitcoin ATM