How Bitcoin ATMs Help Cryptocurrency Growth
With popularity in the digital currency world on the rise, people might be wondering, “How do Bitcoin ATMs help cryptocurrency growth?” Surprisingly, while other currencies may have taken a dive in value and availability in the unpredictable year of 2020, Bitcoin ATM installation has been at an all time high. There’s no surprise there, as Bitcoin traders have a demand for convenient, user-friendly modes of access to their Bitcoin. Bitcoin ATMs have risen to the occasion and contribute heavily to the growth of cryptocurrency.
So, how do Bitcoin ATMs help cryptocurrency growth? Hopefully, by the end of this article, you’ll know.
What Are Bitcoin ATMs?
Before explaining how Bitcoin ATMs help cryptocurrency growth, it’s vital to understand what Bitcoin ATMs are. Now, unless you’ve been living under a rock since the 60’s, you know exactly what an ATM, or an automated teller machine, is and what it does. A Bitcoin ATM streamlines the process of buying and selling Bitcoin. Bitcoin ATMs, like Pelicoin, can actually turn your cash into Bitcoin instantly.
How Do Bitcoin ATMs Work?
Many people are curious about Bitcoin ATMs, but are unsure of how to use them. If you want to buy or sell your virtual currency, a Bitcoin ATM is a great tool for your secure and speedy exchange. Come ready with your license, your cellphone, and the money you need to complete your purchase. While it is recommended to set up a digital wallet beforehand, some Bitcoin ATMs, like Pelicoin, will provide you with a paper wallet.
While there are similarities in traditional ATMs and Bitcoin ATMs, there are also some key differences. Often, people wonder why a Bitcoin ATM requires use of an I.D. to purchase Bitcoin. Here is a helpful article about why Bitcoin ATMs require I.D. to use for transactions. Another difference is while regular ATMs are connected to your bank account, Bitcoin ATMs connect buyers directly to a hot wallet, allowing you to buy bitcoin instantly. This transaction is more secure than a traditional ATM. You simply have to deposit money into the machine to be able to buy your Bitcoin and that’s it.
Why Are Bitcoin ATMs So Popular?
Bitcoin ATMs help cryptocurrency growth by creating easy access for the common investor. Through a secure, 4G network, users are able to receive the bitcoin directly into their wallets. With almost 14,000 cryptocurrency ATMs spread out all over the globe and traditional ATMs rapidly deciding to convert their machines to add on the feature, Bitcoin ATMs are providing a resource for many traders who are looking to make transactions while they are on the go. The U.S. is leading the charge with Bitcoin ATM availability and therefore, experiences more transactions. Bitcoin ATMs often surpass many of the regulations placed on the open Bitcoin market exchange and have less of a chance to fall victim to hacking, as other means of currency have. Here are some benefits to using a Bitcoin ATM:
Security - Bitcoin exchanges are conducted securely and anonymously. Since Bitcoin ATMs don’t require a connection to your bank account, users aren’t impacted by some of the cyber attacks that more conventional banks face. Further, users are not at risk of having their bank close their account. Pelicoin proudly boasts that “Bitcoin and other cryptocurrencies are inherently more secure and safe from theft because you would be unaffected by a data breach.”
Speed - Bitcoin transactions could take over an hour to process and under 10 minutes to send with a Bitcoin ATM like Pelicoin. Often, it takes a while to process a Bitcoin transaction. The time frame for these Bitcoin exchanges depends on blockchain traffic and the amount of Bitcoin ATM fees users choose to pay. However, Pelicoin executes the transaction within a few minutes and pays a high mining fee in an attempt to get the bitcoin into the customer’s wallet as soon as possible.
Convenience - Another way Bitcoin ATMs help cryptocurrency growth is by their accessibility. Bitcoin ATMs are popping up everywhere - gas stations, delis, you name it. With a license, a cell phone, and some cash, transactions can be made on the fly wherever you are. Transactions can also be made with a debit card or credit card, but as mentioned above, anonymity is still intact for your purchases. Whether it’s day or night, Bitcoin traders never have to stop trading when they use a Bitcoin ATM.
Accessibility - As Bitcoin becomes a more commonly accepted store of value, Bitcoin traders need a place to exchange their cash for Bitcoins no matter where they are. Bitcoin ATMs are user-friendly and provide access to the Bitcoin market whenever traders need to exchange money for Bitcoins.
Cash - Some Bitcoin ATMs offer the option to receive cash for Bitcoin. This is great for those who are running low on their conventional bank accounts and need quick access to USD. The process on most Bitcoin ATMs is straightforward and Bitcoin ATMs are slowly becoming more solidified as a staple in the economy.
So, how do Bitcoin ATMs help cryptocurrency growth? Bitcoin ATMs help foster an environment that is conducive to Bitcoin exchanges. The popularity and accessibility of Bitcoin really go hand in hand in the growth of cryptocurrency. That’s why it’s vital that when you decide to buy your Bitcoins, you choose a Bitcoin ATM that has your best interests in mind.
Pelicoin Has a Bitcoin ATM Near You
Pelicoin stands above all other Bitcoin ATMs. With a slew of convenient and secure kiosks for exchanging your Bitcoin on the go, Pelicoin is ready to support the growth of cryptocurrency in the economy. As the most widespread and safest network of Bitcoin ATMs in the Gulf South, Pelicoin brings you closer to all of your cryptocurrency goals. Whether you’re new to the Bitcoin network or you’ve been trading for 10 years, Pelicoin is the door that opens up to quick and easy transactions, anonymous cryptocurrency transactions, and access to one of the most popular digital assets of the modern age. Find a Pelicoin ATM today and get started on your Bitcoin journey!