Bitcoin ATMs Let Users Bypass Roadblocks that Online Exchanges Present
At this time in 2013, the concept of a Bitcoin ATM just didn’t exist. Now, a mere 7 years later, there are thousands of them across the nation. Leading the charge is the number one provider, Coin Cloud, now approaching 800 two-way digital currency kiosks (meaning you can buy AND sell, not just Bitcoin, but also 29 Altcoins … with cash!)
What’s so great about Bitcoin ATMs? And why are they better than online exchanges? Let’s find out …
Bitcoin ATMs are cropping up at all the places you go every day. Think gas stations, convenience stores, consumer electronics stores, grocery stores and more. Soon they’ll be on every street corner. Sure, online exchanges are convenient as well (they’re online, hence the name — and accessible from your computer or phone any time, day or night). But … Bitcoin ATMs (or BTMs) finish the transaction in minutes. Online exchanges take a lot longer.
That brings us to point #2. With a BTM, you can have Bitcoin in your wallet within five minutes, or cash out your Bitcoin stash immediately. Just like withdrawing cash from a bank ATM. Online exchanges have a longer process, with more levels of approval and more personal information required, so the whole experience is slower … especially if you want cash in hand. Now. Like, stat! Because you’re not going to get that online.
Obviously you need to prove who you are, any way you want to deal with official financial machines. But with a Bitcoin ATM, you only need a phone number, unless you’re trading huge amounts. You can keep your Social Security Number and bank account information to yourself.
Continuing from the previous point, you don’t even need a bank account or debit card to use a Bitcoin ATM. With an online exchange you have to link up your bank account, or your debit card, or your credit card … some way to move money back and forth for your trades. With a Bitcoin ATM? All you need is cash. Nothing else. It doesn’t get any simpler.