Bitcoin ATMs have been around since 2013 but have long been overshadowed by online exchanges. However, that has since changed due to the massive increase in Bitcoin ATMs that have been placed across the U.S. and the rest of the world. Bitcoin ATMs provide users with an alternative to bypass several of the roadblocks that online exchanges present.
According to a report published earlier this year, Bitcoin ATMs are expected to experience extreme growth over the next 5–10 years. Today, the Bitcoin ATM market is worth $16.3 million and is expected to grow to $144.5 million by 2023, representing a CAGR of 54.7%.
While there are several different BTM companies, the one leading this growth is Coin Cloud. With over 600 locations across the U.S., Coin Cloud boasts the largest two-way Bitcoin ATM network in the world.
Problems With Using Online Exchanges
While online exchanges like Coinbase and Gemini have undoubtedly established themselves as the most common method to buy and sell bitcoin, they present many different hurdles that users are forced to overcome.
When using an online exchange, users are forced to link their bank account information in order to satisfy banks’ KYC/AML protocol. This means that online exchanges have access to all of your personal and banking information. Not to mention that some of these online exchanges can take weeks to verify your identity with the bank. Considering that privacy is one of the main benefits to using bitcoin instead of fiat currency, this hasn’t sat well in the cryptocurrency space. Also, because online exchanges require users to link a bank account, most online exchanges will only allow you to link an account from one of the major banks. This excludes a large portion of potential users.
Another issue that online exchanges present are the long transaction times. Depending on how busy the exchange is, it can take up to 5 business days to receive your coin. In this case, it’s better to use a Bitcoin ATM that allows you to buy and sell your bitcoin within minutes.
Benefits to Using a Coin Cloud Bitcoin ATM
Bitcoin ATMs provide users with a refreshing alternative to avoid having to deal with all of the hiccups that online exchanges provide its users. At Coin Cloud, we offer our users a plethora of advantages over online exchanges.
With over 600 location nationwide, Coin Cloud Bitcoin ATMs are strategically placed to make it as convenient as possible for customers. Coin Cloud ATMs can be found at casinos, liquor stores, grocery stores, gas stations and several other places that are frequented in our everyday lives. For an asset class as new as bitcoin, our users feel more comfortable transacting with a Bitcoin ATM because of the similar functionality to traditional ATMs.
Unlike online exchanges, Coin Cloud Bitcoin ATMs allow users to buy and sell bitcoin using cash. Not only is this more convenient, it also allows us to bypass the KYC/AML protocol that banks have (although we do still have KYC/AML procedures in place at a different level). No longer do users need to link their personal banking information, meaning personal data remains concealed. This also allows those who don’t have accounts with major banks or don’t have a bank account at all to buy and sell bitcoin.
With online exchanges, it can take days before you’re able to get ahold of someone to help you. At Coin Cloud, someone will be with you right away in case you experience any issues, which allows you to feel comfortable knowing that your transaction will be handled correctly. Our live support team will ensure that your buying and selling process is as smooth as possible.
Bitcoin ATMs are quickly becoming a viable avenue to buy and sell bitcoin efficiently while using cash and only sharing minimal personal information. In the coming years, you will surely be seeing more and more Bitcoin ATMs popping up, and Coin Cloud will still be leading that charge.
What Is Coin Cloud?
Coin Cloud is a Bitcoin ATM company headquartered in Las Vegas, Nevada. With over 627 locations nationwide, Coin Cloud boasts one of the largest and fastest-growing networks of two-way Bitcoin ATMs in the world. Our network has helped more than 144,000 customers buy and sell cryptocurrency since opening our doors in 2014. To find your nearest Bitcoin ATM, please visit CoinCloudATM.com.
To find the nearest Coin Cloud Bitcoin ATM to you, please visit this link here.