How Bitcoin ATMs Help the Unbanked

Digital Onramp Dilemma

The dilemma faced by people without bank accounts, debit cards or credit cards is how do you buy something online? How do you do curbside pickup at stores? How do you watch Netflix or Hulu? Reserve a rental car? You can’t do these things with cash.

Bitcoin ATMs: Cash to Digital

Bitcoin ATMs provide one way for the unbanked or underbanked to buy digital currency with cash and keep it in a secure wallet on their mobile phone. They can then spend the funds online, in a growing number of stores, and buy bitcoin-friendly gift cards.

Digital Currency Machines: Cash to Digital and Back to Cash

Full-fledged Digital Currency Machines (DCMs), like Coin Cloud’s, go beyond your average Bitcoin ATM. They have everything a Bitcoin ATM does, plus offer the ability to cash out at every machine nationwide, which is vital for accessing money when you need it. And they offer a choice of over 30 digital currencies besides bitcoin.

Beyond the Unbanked

There are also people who don’t trust banks and choose not to put their funds there. Let’s call them anti-bank. They would rather keep their money under a mattress … but of course, that’s not very safe, and not really practical for day-to-day use. DCMs fill a gap for these people as well, offering a way to control their own money, on their own terms, without interference from any government or centralized organization.

Meeting the Need

The number of Bitcoin ATMs in the USA has almost tripled in 2020 alone, starting the year at 4,200 and finishing at almost 11,000. That’s astounding, considering the fact that the industry took six years to get to the first 4,000.

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Coin Cloud

Coin Cloud

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The world’s leading operator of two-way Digital Currency Machines (DCMs), more advanced Bitcoin ATMs.