“Bitcoin! Buy the dips! #HODL!” Unless you’ve been living under a rock, you’ve surely heard about the craze surrounding Bitcoin these days. Thanks to its extreme ups and downs, everybody and their mother is learning how to buy and sell Bitcoin. As the most popular cryptocurrency in the world, more and more businesses have begun accepting Bitcoin as a legitimate form of payment while others have built applications that utilize Bitcoin and its core technology, blockchain. We are in the middle of a Bitcoin explosion.
But, before you can get involved with any of that, you need to buy your Bitcoin. Currently, there are two different ways that you can buy and sell Bitcoin; online and at a Bitcoin ATM (BTM). In this blog post, Coin Cloud discusses the pros and cons of buying and selling your Bitcoin online vs buying and selling at a Bitcoin ATM.
Online is the most common method for buying and selling Bitcoin. Since Bitcoin’s inception, dozens of different online exchanges have launched. Some have come and gone as quickly as they came, while others have stuck around and continue to operate to this day. Deciding which exchange to use is ultimately a matter of preference. Below is a breakdown of buying and selling Bitcoin through an online exchange:
Convenience: Buying Bitcoin online can be very convenient for new and existing traders. Because it’s all online, you can buy and sell using your computer or mobile device from the comfort of your own home.
Anonymity: Most online exchanges require users to input both their personal and digital information in order to begin buying and selling Bitcoin. This means that online exchanges know your identity and have your bank account information.
Time: Buying and selling Bitcoin online is pretty straightforward. After creating your account and linking your debit/credit or bank account information, it’s as easy as entering the amount of Bitcoin you want to buy and boom, you’ll own Bitcoin. However, online exchanges have long approval processes and transaction delay times. It’s common for your newly bought Bitcoin to take 1–3 days, or even up to a week, to arrive in your wallet.
Bitcoin ATMs are a fairly new method of buying and selling Bitcoin. The first Bitcoin ATM wasn’t placed until 2013, 4 years after Bitcoin’s launch. Today, there are hundreds of operating Bitcoin ATMs all over the world. Below is a breakdown of how Bitcoin ATMs differ from online exchanges.
Convenience: While Bitcoin ATMs are less available than online exchanges, more and more machines are being placed around the world every day. It’s becoming increasingly more common as Bitcoin grows in popularity. For new users who don’t want to deal with the hassle of finding their preferred online exchange, signing up and linking all of their information, Bitcoin ATMs are a great solution. In addition, there are some companies, like Coin Cloud, that allow users to pre-order their Bitcoin before arriving at the machine, making it even more convenient.
Anonymity: Bitcoin ATMs allow for a far more anonymous transaction. Unlike online exchanges, Bitcoin ATMs allow you to buy and sell Bitcoin using cash, while only sharing minimal personal information. Because of this, users are able to keep their identity hidden. In addition, Bitcoin ATMs are a great solution to buy and sell Bitcoin for those who don’t have a bank account.
Time: Transactions done through a Bitcoin ATM are a lot quicker than those on an online exchange. Typically, transactions only take a couple of minutes and sometimes can be completed immediately after purchasing. Lastly, customers don’t need to create an account like they do on online exchanges. Instead, customers just need to quickly verify their identity by using some form of identification.
How To Decide?
Ultimately, deciding to buy and sell online or in person at a Bitcoin ATM is up to you. Some people don’t mind long delay times and would prefer to just handle everything from their phone or computer. Others prefer to use cash, share minimal information and receive their coin instantly. It all comes down to preference.
If you are interested in learning more about Bitcoin ATMs or want to find the nearest location to you, please visit our website. Coin Cloud boasts the largest two-way Bitcoin ATM network in the world and our live support team is here to help you if you have any questions.
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.