They’re Cool … But Why do Bitcoin ATMs Exist?
“Familiarity” is Only Part of the “BTM” Story
You see them in the corner store, the gas station and the casino. Those Bitcoin ATMs, also known as BTMs, are pretty cool. There’s no denying that. But really, why do we need them?
Well, the demand for Bitcoins and other cryptocurrencies has steadily increased worldwide. So, cryptocurrency providers have been forced to figure out ways to integrate this “new frontier” into the daily lives of the population.
Before Bitcoin ATMs hit the market, it was kind of like the Wild West. All transactions, no matter how large or small, were conducted in “less-than-regulated” ways. At Coin Cloud, we call that era the “last mile problem.” Why? On the timeline of cryptocurrency history, this was the final period before it became a scalable entity.
But now, people need the ability to transfer their assets in a reliably secure way. Enter the new normal … the BTM era.
Bitcoin ATMs make cryptocurrency transactions as simple as using a regular banking ATM to withdraw or deposit cash. BTMs save you the hassle of going through lengthy online procedures, and instead give you a convenient and familiar way to explore the cryptocurrency market.
Familiar… But How Does it Work?
First off, Bitcoin ATMs operate very similarly to the bank machines you’ve used before. It’s simple: you verify your identity, deposit your cash into the machine, and make your transaction. No schemes, no complicated procedures … just a simple and familiar transaction. These machines are designed to simplify the cryptocurrency transaction experience so that it’s safe, legal, and secure. ATMs are an important part of our financial experience, and have proven to be just as viable in the rapidly-maturing age of digital currency.
The first cryptocurrency ATM went live in 2013. After a long regulatory journey, some of the first licensed vending machines hit the market in 2014, including Coin Cloud BTMs. The agreement was that legitimate Bitcoin ATMs had to follow the same regulations and laws as conventional ATMs, including a limit on withdrawals and deposits.
Benefits of using a Bitcoin ATM
The Bitcoin ATM offers a lot of advantages over buying and selling crypto online.