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 a few different companies out there, the one leading this growth is Coin Cloud. With over 650 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 the banks’ KYC/AML protocol. This means that online exchanges have access to all of your personal and banking information. Not to mention, some of these online exchanges can take weeks to verify your identity with the bank. Since privacy is one of the main benefits of using bitcoin instead, this hasn’t sat well for several cryptocurrency users. Also, because online exchanges require its 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 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 of 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 different advantages over online exchanges.
With over 650 locations 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 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, but users no longer need to link their personal banking information, meaning personal information remains concealed. This also allows those that 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 allowing you to feel comfortable knowing that your bitcoin will be bought and sold correctly. Our live support team will ensure that your buying and selling process is as smooth as possible.
Bitcoin ATMs are quickly becoming the most convenient alternative to banks. In the coming years, you will surely be seeing more and more Bitcoin ATMs popping up and Coin Cloud will be leading that charge.
To find the nearest Coin Cloud Bitcoin ATM to you, visit CoinCloudATM.com.