What is a crypto ATM?
Every day, cryptocurrency is getting more and more incorporated into our lives. Along with traditional payment terminals and ATMs, crypto machines began to appear on major city streets. Many people find it difficult to purchase bitcoin because they must deal with exchanges, electronic systems, or exchangers. However, you can always buy some crypto for cash in crypto ATMs. In this article, we will explain why and how to use them.
Sometimes, buying cryptocurrencies appeared to be utterly unreachable to anyone who was not familiar with information technology. After all, to purchase cryptocurrencies, you had to first register with an exchange, then go through a somewhat lengthy verification process, deposit money into your account (sometimes at a high commission), complete a trade transaction, and then withdraw the purchased cryptocurrency. Thus, with the introduction of bitcoin machines, the work got simpler, facilitating everyone to invest in cryptocurrencies. This is especially useful for those who have little experience trading digital assets but want to purchase cryptocurrencies.
The crypto ATM functions in the following way. First and foremost, you must create a bitcoin wallet; without it, you will be unable to use the crypto machine services. This type of wallet serves as both a storage facility for your crypto coins and a tool for receiving and sending payments. Depending on whatever wallet you use, the speed of crypto transfer when you buy using a crypto-machine can vary greatly. You deposit a particular amount of money, select the required cryptocurrency (if available), enter your wallet, and then receive funds. There are, however, some peculiarities at certain stages of using crypto ATMs. For example, some cryptomats offer QR scanning and transactions by phone number. Thus, when completing a purchase, a person merely needs to hold up their phone with a wallet operating, rather than manually entering the address. Some ATMs offer verification, including fingerprint scanning. Finally, the crypto machine issues a receipt with all transaction information and, of course, the money to be credited. Also, crypto machines can raise additional taxes; keep this in mind when using ATMs.
The first crypto ATMs appeared in Asia and North America in 2013, during the height of the so-called “first cryptocurrency boom”. Back then, some well-known developers, such as Lamassu, were just getting started. There are 54 ATM manufacturers worldwide, with the largest being Genesis Coin, General Bytes, BitAccess, and Lamassu. The geography of crypto ATMs has now significantly increased. There are 22,473 crypto ATMs in the world now, according to the CoinATMRadar website, which also reveals the location of crypto machines in different cities. Furthermore, the gadgets were distributed quite unevenly among countries.
However, not all governments have given legislative certainty to this rapidly expanding crypto market. Authorities in some countries are concerned that cryptocurrencies can be used for money laundering and tax evasion, and some governments have passed new legislation prohibiting the use of unlicensed equipment. It is worth noting that crypto ATMs could be a great option for locations with limited Internet access. Also, in this case, using a crypto machine will always result in a greater commission than buying the same cryptocurrency directly on the exchange. This is since the gadget itself incurs costs, beginning with the purchase price and ending with the payment for electricity and Internet connectivity.
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Valentina BEREZA, Team bit4you