While everyone is talking of Bitcoin these days, it’s not unusual to consider investing in some yourself. And if you are contemplating doing that, why not look for a Bitcoin ATM?
Bitcoin ATMs are much like cash ATMs. You get to punch in your requirements after inserting the card and the machine dispenses with cash bills. For cryptocurrencies, you need a smartphone and digital wallet. Instead of a card, you use a QR code to inform the machine where the funds have to be transferred.
When should you look for a crypto ATM near you?
New crypto ATMs are popping up in Connecticut and other US states every day; there are more than 50,000 machines in the country. So, if you are looking for a Bitcoin ATM in Connecticut it shouldn’t be too hard to spot one. And when you do find one, using it is even easier than you could imagine.
While Bitcoin ATMs may have caught the attention of millennials, there are some valid concerns. Reports suggest that these machines are being exploited by criminals for frauds and scams. How true is that?
The truth is exchanges are also not free from criminal attacks. The infamous Mt. Gox incident has proved beyond a shadow of a doubt how susceptible exchanges can be to cyber thefts. With a Bitcoin ATM, you can be certain that your transactions will remain completely anonymous and private.
- Businesses that host an ATM inside their stores work hand-in-hand with reputed and trusted operators. These operators ensure that all machines conform to KYC and AML rules. So, your chances of getting duped are far low when you transact through Bitcoin kiosks.
- Unless you are transacting in a shady area that is known for criminal activities, you don’t need to worry about the safety of your funds. The method of transaction is much like standard cash ATMs.
- And finding a Bitcoin machine is super-easy these days. Many gas stations and convenience stores in your neighborhood will have these installed.
- While you can always buy and sell cryptos through exchanges, in-person, or via trading platforms, people prefer ATMs. Their user-friendliness is appealing and you don’t need to be tech-savvy to handle a Bitcoin machine. Most importantly, your transactions are totally discreet. It’s perfect for people who don’t want to divulge their financial details.
- If you are in need of fast money, what better option is there than to choose an ATM? Transactions are super-quick and secure. Transaction timing through exchanges can be lengthy because the network is often congested.
- Moreover, if you are traveling abroad, you can simply use a crypto ATM to convert your crypto coins and access your account. There’s no need to approach a currency exchange for this.
These are situations when using a crypto ATM makes sense. Everyone needs to be able to access cryptocurrencies but there should be some basic ID verification for every transaction. Without his feature, users are not likely to trust the machine.
Cryptocurrencies are here to stay, and as new technologies surface continuously to make crypto transactions simpler, users adapt themselves equally fast.
