Bitcoin ATM vs Crypto Wallet
There are many ways to turn your crypto into cash. One of them is by using bitcoin ATMs. These machines allow you to buy or sell BTC using a debit card or cash. Crypto ATMs and their respective service providers operate in nearly every country. But why should you use a Bitcoin ATM?
- It’s fun
Imagine yourself being a pioneer using new groundbreaking technology. Is there any crypto enthusiast who would resist posting an Instagram picture when using Bitcoin ATM?
- Relatively easy to use
All of us are accustomed to using traditional ATMs in one form or another. Bitcoin ATMs are not that much different from traditional cash deposit and withdrawal machines across the globe. Crypto ATMs save time and provide users with a simple and intuitive way to cash out their digital currencies.
- Transaction speed
QR codes can be created via smartphone applications (thanks to bitcoin ATM providers). These QR codes are then used to identify you, obtain your crypto balance and offer the available cash out options for you. The whole process usually takes one minute or less to complete, which is about the same amount of time it would take to use a traditional ATM. The difference here, however, is that you won’t find a massive queue in front of the ATM since crypto is still rarely used.
- High Fees
Current estimates show that bitcoin ATMs charge around 9% per transaction on average. Some companies charge up to 30% per transaction. Cryptocurrency ATMs typically take a percentage of transaction amount rather than a flat fee no matter what bitcoin cash-out operator you choose.
- Logistical Availability
Although there are around 5000 of Bitcoin ATMs scattered around the globe this number isn’t as high as one might think. You can’t find one in every city or every street, and they are often located too far from each other. However, Bitcoin ATMs keep growing so this problem might be eliminated in the nearest future.
According to coinatmradar absolute majority (3539 machines) are located in the US, followed by Canada, UK, Europe, Russia and Colombia.
American ATM network Athena Bitcoin is expanding aggressively in Latin America, particularly in Colombia. Venezuelans in Colombia are the biggest users of the ATMs, followed by freelancers working in tech or marketing who receive their payments in crypto. Venezuelans use the ATMs and crypto to cope with economic crisis after fleeing their country. The potential in Latin America is, therefore, huge as it has a high number of people who are unbanked or under-banked.
If you’re excited to try bitcoin ATMs go to coinatmradar.com to locate a bitcoin ATM nearest you. Don’t get surprised, sometimes you would find them in the most random places. The website also gives you a lot of details such as fees, limits, buy only, sells only, buy/sell and directions from your location to the Bitcoin ATM. Also, there’s a bunch of apps that serve the same purpose and helps to locate the nearest Bitcoin ATM.
- Paper Wallet Risk
Although paper wallets are considered less vulnerable to hackers attack, they are still very risky since they can get lost, damaged or stolen. You should only use paper wallets as a secondary option if you don’t have a mobile device with you.
- Poor Tech Support
Just like traditional ATMs, they face software malfunctions and cash insufficiency. The infrastructure set by bitcoin cash-out providers is often under developed. It may take weeks for tech support to show up and fix a broken ATM or to replenish the cash in its repository. In these cases, users are often left alone with the problem and have to refer to their crypto company to verify the transaction status.
To summarize, no doubt that using bitcoin ATM is exciting experience and any crypto enthusiast should try that at least ones.
Countries with the undeveloped economy, insufficient banking services and poor internet connection would indeed benefit from cash-to-crypto ATMs providing users with access to the crypto world.
But for economically developed countries where everyone has a bank card and 24/7 high-speed internet connection, it doesn’t make much sense to go for crypto ATMs.
Legal European crypto exchange services like Mercuryo provide safe and quick access to bitcoin transactions at any time using your bank card and smartphone. The fee compared to the one charged by ATMs is 3 times less: only 3,95% when you buy BTC and 2.95% when you sell. Coupled with professional tech support, it leaves behind any crypto ATMs in terms of convenience and profitability.