Traded under the name BTC, Bitcoin was released to the public in 2010. Since then, this venerable cryptocurrency has exploded in popularity. Buying, selling, and managing Bitcoins can be a complicated process. It can take months or even years to establish a comprehensive understanding of cryptocurrency exchanges, blockchain, peer-to-peer networks, encryption stacks, and Bitcoin tumblers. Over time, user-friendly platforms have been developed to curb this issue. Bitcoin ATMs were launched in 2013 to address traders' needs for simplicity and accessibility. These unique devices have been gaining mainstream attention in recent years. Here are three reasons why Bitcoin ATMs are increasing in popularity.
Bitcoin ATMs Are Accessible
Bitcoin ATMs look and function similarly to ordinary ATMs. However, there are several key differences between Bitcoin ATMs and traditional ATMs. Both traditional ATMs and Bitcoin ATMs can be used to deposit and withdraw cash. However, individuals can use Bitcoin ATMs to trade Bitcoins as well as exchange fiat currency for Bitcoins. Some Bitcoin ATMs can even be used to exchange other cryptocurrencies as well. By tweaking the familiar concepts of traditional ATMs, Bitcoin ATMs create an environment that allows for rapid adaptation. In other words, if you've used an ordinary ATM, Bitcoin ATMs will make you feel right at home. There are currently over 40,000 Bitcoin ATMs in the USA.
Bitcoin ATMs Create a Bitcoin Wallet for You
You'll need a Bitcoin wallet to store any purchased Bitcoins. If you're new to Bitcoin and don't already have a Bitcoin wallet, Bitcoin ATMs can automatically generate a wallet for you to store your funds. You don't need to understand blockchain or navigate cryptocurrency exchanges, peer-to-peer networks, or blockchain tumblers. All you'll have to worry about is maintaining and securing your Bitcoin wallet with basic encryption and backups.
Bitcoin ATMs Help Maintain Online Data Privacy
Cryptocurrency exchanges are required to retain some form of KYC or know-your-customer data to create a user's account and comply with government regulations. This data can be used to identify users, compromising an individual's privacy. Personal data stored within an exchange is also vulnerable to hackers and other forms of data theft. At launch, Bitcoin ATMs were a completely anonymous way to exchange cash and Bitcoins. Nowadays, due to government regulations, all Bitcoin ATM transactions in the USA are logged. However, since users are not required to give any personally identifiable information to use Bitcoin ATMs, the identity of the person performing the transaction remains anonymous. In some other countries, Bitcoin ATM transactions are not tracked if they are below a certain amount.
As you can see, Bitcoin ATMs offer accessibility, automation, and security for your Bitcoin transaction processing needs. To get started with Bitcoin ATMs, find a Bitcoin ATM near you.