Bitcoin is the leading digital currency and is touted by its supporters as a viable replacement for the world's fiat currencies. While the complicated world of cryptocurrency means that Bitcoin differs from traditional currencies in many fundamental ways, there are some similarities. One of the most noteworthy in recent years has been the advent of Bitcoin ATMs, which look and function much like their traditional counterparts. But Bitcoin ATMs are the farthest thing from a stale concept — they offer several benefits that Bitcoin holders should be aware of. Read on below to discover just a few of the biggest ones.
Immediate Cash in Hand
There is nothing more frustrating than dealing with a major online exchange platform that holds your Bitcoin for days or even weeks after a sale. Even if there is a short holding period, you will still need to wait for the exchange to send the converted amount to your bank, and then for the funds to clear. If you need to get cash for your Bitcoin right away, however, you're out of luck with virtually all exchanges. Thankfully, many Bitcoin ATMs allow you to withdraw cash in a matter of minutes, not days.
Ultimate Convenience
Ironically, online exchanges are not always the most convenient platforms on which to conduct your cryptocurrency transactions. You may suddenly find that the exchange is down, that it is not functioning as expected, or even that restrictions have been placed on your account without explanation. Fortunately, you will never have to deal with any of these issues when depositing or withdrawing funds at a Bitcoin ATM, which simply connects to your wallet (whether paper, software, or hardware) in order to perform a given transaction. Plus, the number of Bitcoin ATMs is constantly growing; if there is one within a short walk or drive, then you can take advantage of an investment opportunity as soon as possible.
Privacy
Many cryptocurrency exchanges are forced by governments to obtain customer information in the form of a picture ID and Social Security Number (at the very least), which robs Bitcoin users of much of their privacy. Yet complete privacy is one of the main reasons Bitcoin began as such an attractive alternative to the traditional financial system. Most Bitcoin ATMs still value privacy, however, and so only ask for a phone number when completing a transaction. For those who want their transactions to remain relatively private, Bitcoin ATMs are a great option.
Reach out to a Bitcoin ATM provider for more information.
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