Advantages of Using a Bitcoin ATM Over Online Exchanges

2013 started the evolution of Bitcoin ATMs, but for many years they were not as popular as online exchanges, such as Coinbase or Kraken. Ever since Bitcoin became a popular topic in the past few years, there has been a huge spike in the number of Bitcoin ATM locations in the world. The Bitcoin ATM is a more convenient way for a user to purchase Bitcoin or other cryptocurrencies.

With all of the different Bitcoin ATM operators out there, Cash2Bitcoin is one of many growing rapidly. With over 140 locations across the country, Cash2Bitcoin helps take the hurdle out of purchasing Bitcoin.

Disadvantages of Online Exchanges

Even though online exchanges, like Coinbase or Kraken are a common way to buy and sell Bitcoin, they have their share of disadvantages.

One of the biggest disadvantages of an online exchange, is that most require their users to link their bank account information. There are a good number of people who don’t feel comfortable giving out their bank information, due to vulnerabilities. A big disadvantage of an online exchange is that some of them can take weeks to verify a users identity with the bank. Another big disadvantage of online exchanges is that most of them require their users to link to a major bank. This can be very inconvenient for users and often drives away potential customers.

Another big issue that online exchanges present themselves are long transaction wait periods. Depending on how busy the exchange is, it can take up to 5 business days or more to receive your cryptocurrency. With that being said, it’s probably a wiser choice to make your next transaction at a Bitcoin ATM, allowing you to buy and sell your Bitcoin within minutes.

Benefits of Using a Cash2Bitcoin Bitcoin ATM

If you have a smartphone and cash, Bitcoin ATMs take the hassle out of purchasing Bitcoin and other cryptocurrencies, unlike online exchanges. At Cash2Bitcoin, our machines offer its users many different advantages over using online exchanges.

With over 140 locations nationwide, Cash2Bitcoin ATMs are put in specific locations to make Bitcoin purchasing or selling as convenient as possible for its users. Cash2Bitcoin ATMs can be found at commonly visited locations, like liquor stores, food stores, gas stations, etc.

When it comes to dealing with online exchanges, depending on how heavy their user traffic is, it can take several days to reach someone for support. At Cash2Bitcoin, someone will always be there to support you with your transaction.

Anticipation

In the coming years, the number of Bitcoin ATMs will be growing rapidly, and Cash2Bitcoin will be one of many operators out there contributing to this growth.

To find the nearest Cash2Bitcoin Bitcoin ATM to you, please visit

What are Bitcoin ATMs and how do they work?

What are Bitcoin ATMs?

A Bitcoin ATM is quite similar to a regular ATM, however it is tailored with special software to allow a user to purchase Bitcoin and other cryptocurrencies. A Bitcoin ATM can accept either cash or a debit card and exchange it for the digital currency of Bitcoin, BTC. There are earlier versions of Bitcoin ATMs that only allowed the users to purchase it and not be able to sell it. As the technology has advanced, they are now capable of doing both.

Just like a traditional ATM, Bitcoin ATMs are comprised of a LCD monitor, QR scanner, bill collector and dispenser. As the Bitcoin ATMs collect your cash, there is a special software, which makes the buying and selling of Bitcoin fastsimple and secure.

Traditional ATMs are connected to a bank account, whereas a Bitcoin ATM is linked directly to a cryptocurrency exchange through the Internet.

How do they work?

If a user chooses to buy or sell Bitcoin using a Bitcoin ATM, it is broken down into two simple steps:

Step 1: Verification of users identity. As a user approaches a Bitcoin ATM, they must first verify their identity. The most common way of verifying a users identity is through SMS. A user will be asked to input their phone number, and after the user enters their phone number, they will receive a verification code that will need to be entered into the Bitcoin ATM. Once the users identity has been successfully verified, they will then be able to carry on with the transaction.

Step 2: Users decision to Buy or Sell. 

After successful identity verification, a user will then be logged into the Bitcoin ATM. The user then decides whether they’d like to buy or sell Bitcoin. If the user chooses to buy Bitcoin, he/she will first need to insert cash into the machine. Once cash is inserted into the Bitcoin ATM, the user will need to scan the generated QR code on the ATM from their wallet on their mobile device in order to receive it.

If the user chose to sell their Bitcoin, they will be required to send the Bitcoin from their mobile wallet to the QR code that has been generated by the Bitcoin ATM.