Using Bitcoin ATM’s- Their Advantages and Disadvantages

Using Bitcoin ATM’s- Their Advantages and Disadvantages

The fastest way of selling bitcoins and other coin currency is through the digital currency ATM that are gaining popularity, as it was perceived that it is difficult to buy bitcoins and even more difficult to sell them and convert to fiat currency. To ease this pain area, the concept and unique idea to introduce normal ATM-like services at the kiosk that is simple to operate, buy and even sell the digital currency sprung up and we have physically witnessed the services at the kiosks to provide better, easy and simple access into the world of crypto and digital currencies.

A dedicated machine to cater the needs of the digital platform users like Bitcoin Trader, online trading platforms to purchase and sell the most sought after and volatile digital currency is by far the most innovative and big leap for the digital platform company that is the biggest grosser and widest Bitcoin ATM coverage, across the globe. The possible advantages of using the ATM are many

  • one thing for sure these digital space has created an edge over any other form of banking or services, the speed at which transactions take place are like lightning, the entire operation takes less than 15 seconds to scan the QR code, take in the physical notes and send the fiat currency into the machine
  • first time usage may take longer time, subsequent transactions are just a 3 step method of scanning the QR code, insert the physical notes, and click the send button in the screen
  • transactions made through the Bitcoin ATM’s are secure and safe as the entire process has many verification processes
  • they are user-friendly without any lengthy codes to be punched in, simple and easy is the keyword to operate the ATM

With many advantages, the ATM’s have there are few nudging issues that make it non- operatable, due to the

  • the high cost of processing the transactions, the markup price could go as high as 30 % from the normal rates that shudder user to refrain from using the digital currency space, rather the rates are less while trading from online software’s, the Bitcoin Trader charge lesser fees and transaction cost
  • the service availability is another issue that has to be addressed, often the kiosks are nonfunctional
  • Often the machines that are run and connected to the exchanges mirror the purchase price done by a trader from the ATM; this could lead to a potential loss to the customer.