For many people around the world, the concept of different currencies and how they relate to each other can be a source of difficulty, mainly if there are payments to be made. This is because each currency has its own central control system (the central bank for that country). There will be checks made, and you may even have issues with time zones, specifically when banks are open.
This is the reason why the online community has created a form of currency that aims to bypass all these problems: Bitcoin.
A Quick Introduction to Bitcoin
Now, most people think that Bitcoin is in itself a currency in the same way that traditional currencies are. However, it is fundamentally different in the way it uses online networks. Bitcoin currency uses a consensus network to create what is a digital or virtual currency, with no physical counterpart (like a dollar or euro bill).
The basic idea behind Bitcoin is that it is so far the only successful cryptocurrency, wherein cryptography is used to control the creation and transactions for it. Instead of having a central authority or central bank to regulate its value and how many Bitcoins are in actual circulation. You can check for more info and the latest news in the Bitcoin industry.
Because of this, Bitcoin isn't owned by any one entity, and the way that the control network is set up is that it triple checks the value of Bitcoins using the network itself. And if people are worried about compatibility, the very nature of the Bitcoin network requires that all software developers working on Bitcoin software have to follow the standards and guidelines. Otherwise, the Bitcoin network itself will fall apart - and no one who uses Bitcoin wants that to happen. In that respect, it's a self-regulating system.
An ATM for Bitcoin
A Bitcoin automated teller machine or BTM is a tool that facilitates the exchange of fiat currency into Bitcoin quickly and straightforwardly. BTMs offers a quick and hassle-free way to buy and sell your Bitcoin without logging online.
Bitcoin ATMs or BTMs functions as a portal through which users can engage in financial transactions easily. They work similarly to traditional ATMs, but instead of cash being withdrawn and deposited, BTMs enable users to buy and sell Bitcoin using fiat currency. Another difference between a conventional ATM from a Bitcoin ATM is that the latter is not connected to a bank account. Instead, the transactions made from BTMs are coursed straight to a cryptocurrency exchange online.
There are two types of Bitcoin ATMs - a one-way machine that buys Bitcoins and a two-way machine that enables users to sell their Bitcoins, too.
The Growing Demand for Bitcoin ATMs Worldwide
Bitcoin experts have differing perspectives on the future of the cryptocurrency market. Although Bitcoin still suffers from high volatility due to its small market share, the fundamental technology that drives the world of cryptocurrency will create a significant impact on society in the long run.
As the cryptocurrency market grows more prominent, we are expecting an increasing trend and valuation of Bitcoin in the next decade. As more institutional players are more motivated to invest in cryptocurrencies due to its benefits, Bitcoin transactions will start to normalize in the next few years. And with cryptocurrencies becoming mainstream, the demand for Bitcoin machines rises steadily, too.
At present, there are over 6,000 Bitcoin ATMs or BTMs worldwide, 65% of which are concentrated in the United States. The rate of installation for BTMs witnessed its peak last year, with an average of 11 Bitcoin ATMs being installed daily. Almost 75% of Bitcoin ATMs can be located in all of North America, while Europe has 20%, and only a mere 2% of Bitcoin ATMs may be found in Asia. With these statistics, it is evident that the Bitcoin market is enjoying a steady rise in popularity among the general public, too.
The Advantages of Using Bitcoin ATMs
Bitcoin ATMs or BTMs allow people to buy and sell Bitcoin conveniently. Bitcoin ATMs also cater to underbanked and the less tech-savvy people who prefer the added privacy that BTMs offer when buying Bitcoins. The majority of operation Bitcoin ATMs process one-way buying transactions only, but there is also a noticeable growth in the number of two-way Bitcoin ATMs that enable both the buying and selling of Bitcoins at physical terminals.
Many advantages are linked to processing Bitcoin transactions via specialized ATMs. At the end of consumers, BTMs facilitate hassle-free transactions as compared to interactions at online exchanges. Users can now invest in Bitcoin wherever they are in the globe, and even use it as a transactional currency, too.
Here are the other advantages of using BTMs:
· Convenient
Bitcoin transactions processed through online exchanges may take days to be fully verified. On the other hand, BTMs make it possible to complete a buy or sell transaction in real-time. For users who want to sell their Bitcoins can do so using two-way BTMs, which allow for the release of funds in one's chosen fiat currency.
· Easy Processing of Getting Bitcoin to Wallet
You can process a Bitcoin transaction efficiently through a portal facilitate by the Bitcoin ATM. The use of BTMs is simple and straightforward. The user inserts fiat currency and receives the Bitcoin in his wallet in a prompt manner. You can even sell Bitcoin with just a few taps on the screen.
Furthermore, the growing number of BTMs allows users to process transactions anywhere in the world.
· Security and Privacy
The increase of Bitcoin ATMs is attributed to its highly secured platform. Bitcoin ATMs are legally operated machines, so the risk for fraud is slim to none. There are no third-parties involved during the transaction between the user and the machine; hence security is guaranteed at all times.
Although most Bitcoin machines employ a simple verification process, the software systems that BTMs utilize are tamper-proof, which then contributes to its dependability. Some machines even allow , so users do not leave any trail after using them.
The Bitcoin ATM has revolutionized Bitcoin transactions by making the cryptocurrency exchanges more decentralized. Regular exposure to transactions made through Bitcoin ATMs will further normalize the concept of cryptocurrency. This will help increase the growing cryptocurrency market.
