Because of their many potentials, users of cryptocurrencies continue to grow. Its influence steadily increases that one out of ten people invests in crypto for convenient trading.
One of the advanced technologies related to cryptocurrency is a crypto ATM. If you’re new to the world of digital currencies, then there are many reasons you should be aware of what crypto ATMs are.
This article will discuss what these ATMs are all about and how you can use them in your crypto journey.
What are Cryptocurrency ATMs?
Crypto ATMs function with the same purpose as traditional and regular ATMs. These ATMs are terminals that allow the purchase of BTC, ETH, and many other cryptos through card or cash. Although they may look different, they relatively work the same.
These ATMs are internet-based and process blockchain-based transactions. You can buy and sell cryptos with them or through your digital wallet using a generated QR code from the machine. However, note that specific transaction fees can be applied when using a crypto ATM.
8 Benefits of a Crypto ATM
Why should you use crypto ATMs? Here are eight reasons why:
Easy to Use
Crypto ATMs are straightforward. All you need to do is follow its simple instructions. There’s no need to set up an account on the ATM, like with online platforms. ATMs generate QR codes that you can scan to access the cryptocurrencies you bought and directly transfer them to your digital wallet.
Safe and Secure
These physical ATMs can’t be tampered. Compared to online transactions that can be hacked and altered, ATMs safeguard your assets and information. No other parties are involved with every transaction, so it’s only between you and the machine.
Cryptocurrency ATMs complete transactions in a matter of minutes, depending on the transaction type you’re trying to make. If you want to buy crypto, your purchase order with a generated code will immediately be processed as soon as you feed your cash to the machine. On the other hand, it might take some more minutes to sell crypto, but the funds transfer is still fast. Both require you to scan the QR code shown on the machine to finish the transaction.
Flexible and Always Available
There are many crypto ATMs globally, scattered in many locations. You can easily search for one using tracking websites and apps like Paydepot. These apps can even pinpoint your location and direct you to the nearest crypto ATM. Crypto ATMs are available most of the time, and most of them also offer low transaction fees.
Easy Access to Money in Foreign Countries
If you’re out of town or in a different country that has its local currency, it can be hard to exchange to the local currency. However, this isn’t a problem if you have crypto and there are available crypto ATMs where you’re at. You can easily exchange your crypto for cash in the local currency.
You don’t need extensive experience with the machine or crypto transactions in general when using crypto ATMs. Even if you’re new to crypto, you can easily understand and use them. These automated machines offer a sense of familiarity since you can use them similar to a regular ATM.
No Need For Bank Accounts
There are many people without bank accounts. Fortunately, crypto ATMs don’t require you to have one. You can buy and sell cryptocurrencies by using your digital wallet and cash. The machines will also require only your name and number for verification purposes.
Easy Way to Open Wallet
If you’re planning to trade or invest in crypto, you’ll need to have a digital wallet to store your coins. Still, it’s completely okay if you don’t have one and want to use a crypto ATM. The machines won’t require you to open one right there and then.
The machine generates paper wallets. These are printed papers with a QR code and keys that you will use to access the crypto you bought. You can easily back up this paper wallet or safely keep it.
How to Use a Cryptocurrency ATM?
Here are some easy steps you can follow to use a crypto ATM:
- Start by providing basic personal information: your name and phone number.
- Wait for a text message that will contain a verification code.
- Enter the verification code on the machine to proceed with the transaction.
- Decide if you want to buy or sell crypto.
- Deposit cash if you plan to buy it by feeding it to the machine. Enter your desired amount if you want to sell crypto.
- Wait for the generated QR code. Scan this code to transfer the crypto to and from your digital wallet.
Cryptocurrency ATMs are convenient standalone devices for crypto investors, both newbies and professionals. They offer many incredible benefits to users, and they’re easy to navigate. You can start looking for one using tracking sites and apps to enjoy their benefits.