Cryptocurrencies have steadily established themselves as highly convenient, user friendly, and reliable, especially in the last decade. For a long time, Fiat currencies have battled with many flaws; however, they are under government regulation and central banks and remain mainstream to keep economic sanity. Indeed, cryptocurrencies presently do not stand a chance as rivals for traditional currencies.
However, cryptocurrencies continue to increase in valuation and popularity. There is a continuous attempt to create synergy between fiat currency and cryptocurrency. One such effort is the bitcoin ATM that is now available in over 60 countries. In October 2013, a Robocoin machine (the first bitcoin ATM) became available in Vancouver, Canada. Since then, we have seen a surge in cryptocurrency ATMs, with many exchanges now offering debit cards to users.
What are the advantages of Bitcoin ATM?
Currently, there are quite some variants of bitcoin ATM and how they work; however, the job is simple; convert crypto to fiat and fiat to crypto in a simple transaction that requires your card and your pin/QR code. Some require face ID or fingerprint scans and are mostly very convenient means of identification. This simple transaction offers users a wide range of qualities they are interested in. Some of which include:
Speed: It’s no longer news that one of the biggest problems with bitcoin transactions is scalability. With an average of 4-7 transactions per second and the number of confirmations required per transaction, bitcoin users have reported delayed transactions that sometimes take up to days before completion. However, bitcoin ATM transactions are very fast, requiring less than 10 minutes per transaction. In fact, many users would complete a transaction in far less than that; this is faster than any exchange or peer-to-peer platform can offer.
Easy liquidity and convenience: According to data gathered from conatmradar, there are over 10,000 bitcoin ATMs worldwide, Asia, Africa, and the Americas. This sparse distribution offers users a high level of confidence in bitcoin, especially when traveling across countries. Rather than panicking or seeking forex exchangers, many investors and bitcoin owners can keep their money in bitcoin and exchange it for fiat where a bitcoin ATM is available.
Security: Of course, any technology or protocol's security is arguably the most important topic that will ever pop up. There are hardly any security breaches with bitcoin ATMs since you're interacting with a pre-set algorithm and not an intermediary. Different providers also have unique verification protocols such as two-factor authentication (2FA), secure pin, and QR code. Some others have face ID or fingerprint to ultimately verify the user.
Now and then, in the blockchain space, we talk about taking cryptocurrency to the next level. The past couple of years have already seen banks, online payments, medicine, universities, religious organizations, and other institutions embrace and adopt the technology for everyday use. Indeed, with an increase in bitcoin ATMs, many more persons and institutions can be more open to the prospect of a decentralized digital currency.