There are varieties of cards used by people to perform any money-related actions, but today’s era is of cashless and digital currency. But due to some critical situations in India, users cannot withdraw cryptocurrencies using any banking system, but very soon, the users are provided with a specific ATM card to withdraw bitcoins and use it in different countries at some reliable charges.
What is a bitcoin ATM?
- A bitcoin ATM is a kind of kiosk that relies on the internet. It enables the user to sell and buy bitcoin using a special bitcoin ATM card.
- It’s all transactions. They are based on blockchain technology.
- The bitcoin ATMs transfer the bitcoins to the user’s digital wallet by using the QR code. It sends and receives the tokens to the user’s digital bitcoin wallet.
- There are approximately more than 14,000 bitcoin ATMs across the world.
- The functioning of Bitcoin is similar to conventional ATMs however, to access this, you must have a crypto wallet so ta hyo can buy and sell cryptos easily.
Types of bitcoin ATMs:
There are mainly two types of bitcoin ATMs based on the ways of their transactions:
- Unidirectional Bitcoin ATMs: In this type of ATM, the traction takes place only in one direction. Either selling bitcoin or buying the bitcoins through the kiosk. Since it is used only for one purpose, it is also termed a “one-way” bitcoin machine.
- Bidirectional Bitcoin machine: As the name indicates, bidirectional means a two-way process. In this type of bitcoin ATM, the tractions are done in both ways. The user can buy or sell the bitcoins from the same kiosk.
What are the benefits of Bitcoins ATMs?
- Easy to use: The user doesn’t need to go through the different complex processes using a QR code containing the receipt with the public and private keys.
- Secure: The bitcoin ATMs infrastructure is highly secured and safe to use. All the transactions are done on a highly secured algorithm the intruders can’t be involved.
- Flexible: The user can sell or buy the bitcoins from any location using the kiosk. The user can even keep the hardware wallet and the software wallet based on the user’s requirements.
- Do not require a customer account: The user using the bitcoin exchange ATM doesn’t need to create an account or any complete identity verification checks(KYC).
- Allow the user to easily invest in Bitcoin: The user can invest in bitcoins just in a few minutes by heading directly to the Bitcoin ATM. There is no need of going through an online cryptocurrency platform or o set up any exchange accounts.
Disadvantages of using Bitcoin ATMs
- High transaction fees: Bitcoins ATMs cab be useful. However, they may charge high, and you have to spend your hard-earned money on it. You can avoid this problem by researching well before choosing the appropriate automated teller machine. The charges may differ at different ATMs and can be based on the ATM location.
- Availability: Despite being so famous and popular in today’s youth, the bitcoin ATM is still not available at different geographical locations, so most users may not be able to use it. Although the installation the Bitcoin ATMs are increasing regularly and becoming available for clients 24*7.
- Technical issue: Since the ATM is a kiosk machine, the technical problem is obvious and very often. Due to the technical issue in the machine, the customer may have to wait for some minute, day or it can be even delayed for months.
- Scam: The scam can be an issue with the bitcoin ATMs due to a lack of awareness and knowledge. The scam can be in different ways, like a fake phone call from an anonymous and asking for some bitcoin transactions, and there are so my ways legitimate users can be scammed.
At The End
The Bitcoin ATMs are not still used in India but can be started anytime, and awareness of it can lead you to use them efficiently and flexibly. This idea of Bitcoin ATMs results in a very productive and positive way in different countries.
The use of bitcoins has become much more useful for the cryptocurrency market and the public. And you can keep updated about this by using the bitcoins-evolution.com/, which provides all information about bitcoins and invests in bitcoin according to the favourable market situation.
