When & Why Will You Need a Bitcoin ATM?
Everything is going digital. With the emerging market of cryptocurrency, crypto tokens or digital currencies are increasingly gaining popularity and acceptance. Bitcoin, the most popular and widely used and accepted cryptocurrency globally, was getting a snob when it was just starting.
Who can imagine in 12 years, it started with almost $0 value and now reached $600,000+ and people who started to believe and kept their bitcoins made them rich or richer? The high price value of Bitcoin made a highlighted discussion in finance and technology, and even ordinary people have become more curious about it. By the way, it is important to mention Bitcoin being more popular than any other crypto - even kids are starting to be familiar with it.
In 2013, the first Bitcoin ATM was installed. This machine includes a monitor, QR scanner, cash acceptor or dispenser, and receipt printer. Since then, thousands of Bitcoin ATMs were installed. To date, more than 19,400 Bitcoin ATMs emerged in different locations all over the world, helping individuals to achieve investment goals through cryptocurrencies.
Bitcoin is estimated to be used by 20.5 million people in the world. It gained trust from businesses, trading platforms, banks, and other fintech companies, which started to accept bitcoins and other cryptocurrencies as an alternative way to safer and faster financial transactions. Bitcoin also gave all people a new hope to earn extra profit by way of investing in it.
There are two primary ways to get your hands on crypto - offline (e.g., Paydepot Bitcoin ATM ) and online (e.g., through the website of the same operator). Whether as a day trader, long-term investor, or just an enthusiast, there are only two actions that a Bitcoin ATM will perform. They either help you "Buy" or "Sell" your crypto tokens.
In addition to this, people are encouraged to use the machine because of other factors such as:
● "Buy the dip" principle
● Quick cash
● Location and accessibility
● Unbanked investors
"Buy the Dip" means a strategy to take advantage when the price is going down at the right time. It is similar to investing in the stock market and other traded commodities. When the Bitcoin price is low, it is your chance to buy more crypto tokens and eventually turn into profits the moment its price goes up.
Since Bitcoin is traded 24-hours, non-stop, and all crypto tokens are highly volatile, the sudden drop of their prices may happen anytime. You might be caught up in a place like shopping in a mall, and suddenly you got notified about the drop. Bitcoin ATMs will be your friend, so you can take advantage of the "Buy the Dip" principle.
For whatever reason, anyone can be caught in a badly needed cash situation, and so happen you have bitcoins in your digital wallet. The next thing you wanted to do is to find a Bitcoin ATM.
Unlike trading in stocks, redeeming and converting into cash may take days, while investing in cryptocurrencies makes it fast to redeem or withdraw into cash. However, it would help if you made sure that the Bitcoin ATM in the area could do both buy and sell transactions. Overall, Bitcoin ATM is one quick way you can turn your digital money into real cash.
Before Bitcoin ATMs are installed, companies providing these machines made sure they could get foot traffic data of certain locations like shops, cafes, supermarkets, malls, and other commercial places.
Moreover, with the help of online apps and platforms, finding the relative Bitcoin ATM location is very easy. You need to enter your address and find the closest one to you.
Investing in Bitcoin is one way for anyone, especially for people who opted not to have bank accounts or are capable of maintaining one and are open to owning and investing in cryptocurrencies. All you need is a valid government ID, a smartphone, and a digital wallet or trading platform for your crypto tokens.
Another way to describe unbanked individuals is that people do not mean they have $0 savings or investments but chose to divert their ways of investing and saving money.
Bitcoin and other cryptocurrencies are becoming mainstream if we talk about fast and secure financial services and investment opportunities. The impressive popularity gained by cryptocurrencies opens its doors even up to ordinary people.
Whatever challenges these new types of currency face, people are more engaged to be more knowledgeable more than ever. The presence of Bitcoin ATMs is an important phase to reach more people and give them hope that investing is for all, not just for the few.
Subscribe to Latin Post!
Sign up for our free newsletter for the Latest coverage!