The positive and negative sides of using bitcoin ATMs – Concept Phones

In this modern era, when everyone considers investing in cryptocurrencies, bitcoins are the most successful digital assets. They are invested by a large number of people around the globe. Their popularity is increasing even more as they are being accepted as the mode of payment at different public and online stores. The credit for the increasing popularity of bitcoins goes to their highly commendable services and ATMs. However, amidst their rapid growth, a fraction of the population is still not informed about what bitcoin ATMs are and their merits and demerits. If you are also confused about the same, read the article below to clear all your doubts. If you are planning to invest in Bitcoin, you can easily create an account by visiting here.

Define bitcoin ATMs

You all know the working of standard ATMs as they allow you to withdraw and deposit money in your accounts. But what is more remarkable about Bitcoin ATMs is that they even allow you to sell bitcoins at a pace faster than usual, and the process is straightforward, making it seem effortless for one to buy, sell or transfer your currency.

Pros of bitcoin ATMs

Full privacy

Since the process of transactions by bitcoins does not involve any intermediary, users believe that they are getting complete privacy while trading, but what they do not consider is the fact that while making transactions through a wallet or an exchange, you need to fill a KYC, that is the information of your transaction is being recorded. Then, the system can transfer this information to someone; here go all your privacy points. But on the other hand, using bitcoin ATMs to make transactions gives users actual privacy as there is no KYC in this process; this feature makes it appealing for people to use bitcoin ATMs.

Highly secure

Another reason that bitcoin ATMs attract people is that they are incredibly safe. When you invest your money in bitcoins through any exchange, there are chances for the exchange to be hacked, and your data can be at risk. But with bitcoin ATMs, the process is secure. It is only you and the ATM making transactions, and the fact that no third party is involved reduces any chances of unfortunate incidents.

Fast processes

The pace at which bitcoins ATMs allow you to make a transaction is breakneck and attracts people to use them. Usually, making transactions through bitcoins will require you to sign up and fill out a KYC which makes the process complicated and time-consuming. However, in the case of bitcoin ATMs, you can transfer, buy or sell bitcoins only by using your wallet details; this makes the process fast and effortless. 

Straightforward processes

Using a bitcoin ATM  for transactions is not as complicated as it sounds; you do not have to be an expert to use it; all those who have used a regular ATM will experience no hardships. Even uneducated people and old-aged people who are not well aware of modern technology can use bitcoin ATMs just with a bit of prep.

Cons of bitcoin ATMs

Less Availability

The number of bitcoin ATMs around the globe does not do justice to the number of bitcoin users in the world; this can cause a lot of inconvenience to the people who do not have a bitcoin ATM within their accessibility range. Therefore, looking at the present situation, you can say that the ATM network will expand in the future, but the system needs a lot of time to expand and to suffice the needs of bitcoin users. 

High transaction fees and lesser efficient technology

Since bitcoin ATMs are comparatively newer concepts, they still need funds to make their system efficient. In this process, users have to give high transaction costs, which becomes inconvenient. 

In addition, in case of any technical issue, while using bitcoin ATMs, you cannot expect customer care to help you straight away because, as mentioned above, the system still needs to work on many areas, and customer service is one of them. But in the future, the system is expected to work more efficiently, and the transaction costs will also decrease to make bitcoin ATMs appealing to people.

In conclusion, you would have understood what bitcoin ATMs are and whether you should use them or not. 

Source: https://www.concept-phones.com/mobile-apps/the-positive-and-negative-sides-of-using-bitcoin-atms/