Bitcoin ATMs are becoming the future of cryptocurrency transactions & have high possibilities to replace traditional banking & online exchanges! It has the potential to revolutionize the financial industry & become the game-changer of the future of the cashless society!
Here, we are about to discuss the future prospects of Bitcoin ATMs, how it’s going to transform the use of cryptocurrencies, the chances of its wide expansion & possible challenges that need to be resolved.
Diverse benefits of Bitcoin ATM
Bitcoin ATMs have some enormous benefits that boost their spreading & unlock mainstream adoption effectively!
Excellent privacy-
When the other digital exchanges demand a lot of personal data & account information, Bitcoin offers a highly personalized environment with optimal security.
Your personal information is not linked to your wallet while using a Bitcoin ATM. This gives users the confidence to use Bitcoin ATMs without any fear of their personal data being tracked. Bitcoin ATM transactions are way more private & there are no chances of compromising your personal data.
Safety measures-
Bitcoin ATM offers very safe & secure ways to deal with digital currencies that are highly appreciated by decentralized financial experts! Bitcoin transactions are encrypted & there are no intermediary units like a bank or any financial institution to manage the transactions. For every transaction requested, Bitcoin ATM creates a distinctive channelization with a public key & private key and initiates the transaction with a specific QR code. The chances of data overlapping & data theft are quite minimal using Bitcoin ATM.
Fast performance-
Speed is one of the major benefits of using a Bitcoin ATM. Sometimes, online exchanges can take weeks for account verification which may be turned into a big issue as the value of a particular currency may get up or down & you can face huge losses or miss a golden opportunity to get profited! But for Bitcoin, there is no need for any documentation or long initializations.
If you are planning to trade on cryptocurrencies, Bitcoin ATM should be your prime choice! What you just need to do is to scan the QR code to establish your identity & rest, the process is nothing but a cakewalk! The whole transaction request takes hardly 2-3 minutes, which is really remarkable for crypto exchanges!
Smooth usability-
Bitcoin ATM is extremely convenient & more user-friendly than other DeFi exchange facilities. If you are a crypto beginner & looking for a reliable & easy transactional option, or you are an experienced crypto trader & in a need of something more than traditional online exchanges, Bitcoin ATM is helpful for you in both cases!
The process is very smooth & managed by a highly secure operational technology. It’s so well-instructed & structured that even not-so-tech-friendly people can handle it & accomplish their Bitcoin buying & selling operations easily using a Bitcoin ATM.
No need for a bank account-
Bitcoin ATM is a more flexible & easily accessible option for trading in the DeFi industry. There is absolutely no need of entering your bank details while using a Bitcoin ATM! Users can directly deposit cash into their Bitcoin wallets or withdraw Bitcoin from the wallets as cash. There is no involvement of a traditional bank & you don’t have to worry about disclosing your financial statements.
Bitcoin ATMs work 24*7, and you can buy & sell Bitcoin at any time of the day, without depending on regular banking timings.
Leading Bitcoin ATM manufacturers
Based on market share, number of ATMs, installation & maintenance, highly engineered machines, etc, here is a list of some of the top Bitcoin ATM manufacturing companies that are widely popular worldwide! (Please note that the choices may vary as per the current market trends, locations, personal experience, or for any other specific reasons).
BitAccess
Bitstop
Bytefederal
ChainBytes
Covault
CoinCloud
Genesis Coin
General Bytes
Lamassu
Current challenges of Bitcoin ATM
Besides having many pathbreaking benefits, Bitcoin ATM has some limitations currently, that must be resolved to make it more convenient & welcoming.
Less machine availability-
As compared to the growing number of Bitcoin users, the number of Bitcoin ATMs is significantly lesser. Unlike traditional ATMs, you can’t find Bitcoin ATMs frequently in your area. Bitcoin ATMs are mainly placed in major cities & absent in many of the places where there is actually a huge demand for them. When people are willing to invest in Bitcoin, the struggle of finding Bitcoin ATMs is not a good sign indeed!
Higher transactional charges-
Bitcoin ATM transactional fees are significantly higher than online exchanges and can vary between 5% to 25% as per the location & transaction type. Moreover, if the transactional amount goes higher, the charges increase rapidly! This is a major disadvantage & need to make it much lower otherwise it will be difficult to connect the mass.
Technical issues-
Bitcoin ATMs often have transactional limits, which is a prime concern & needs quick technical remedies.
There are some other technical issues as well that are pulling behind the Bitcoin ATMs notably. As it deals with technical complexities, there are high chances of machine malfunctions, application problems, or network disruption that sometimes become so much frustrating for the users!
On an ending note
Bitcoin ATM is a very secure & fast machine to transfer digital currencies more efficiently. It’s nevertheless to say that there are many areas that need to be improved to streamline its performance but the most undeniable fact is, it has established its capabilities as the future of cashless financial services!
We hope that all the drawbacks will be cleared soon & Bitcoin ATM will be marked as the next-gen solution of digital currency exchanges.
Top comments (1)
very insightful