Ever since the growth of bitcoin, exchanges have sprouted left and right. To date, it’s one of the most popular known ways to buy bitcoin. But what many people don’t know is that there’s a better way to bitcoins that will give you more value.
If you’ve known someone who has bought bitcoin, chances are, they probably bought it at an exchange.
While exchanges have their pros, there are also some corresponding drawbacks to using exchanges when buying bitcoin. If you want to make the most out of your bitcoins, you have to pick a platform that will give you the best possible value.
Delays and Fees
A lot of exchanges have long waiting times that take hours for transactions to be completed. Some people report that it even takes up to one month for them to receive their bitcoins.
This is problematic for the reason that urgent transactions cannot be undertaken within the necessary time period. There’s also the case of fees since using exchanges entail higher fees due to the fact that transferring money to exchanges involves commercial banks.
Transacting on exchanges come with security risks especially when it comes to the liquidity aspect. One example of this is when the Mtgox Exchange closed down and filed for bankruptcy in 2014.
Why Bitcoin ATMs Give a Better Deal
Although bitcoin ATMs aren’t designed to take on the typical volumes of transactions as exchanges do, it’s a viable platform that provides utmost convenience without the usual disadvantages of using exchanges.
This means the money you invest goes a long way because you don’t have to pay for hefty additional fees that comes with using banks.
But more than that, bitcoin ATMs are convenient to use because transactions go through in as little time as one minute.
With bitcoin’s success, you’ll surely find a bitcoin ATM near you!
The Verdict
If you’re looking for something that you can use in conjunction with your own wallet, bitcoin ATMs are the way to go. The thing with exchanges is that you have to be able to trust that they’ll keep your money securely. After all, you can’t eliminate the chance that hackers can penetrate through the data security of an exchange.