Author: Vincent Tabora
We all use an ATM as a way to get cash when needed the most. Imagine not being able to get a late night snack from a food truck because they don’t accept a credit card. Even worse is when you are in a city abroad and they only accept cash for payments.The ATM (Automated Teller Machine) is a great innovation in modern technology. It allows the dispensing of money when needed through the use of a bank issued card with PIN. It provides convenience with an easy to use and friendly interface. An ATM provides a service that is available 24 hours in most locations. It replaces the need for a human teller, that would otherwise require an actual in person visit to the bank during bank hours.
While an ATM is often associated with fiat currency (i.e. cash), there are also ATMs that support cryptocurrency. They are called Bitcoin ATM or BTM, and they can be used by any user who has a Bitcoin wallet. Or, for example in Chainbytes BTMs, users can opt for paper wallets. No pre-verification required, simple and easy. Many questions arise regarding the use of a BTM and what its purpose is actually for. Since Bitcoin or BTC does not have any form of paper currency, what are BTMs useful for?
Many of us already have familiarity with an ATM for banking. If you put that functionality with cryptocurrency, it provides a one stop shop to Bitcoin. You may already be familiar with the growth in the cryptocurrency market led by Bitcoin, but are somewhat clueless on how to open an account, how to fund an account. The process is not for everyone and they definitely don’t make it easy. BTMs help onboard new users quickly and in the simplest way possible, even if they have never used cryptocurrency before. The basic functions of an ATM are also found in a BTM so that users have the same, familiar experience that they’re used to. At present, there are about 19,218 crypto ATM (including BTM) in 73 countries according to Coin ATM Radar. Now, let’s go deeper into why you people use a BTM in the first place.
4 Reasons To Use BTM
There are 4 main reasons why to use a BTM, although there are definitely more reasons than just 4. But, I’ve condensed all the information here for you:
A BTM is a fast, easy and user-friendly way to access your Bitcoin wallet. And, if you’re what they refer to as “unbanked” and would prefer not to have a Bitcoin wallet, there is a paper option available for you. All you have to do is print it out and keep it with you, there’s a QR code on it that allows you to have access to your funds as soon as you return to the BTM (any BTM). The Bitcoin ATMs are found in many public places where users can have access to their funds. A traveler can access a BTM at an airport, shoppers can access them near retail outlets and businessmen can use them at hotels or commercial centers. These are only examples, anyone can have access, and that’s the point! The BTM combines an exchange and ATM service so that users have a more seamless way to access their digital assets. Don’t believe me? Click on this link, Find a BTM near you, and check for a BTM that is available in your vicinity.
2. Seamless Crypto-to-Fiat for Cash
Using a smartphone app may be the fastest way to convert money on exchanges. The money goes to a bank account, but users still have to withdraw it from an ATM if they need to use cash. When you need the fastest way to convert crypto to cash for spending money, BTM has the advantage. Users can legally liquidate their digital assets via the use of a BTM.
3. Inclusive to all users, even without a bank account
Users without bank accounts can still use a BTM. All that is required is KYC information, i.e; presenting a government issued ID. With cryptocurrency like Bitcoin, the funds are not stored in banks but over a decentralized network of computers using a blockchain. BTM allows access to your BTC without requiring bank accounts or background checks, all you need is your state ID (for US territories) and viola! Crypto!
4. Efficient way to deposit cash to crypto accounts – BTM also allows cash deposits to cryptocurrency like Bitcoin.
Banks do not offer this service unless you are depositing it into your bank account. You then need to take another step by sending your deposited cash from your bank account to an exchange to add to your crypto. A BTM provides a more efficient way to deposit cash to crypto by allowing instantaneous, direct deposit to your Bitcoin wallet.
In summary, a BTM provides a quick, easy and legal way to withdraw or deposit cash to cryptocurrency immediately. It is just like how an ATM works, but without having to involve a bank. It connects users to their (Bitcoin) wallet to make transactions.
How to Purchase a Bitcoin ATM
And, if this all sounds like an opportunity you’d like to be apart of then contact the team over at ChainBytes. ChainBytes is the #1 veteran-owned BTM kiosks provider in the US. They are built with security and usability in mind for the users, providing a safe way to access digital assets in public. Their main focus is in support (really, call a real-person whenever), and the quality of their machines. Go to their website to talk to their support team through their live chat feature or call their offices, they’re more than happy to go over all your options.
Growing Adoption For Crypto
Bitcoin’s market cap has grown tremendously as it attracts a new wall of capital from institutions, in other words it’s gone “mainstream”. As the adoption for the digital asset grows, so will the demand. BTM provides a way for users to gain access to digital assets like Bitcoin for the first time, crossing through the mainstream threshold even further. It is likewise a better way to convert crypto to cash when needed. ChainBytes offers an experience that is simple and easy to use for both beginners and advanced users of BTM.
Bitcoin’s mass adoption will increase the number of users who will need instant access to BTC. Using a BTM will eventually be just as common as using a bank’s ATM. New features are also offered at a BTM that allow opportunities for investing crypto in emerging markets, smaller tokens for a greater risk and return. BTM will be available to users to help them make these transactions seamless, convenient and secure – this provides an essential service to the community that still has plenty of room to grow.
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Glossary Of Terms
Bitcoin Wallet – This stores what is called the “private key” of a user and access to their digital currencies. The wallet provides access to a user’s digital asset to view the balance and authorizes transactions with the use of the private key. This can be for other cryptocurrency as well that are supported by the wallet.
Blockchain – An open distributed, tamper proof and cryptographically secured database that resides on a decentralized network. This is the layer that records transactions of cryptocurrency. Want more information? The video by Wired magazine explaining Blockchain in 5 Levels of Difficulty is still the best, to date.
BTC – The symbol for Bitcoin as a digital asset or cryptocurrency.
Cryptocurrency – A digital or virtual currency that is secured by cryptographic means that is used in peer-to-peer (P2P) payment networks that does not require a third party (e.g. banks). It does not have a paper form, it is purely digital.
Digital Assets – Another term used for cryptocurrency.
Exchange – Also called a Digital Exchange. These are companies that provide conversion services from cryptocurrency to fiat currency and vice versa. They are regulated by their jurisdiction of operation and are often difficult for non-tech savvy, new users to operate.
Fiat Currency – A form of currency issued by a government or sovereign nation which is used as a medium of exchange for payments (e.g. US Dollar). It can be issued in the form of paper currency like cash.
KYC – Know Your Customer. This is an Anti-Money Laundering policy requirement that states that “financial services and platforms must gather some personal information” about a user for regulatory compliance with financial laws (ie: Your US State ID).
There’s a lot to unfold in the world of BTMs and cryptocurrency, but there are also more resources than ever at your fingertips. For more information follow along ChainByte’s social channels for Bitcoin ATM, Bitcoin, and company updates: