Bitcoin ATMs represent a milestone in Cryptocurrency history. They bridge the gap between two different worlds. One is highlighted by the principles of immutability and trust, the other is controlled by a central, and often unstable, Bank or Government. The significance of a physical Crypto presence is simply undeniable. Now for the first time, anyone can convert fiat currency into Bitcoin instantaneously with just a push of a button. By simplifying the process and accelerating adoption, Bitcoin ATMs are without a doubt, here to stay.
If you have ever searched for a “Bitcoin ATM Near Me” then you probably wondered how they work. It is pretty simple. The operators that own the Bitcoin ATM are willing to sell you or purchase Bitcoin instantly for a fee. In exchange for cash or a charge to your credit card or bank card, they will sell you a proportionate fractional share of a Bitcoin. A printed receipt to a digital or paper wallet is the result with no actual physical “coins”. When you are ready to sell them you can take them back to the same ATM or a different one and sell them back to the operator for cash, minus their fee, of course.
Should You Buy Bitcoin Locally Or Online?
Your purchasing power goes much further online. That is the absolute truth. However, where you buy your Bitcoins depends on your comfort, timing, technical understanding, and priorities. If you are at the corner store and there is a Bitcoin ATM and you feel like investing on a whim, then sure, that ATM is a great option. If you are looking to invest in BTC and hold onto it as an investment or start seriously trading Bitcoin, then ATMs are not the way to go. Granted, if you are in dire need of Bitcoin right now then an online exchange won’t get you them as fast, there are a few extra steps.
Recommended Alternative: Buying Online
The benefit of the online exchange is that you get to buy on your terms and on your time from anywhere in the world. You aren’t bound by the physical locations of the Bitcoin ATMs. You won’t have to continually search for the nearest Bitcoin ATM. You won’t have to travel beyond your door and you won’t have to abide by the operating hours of the store. Is the corner store closed? Well, looks like you can’t sell and have to wait until the morning after everyone else rode the wave and cashed out big.
