Bitcoin needs no introduction! It has managed to earn such quality respect in the recent decade that no other cryptocurrency has earned. The world of cryptocurrency was once known only because of bitcoin. The term bitcoin became so popular that people knew about this term only and cryptocurrency seemed to be a different concept to them. But this is not true. Cryptocurrency is a wider term when compared to bitcoin. Out of all the available cryptocurrencies, bitcoin is just one of the currencies in digital form. Bitcoin is the oldest among all and this feature of bitcoin helps the users to experiment with its availability in every sphere of life. Be it fee payment, accessibility, and many more. Many advances related to the field of bitcoin have happened and one such facility is the bitcoin ATM. Bitcoin ATMs have helped users of bitcoin to use the service and access the hidden gems of bitcoin and its derivatives. Speaking of its accessibility, El Salvador continues to buy bitcoin and that might the reason why tourism increased.
Comparison to the traditional ATMs
There are traditional ATMs around us and we are regular users of the same. There are many concepts wherein bitcoin ATM is considered similar to them but this is not true. There are many distinguishing features that demarcate between the two. In this article, we are going to discuss these terms and the landmarks that help in its differentiation against traditional ATMs.
Bitcoin ATM charges
Some of the bitcoin ATMs help to trade bitcoin single-handedly. As a result, one can easily see the benefits given by these ATMs. the charges that are levied when a user uses the services of these ATMs are just nominal and in comparison to other methods, the charges are very low. Where charges are low the extent of flexibility increases. The same happens with this concept as well.
Availability of Bitcoin ATMs
The popularity of bitcoin ATMs is increasing day by day. Similar can be seen in the U.S. wherein around 9000 ATMs are serviceable. These ATMs are owned and maintained by crypto companies and some of the companies own their crypto trading platform. Thus, increasing the scope of the company and that of the ATM at the same time. Just like a traditional ATM requires a crowd for its operation, a bitcoin ATM requires customers for its operation. In El-Salvador bitcoin was declared to be a legal tender recently and as a result, the number of crypto holders has increased making the crypto companies open such kiosks at different places for the ease of customers.
Types of Bitcoin ATMs
Bitcoin ATMs are divided into different aspects depending on the direction of data. These are unidirectional and bi-directional. An estimate is made wherein it was found that only 30% of all the ATMs around the globe are bidirectional and both being connected to the internet help the users to enjoy the services of bitcoin ATMs. the packets of data decide whether an ATM is unidirectional or bidirectional.
Benefits of using Bitcoin ATMs
A bitcoin ATM is highly beneficial to a customer. The foremost benefit of using this ATM is its availability to everyone. As sometimes proper infrastructure lacks the facility to operate trade and other practices. These ATMs help to overcome these practices and perform the operation for all. Secondly, the fees charged are nominal as compared to other practices. As a result, it is possible to earn maximum share by paying fewer fees towards the transaction performed. After the purchase is made the record can be easily seen in the statement of the customer’s account.