Tech

Still Dependent on Crypto Exchanges? – Try ATMs Instead!

Cryptocurrency like Bitcoin and Ethereum for instance has made their mark! Investors are clinging to the crypto bandwagon big time and making some solid gains out of currency transactions through the blockchain. If you are still dependent on the exchanges to buy online, it may be time for a change. Here are some inputs that might be of help. 

What are Crypto Exchanges?

Exchange, just like the word suggests, is a place where buyers and sellers trade crypto money for real currency or for other cryptocurrencies.  So, one can trade bitcoins for dollars or bitcoins for Ethereum and vice versa.  Until recent times, the exchange was perhaps the most popular way of trading crypto. These exchanges are similar to stockbroker firms and can be either centralized or even decentralized. They provide traders with a set of tools that can be used within their platforms for trading. 

Why were they preferred?

Exchanges were preferred because setting up an account was easy. There were also several platforms to choose from, each offering competitive rates. Wallets could be activated easily. Some platforms even offered insurance in case of procedural failures at their end. Even so, exchanges are not the best choices when it comes to the trading of cryptocurrency. There are many pitfalls to manage here. 

What makes Exchanges Unsuitable Choices for Trading?

  1. Exchanges always use private servers centrally. As a result, these central exchanges are highly prone to hacking.
  2. It is also possible that your wallet, that carries all your crypto money, ends up being exposed to notorious hackers. 
  3. The wallets they provide are in their control. You do not own the key to those wallets. Therefore, storing large sums of money in these wallets is never advisable. You will need a separate reserve for your cash. 
  4. If it’s a decentralized exchange, it can be used for any purpose, including illegal uses. 

The many disadvantages of a crypto exchange have now made way for the more convenient and safe ATMs dealing with cryptocurrency, or BTMs as they are popularly known. And surprisingly, they are extremely popular. If you launch an online search for a “crypto ATM near me” you will be surprised at the number of options available at hand. So what has made these ATMs so popular? How do they actually score over exchanges? What makes them approachable and viable? 

How ATMs Score over Exchanges

Bitcoin ATM machines are not any different from regular teller machines. You can deposit or withdraw cash as well as sell or buy bitcoins. It is a physical machine that allows you access to the world of crypto. This is what perhaps makes it a safer option for many. Here are some more advantages in-store when you visit a Bitcoin ATM in North Dakota

  • They are easily accessible, maybe not as much as the regular teller machines, but finding one isn’t a challenge either. 
  • If you do not use a formal banking network there is nothing to worry about. The machine accepts cash and does not link the transaction to your bank.
  • The transaction is immediate and there is no risk of exposing your funds to hackers. 
  • If you are lucky to find a newer machine, cash will be dispensed in exchange for bitcoins! You need to see it to believe it. 

Bitcoin ATMs are here to stay. Experience it to believe it. 

Writerminer

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