Buy or Sell bitcoins for cash, bitcoin ATM alternatives
Almost every person on the planet has heard about the cryptocurrency market.
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However, not everyone is ready to invest money in it, as many consider it a rather risky and bad idea.
Today, there are a huge variety of ways to get bitcoins, from completing tasks on exchanges to mining. Basically, many who are interested in this topic know about how and where to earn Bitcoin, but difficulties often arise with their purchase.
The problem is that some currency exchange services offer their customers to purchase one cryptocurrency exclusively for other digital currencies. On the one hand, it is quite convenient, but not for everyone. What to do in situations where you need to buy bitcoins with dollars, euros or rubles that you have in your bank account? There is an answer - contact the security services or ATMs. These services are designed specifically to make life easier for traders from all over the world, because with their help you cannot only buy or sell bitcoin for currency but also can you convert bitcoin to cash and on the contrary.
A few words about cryptocurrency ATMs
Today, the number of bitcoin ATMs installed around the world continues to grow rapidly and recently reached a new record level.
So, referring to the data from CoinATMRadar, at the moment there are slightly more than 6 thousand such machines, with more than half of them located in the United States of America, and this is not surprising.
So, perhaps for many it was a revelation that bitcoin ATMs exist, but this is exactly the case. Bitcoin ATMs are a kind of terminals that enable people to purchase cryptocurrency for cash. As a rule, we are talking about bitcoins, but there are terminals that work with other popular cryptocurrencies, such as Bitcoin, Ether, XRP, Litecoin and many others. Some of the existing bitcoin ATMs (approximately 30%) allow not only buying bitcoins, but also withdrawing funds from the user's wallet into fiat money.
How do they work?
The easiest way will be to perceive them as "relatives" of conventional terminals or so-called IBoks for replenishing the balance of mobile, Internet or bank cards. For transactions, a Bitcoin ATM communicates via the Internet with the Bitcoin blockchain and gives the user the address to which the cryptocurrency is transferred (including in the form of a QR code). In this case, the cryptocurrency is transferred from one of the wallets of the company that owns the ATM. Of course, a certain commission will be charged from you for this transaction, on average it is from 7 to 9% of the transfer amount.
Of course, for many it is a disappointment that bitcoin ATMs do not support credit cards, and they work exclusively with cash. This happens for the reason that the user cannot request a chargeback in this way, because it is impossible to cancel the transaction in the Bitcoin blockchain.
By the way, when thinking about the security of Bitcoin ATMs, do not forget to think about the degree of protection of your mobile crypto wallet.
After all, it's not that bitcoin ATMs are insecure. In general, if you follow the standard set of security measures, then nothing bad will happen. In addition, due to the limited choice in terms of ways of acquiring bitcoins, now traders are forced to balance and choose the least risky options. Often sacrificing convenience.
Is there an alternative to ATMs?
A good alternative to cryptocurrency terminals is exchangers. On such platforms, the acquisition of bitcoins is carried out not only quickly, but also as conveniently as possible. But there is one well-known drawback of this system:
if you need to buy a large number of bitcoins at once - say, 30 BTC or more - then you have a direct road to large brokers or well-known exchange platforms, since not every exchanger will be able to perform such a large operation.
And all why? Because most cash exchangers have fairly low purchase limits. However, they differ greatly from service to service.
You can exchange even such a crypt as usdt to usd in cash in specialized exchangers.
In order to successfully choose an exchanger, you can check its reserves and reviews. To exchange money, you just need to select a service and go to the site.
Choose only verified exchanges, since many exchange platforms are opened solely for the purpose of taking possession of funds or personal data of naive clients.
Summing up, we want to note that investments in cryptocurrency in any case carry certain risks. If we consider the short-term period, then the main risk is strong price volatility (just imagine the price can change in the range of +/- 50% over a year).
If you invest in the long term, then the main risk may be the cryptocurrency system itself. As you know, Bitcoin is a completely decentralized system that does not have a single control center. This is both good and bad, since it does not have a security guarantor, the users themselves are responsible for it, because they are the ones who have access to the bitcoin addresses on which bitcoins are stored.
In addition, transactions in this system cannot be canceled, nor can a change be made to an already sent transfer order. This means that if the recipient's bitcoin address is incorrectly specified, the transferred funds will go to the wrong place, and it will be almost impossible to recover the lost funds.