Cryptocurrencies have rocked the world of finance, and companies such as Microsoft, Pizza Hut, KFC, and GameStop are quickly catching on to the booming crypto-economy.This calls for a crucial question: does the future of finance lie with cryptocurrency, and if so, how will we get our hands on it?
While the answer to the first question may not be totally clear, all the trends, predictions, and statistics point towards the continued rise of crypto in the coming years. Bitcoin, being the most popular, could become a crypto on par with fiat currencies like the U.S. Dollar. The answer to the second part of the question lies in the emergence of crypto ATMs. Read on to find out why you should start taking advantage of your neighborhood crypto ATM and why it might just become your preferred method over other forms of transactions like traditional cash ATMs.
What is a Crypto ATM?
"Crypto ATMs have been around since 2013, but people were not using them regularly, due to the lack of awareness and reliance on the online platform. But the dice is finally rolling, and currently, we see an all-time highest number of BTMs worldwide," says Brandon Mintz, Founder, President, and CEO of Bitcoin Depot, the fastest-growing multi-cryptocurrency ATM network.
"Crypto ATMs are just like regular ATMs but are specifically made for dealing with digital currencies like Bitcoin, Litecoin, Ethereum, and so on," adds Mintz. This means that you can simply walk up to a crypto ATM and mine some crypto coins to your name within a few minutes.
Are There Other Options?
There are plenty of other alternatives to Crypto ATMs that have been traditionally used for years. The major ones include online payment methods through credit cards, debit cards, and digital wallets. There are also some third-party online exchange platforms to help you buy crypto. While online payments with cards come with some glaring security concerns like fake payment declination, the vulnerability of passwords, etc., exchange platforms can be equally challenging.
"One of the major setbacks with an exchange platform is that it will require you to link your bank account, complete a KYC, and provide full authentication. This is a matter of concern when you're dealing with decentralized currencies," explains Mintz. Moreover, most of the reliable exchange platforms only accept accounts from select banks and could result in weeks-long transaction delays.
Why Are Crypto ATMs A Better Alternative?
Bitcoin Depot specializes in cash-to-crypto services, which overcome one of the most pressing issues: enabling crypto and financial access for the underbanked community. Their crypto ATMs are strategically placed across a variety of regions to ensure access. Bitcoin Depot is also one of the only crypto companies that offer fast, easy, and friendly customer support via phone, chat, email, and SMS.
Most crypto ATMs are open 24/7, and their similarity to cash ATMs makes them user-friendly. Crypto ATMs are a game-changer, providing enhanced security and a fast and easy process that serves the user even if they're buying crypto for the first time. As per a report, crypto ATMs are expected for extreme growth in the upcoming years, reaching the market value of $144.5 million by 2023.