Should you use Bitcoin ATMs? In 2020, there are over 6,080 of these machines. Where can you find them, and should you even consider them?
It’s a matter of time Bitcoin ATMs spread around the world. Many people like the idea of turning Bitcoin right into cash.
Depending on your financial decisions, it can either turn into a gold mine or a money pit. First, let’s see where you can find one.
Bitcoin ATMs In Over 75 Countries
Over 60% of the ATMs located in the US and 25% are in Europe. Yet, this technology is unequally dispersed. Some states have over 200 ATMs; others have less than five. The business activity may influence this trend after all.
You can find them anywhere in mainstream cities. NYC, San Francisco, London, Melbourne, Paris, Tokyo, or Hong Kong.
For most of the investors, unfortunately, ATM locations may be too far from them. It’s not that simple for habitual investors.
Do We Really Need Bitcoin ATMs?
Bitcoin has been growing like crazy this 2020. You may wonder: “why doesn’t it keep expanding locations?”
Obviously, more and more people are joining the crypto market. But ATMs have disadvantages that online platforms don’t have.
- If you need to buy or sell as soon as possible, location is a limitation. However, this issue will quickly solve as Bitcoin grows in the future.
- ATM takes 5% to 10% of your amount. It doesn’t become a problem until you want to cash out larger sums. If ATMs are your only way to get Bitcoins out, it will be very hard to make profits. At least, you need to beat the market by 10% only to break even.
- to get your information and clear the account. Did we mention blockchain transactions are impossible to undo?
Thankfully, Bitcoin is setting multiple verification measures: mobile Pins, code authenticators, or wallet encryption.
Convert Bitcoins And USD In ATMs
With the advanced models, you can both buy and sell Bitcoins, assuming you still have money left after fees.
In order to make money with ATMs, Bitcoin needs to skyrocket. Mind that each location has a different percentage fee. Plus, ATMs are convenient when you have no connection to exchange online.
If you need money right away and have no trading peers, ATMs are also a good choice, if not the only one. You should only use them as your last resource.
Once service fees reduce, you can expect ATMs to get to more locations.
Although Bitcoin ATMs are far from efficient, it helps the crypto-currency to become accessible and grow the market. Not even mentioning the many global companies accepting Bitcoin already. It’s 2020 and you can fund your Microsoft account, pay mobile bills or buy a Bitcoin shirt.
Even a 6% fee makes no difference for low amounts. After all, people spend cash for small daily expenses, not large purchases. And if you need to cash out anyway, peer-to-peer trades are far more efficient than ATMs.
When using large numbers, avoid fees at all costs. People should still use online exchange sites more often than ATMs.