What is your go-to source when you want to buy bitcoin? Do you pull up your smartphone, head to an exchange, or do it peer-to-peer? Could you be missing out on the best way to buy bitcoin?
Bitcoin ATMs are a way for people to easily buy and sell bitcoin. They work similarly to traditional ATMs. You walk up to a machine, deposit cash (fiat currency), and receive bitcoin in return.
If you’re still wondering “what are Bitcoin ATMs?” our guide has you covered. Read below to learn more.
Bitcoin ATMs
Let’s break down the pros and cons of Bitcoin ATMs. Should you choose them as your one-stop shop when looking for where to buy bitcoin? Let’s find out.
Pro: Mainstream Adoption
People think that Bitcoin and cryptocurrency are too difficult to use. Bitcoin ATMs allow for a simple solution. By offering something similar to what they’re accustomed to, people can jump on board faster.
With over 60 nations with Bitcoin ATMs, many are starting to see it as the best way to buy bitcoin. The more awareness of Bitcoin, the faster mainstream adoption will happen.
Pro: Speed
Depending on the Bitcoinblockchain, transaction speeds may take up to a day or two. Bitcoin ATMs speed up the transaction time tremendously. Rather than transferring money from your bank account, you can just deposit cash into the machine too.
Transaction times will take a matter of seconds, making Bitcoin ATMs the best way to buy bitcoin.
Con: Fees
Fees are a normal part of transacting with traditional ATMs. The same goes for Bitcoin ATMs. You do not need a bank account to use a Bitcoin ATM, only a Bitcoin wallet on your smartphone.
You can expect to see transaction fees of 10-20%. They do fluctuate, going as high as 25% and as low as 7%.
Con: Location
When thinking of where to buy bitcoin, Bitcoin ATMs offer an easy resource. The problem is that they are not always readily available. While we put this as one of our cons, more and more are popping up everywhere.
Click to see where you can find where to buy bitcoin in your surrounding area.
Apps
Apps such as Cash App, Venmo, and PayPal all allow you to buy bitcoin too. If you’re learning how to buy bitcoin, you can do it all with a few taps or clicks.
You could even set up recurring buys and dollar-cost average bitcoin. By linking a bank account, you can buy bitcoin whenever you’d like. You can even set up boosts with the Cash App debit card and earn bitcoin back with certain swipes at coffee shops and restaurants.
Exchanges
Exchanges such as Coinbase and Kraken are another solution when learning how to buy bitcoin. The process is a bitcoin more complicated than Bitcoin ATMs or apps, but once you get it down it’s relatively easy.
Bitcoin ATMs: The Best Way to Buy Bitcoin
As you can see from our guide, Bitcoin ATMs are the best way to buy bitcoin. You just can’t beat their ease of use, convenience, and simplicity.
Have you spotted a Bitcoin ATM in your area? The next time you do, we encourage you to try it on for size!
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