If you have been hearing a lot about Bitcoin and cryptocurrencies lately in the news, you are not alone in this. More people are getting interested in the world of digital currencies. With this growing interest comes the decision of how to buy and sell Bitcoin. While many use crypto exchanges to trade, there is another option that is fast becoming increasingly popular Bitcoin ATMs. For those thinking about starting a business in the crypto world, Bitcoin ATMs are a great investment because they are more user-friendly compared to crypto exchanges. In this post, we take a deep dive into why this is the case and why big names like Elon Musk are paying attention.
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Why Bitcoin ATMs are easier to use
Bitcoin ATMs are easy to use. You walk up to the machine, insert your cash, and buy Bitcoin. In the same way, you can sell your Bitcoin for cash by using this machine. It is a straightforward process that does not involve any complex sign-ups or time-wasting verification processes like you would experience with crypto exchanges. It is this simplicity of the Bitcoin ATM that makes it such an appealing medium for people manage their crypto coins.
Why Elon Musk likes BTMs
One big fan of Bitcoin ATMs or BTMs is Elon Musk. The business giant is known for shaking up industries, and he is always on the lookout for simpler, more user-friendly technologies like BTMs. For him, these digital ATMs, represent a faster and easier way for the average person to get into the world of cryptocurrencies without having to learn anything complex. He has even talked about how much simpler it is compared to the confusing processes involved with crypto exchanges.
Bitcoin ATMs vs. Crypto Exchanges
When deciding between using a Bitcoin ATM or a crypto exchange, it’s important to know the pros and cons of each option. Let us look at these in proper detail.
Bitcoin ATMs
Pros
- Bitcoin ATMs are very easy to use.
- The support very fast transactions.
- They do not come with complicated sign-ups.
- Each user do not have to verify their identities online.
Cons
- May come with higher fees (this is because you may have to pay more for the convenience that it offers)
- Bitcoin ATMs may not be available in some areas
- Some machines have limited support when it comes to the number of crypto coins.
Crypto Exchanges
Pros
- Crypto exchanges come with lower fees
- Users can easily access different cryptocurrencies.
- It supports each user’s ability to buy, sell, or trade in large volumes.
Cons
- The sign-up processes can be very complicated.
- The verification periods is usually long.
- Users may experience slower transaction times.
The final word on the Bitcoin ATMS versus Crypto exchanges debate
Many exchanges also have complicated interfaces, which can be confusing for beginners.
For many people, Bitcoin ATMs win when it comes to ease of use and simplicity, especially if they just want to buy a small amount of Bitcoin quickly. However, if you’re looking to trade multiple cryptocurrencies or buy large amounts, a crypto exchange might be a better option.
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