As the popularity of cryptocurrency continues to rise, with new currencies coming out every day, consistently fluctuating values, and a growing user market, it’s hard to meet someone who hasn’t heard of it.
And yet, after the initial recognition, it’s very difficult to find a person who can get past the trendy phrases we’ve all already heard and know. Cryptocurrency has garnered a reputation of being a bit abstract/obscure, and many people write it off as something they won’t ever understand, a niche interest for those who click with numbers.
However, that doesn’t need to be the case. As the cryptocurrency trend continues to surge, it seems that it may not be a fad, but instead something that’s here to stay. So, for a system dependent on its users, that begs the question: how can we get more people involved?
One answer, of course, is to get digestible explanations out there. And the other is to find ways to streamline difficult processes of crypto. That’s where Cryptocurrency ATMs come in. Here, we will take a closer look at cryptocurrency and crypto ATMs, and how they can help you enter one of the biggest financial trends we’ve ever seen.
Cryptocurrency: The Basics
Cryptocurrency is presented as notoriously complicated and convoluted, but you can boil it down to some basic concepts. Cryptocurrencies perform transactions similarly to our everyday use of bank accounts. But instead of the bank confirming the transactions, cryptocurrencies require confirmation from miners, or the people who maintain the crypto systems. These confirmations require specific conditions to be met, and when these conditions are met and the transactions are confirmed, they are irreversible and become a part of the blockchain.
How Do Cryptocurrency ATMs Work?
Crypto ATMs are different from conventional ATMs in that, instead of withdrawing fiat currencies from your bank account, crypto ATMs act as a stationary exchange where you can exchange fiat currencies for cryptocurrencies, essentially making cryptocurrency more readily attainable and easier to navigate as a user.
Though cryptocurrency ATMs do not function in the same way as conventional ATMs, the learning curve is manageable. Crypto ATMs come equipped with step-by-step instructions which significantly simplifies the process of buying and withdrawing cryptocurrency.
How Can I Get Started?
Though crypto ATMs are user-friendly, there are some steps to complete before you walk up to the ATM. A virtual wallet is a pre-requisite for buying cryptocurrency from crypto ATMs, as you will need a method to store your just-bought cryptocurrency.
Once you have a way to store your cryptocurrency, the subsequent steps should be clear based on the instructions on your ATM.
Things to Be Aware of
1. Not all cryptocurrency ATMs work the same way. Cryptocurrency constantly ebbs and flows, with new currencies being added every day. As such, not all crypto ATMs are created equal. Some are “buy only” (these are considered one-way ATMs), while others will allow you to buy and sell (these are two-way ATMs).
2. Crypto ATMs often have exchange rates, and those rates vary. Different cryptocurrency ATM companies will have different rates based on how much you purchase, kind of cryptocurrency, etc. Make sure you factor this in when determining how much to buy.
3. You must always do your research. Though the ease of cryptocurrency ATMs eases the learning curve of getting into cryptocurrency, it doesn’t eliminate the need for thorough research to truly benefit from the investment. Cryptocurrency is a volatile space overall, and as such research is required to keep up with shifting trends.