ATMs are among the most popular machines around the world. Which isn’t a surprise considering they ‘give’ cash. That’s your cash, of course, not free money, but still, this technological innovation has set roots all around the world. You can probably find one even in the middle of nowhere.
But, now, a new breed of ATMs is taking over the USA. Bitcoin ATMs are getting increasingly more common, especially at gas stations and malls. Known as BTMs—short for Bitcoin ATMs—they’ve first spawned in 2020 and rose in mid-2022. Even if Bitcoin is not legal tender in the USA like in El Salvador, Bitcoin ATMs are, and there are over 34,000 right now across the country.
Sending Money at Lightning Speeds
One of the main benefits of cryptocurrencies over traditional fiat money are the transaction speeds and low fees. When you make a transaction via banks, they can be costly and slow. That goes double if you’re sending money internationally. With cryptocurrencies including Bitcoin, that’s different. You can send coins and make transactions literally everywhere around the world, and Bitcoin ATMs are the perfect way to do it legally without looking over your shoulder.
According to reports, more than two-thirds of Bitcoin use BTMs for online purchases and remittances. They look and work similar to regular ATMs, but are not quite the same. Many of these machines offer bidirectional functionality. In short, they let you purchase crypto with cash or debit/credit cards, while also allowing you to sell Bitcoin for cash. Many machines require having an existing account in order to process the transactions.
In the past year or so, the number of Bitcoin ATMs at gas stations has went up. Small shop owners have reported earning monthly revenues north of $300. The two biggest companies that install these machines are Bitcoin Depot and Coin Cloud. Depending on the ATM, transactions fees are charged between 5% and 15%. That goes on top of the transaction fees to the blockchain which are much smaller.
Even at that rate, people are using them extensively. Everyone loves being able to send money anywhere at lightning speeds and anonymously without sharing info with banks. It’s the ATM of the future, but in order for them to spread further, laws will need to change.
The Easiest Way to Buy Crypto
If you’re into crypto or you’re planning to get into that kind of investment, BTMs may be your best option. It’s the easiest way to swap cash for crypto. Sure, you can do that online for lower fees at a crypto exchange, but keep in mind they’re not legal everywhere. Bitcoin ATMs, on the other hand, are fully functional and legal.
Sure, the fees are a bit high, but as their popularity rises, they should start dropping soon. There’s no question that they’re as popular as they can be right now, and we’ll see more of them soon. If you want to find one near your location, you can check them all out on the map at the official Bitcoin website.