The introduction of Bitcoin ATMs

19-Mar-2014

With the launch of Bitcoin ATMS, the world of digital currency took a step forward. The bi-directional ATMs facilitate paper money to crypto-currency conversion and vice versa; allowing users to buy and sell bitcoins in just a few seconds.

This definitely is the next revolution in the realm of virtual currency transactions, as it simplifies the exchange process and makes bitcoins easily accessible to both hard-core investors and curiosity seekers.

Bitcoin is an innovative payment network and a new kind of money. It was first introduced in 2009, as an instant worldwide peer-to-peer, electronic cash system with little or no processing fee and no risk of frauds at all. It is the first decentralised digital currency, with no central authority or bank, managing transactions and the issuing of bitcoins is done collectively by a network.

Bitcoin ATMs aims at lowering the barrier of entry to the digital currency world, by letting people swap fiat money for bitcoin in person. You can easily insert the paper money and receive, in return, a voucher with a private code to be used with a bitcoin wallet. Bitcoin goes a step ahead and offers to generate a wallet feature, which facilitates newbies to take baby steps into the new crypto-currency world. 

Bitcoin ATMS also aids in decentralization of exchanges. As of today, we only have very few online exchanges and they all encounter several difficulties every day. Instituting ATMs having decentralized access would yield tangible results.  Another attractive factor is the low setup cost, compared to online exchanges, which could take several months and would cost large sums of money.  Unlike online exchanges, no registration is required and hence a lot more convenient too.

Bitcoin ATMs are ramping up its global footprint with launches planned across the globe. With its acceptability growing in leaps and bounds, Bitcoin ATMs are here to stay!

Article by http://www.getanatm.com.au/

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