Bitcoin ATMs: What You Should Know

March 21st, 2018

Bitcoin is breaking records across the globe, suddenly it has become the “hot topic” for millions of people. Bitcoin has recently surpassed the value of Goldman Sachs Group and is hovering around $100 billion. But the general public is yet to get onboard with cryptocurrencies and Bitcoin. Even though Bitcoin ATMs made their debut in October 2013 and in the last 5 years over 2000 kiosks have been installed in different places around the world. What’s even more interesting is that there are over 10 million Google search results for “Nearby Bitcoin ATM.”

How Do Bitcoin ATMs Work?

Before you start using a Bitcoin ATM, there are some important things you should know about Bitcoin ATM in Cleveland, Ohio. There is more than one type of BTM machine in the market. Depending on the operation of the machine, there are two types: One way or Two-way machines. 70 percent of ATMs around the world support depositing of fiat money into your digital wallet and buying Bitcoins. These kiosks are called vending machines. 30 percent of machines, on the other hand, are two way. These machines have AML/KYC requirement such as palm scanning or ID scanning. This verification helps in preventing illegal trades.

Different Brands Of BTMs

The popularity of Bitcoin is rising everyday and more and more BTM kiosks are showing up in locations around the country. In the future, Bitcoin ATM in Cleveland, Ohio will start supporting many bank like features, such as payments, savings, and deposits. Many Bitcoin ATM producers are available in the market, such as Genesis Coin. Genesis Coin is leading the market share by 44% followed by General Bytes, with 26% and Lamassu with 16%.

Many Bitcoin ATM operators are available today, each having different specialties. Genesis Coin machines are costly, but known to offer increased functionality. Lamassu, on the other hand, is known to offer cost-efficient machines, General Bytes offer value for money. There are popular online portals like bitcoinofamerica.org which helps you locate Bitcoin ATM in Cleveland, Ohio and provides useful details about the BTM. Digital currency users can find all the necessary information for the machine such as withdraw limits, fees, availability and opening hours before visiting the kiosk.

The Rise of Bitcoin ATM Machines

The amount that Bitcoin machines are increasing is crazy, there are several kiosks popping up daily around the world. The United States is leading this trend, with over 1200 Bitcoin kiosks installed in many major cities around the country. Seeing the demand for Bitcoin, more and more countries are now making room for Bitcoin and other digital currencies in their system. Bitcoin ATM in Cleveland, Ohio and in other places are offering low transaction fees to attract digital currency users. Bitcoin ATMs are a convenient way of buying, as well as selling, digital currencies. Locate a nearby BTM kiosk and use it to buy digital currencies using any conventional currency.

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