October 1st, 2018
Just as Bitcoin cryptocurrency gains popularity, consumers have seen the rise of Bitcoin ATMs especially in major cities like Bitcoin ATM in Philadelphia, PA. There are many applications which are used to find the locations of these ATMs. These applications and websites help digital enthusiasts buy and sell Bitcoin at locations near them. All these machines will usually vary in functionality based on the manufacturer.
How Are Bitcoin ATMs Introduced?
When you go to a Bitcoin ATM in Philadelphia, PA you can buy Bitcoin with cash. There are different companies manufacture these machines. One of the earliest manufacturers is Robocoin who started making these machines at the very beginning and their ATMs are just like normal ATM. Right now the Bitcoin market has increased to more than $100 billion. Even though Bitcoin ATMs were introduced in 2013, there are still a few people who do not know much information about them. Slowly individuals who have interest in Bitcoin are starting to make use of them.
Types of Bitcoin ATMs Available
There are different types of Bitcoins ATMs that are available based on the type of transaction. Basically, there are both one way two-way Bitcoin ATMs. Previously, one can find a Bitcoin ATM in Philadelphia, PA and other major cities that you can buy and Sell Bitcoin too. To buy Bitcoin simply enter in the cash amount you wish to purchase and wait for a receipt with the QR code. Then scan the QR code into your mobile wallet. With the number of Bitcoin ATMs increasing, there are almost no issues or compromises in terms of security.
Two-way transactions allow users to sell Bitcoin and receive cash. To help prevent fraud or theft there are many safety measures that are taken including scanning an ID and sms verification. The technology of Bitcoin ATMs is constantly evolving and soon Bitcoin ATMs in Philadelphia, PA might be able to provide other services as well.
Different Manufacturers of Bitcoin ATMs
There are three different manufacturers who have the largest market value for Bitcoin ATMs. They are Genesis Coin, General Bytes, and Lamassu. Among these three, General Bytes ATMs are provies more value for the money spent. On the other hand, Lamassu is cost-efficient for the users. But when you are more particular about the functionality, then you must consider the Genesis Coin ATMs which are more expensive. Two way machines are costlier than one way Bitcoin ATMS.
Transaction Fees of ATM
When it comes to selecting a good ATM, the provider plays a vital role in determining the transaction fee. When it comes to most operators, the average markup for selling the Bitcoins is 6.2% and buying is 9.67%. However, different operators can choose to markup based on supply and demand in the area. Bitcoin ATMs in Philadelphia, PA tend to have a higher demand due to them being an a major city. The location and the functionality of the ATMs are vital as these are the requirements for an increased number of customers.
Countries like the US, Canada, UK, Austria have the most people using Bitcoin ATMs. Now some Bitcoin ATMs offer other cryptocurrencies such as Ethereum, Litecoin, and Bitcoin Cash. Always do your research and select the operator that fits your crypto needs!
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