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Use of cryptocurrencies on a regular basis is increasing around the world. Amongst these, Bitcoin is by far the most popular cryptocurrency. With such a rapid increase in popularity, more and more people want to get their hands on these digital currencies. Whenever we want to buy some cryptocurrency, we need to transfer fiat currency from our banks to the bank account of a cryptocurrency exchange.
It usually takes at least a week for your transferred funds to appear on your crypto exchange wallet after which you would be able to buy some Bitcoin or any other cryptocurrency.
Another popular method that people use to convert their fiat currency into cryptocurrency is by finding actual people who are willing to sell their crypto for fiat currency on LocalBitcoins. However, some people do find the idea of going out and meeting people to buy cryptocurrency a little uneasy.
This is where Bitcoin ATMs come into the picture. They look like any other regular ATM. The only difference is that it will only deal with cryptocurrencies. You will be able to deposit some fiat currency onto the ATM and once you provide the public key of your wallet, the funds will be transferred. Additionally, a few ATMs also allow you to withdraw fiat currency by depositing crypto as well. As this machine helps to exchange between fiat and crypto, a conversion fee is also charged for the same.
The biggest advantage of using a Bitcoin ATM is that you will be able to convert your fiat into cryptocurrency instantly. Thus, avoiding all the unnecessary wait time for your funds to arrive. These Bitcoin ATMs are not usually listed on Google Maps.