Gone are the days when purchasing Bitcoin, or any altcoin for that matter, require trading with fellow buyers and sellers on an online exchange. Security threats and possible collapse, as in the case of Mt. Gox, have demanded for the rise of a new era where buying bitcoins is as easy as using a traditional automated teller machine; thus, the creation of Bitcoin ATMs.
Bitcoin ATMs are the latest innovation and are perceived to be instrumental in ensuring a faster rate of Bitcoin adoption. Packed with features that are specifically designed to simplify the process of purchasing virtual currencies, it literally brings bitcoins to the tip of your fingers and in the palm of your hands.
Smart technology behind each machine
Robocoin and Lamassu are the more well-known manufacturers of these machines, and their products have already been installed in several countries across different continents.They both offer two-way transactions, but each stand out on its own.
Robocoin incorporates the biometric authentication technology into its kiosks while Lamassu ATMs don a stylish, modular design that represents the modern way of payment.
Meanwhile, Bitxatm, a Germany-based Bitcoin ATM provider that has filled its machines with competitive features, is set to launch 1,000 machines in the US alone. Other manufacturers like Skyhook and BitAccess are quickly joining the trend as their Bitcoin machines become available in different countries.
As the demand shifted to a holistic Bitcoin experience, many Bitcoin ATMs, if not all, feature a two-way service that allows users to buy bitcoins using fiat money and to receive real cash in exchange for the digital currency.
Moreover, these ATMs support multicurrency to cater for different markets, and they have integrated other cryptocurrencies like Litecoin and Dogecoin. More importantly, they boast high security measures, with some reaching to three-level authentication that also involves biometrics.
Implications on Bitcoin transactions
Bitcoin ATMs present promising future in the transfer of funds across continental borders, especially among individuals who have no capabilities of doing so through credit cards, bank accounts, and wire transfer services. Moreover, it makes the overall process much easier with the acquisition of the virtual currency hassle-free and conventional.
Easy Bitcoin purchases make online gambling more appealing
The Bitcoin gambling sector makes up more than half of the total transactions using the digital currency, proving that a large group of Bitcoin enthusiasts prefer to use the cryptocoin to sustain this leisure activity online.
Up until now, many users resort to trading in exchanges to purchase bitcoins. However, with the integration of the Bitcoin machines, online bettors in several countries will have a simpler and more convenient method of filling their Bitcoin wallet with bitcoins to wager on the exciting and entertaining Bitcoin casino games.
Not only will the Bitcoin ATMs serve as easy access to the digital currency, but it will also positively affect the online gaming industry, giving players more reasons to switch to Bitcoin gambling, and therefore, increase the demand for more betting platforms running on Bitcoin.