When first getting into cryptocurrencies and Bitcoin BTC/USD, many are confused by how they're supposed to buy digital assets for the first time.
Fortunately, there is one very quick and easy method that allows you to buy BTC with cash.
What Happened: According to Coin ATM Radar data, there are nearly 26,000 Bitcoin automated teller machines (ATMs) worldwide and over 279,000 other services allowing for the exchange between digital assets and cash.
The United States leads the way on the number of cryptocurrency exchange service points with slightly under 23,000 locations, followed by Canada's 1,800 and the United Kingdom with 164.
Bitcoin ATMs may be a particularly easy way to access the cryptoeconomy considering it doesn't require going through lengthy online ID verification at cryptocurrency exchanges and learning how those exchanges work. Furthermore, it also opens the doors to those who do not have or would rather not use a digital payment instrument.
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Why It's Important: Alona Lubovnaya — director of product operations for Bitcoin ATM operator Bitcoin Depot — recently told Cointelegraph that "we’ve entered a new era where traditional bank accounts can be replaced with digital wallets, and because of this, more people are choosing to buy crypto with cash.”
Ben Weiss — CEO of Bitcoin ATM operator CoinFlip — concurs, claiming that "using a crypto ATM is the simplest way of purchasing crypto."
Weiss points out that there is no lengthy verification process that takes months or weeks, and the crypto is received before the customers get back to their cars. Lastly, he noted that "people understand ATMs, and crypto ATMs are not too different of a concept.”
Finding a Bitcoin ATM near you is also easy. All you need to do is access Coin ATM Radar, search for machines located in your city and reach the nearest one.
© 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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