Bitcoin is old news, its been sensational news at time, and it has changed the world’s view on currency, but we’re in 2020 now, what’s there to talk about regarding Bitcoin? Well here’s what you need to know about bitcoin ATM’s in 2020.
What You Need to Know About Bitcoin ATM’s in 2020
Bitcoin ATM’s are a booming growth market. In 2017 there were only a few hundred Bitcoin ATM’s in the World, in 2018 the 1000th Bitcoin ATM went live. 2019 saw over 3000 Bitcoin ATMs available globally, and its estimated that in the next few years that number will growth ten fold to around 30,000 Bitcoin ATM’s globally, with a large number of those being in the USA. So 2020 will likely see the launch of around 3000 or more Bitcoin ATM’s.
Bitcoin ATM’s are one of the easiest ways to buy and sell Bitcoin and other crypto currencies. They link to your crypto wallet via a QR code scanned from your smartphone, and then you carry out the transaction through the ATM, either inserting cash into the ATM to be transferred into crypto currency or vice versa.
You may be wondering how secure Bitcoin ATM’s are, since anyone who has your phone could take it to an ATM and cash out your Bitcoin, or wait until you’ve withdrawn your cash from your Bitcoin crypto wallet and then jump you. Well Bitcoin ATM’s are as secure as any ATM can be, they are in safe secure locations, usually within shops or malls covered by security cameras.
In terms of the security of a transaction, well when you carry out any Bitcoin ATM transaction you provide your name and cell phone number. Any transactions above $900 then require a state ID and a photograph of your face is taken by the ATM camera. Transactions of $3000 or more require a more in depth identification check. Also note that to withdraw cash from a Bitcoin ATM, the ATM connects with the currency network to authenticate the transaction prior to dispensing cash, so there may be a short delay between carrying out the transaction at the ATM, and then the ATM paying out the cash. During this delay you can carry on with other things in the area, and then when you receive an alert that the transaction has been approved you return to the ATM with your transaction code and proceed to withdraw the cash.
The future for Bitcoin seems secure, with rates levelling out and more people starting to buy into Bitcoin and other cryptocurrencies. Likewise the future of Bitcoin ATM’s seems good as they offer a quick and easy access to cash for Bitcoin owners while crypto currencies aren’t being readily accepted as a standard form of currency in the retail environment. At some point cash will likely become defunct and all payments will be made with smart transactions using phone payments, cards or crypto wallets, but that isn’t going to be in 2020 or the next few years.