A typical purchase of Bitcoin or other cryptocurrencies is through a Credit Card or Debit Card which exchanges a non-digital currency for a digital currency through a secure portal. However fees for card purchases are high with both the broker and the payment system taking a percentage of the transaction as their fee. This brings us to an important point of why you should consider to buy cryptocurrency with cash.
Why Buy Cryptocurrency with Cash?
Purchasing Cryptocurrency with cash has one main advantage, the fees can be much lower than payment via a card because you aren’t paying a payment provider in the process who may take around 5% of the transaction, as well as a broker fee which can also be up to 5%, meaning in total you can pay around 10% transaction fee which is a large chunk out of your investment. Instead the Cryptocurrency ATM provider charge a smaller transaction fee for you exchange of cash for cryptocurrency meaning you get more cryptocurrency back for every transaction.
Cryptocurrency ATMs allow you to buy cryptocurrency using your smartphone, a crypto wallet and cash of one dollar or more. The process is simple utilizing a QR code and the ATM to insert the cash, select the cryptocurrency you wish to purchase and then deposit that into your crypto wallet.
Cryptocurrency ATMs support transactions of up to $8000 per day. For transactions up to $900 no ID is required. Transactions between $900 and $3000 require one form of ID, and between $3000 and $8000 a number of identification checks take place carried out by the ATMs camera, taking a photo of your IDs which are then verified against your address, cell or home phone number and name.
Cryptocurrency ATMs can be located in major city centers and malls around the country and support Bitcoin, Tron, Binance Coin, Dah, and Litecoin among others.
What is Bitcoin?
If you’re new to Bitcoin you may be wondering exactly what Bitcoin is, well, it’s a cryptocurrency. A cryptocurrency is a digital currency that doesn’t have a central administrative body. For example the British Pound currency is overseen by the Bank of England, who decide when and how much currency to print, and can control the circulation of it and essentially the value of it to some extent. But with cryptocurrencies such as Bitcoin there is a set upper limit on the amount of units that will ever be in circulation. Bitcoins can be exchanged for other currencies, for products and for services.
Ownership of a Bitcoin can move between people, but is actually registered to an address which linked to a random private key which is mathematically unfeasible to break. The address of the Bitcoin can be shared to show proof of ownership but until the private key is exchanged the currency cannot change hands.
Crypto Wallets are used to keep together the information require to transact your cryptocurrency. It is a collection of the public and private keys for each Bitcoin to allow for using them to purchase goods or services, or to exchange the Bitcoin for another currency.