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Yes, you read correctly: cryptocurrency ATMs! As the demand for more accessible and approachable crypto-to-cash tools rises, it’s no surprise crypto ATMs are hitting the streets.
What is a crypto ATM?
A cryptocurrency ATM is a machine that functions for crypto deposits and withdrawals. You can go to one and exchange your crypto for fiat, or visa versa. However, you don’t actually connect to a financial institution, as crypto networks are decentralized. Instead, you essentially buy and sell cryptos without needing to be behind a computer screen.
Why use a crypto ATM?
The greatest benefit of crypto ATMs is that transactions are very fast. When you use a computer-based cryptocurrency exchange, the verification processes can be slow. Another benefit is that you get cash in hand instantly unlike computer-based exchanges where money only exists in digital form. In the spirit of DeFi, crypto ATMs don’t need to verify a user’s identity which keeps transactions anonymous.
Crypto-To-Cash and Visa Versa
ForumPay’s cryptocurrency ATMs function as both an ATM and exchange bureau. Because each ATM has its own blockchain address, people can send their crypto to that specific ATM. From there, cash is dispensed at a significantly lower fee than traditional exchange bureaus. Not only can cash be withdrawn with crypto but it is also possible to buy crypto with cash! People can purchase crypto with cash without having to go through a crypto exchange.
Aside from the accessibility of crypto ATMs, they also post many other advantages. For example, you can withdraw money from abroad at lower rates and monitor transactions, exchange rates, wallet balance, and reports.
Next time you come across a crypto ATM, give it a shot and see just how easy it is to turn your digital funds into physical ones!
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