Bitcoin has never faded away from the news because of the tremendous interest it has generated among cryptocurrency enthusiasts. The price of BTC has gone through the roof with a rise of approximately 800 percent within just a year. That’s why more and more people are looking for investment options. There are two ways of transacting in Bitcoin or any other cryptocurrency. One method is using the online crypto exchange. The other one is a Bitcoin ATM.
If you are confused about which option to use, we can make your job easy. Here is a comparison of both methods so that you can make a decision yourself. Let’s first look at how online trading exchanges work.
Online Trading Exchange:
There are a number of online trading exchanges to choose from and that number keeps increasing with the growing popularity of BTCs and their rising price. The exchanges are optimized for use on all types of devices, including mobile phones and desktop devices. However, there are differences in the manner in which these exchanges function. Some make use of basic technology, the newer ones make use of ML, AI, and Deep Learning.
The common thing about all crypto exchanges is that the user will need a BTC wallet to carry out any trading on the platform. You must register on the site and become a member to carry out BTC transactions. This entails providing verification documents to prove your identity.
A BTC ATM may look like a conventional ATM, but it is not. They are designed to allow you to buy or sell BTCs and other major currencies from the crypto world. All you need to do is download a wallet that’s compatible for receiving BTCs and follow the instructions that flash on the Bitcoin ATM screen at every step of the transaction process. Your phone number is needed for the ATM to identify you. A unique code is generated that acts as a password to carry out the BTC transaction. You will need cash to buy BTCs from a Bitcoin ATM.
The Key Differences Between The Two Options
The striking difference between an online trading exchange and a Bitcoin ATM is the accessibility and convenience they offer. Online exchanges are a bit complex to operate as you have to provide an ID, generate a password, get a verification, do some waiting, and then get the digital coin in your wallet.
A BTC ATM, on the other hand, is designed for speed and convenience. Here, there is no waiting game involved. You just have to locate an ATM near you, walk in, use your mobile phone to generate the necessary code and information, make cash payments for the value of BTCs you want to buy, and get them in your wallet almost instantly. You need not be tech-savvy to operate these ATMs.
Cryptobase ATM is the most trusted choice of traders when it comes to buying BTCs. Crypto ATM offers the convenience of speed, simplicity, and high security to users. You can complete the whole process in minutes.