Cryptocurrency is becoming one of the newest forms of payment that is being accepted by businesses and there are ATMs available for people to make crypto transactions.
Cryptocurrency has been around since 2009, and the original form of cryptocurrency is Bitcoin founded by programmers whose name is unidentified but go by Satoshi Nakamoto. Bitcoin is a currency that exists digitally on the internet digital; it is not a physical coin that someone can physically hold.
There are over 6,500 types of cryptocurrencies that exist as of Sept 2021. Some of the most popular are Bitcoin, Ethereum, Cardano, Binance Coin, Tether, Solana, Dogecoin, XRP, Polkadot, and USD.
Bitcoin can be used to make online transactions such as exchanging or online purchases. With the value of Bitcoin rising, many business owners and some sellers at local farm markets in San Diego are accepting bitcoin as payment. One of the big reasons why business owners are accepting Bitcoin as payment is because the government and banks do not regulate it and it is secure and anonymous and easy to avoid credit fees.
With the addition of businesses accepting bitcoin in 2013, a restaurant and jewelry store in San Diego was the first business to introduce bitcoin atm, according to KUSI News.
There are mobile payment services that allow people to buy and sell cryptocurrencies like Venmo, Cash App, Paypal, and many more.
Bitcoin Depot has over 3,000 crypto ATMs in over 45 states and most of them are open 24/7. In order to use a Bitcoin atm (BTM), buyers must create a wallet in minutes that requires a photo I.D. and a phone number. The BTMs only accept cash payments and are easy to use. There is a limit on how much a person can spend and it ranges from 20 to 15,000 dollars for every 24 hours. Once the buyer has successfully purchased their crypto they can send or trade with their friends from their wallet that can be found in their phone.
Bitcoin has had a big rise in its value since it was introduced to the market. Currently, one share is worth 57,521 compared to last year when it was at 19,713 dollars.
Cryptocurrency can be confusing to understand at first but there are some places where a buyer can learn about cryptocurrency before jumping in.
The world of cryptocurrency is only going to keep growing and more ATMs will become available for people to buy crypto.
Image Sources
- Bitcoin ATM: Trina McLeary/The Telescope | All Rights Reserved