Bitcoin is riding the wave. Thanks to FinTech big shots like
PayPal and Square, interest is at an all-time high as first time traders are
now easily able to purchase currency through mainstream apps. FinTech giants
have started to provide its users Bitcoin as an alternative currency, thus
widening their user-base. With lower transaction fees and fewer fleeting risks,
both merchants and businesses are appreciating the near instantaneous
settlements.
Merchants and businesses aren’t alone in their appreciation.
P2P cryptocurrency payment options are not only cheaper, but faster than what
is offered by conventional money service businesses. Advanced and early use by
payment applications like Square and PayPal will allow simple access to a very
large amount of people and offer a major position of advantage to Bitcoin.
FinTech’s power doesn’t stop with Bitcoin. It is also
playing a major role in the use of Crypto ATMs. These allow users to buy and
sell cryptocurrency in a secure, user-friendly way. The ATMs are popping up all
over, are free to sign up, and can easily scan Bitcoin or crypto wallet address
destinations. Money can be deposited and immediately converted and sent. These
ATM’s also give users the added bonus of purchasing cryptocurrency with a debit
or credit card.
Byte Federal CEO Lee Hansen says, “We are working diligently
with our team of experts to continue to roll out new FinTech solutions, it will
soon be possible to have a full banking experience at the ATM. Buying and
selling cryptocurrencies, gold, and converting cryptocurrency into cash are
already available to our users, next steps are going to be even more exciting
and offer a host of new services.” In fact, some additional solutions we could
see come from these ATM providers are features like sending money transfers
overseas to loved ones using Bitcoin, enhancing the ability to change bitcoins
into cash and cash into bitcoins, Bitcoin checking account services, and
Bitcoin debit and credit cards.
Sending money transfers overseas to loved ones using
Bitcoins
Facilitating a fast transaction overseas can seem like a
difficult task. However, Crypto ATMs have proven to be extremely instrumental
for seamless cross-border payments. Fees are low, and when P2P chooses to
transfer value and benefit fully from the advantages over traditional money,
crypto becomes the medium to do so.
Enhancing the ability to change bitcoins into cash and
cash into bitcoins
With the rise of Bitcoin and cryptocurrency, these ATMs have
made the process of changing bitcoins into cash and cash into bitcoins easier,
faster and safer. These ATMs are available in most major cities around the
world, making these transactions accessible to millions, with more ATMs being
installed at a rapid pace.
Bitcoin checking account services
Opening a Bitcoin checking account is the first step in
investing in Bitcoin. It is basically a virtual bank account, but unlike banks,
these accounts are not insured by the FDIC and there are no checks or standard
bank fees. They are great for businesses and P2P to use internationally because
they are cheaper to use than traditional banking transactions. These accounts
are referred to as bitcoin wallets, and opening accounts are super easy. First
is deciding what type of wallet to use (private or hosted) and then selecting
either an app, software, hardware, or third-party service and then simply
follow the step-by-step instructions.
Bitcoin debit and credit cards
Bitcoin debit and credit cards are on the rise. Debit cards
allow individuals to make online or in-person purchases or withdraw cash from
ATMs using Bitcoin, even if the vendors or ATMs do not accept cryptocurrency.
Cardholders preload their debit card with a set amount of cryptocurrency which is
converted automatically during the purchase. Crypto credit cards function much
like regular credit cards, with the difference being that they source funds and
pay rewards using digital currency like Bitcoin. Users can enjoy flexible
spending with enhanced rewards due to the backing of popular and trusted card
networks like Visa and Mastercard.
Crypto ATMs are changing the money game. With all of the
user-friendly, safe, and accessible ways to use them, they are rapidly becoming
more popular and trustworthy. It is no wonder that experts feel that Bitcoin
will be able to easily serve the unbanked community. Using Bitcoin does not
require one to file paperwork or open a bank account. Users need only internet
access and use of a smartphone or computer. Downloading a Bitcoin wallet is
typically free, some require small fees, and businesses and P2P can also store
their Bitcoin on trusted crypto exchange platforms. There is not a central
authority regulating how Bitcoin works which thereby eliminates the bureaucracies
of traditional financial systems.
Because of FinTech giants’ recent involvement in
cryptocurrency, more and more people are switching the way they use currency
completely, slowly investing into cryptocurrencies, or at least have an
interest in doing so. The popularity has led to the rise in Bitcoin use and
therefore, the need for these crypto ATMs.
Virtual currency is not subject to government, political, or
any other kind of institutional influence, allowing for complete discretion and
the unbanked to transact at their convenience. Not only are individual
investors excited about Bitcoin, but major institutions are entering the scene.
FinTech big shots such as Square are making major investments. Square recently
invested 1% of its total company assets into Bitcoin, making a strong case for
any skeptics.
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