It’s no secret that #Bitcoin has captured the attention of financial regulators and investors alike. This digital currency emerged immediately after the 2008 financial crisis. Satoshi Nakamoto launched, saying it was a system that would allow people to transfer value anytime, anywhere. People have used this virtual currency to bypass conventional payment methods and banks for many years. While other cryptocurrencies emerged after Bitcoin, this virtual currency remains the most prominent.
#Bitcoin depends on #blockchain technology to create a shared ledger that records all transactions. Bitcoin miners must confirm and encrypt every transaction, and nobody can tamper with the details of the database. Essentially, miners secure the Bitcoin network using high-powered computers for transaction verification purposes. The network rewards the miners with Bitcoin for every transaction they verify.
However, Bitcoin mining is not the only way to earn this virtual currency. You can earn Bitcoin by accepting crypto payments for products or services. Alternatively, you can use an online app Yuan Pay Group to purchase Bitcoin using fiat currency. Thus, you don’t need specialized mathematical skills and a powerful computer to earn Bitcoin.
The first Bitcoin ATM installation occurred in Canada several years back. Different media houses published stories about it. After installation, the first Bitcoin ATM had 81 transactions amounting to CND $10,000 on the first day. On the second day, the machine had transactions worth $30,000. It’s no secret that more people are trading Bitcoin online or accepting payments via this cryptocurrency and cashing it in their local currencies.
In Canada, the government and financial regulators don’t consider Bitcoin a currency. Therefore, the only nod for the machine towards the law is the palm scanner for ensuring that no single person’s palm exchanges over $3,000 per day, according to the federal requirement for preventing money laundering.
Why the Excitement?
Perhaps, you’re asking now why so many people are excited about this machine and why they are using it. The financial point of a decentralized, peer-to-peer currency is to facilitate easy money transfer and fee-free transactions.
While Bitcoin ATM makes almost instant exchanges by taking less than a single minute, users pay a 3% fee for transactions. And this makes it pricier than online crypto exchanges, which mostly charge around 1% as the fee for changing Bitcoin to local currencies.
But a Bitcoin ATM facilitates anonymity since it allows you to convert Bitcoin into cash directly. Unlike a crypto exchange, you don’t attach your bank account details or identity credentials the way you do with a Bitcoin exchange.
However, a Bitcoin ATM requires you to scan your palm. That means you leave biometric information that authorities can use to identify you. Nevertheless, Bitcoin ATM’s advocates say that the machine doesn’t gather personal information. Instead, it registers it as the unique palm for purposes of comparing the user against the others.
After the introduction of the first Bitcoin ATM, other companies are competing to develop and introduce theirs. Nevertheless, many people talk about Bitcoin ATM, although this machine may not make much economic sense.
People’s Bitcoin fascination is, perhaps, the reason for the widespread coverage of the machine. Some people also have difficulties grasping cryptography, peer-to-peer network, and mining stuff. However, a Bitcoin ATM is easy to understand because you only put money into it and then shoot a Bitcoin address.
Ideally, Bitcoin brings Bitcoin into the users’ real world. It’s simplifying the complexity around this virtual currency. And the introduction of more Bitcoin ATMs, this virtual currency will continue becoming more popular. Its value will also increase as its adoption and use rise. SOURCE Why Bitcoin ATM is Exciting So Many People (ibtimes.com)