You can’t deny that new technological advances are increasing every moment, and one of these changes over the years has been the ATM. The original ATM was created back in the 1960’s, and only accepted customers of that specific bank, and excluded many technological features we know now. Now, it is 2017 and things have changed for the better, allowing the consumer to do business easier, faster, and more securely. Recently, Bitcoin ATMs have become the new advancement across the United States. Bitcoins are a type of modern currency that do not need banks to get involved. It is a transactional process that does not include fees and personal information. Bitcoins can be found in mobile wallets, which allows consumers to buy or exchange the bitcoins for purchases or to save money.
So, what exactly is a Bitcoin ATM? This machinery allows consumers to drive up or visit to exchange cash for digital currency or turn their digital currency into cash. These ATMs operate as long as they are connected to the internet. The transaction is then converted into a paper receipt or is located on a blockchain through a public key for encryption. The process itself is quite simple. You simply go to the Bitcoin ATM where the ATM will then scan your identity. The consumer then inserts their cash and is given a code from their mobile wallet. The consumer chooses the address they are sending to and the payment process is finished. Depending on the machine, you will then either be given a paper copy or a digital receipt. As of 2017, Bitcoin ATMs have been a huge help for travellers because it produces a smaller transaction fee if the visitor purchases before their actual flight. International ecommerce is a large possibility for Bitcoin ATMs as well.
With advancements in payment processing, technology allows for cheaper, more convenient, and secure customer transactions. Our equipment aligns with technology like mobile wallets to aid in an improved transactional experience. To use a Bitcoin ATM, you’ll need a mobile wallet. Get more information here and contact PayHub to assist in equipping you!