If you’re looking to use a Cryptocurrency ATM Los Angeles then you’ve not got far to find there are an estimated thirty crypto currency ATMs now in the Los Angeles area which allow you to buy and sell Bitcoin as well as other crypto currencies. Previously purchase and sale of crypto currencies was bound by block chain trade, but now with the advent of crypto currency ATMs it can be easy to cash out of your crypto currency, or buy some with cash if you wish.
Advantages of Cryptocurrency ATM Los Angeles
What are the advantages then of using a crypto currency ATM as opposed to a block chain trade transaction? First of all crypto currency ATMs are relatively easy to use, because we’re used to using ATMs anyway. You find a crypto currency ATM and then either insert your cash into it, or withdraw cash from it after having scanned your QR code for your crypto wallet, and having input the transaction you wish to carry out. QR codes on smartphones give very good ease of access to this service.
Crypto currency ATMs are very secure, because they of course utilize your crypto wallet which is secure, well as secure as your phone is anyway. And then you provide ID such as a valid state ID to prove your identification to the ATM, and a photo of you is taken. This is done to verify who you are in case a report of a fraudulent transaction is reported.
Disadvantages of Crypto Currency ATMs
What about the disadvantages and negatives of crypto currency ATMs? Well first of all although there are now many available they’re still not on every high street and in every town, you may have to travel way out of your way to access one. The technology and take up is expanding though and it is expect that a ten fold growth in the number of crypto currency ATMs will happen in the next few years as transactions increase.
A second issue which may concern you is the cost of crypto currency transactions via an ATM. The current cost is around 8% on average however some charge as much as 30%, so certainly shop around if you find the rate too high at your local crypto currency ATM. The average buy fee is 10% and the average sell fee is 8% so bear these in mind when looking at your options.
Another concern for some users is the lack of customer service linked to a remote crypto currency ATM. If you trade online through a trading platform you have a customer service bot or individual on hand to help with your transactions, but at a remote site what help is there for you? Also what if the machine breaks down, there’s not enough cash in the machine to cash out the crypto currency you want?
There is some way to go yet until crypto currency ATMs are mainstream, but they’re certainly a great idea and worth trying.