Comparison of Bitcoin ATMs and Online Trading Sites

The media is focused on Bitcoin because its value has skyrocketed in less than a year. More specifically, the price of Bitcoin has experienced a rise of approximately 800% from January 2020 to March 2021. Consequently, not only do more people want to invest in BTC, but also the options for obtaining BTC are rising. If you also want to invest in Bitcoin and you're wondering, is it better to register on online trading sites or use a Bitcoin ATM; here, we compare both of these options and what you can expect from using them.

Bitcoin ATMs

Much like traditionally ATMS for fiat currencies, Bitcoin ATMs are based on a physical location and allow you to buy BTC or sell BTC. Some offer both functions. Others only allow you to buy BTC, for example. The main difference between traditional and Bitcoin ATMs is that the traditional ATM allows you to at cash from your account while the Bitcoin ATMs are generally connected to the crypto exchange platform. In order to use a Bitcoin ATM, you need to show an ID. For example, you can use your passport or a driver's license.

However, a lot of Bitcoin ATMs also require your phone number for verification purposes and also to generate a unique password that will allow you to use the ATM. Similarly, like trading sites, you need to have a Bitcoin wallet in order to use the ATM. A lot of people find that mobile wallets are very useful for real-life purchases and also for Bitcoin ATMs.

Online Trading Sites

As we mentioned earlier, there are a lot more sites to choose from, and the number keeps growing as the price of Bitcoin keeps rising. Most of them are optimized for mobile trading, and they are accessible on both desktop and mobile devices.

They also are different when it comes to the features and options they offer. One example is the Bitcoin Storm website which uses advanced AI technologies, including Machine Learning, Natural Language Processing, and Deep Learning in order to offer trading at a high win rate. Your account can generate a $1500 daily profit with a minimal deposit of $250. Also, this is a completely safe site that utilizes RSA encryption.

What all trading sites have in common is that you need a Bitcoin wallet in order to trade on the platform, and you probably will need to provide some kind of verification documentation. However, you should take the time and do your research before you pick a reliable trading site.

Main Differences

The main difference between online trading sites and Bitcoin ATMs is the accessibility and convenience they offer. Obviously, online trading sites are much more accessible because you only need an internet connection and your smartphone or tablet in order to access a trading site.

Also, the number of options is higher when it comes to online trading sites. In comparison, currently, there are over 14000 Bitcoin ATMs worldwide. However, they are pretty popular with the less tech-savvy crowd that wants to get BTC. What's more, on the exchange platform, you have more options when it comes to trading your BTC for other cryptocurrencies or fiat currencies.

And of course, you can choose if you want to make a long-term or make a short-term investment. On the other hand, Bitcoin ATMs are not that convenient when it comes to short-term trading or trading in general. Not only most of them offer only one function, but they are all more seen as a way to obtain BTC or to make a long-term investment. Especially because they are physically located in certain areas, and you can't spend a lot of time comparing different currencies or options as you would on an online trading site, for example.