People altered their purchasing patterns to adopt contactless tap-and-go payments and internet shopping when the world fell into the coronavirus lockdown in 2020. As shops closed and social distance grew, businesses worldwide went digital, adopted e-commerce, and experimented with new payment methods.
A study conducted in May 2021 by Mastercard revealed that mobile wallet technologies are more widely used, and customer demand for new, quick, and adaptable digital channels is growing. Speed is an important factor that comes up while discussing public access to digital money.
With accelerated technological advancements over the years, tech giants such as Amazon, Apple, Facebook, and Google have also promised speed and reliability in their services and benefited from it. In the fintech sector, this space is covered by digital currencies, digital wallets, and Bitcoin ATMs like immediate edge .
What is a Bitcoin ATM?
Bitcoin ATMs or Bitcoin Teller Machines (BTM) allow users to buy and sell digital money in a fast, easy, and reliable way. Bitcoin ATMs are similar to the regular bank ATM, except for their functionalities and that they are located in a physical center. If you want to find a BTM near you, use Pay Depot.
BTM's Role in Increasing Public Access to Digital Money
A Bitcoin ATM can provide public access to digital money in the following aspects.
Accessibility
Bitcoin ATMs are located in public places like cafes, bars, etc. that would ensure convenient access to digital money. Most people have difficulty finding an ATM, especially if they are unfamiliar with the region or the location is extremely distant. They can use an application to find a Bitcoin ATM. Consequently, every location that can provide a BTM becomes a primary focal point for local commerce.
Most people have difficulty finding an ATM, especially if they are unfamiliar with the region or the location is extremely distant. They can use an application to find a Bitcoin ATM. Consequently, every location that can provide a BTM becomes a primary focal point for local commerce.
Poverty Reduction
Poverty might be significantly reduced if more people were to use digital money. Without a bank or costly equipment, cryptocurrency makes it simpler to properly keep cash, minimize fraud, start and expand operations, easily share transactions, and reach customers and sellers all over the globe. Digital wallets are portable and function across all platforms, thereby erasing boundaries. BTMs will further simplify and secure these processes.
Tourists
BTMs are essential for tourists. When it comes to arranging a trip overseas, many individuals are only concerned with their financial condition and safety. Learning that there are Bitcoin ATMs in your destination city will help you in a variety of ways. You don't have to worry about carrying cash with you.
Local Businesses
Bitcoin ATMs can assist retail establishments, hotels, cafés, and other businesses increase foot traffic, sales, customer loyalty, safety, and saving money on transaction costs.
Privacy
Someone who does not have your digital wallet key will be unable to access your cryptocurrencies or carry out an unlawful transaction. Unlike fiat money, cryptocurrencies are not issued by any government, provide financial privacy, and can be transacted securely over the internet.
Individual Control
Digital currencies are decentralized, allowing users to manage their own money. As a result, everyone benefits from equality, individual choice, and fairness. Bitcoin ATMs aid this process by providing immediate access to cryptocurrency to everyone, regardless of knowledge or wealth.
Unbanked Population
BTMs are also essential for the unbanked population who rely on fiat money for their everyday transactions. Unbanked or underbanked people can use Bitcoin ATMs to purchase cryptocurrency with fiat money and store it in a private digital wallet. They can further use this to carry out their day-to-day transactions, either by using cryptocurrencies or by converting it into fiat money, as required.
Safety
People prefer to adopt QR codes for safety concerns. A QR code is generated and sent via email or on a digital wallet. Bitcoin ATMs use this method to ensure that the user receives a private key to confirm the transaction. This step further adds a level of security to the entire transaction process on a BTM. In a study by MasterCard , the respondents considered QR codes cleaner and more convenient than cash.
Since an increasing number of people have begun preferring digital money, experts believe that the number of cryptocurrencies and Bitcoin ATMs will grow globally in the coming future. Consequently, new payment routes and industries will develop, benefiting the fintech world by unleashing potential talent and businesses. And, of course, the end goal is to provide regular people with an accessible, seamless way to go about their payments.
* This is a contributed article and this content does not necessarily represent the views of sciencetimes.com
