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How to buy bitcoin cash reddit
As Bitcoin usage and trading volumes increase, so does demand for reliable supporting infrastructure. Trading platforms, exchanges, and online communities are now being supported by Bitcoin ATMs designed to simplify exchange operations and make the overall network stronger. These currency exchange kiosks are now a presence throughout the UK and Europe.
Now, over three years later, these machines are visible throughout the country. Bitcoin ATMs come in two categories. One-way machines enable users to purchase Bitcoins in exchange for cash. Two-way models also allow you to exchange your Bitcoins for currency. To buy digital currency, users select the amount they want and display a QR code on their phone, which the machine scans to detect their Bitcoin wallet. After they insert cash into the machine, the Bitcoins are sent directly to their software wallet.
Certain ATMs generate a paper wallet in the form of a receipt for later use. Like all platforms, Bitcoin ATMs have their advantages and disadvantages. The primary benefit is the convenience. Once a user is properly authenticated, the buying process is quite simple and painless. Conversely, the main downside is the commission charged.
ATM operators set their own commissions, which means that you will typically pay more when buying Bitcoins via an ATM than if you purchase them directly from an exchange.
Whether or not you should use this option will mostly hinge on the level and type of Bitcoin user you are: One of the biggest challenges facing Bitcoin vendors is regulation. In the majority of countries, regulators require steps to be taken to enable customer identification, meaning that those wanting to buy Bitcoins must correctly identify themselves to digital currency vendors.
This identification process can often result in a complicated and detailed paperwork stage that calls for the submission of bank statements and related documentation. Other ATM providers, however, can be more strict. Robocoin, a Bitcoin-to-cash conversion network with a presence in the UK and beyond, makes it mandatory for ATM operators to collect the personal information of all users before selling Bitcoins to them.
Sites like Coin ATM Radar have a search feature that allows you to type in your location and get a list of results with details such as machine location, the name of the ATM vendor, the opening hours, and whether the device is a one-way or two-way device. You never have to be worried about the ability to buy and exchange, even when travelling.
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