What is Bitcoin and how does it work?
Bitcoin is an online version of cash. It is a type of money that is completely virtual. You can also call it a cryptocurrency, digital currency, or virtual currency. This currency can be used to buy products and services. It can facilitate instant payments.
Bitcoins can be stored in a digital wallet installed on a smartphone or computer. Users can transact with each other by sending and receiving bitcoins through their digital wallets.
The tracing of history can easily be done through a public list called the blockchain. Here, every single transaction is recorded and can prevent people from spending coins they don’t own or making copies.
Why have Bitcoin ATMs in Arizona become so popular amongst users?
People are gradually opening up to the idea of investing in cryptos. If you are planning to buy Bitcoins for the first time, a Bitcoin ATM in Arizona is what you need. You will be surprised to spot Bitcoin ATMs in your neighborhood gas stations, shopping malls, recreation clubs, restaurants, and so on.
A bitcoin ATM is a standalone kiosk that is Internet-connected. It allows people to buy and sell cryptos for a terminal. These machines are not actually ATMs and do not dispense cash like regular machines.
Here, you first deposit the cash, scan the QR code corresponding to your bitcoin wallet address and purchase the coins. A lower and an upper limit is set on most of these ATMs for the cash deposit.
You will be charged a service fee for using a bitcoin ATM. It is charged as a percentage of the transaction. Most people don’t mind paying these extra charges as they find using the ATMs easy and hassle-free.
Three main ways to get Bitcoins:
- Buy Bitcoins using real money.
- Ask people to pay you with Bitcoins, when you sell things.
- Create Bitcoins by using a computer.
People can build special computers to generate Bitcoins. These computers are made to solve incredibly difficult sums. The owners are then rewarded with a Bitcoin. This way to get Bitcoins is called mining. It is not a lucrative way to get Bitcoins as more money will be spent on electricity for the usage of your computer!
It is in fact a good thing to own cryptocurrency, as many businesses are embracing virtual currency as their main payment methods. You do not need any technical knowledge to know “how to buy” or “how to sell” cryptos.
Just search for a “Bitcoin ATM near me” in Arizona, if you want to transact in cryptos. Today, Crypto ATMs are everywhere; cafes, airports, and even retail outlets. It is a completely secure process as all the transfers are protected by dual-factor authentication. Hence, such transactions are not prone to any thefts or hacks as compared to other types of exchanges.
As of the latest count, there are over 30,000 ATMs for digital currency across the United States. This has resulted in a compounded annual growth rate of around 60%. This is a very promising market for any person to host such ATMs on their premises with heavy footfall.