Most new investors that have made their first bitcoin purchase usually struggle to find a wallet that is right for them. While there are hundreds of Bitcoin wallets available to be downloaded on the internet, not all of them are continuously updated or even developed with strict security standards in mind.
Amidst the cryptocurrency market’s recent bearish demonstration, rumblings about forthcoming index funds have grabbed the attention of many investors both, in and out of the industry. With the digital currency market achieving a cumulative market cap of close to 1 trillion US dollars a few months ago, it has finally defined itself as a competitive asset class for potential investors.
When Bitcoin was first introduced in 2009, Satoshi Nakamoto, its creator, heralded the cryptocurrency as ‘peer-to-peer electronic cash’. Nearly an entire decade later in 2018, Bitcoin and every other digital currency out there is still struggling to make mass adoption a reality.
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As Bitcoin reaches mainstream popularity after its meteoric rise in 2017, liquidity in terms of fiat currencies remains to be a concern for many individuals. While the main selling point for cryptocurrencies has always been their self-sufficient digital nature, it is no secret that they are far from realizing that goal in its entirety.
As such, Bitcoin ATM machines strategically located in urbanized areas across the world are common since they cater to the population that prefers to use them over online exchanges that are often obscure in terms of their functioning.
Without much introduction, let’s delve into what is Bitcoin ATMs and how do Bitcoin ATMs work.
A Bitcoin address is a cornerstone to understand how the cryptocurrency is exchanged between two individuals as they essentially dictate the source and destination for a particular amount of bitcoin. For those new to the world of cryptocurrencies, a bitcoin address may seem a little confusing at first.
Unlike a conventional bank account number, these addresses can include both numbers as well as letters and be up to 35 characters in length. In practice though, most addresses tend to be 33 or 34 characters long.
Here’s what one looks like:
Typically, in the financial industry, these sort of purchases are called over-the-counter transactions.
There, of course, exists a multitude of other reasons why someone would want to procure their Bitcoin in this fashion too. The primary reason among these would be that the underlying principle of a digital currency has always encouraged Bitcoin to be used in lieu of cash, not as a traded asset exclusive to large and often restrictive exchanges.