The cryptocurrency market is warming up once again in Tennessee and all across the United States. You can occasionally come across eager buyers asking around “I’m looking for a Bitcoin ATM in Tennessee” for the simple reason that such ATMs have made it really easy to buy and sell cryptocurrency. Gone are the days when you could trade in cryptocurrency on the online exchanges that have become a contradiction for the meaning and scope of the term ‘online.’ We have come to associate this term with technology-driven speed and efficiency but on the online exchanges dealing in cryptocurrency, just the opposite has happened. In fact, the very future of cryptocurrency came under a cloud for the way these online exchanges mismanaged the trading of digital currency.
ATMs for cryptocurrency are really easy to operate
Operating a crypto ATM is very easy – you just need to register with the ATM operator as that will enable you to have your own digital wallet for safely storing the cryptocurrency that you buy. Although you need to provide your personal details while registering, this is for Internal Revenue Service (IRS) KYC, which should be reassuring enough for you.
The number of Bitcoin ATM units is increasing quite rapidly across America where there are more than 42,250 such ATMs already. Tennessee accounts for a large number of such ATMs spread across Nashville, Memphis, and Chattanooga among other cities. This shows how popular ATMs have become.
You can complete a transaction in less than a minute
One major reason why buyers eagerly ask, “Are there any Bitcoin ATMs near Tennessee?” is that it barely takes a minute to complete a transaction on such ATMs. Compared to the online exchanges where it takes between 3-7 days for a transaction to get approved, you can complete a transaction on an ATM in less than a minute.
Although a BTC ATM needs internet connectivity to function, the kind of transaction it facilitates is essentially offline. That is because you cannot operate this ATM remotely like in the case of the online exchanges or any other online transaction for that matter. To transact on an ATM you need to physically access it.
The ATMs are subject to strict privacy laws
Cryptocurrency traders eagerly asking around, “Where can I find a Bitcoin machine near me?” also consider the safety aspect of these ATMs. A large number of buyers stopped trading on the online exchanges because their personal details on the exchange are freely accessible to everyone coming on the exchange. In this respect, the ATMs have come as a major relief to traders.
In the early days of the Bitcoin ATMs, there was no need to register and open an account with the ATM operating company. You just needed to provide your phone number to receive the safety codes to operate the ATM. You could anonymously buy or sell the digital currency using cash or any other mode of payment. However, that presented a security risk as criminals and terrorists would easily have laundered their ill-gotten cash for cryptocurrency on the ATMs. Hence, the IRS has now made it mandatory for users to register with full KYC validation.