If you’ve ever wanted to buy crypto but didn’t want to go through an exchange or store it on an online wallet, a Crypto atm might be the solution for you! In this post, you will learn what types of cryptocurrencies are available at ATMs and how they work. After reading this article, you’ll have everything you need to know about buying Bitcoin from an ATM — no matter what country or state you live in.
Bitcoin is often considered the most popular cryptocurrency in the world and is used to buy goods and services from a variety of merchants. This crypto can be exchanged for other cryptocurrencies or fiat currencies, and it can be bought and sold on exchanges.
Bitcoin was famously made by a person or group who goes by the name Satoshi Nakamoto way back in 2009. The idea was to create a currency independent of any central authority that would allow fast money transactions between parties without having to go through a financial third party.
Litecoin is a peer-to-peer cryptocurrency created by Charlie Lee in 2011, which is made as an improvement upon Bitcoin. This crypto has the goal of making transactions in smaller denominations easier, as well as reducing the time required for confirmation of transactions on the blockchain.
This cryptocurrency uses “scrypt” as its proof-of-work algorithm instead of SHA256 (used by Bitcoin). This makes crypto mining less accessible for ASICs, requiring more memory and time to complete hashes than other cryptocurrencies do.
Ethereum is a popular blockchain-based cryptocurrency that is used as a token of exchange. It’s currently the second largest cryptocurrency in terms of market capitalization, behind Bitcoin. Ethereum can be purchased at an ATM, but not all ATMs offer this feature – so make sure to check the Crypto atm before you go.
Ripple is a well-known real-time gross settlement system (RTGS) crypto network. The crypto platform was created by Ryan Fugger in 2004 to facilitate secure financial transactions between parties anywhere in the world.
This crypto uses a decentralized open-source protocol that reduces the cost of money transactions and provides instant financial confirmations. Ripple has developed its cryptocurrency called XRP, which can be used on both sides of a transaction as an intermediate balance during exchanges between other currencies, such as USD or EURO.
Finally, Monero is a privacy-focused cryptocurrency mainly based on what they call the CryptoNote protocol. The currency uses ring signatures and stealth addresses to obfuscate transactions, providing complete anonymity for its users. Monero also has an active development community that has introduced several new features over the years such as its own GUI wallet, Kovri I2P integration, and integration with various hardware wallets.