Exchanging Crypto Online or Through ATMs - What Is Better for You?
May 16, 2022 (Investorideas.com Newswire) The digital assets industry continues to grow and with it, new and technological methods for buying and selling crypto are constantly emerging. However, volatility is still elevated, which means that this sector carries a degree of risk.
Bitcoin, for example, is currently near the 2022 lows, making valuations more attractive when compared to several months ago. If this has sparked your attention, you should know that buying and selling crypto coins is usually done via two major channels: online cryptocurrency exchanges and crypto-dedicated ATMs. Which one is better for you? What are the advantages and disadvantages of each system? Let's check.
Security
Ensuring safety while buying/selling crypto is one of the top priorities for exchangers these days. According to Bitnomics, an online exchange that currently covers BTC and ETH, one of the biggest concerns of customers is that their funds aren't at risk when dealing with cryptocurrencies.
When using an online exchange platform, the provider relies on encryption protocols, multiple layers of authentication, advanced technologies, and other methods to ensure strong protection against unwanted threats. ATMs are placed in public locations, most of them supervised using video cameras, which is another way to ensure fund security.
Confidentiality
Speaking of confidentiality, exchanging crypto online can be done from anywhere in the world - especially away from public eyes. It is possible to use different solutions, such as VPN, so nobody can even hack into the connection and gain access to private keys, wallet addresses, or account login information.
Because an ATM is in a public location, one should make sure that nobody notices any details that might compromise the wallet when making a transaction. More often than not, the process is intuitive and there are only a few steps to complete. Still, when it comes to this issue, an online exchange offers higher privacy.
Convenience
At present, there is a bearish sentiment in the crypto market, and no sign of dip buyers can be spotted. In a fast-paced environment, people need to easily access the exchange services, so they can buy or sell swiftly, depending on personal objectives. An online exchange is available right away at any time, even via a mobile device.
An ATM does not carry that advantage, since you need to physically be at one to exchange crypto. True, the number of crypto ATMs has increased over the past few years, but online crypto exchanges are still more available - and will always be.
Costs
The fourth aspect worth noting is pricing. Exchanges like Bitnomics offer attractive fees, so as to stay ahead of competition. However, no exchange offers services for free, and there are commissions in place.
While an online exchange does not involve logistics, a physical ATM certainly does. Commissions are also charged by the operator, and the rate can vary greatly between one and the other.
To conclude, each of the factors discussed above can influence how people exchange crypto. Both online exchanges and ATMs can get the work done, but for those who want tighter costs, convenience, security, and privacy, exchanging online seems to be a slightly better option.
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