A surgency of a new form of investment surfaced in the last five years, that of the cryptocurrency. Soon it became quite a hit especially, among the young investors. From the traditional maturing assets, the cryptocurrencies seemed like a great option. When a major chunk of the crowd wafted to a new spree of buying and selling cryptocurrencies, what arose as a question is which cryptocurrency is to be mined?
Like every other investment venture on assets and otherwise what is required is an education. First of what the bucks are parked in. Bitcoin is a form of cryptocurrency which has gained the maximum popularity. Once the investment is on a roll what then matters is the encashment on perusal. Bitcoin ATMs are one of the ways through which the currencies can be in the trade flow. Now, how does this work? Even before understanding that it is crucial to know what Bitcoin ATMs are.
A Bitcoin is much like a traditional ATM that can be used to avail fiat currencies upon the usage of debit cards. The many advantages of Bitcoin ATMs are that one can withdraw bitcoins from the ATMs, transform the bitcoins into fiat currencies, buying and selling of bitcoins in full discretion and much more. It, however, charges a small portion for buying and selling of the bitcoins.
Coming to the aspect of using one such ATM involves a few notable points-
- Locating an ATM can be tricky
There are only a few such ATMs that are available and accessible. Using a live worldwide Bitcoin ATM map can be a great help to spot one. Just key in your location and all details of nearby ATMs will be at your disposal which is also powered by the Google maps.
- Choose the most convenient ATM
There are many such bitcoin ATMs available. This can be overwhelming and exhausting. However, whichever ATM is chosen the basic process is the same. It is important to be aware of what the steps are-
- Choose the purpose (buying bitcoins/ cash options)
- Choose the coin (Bitcoin)
- Choose the amount
- QR code scanning from the wallet
- Select the option to finish the transaction
- Check the receipt
Always ensure to get a receipt printed. Bitcoin involves high risk especially with amounts on the higher side. Thus, taking these notables into consideration it is imperative that a written command is issued.
There are various wallets that dispose of an array of cryptocurrencies to invest in. Choosing the right sort of wallet is extremely crucial in such matters. Not only is it a guarantee of a flawless transaction but an assured warranty against any fraudulent activity. There are various such wallets depending on its impending features available for investing.
Two top-level wallets that are considered to be absolute favorites among the crypto circuits are those of Coinomi and Exodus. While the basic functionalities are similar, what sets them apart are the intricate yet significant services that they have at disposal. If we are to make a comparative understanding of the same, then the following can be chalked out-
- Coinomi is a mobile supported application. This makes it very much resistant to any sort of ethical breach like hacking. Exodus, on the contrary, is a desktop application. Due to the nature of the desktop being less more personalized, there is a wide chance of anomalies.
- Coinomi has a built-in exchange for fast and easy trading. This means that all sort of buying or selling can be done via one single app and does not require additional assistance on this matter. Exodus boasts off its huge collection of currency. Its shot to fame is because of the massive user-friendly interface. The added advantage also being that the whole blockchain doesn’t have to be downloaded again on the computer.
- Coinomi’s biggest pro is its zero fees which Exodus does charge. Depending on the asset type that is dealt with, there is an incurring cost. This can typically range between 2-3%.
- Both the wallets, however, have no private keys of their own. There is complete privacy on the individual who chooses to trade via these wallets.
- Coinomi hits a big stroke with its 24X7 customer support which Exodus lacks. This customer support service is extremely necessary especially for fairly new trading and investment practice like that of investing in cryptocurrency.
- Coinomi also has SegWit support so a range of coins to deal with and transactions to indulge in. Exodus does not have that support and usually has a hard time with seed backup as well.
- Both of them are not open source. It may leave the system attackable. However, the security plugged has proven to be fruitful until now.
Exodus is quite useful with its feature of encryption for private keys of the wallet.