✨✨Such a great question! ✨✨ ; I like what this guy said :
Currently ATM's have a very big market, the idea of buying coins through peer to peer exchanges are less tempting mainly due to the gigantic amount of fraud linked to it, and the risk of getting a fraudulent payment and suffering from it.
But on ATM's the transactions are easier and better to use overall and don't require ID's and verification like exchanges and much quicker.
But on ATM's the transactions are easier and better to use overall and don't require ID's and verification like exchanges and much quicker.
✨I agree!✨ Here are my thoughts
.No, it isn't really a need. It is however a solution to one problem that Bitcoin users face, and that is, trust. Peer to peer transactions are not different than a transaction handled at an ATM except the ATM is holding the wallet of the peer the ATM user is transacting with. The reason the ATM is more trusted than "some guy" is purely because it is a machine, attached to the blockchain, and has all the familiar features we are accustomed to like buttons, receipts, and a toll free phone number to call if an error occurs etc.
The fee that is placed on top of the actual value when purchasing from an ATM is often a painfully out of proportion amount. Also to withdraw cash from the machine will yield a disappointing, below market result. Yesterday at a popular Bitcoin ATM machine the current VALUE of btc was 2848.00 but the ATM charged 3200 per coin to purchase. OUCH! Then if you wanted to get cash, you "sell" your coins to the machine and it was paying $2340 per coin. More ouch!
Even with enormous and almost predatory fee gouges don't slow the stream of people who use it. They are consistently busy at that ATM every day. People feel they can trust the familiar box the buttons the receipts ... but people suspect something sneaky out of other people.
Strange humans. Lol. We don't NEED ATM machines because our wallets will add any trade to the blockchain, as it happens and way cheaper and remember, some guy owns the machine. Not an insured bank. Just a guy or girl with or her coins to sell or buy. That's a fancy wallet.
*My lifetime career plan includes a peer to peer solution to this ATM problem, more about that in another month. **