Terminal for trading cryptocurrency. How it works, advantages and disadvantages.

Bitcoin ATMs seem to be popping up everywhere, as Bitcoin is fighting to crush its old ATH. Following the increased interest of institutions, retail investors are looking for different ways to buy Bitcoin with credit card, bank transfer, or even cash.

That’s right; cash! Not many options are available today when it comes to cash payments for Bitcoin. Apart from using a terminal for your transactions, the only other way would be to take the risk and meet someone in person. That is neither safe nor smart, as so many people end up getting scammed.

In this article, we look at Cryptocurrency ATMs, how they work, their benefits and drawbacks, as well as their future.

What are Bitcoin ATMs (cryptocurrency terminals)?

The concept of Bitcoin ATMs goes far back, with the first terminals being placed on busy locations as early as 2014. They operate similar to normal ATMs, in as they allow users to spend or receive cash (or use cards), in order to receive or sell cryptocurrency. They are great of tech-illiterate people, as they do not require the creation of an account on an exchange platform, or going through the complex verification process so many are trying to avoid. However, they do have their limitations, which we will discuss below. You can get a better idea of Bitcoin ATMs and how they work by watching the following video:

Benefits of cryptocurrency terminals.

There are several advantages when it comes to buying cryptocurrency from a physical terminal (a.k.a. ATM). These are:
● You can usually buy up to $1000 worth of BTC without any form of verification
● If you wish to exchange larger amounts, all you need to do is verify your phone, which may simply be a burner number to ensure your privacy.
● The machine accepts cash, which is the best way for people with not much internet knowledge to obtain Bitcoin. You will, however, need to create a wallet if you don’t have one already.
● The machine can also pay you in cash, which can come in handy when you find yourself in common Bitcoin ATM locations like shopping malls or airports.

Drawbacks of Bitcoin ATMs.

● It may be hard to find an ATM close to your location. This can be a problem, as you need to physically visit the store to make the purchase or sale.
● Cryptocurrency terminals have very high fees. With most exchanges charging less than 0,1% for your purchases, ATMs can be seen as extremely expensive alternatives. While most charge anywhere in the range of 4-5% (which you will obviously not even see since the price they sell you the coins for is dynamically adjusted) there are cases where the amount can rank up to 10% of your transaction.
● They don’t support many cryptocurrencies. At the current time of this writing, cryptocurrency ATMs will usually support a small number of coins, since they haven’t been updated in a long time (with exceptions). Apart from Bitcoin, you can expect to buy the likes of Ethereum, Bitcoin Cash, Litecoin, and Ripple, while some terminals also add Tron and Stellar Lumens as options.

The future of cryptocurrency terminals.

As investors are becoming more intelligent, cryptocurrency ATMs will no longer be the only way in which people choose to purchase Bitcoin. Unless merchants decide to lower the rates of their terminals, people will start buying Bitcoin using different ways, including newer ones that seem cheaper.

One of these methods is Paypal, which recently announced its support for a select number of cryptocurrencies. With a moderate fee of 4,75% it would make more sense for those wishing to invest a significant amount of money to use the popular payment system instead.

Aside from that, there are several cryptocurrency exchanges that are currently releasing cryptocurrency debit cards. These cards will link directly with a user’s trading portfolio allowing them to pay for anything by simply using their exchange funds. With an average conversion rate & commission of 2%, this option is even better when it comes to future applications. That being said, we may see ATMs upgrade their offer, in which case these statements will no longer be as important.

Crypto ATMs.

Cryptocurrency ATMs are, to this day, an important bridge between everyday consumers and Bitcoin. They are one of the most important elements that will eventually lead to mainstream adoption. As the public is becoming more accustomed to Bitcoin and the demand keeps on increasing, we may see more cryptocurrency terminals popping up all around the world, to accommodate the needs of the public. All we can do now is wait for it to happen!

Judy Smith

Guest Post Author

3 Ways to Benefit from the current crypto boom

In 2020, cryptocurrencies seem to have returned to 2017 crypto boom. Bitcoin once again showed rapid growth at the end of the year and made almost the entire cryptocurrency market to grow. Bitcoin is already near the $20,000 level and has even reached a new all-time high on some exchanges. A lot of crypto enthusiasts and investors predict further bitcoin growth in the long term after the recent halving.

Also, it seems that altcoins season also takes place right now and some investors expect that it is only the beginning, especially for decentralized finance projects (DeFi) that have skyrocketed in popularity recently and have become the hottest topic of this year. 

Is it too late to jump on a rocket to the moon and benefit from the current crypto market boom? And how to find a better way to do that? Let’s try to figure it out.

1. Trading

Trading is one of the most popular ways to earn on the cryptocurrency market, which becomes even more common during the market boom. All due to the volatility growth and sharp price changes. The price may change by tens of percent in just a day. This attracts both experienced traders who want to benefit from volatility, as well as beginners who expect further growth and fear of missing out.

When trading during a market boom, it is worth remembering that a significant price change may be followed by a movement in the opposite direction or a so-called correction. Correction can take place both on short and long intervals. For example, some traders may buy cryptocurrency after a fall in a short period and then sell the asset when the price starts to rise again. This trading method can be profitable, but you should be ready that the price will not always move in the direction you expect.

Besides, a huge price rally is most often followed by a deep correction which can take several weeks or months. Therefore, it may be worth looking into opening a short position one day that allows you to benefit from the price fall.

If you just entered the market expecting further growth of cryptocurrencies, then don’t forget that during a boom, a lot of coins rise in price only because the rest of the market is growing. Before investing in any coin, you should do research and find out more about the project behind the coin, evaluate its growth prospects.

In turn, when entering the market during a cryptocurrency boom, you need to be prepared that investments may not pay off immediately or not pay off in general. For example, those who bought bitcoin for $18,000 in 2017 and did not manage to sell it for $19,000 had been waiting three years for the price to reach the same level again. At the same time, a lot of coins popular in 2017 have not yet returned to their previous highs.c

Top Crypto Exchanges – Phemex vs Bybit

Find the best crypto exchange and get the reward bonus (up to 90$)

Read article

2. Staking

Over the past few years, staking has become more popular since many projects are switching to the Proof-of-Stake consensus protocol instead of Proof-of-Work. For instance, Ethereum, the second most popular cryptocurrency, will switch to Proof-of-Stake and will support staking. One of the reasons for the growing popularity of staking is also that it is much cheaper and more convenient compared to mining.

To benefit from staking, you just need to keep a certain amount of cryptocurrency in your wallet or on the balance of the exchange. The staking reward varies depending on the network and may be determined by the “age” of staked coins. 

Rewards are distributed in the same coins you are staking at the end of the staking period. Therefore, if the coin price rises, then staking becomes more profitable.  A lot of staking-supported cryptocurrencies have surged during the current cryptocurrency boom, so it can be an excellent option to benefit from it as well.

However, it is worth remembering that staked coins in most cases are locked and can’t be moved. Rewards distribution timeline is not always fixed. Some networks pay out rewards after a fixed time interval but sometimes it can also get delayed. That is why it is important to check the reward distribution criteria with the validator.

3. DeFi

DeFi’s rise in popularity is one of the reasons for the current cryptocurrency boom. Many DeFi coins began to show explosive growth back in 2019 and reached their all-time highs in 2020. This is because DeFi platforms have become more commonly used. If in December 2019 the total value locked in DeFi was around 600 million USD, then now it’s more than 14 billion USD.

The process of earning on DeFi is called yield farming. It allows you to receive a reward in the form of protocol tokens for lending/borrowing crypto, participating in liquidity pools, etc.

Yield farming can be viewed as a cryptocurrency cashback for participating in the DeFi platform. Some projects also provide governance tokens for participating in the network that can be used to vote for further project development.

Other ways to benefit from the crypto boom

There are many separate events taking place in the cryptocurrency market where you can benefit from. For example, the Bitcoin Cash fork that took place on November 15th. Many exchanges and wallets supported this fork, so you could buy bitcoin cash with a credit card, store them until the fork and get a new BCHA coin in a 1: 1 ratio. The fork is one of the reasons why the BCH price has surged in November. Talking about similar events, the upcoming Spark airdrop for XRP holders also may affect the XRP price.

In addition, more coins are increasingly being added to cryptocurrency exchanges because of their growing popularity during the cryptocurrency boom. It makes them even more accessible for trading, staking, and other things. To attract investors‘ attention to the coins, many projects and exchanges are also announcing a giveaway or bounty program, where you can get cryptocurrency in just a few small steps.

Cryptocurrencies provide a lot of ways to earn money and everyone can find the one that suits the most. However, before entering the crypto market, you need to decide whether you are here only for the sake of the current boom and some events, or you have more long-term plans. This will help to determine which strategy and way to benefit you should pay more attention to.

Mary Ann

Guest Post Writer

Top Crypto Exchanges – Bybit vs Phemex

Review of the the crypto-trading platform – get the reward bonus

In these article we’ll take a look of two of the best crypto exchanges (Bitcoin, BTC, Altcoin) at the moment: Bybit and Phemex. In fact, these two new-entries have a lot to say against the well known BitMex. For our readers, a welcome reward link (up to $90 and $72 dollars for Bybit and Phemex respectively) to open a new account inside the article!

How to buy cryptocurrencies like Bitcoin, Ethereum and XRP?

You can buy cryptocurrencies on certified Crypto Exchanges. Some of the most known Crypto Exchanges are Binance, eToro and Bitstamp. Most of crypto currencies have completely recovered since the market crash of March 2020 (related to the pandemic Covid-19). Due to the increasing attention towards the Cryto-world, it is now possbile to buy Bitcoin, XRP, Ethereum (and other cryptocurrencies …) with Credit Card. Phemex, in particular accepts the following payment methods:

• Credit/Debit card
• SEPA Bank transfer
• Apple Pay

You have only to open an account [open a phemex account -FREE]

INVITATIONAL CODE FOR WELCOME BONUS (insert in registration phase): JRIVK

A new trading platform: Phemex.

Phemex is a new BTC exchange in comparison to other such as BitMex or Bybit (which is also relatively a young platform). But now we have to consider the main differences, PROs and CONs:

What are the best features in Phemex platform?

• User friendly interface much simplier than BitMex.
• For beginners traders, the opening/closing order is very easy to do. The options available are similar to those of Bybit. Open a short/long position with either a Market order, a Limit Order or a Conditional Order. Also Cross-leverage is available.
• When you place an order you can choose between Index Price, Last Price and Mark price for Take profit and Stop Loss options.
• It is possible to manage multiple sub-accounts which allows to open different position at the same time (for example in one you can go long and in another sub-ccount you can go short).
• You can deposit USD dollar into you account.

Why should I do not choose Phemex?

• Phemex wallets only allow deposits and withdrawals in BTC. However, Phemex provides both a BTC trading account and a nominal USD trading account. To trade BTC settled contracts, users simply needs to fund their BTC trading accounts from a wallet. To trade USD settled contracts, users can exchange BTC from a wallet to their USD trading account through a real-time fair rate.

A resume of the trading fee and main features is reported in the image below.

Go to the reward link [WELCOME BONUS + 7 DAYS PREMIUM ACCOUNT FREE].

Crypto Exchange: Bybit.

Since 2018 Bybit has attracted a lot of Bitcoin and Altcoin traders due to its simplicity to use. As we said in the introduction, Phemex and Bybit are two young platform which are growing-up very fast thanck to their capabilities. Now, let’s check strength and weaknesses of Bybit.

Why should I choose Bybit exchange? The PROs.

• User friendly interface much simplier than BitMex.
• For beginners traders, the opening/closing order is very easy to do. The options available are similar to those of Bybit. Open a short/long position with either a Market order, a Limit Order or a Conditional Order. Also Cross-Leverage is available.
• You can make deposits of BTC, ETH, XRP and EOS.

What is not allowed to do in Bybit trading platform?

• You’re not allowed to have multiple accounts.
• When you place an order you can’t choose between Index Price, Last Price and Mark price for Take profit and Stop Loss options. You can change the type of price only the order has been submitted and placed on the market.

Go to the reward link [click].

Claim the welcome bonus: the links.

On the whole we think that both thse platforms are an optimal choice for Bitcoin and Altcoin trading, the slight differeces which emerges between two may lead you to prefer one to another. According to us, a good choice may be differenciating and using both of them.

In case you want to open a Bybit account, you can have till $90 bonus by using the following link:

—>Claim your $90 dollar reward with Bybit [click]

—>Claim your $72 dollar reward with Phemex [click] + 7 days of Premium account for FREE