As Bitcoin marches so elegantly towards the ATH of $20,000, adoption and interest in buying Bitcoin is also at all time highs. Therefore, the ease of buying at an ATM compared to an OTC Exchange must be explored.
Fees: Neutral ATM has 4% fees to sell and 11% to buy. That is below average for ATM’s. OTC Exchanges involve large bank fees, ATM’s don’t. Those bank fees double the overall cost of doing business with an OTC Exchange. ATM’s still may be a little more, but that leads to the next point.
Location restrictions: ATM’s number 9,000 in the US right now, while OTC exchanges are online and easy to find. OTC’s are juristictionally limited. Many do not operate overseas, Binance does not operate in Texas where we are located. Bitcoin ATM’s are growing at a rate of 85% annually right now. Neutral ATM will quadruple in size in 2021. Thus, Bitcoin ATM’s will get less location restrictive over the next few years.
AML/KYC:Anti money laundering and know your customer regulations apply to ATM’s and OTC Exchanges. However, bank grade encryption and security, bank level regulation is coming to OTC Exchanges. Regulation will always exist but with ATM’s it will be easier to transact with less wait times. From experience we know that exchanges like Kraken can take weeks and months to get through all the forms and background checks required before an account is online. Then, Bitcoin or Crypto deposits stay on hold for long periods for the same reasons. Neutral ATM is zero regulation below $500 transactions, cell phone number from $500 to $999, DL number from $1,000 to $1499, and SS number above $1,500 transactions. Many foreigners use ATM’s to send money to their home country. ATM’s are a great way to do that due to all the convenience.
Limits: ATM’s are not built for the level of volume OTC’s are. However, they are 10 times more convenient due to the hold ups and delays for AML, KYC experienced at OTC’s. When limits are mid range, ATM’s really make a lot of sense. Convenience over high limits. ATM’s are especially good for middle income families using it to save and put it on an offline wallet, younger generations as well who don’t have as much to invest. Neutral ATM helps our customers get their Bitcoin saved offline properly. We help savers and get those savings secure! Its an important role we take seriously!
Below is a you tube video on how to use our Bitcoin ATM:
This demonstrates the final point.
Convenience: Bitcoin ATM’s really are convenient and they do not have the long wait times other methods have. Buying or selling Bitcoin at our ATM’s is done daily in 5 minutes up to 25 minutes if your selling a lot of Bitcoin and want to wait for the transaction to clear on the blockchain. Everything Neutral ATM does is about making our customers experience better. Neutral ATM is here to get everyone off of zero Bitcoin.