There are a number of factors that sustain the demand for cryptocurrency and one of them is mining of the currency. Arkansas is one of the top 5 states where mining of Bitcoin is easier because of lower electricity cost. However, when it comes to trading and storing of digital currency, investors in Arkansas have been facing the same problems that are found elsewhere.
Hence, when the first Bitcoin ATM in Jonesboro, Arkansas was installed, there was a lot of excitement. The ATMs also came up in other cities like Little Rock and investors took to them like fish to water. There are very good reasons for this because of the ease of use in comparison to the complex transactions on the online exchanges. People are always ready to invest in new products as long as they know where they are putting their money.
Table of Contents
Number of cryptocurrency ATMs growing in Arkansas
When we speak of Crypto ATM in Jonesboro, Arkansas it is just one instance of the growing popularity of these machines. They function just like standard cash ATMs that you have known all along. It is not just the cryptocurrency investors who are excited about the ATMs but also high street stores and shops where the machines are hosted.
An Arkansas Bitcoin ATM, is an additional source of income for these stores and shops not just for the number of transactions that take place on the machines but through other modes too. For instance, the large display screen of the ATM can run advertisements and earn additional revenue without any further investment or effort.
It’s a lot easier to trade cryptocurrency on ATMs
When you go to a crypto ATM in Jonesboro, Arkansas or elsewhere, it is the ease of use of these machines that will impress you the most. You will be able to operate them with as much ease as you operate a standard cash-dispensing ATM. However, you must register and open an account with the ATM operating company.
Opening an account with the Bitcoin ATM operator is necessary for you to create a virtual wallet where you can store your cryptocurrency units. It is also necessary for Internal Revenue Service (IRS) compliance by the operator who must provide KYC details of all transactions on their machines to the IRS. As a trader using the ATM, that is reassuring.
ATM transactions are much safer and faster
There are over 42,250 BTC ATM units across the United States and counting at a fast rate. That explains the popularity of these machines among cryptocurrency traders who had to rely on the slow and inefficient online exchanges till recently. This is a little intriguing because online processes are meant to be faster and more efficient than offline processes.
However, you are so excited about the cryptocurrency ATMs that you go around asking “Is there a Bitcoin ATM near Jonesboro, Arkansas?” The only reason for that is because you no longer have to trade on the online exchanges that are mired in cobwebs of unnecessary and irrelevant processes. It takes 3-7 days for a transaction to be approved on an online exchange as compared to an ATM where it hardly takes a minute to buy or sell cryptocurrency.