CoinTelegraph recently reported that there are now more than 5,000 Bitcoin ATMs spread across 90 countries. It’s another sign that cryptocurrency is becoming more accessible, with bridges being built between cash and cryptocurrency.
What’s equally good for the industry, however, is a healthy degree of competition to drive down prices and spur on innovation. In this context, we’d like to offer a brief comparison between Bitcoin ATMs and Bitspark’s Mobile App.
Bitcoin ATMs are convenient. Most major cities will have at least a few Bitcoin ATMs that can be found in malls, coworking spaces, or locations with high foot traffic. Not every model works in the same way, but generally, Bitcoin ATMs take larger banknotes of a local currency and up unto a certain limit do not require users to undergo Know Your Customer (KYC) verification procedures.
Once you’ve inserted cash, Bitcoin will be sent to your Bitcoin wallet, which can take anywhere between 10 minutes to a few hours. Some Bitcoin ATMs also allow users to sell Bitcoin back for cash, but this is not always the case.
The fees average out to around 7% and are built into the exchange rate. Some service providers may also charge a flat fee on top of the exchange rate.
Bitspark’s Mobile App
Since 2014, Bitspark has been building bridges between crypto and fiat. It started with offering people an alternative way of sending money back home using crypto but has since built a comprehensive ecosystem with a web platform, a decentralised exchange (DEX), over 500,000 cash points, vault facilities, and a mobile app.
The app enables users to locate cash points where crypto can be purchased and sold for cash. It also has a built-in wallet and is plugged into Bitspark’s decentralised exchange enabling users to trade into different currencies, both cryptocurrencies and local currency stablecoins.
When you visit a cash point, you can hand in cash in your local currency in exchange for stablecoins pegged to the same currency, instantly. For example, if you are in the Philippines, you would get stable.PHP in exchange for your Philippine pesos.
You can then trade into Bitcoin, Ethereum, BitShares, other stablecoins such as bitUSD, bitEUR, bitJPY, or sparkdex.HKD for example. You could also choose to transfer money to a friend or relative overseas, who will then be able to use the App to locate a cash point to cash out.
For referrals, users can also earn Bitspark’s rewards token ZEPH, which can be traded against other currencies.
The fee for both cash in deposits and cash out withdrawals is 1.5%. Trading from stablecoin in Bitcoin, or any other currency, comes at a fee of 1.5%.