If you’ve been following our progress, you’ll know that we’ve launched quite a number of Bitcoin ATMs in the US. The thing that many users are asking us about our take on the new kid on the block: your Ethereum wallet. We are glad to share our opinion on the new technology, and hope that you will learn something too.
Should I even buy it?
Ether is not intended worldwide advanced coin. Instead, ETH is intended to pay for particular activities on the Ethereum blockchain ledger, with people building decentralized applications for the platform.
In any case, Ether’s business sector and market share is contributed to by the same exchanges which operate in the Bitcoin space. In fact, people who have generally purchased bitcoin and other computerized coins are interested in coins like Ether, may that be a love or hate relationship. Many who are invested in Bitcoin only simply don’t want to see ETH succeed.
However, one huge difference between BTC and ETH is the fact that BTC will be deflationary, and Ethereum will be inflationary. Proof of stake will be the technique used in a few years after mining proof of work is no longer effective for creating new coins.
The advantage to having an inflationary coin is that it encourages the economy to grow. Deflationary coins reward saving, which causes the economy to slow down, which is bad for any economy. In addition, having a plan on what method to distribute coins after POW (proof of work) is no longer effective allows for a very simple transition. Proof of work simply isn’t permanently viable at the rate the currency is growing. This is why we need proof of stake.
In order to purchase bitcoins to your wallet by using a bitcoin ATM, you have to locate the nearest to your area first. Also, figure out what sort of machine it is. Visit a bitcoin machines map. In your city, there may be several different locations for Bitcoin ATMs, and many of them are different brands. This could be a bit confusing. It might be troublesome for a normal client to see how to purchase bitcoins by utilizing a bitcoin ATM and what are the distinctions among different ATMs.
This procedure may differ from ATM to ATM. It is imperative to know when you’re using one brand of BTC ATM and another, as they are not as a matter of fact very similar. It relies on upon the owner and company of each specific machine. That’s also the reason the same kind of machine may have diverse checks and points of confinement set up.
Converting BTC to Ether
If you have Bitcoin from the ATM, it is easy to change your currency to Ethereum using online exchanges. One option is to use Shapeshift.io, which provides extremely fast trades with relatively low amounts of currency. Check it out here.
Another option, especially if you have more BTC, is to sign up at Poloniex. This exchange operates on a much larger scale and users transact hundreds of Bitcoins easily. It is a bit more complex to use however, as it requires an account and more work to sign up and such. The features may be worth it to some users though, as you’re allowed to trade on margin, set stop losses, and open short positions.