You can simply tap your phone to pay instead of carrying cash and cards. The three most established systems currently come from Apple, Samsung and Google. Mobile payment systems use a tokenization method to secure the card details.
Once your card is added to the app, a virtual account number is generated and your real card is never given to the merchant. Then, the card network checks the payment. If you lose your phone, you can remotely wipe the device that also removes all your card details. So if you don’t wave your phone like a wand to pay at your favorite store, the solution may be right under your nose.
But what will make this already existing futuristic technology even better? It was first automated tellers in 1969 and now another change is taking place fifty years later, and it is not in traditional banking.
Bitcoin ATMs are now used for all those who have been a little curious about cryptocurrency in Bitcoin. These cable cars are on the rise in your own backyard. They are in places such as Liberties Parcel, The Bourse Building, the Queen Village Food Market and restaurants such as Spread Bagelry at 36th and Chestnut and Cavanaugh’s Rittenhouse.
Yes, Apple Pay and credit card chips are available, but there’s a cryptocurrency now. The first Bitcoin ATM was commissioned in 2013 and now, according to coinatmradar.com, there are more than 4,000 Bitcoin ATMs worldwide. More than half of them are in the United States and 70 are in Philadelphia right here.
Bitcoin ATMs do not require users to have a savings account or a traditional check. People can insert cash and buy Bitcoin instantly. A small but increasing number of ATMs also distribute cash when clients sell their Bitcoin. This is important in areas with lower incomes where many American families do not believe in traditional banks due to the high fees.
Straight up Capital managing partner Sean Keefe said: “E-commerce is over. The future is cryptocurrency. Companies such as Overstock.com do Bitcoin transactions only, and other digital conglomerates such as Amazon, and Facebook knows that the war is coming. Just as aol.com was a brand name in the mid-1990s, Bitcoin is just the beginning of many brands to come offering the same service. Its only time everyone has a Bitcoin option on their mobile devices.
“So why are users supporting the new cryptocurrency?
- Credit card transactions are lower than processing fees.
- Upon completion of the transaction, it is final.
- Get real time money. Don’t wait to access the funds.
Many users of Bitcoin ATM use the machines to send money abroad and to avoid international wire charges.