Libra Ecosystem, a blockchain-based ecosystem that offers secure & low-cost crypto payments for eCommerce businesses, is all set to start setting up its ATM network, allowing users to buy LibraCoin (LC) and a number of other cryptocurrencies using a cash card.
The Libra Ecosystem crypto ATM will be first launched in India. The company will start setting up ATMs across the major cities of India in phase 1. The next phase, i.e. phase 2 will include the launch of Libracoin ATMs in other countries.
Here’s all you need to know about the LC ATMs and how it will work.
What’s a Crypto ATM and how does it work?
A cryptocurrency ATM is just like a bank ATM, where the users can withdraw crypto-coins from a machine. The company will provide a special card, called the Libracoin card, that a person can use to withdraw funds from his/her Libracoin wallet.
A crypto ATM looks more or less like a conventional ATM. It takes a card and returns back the cash. In the case of Libracoin ATM, users will be able to purchase cryptocurrencies using their LC card.
If you are not familiar with the concept of crypto ATMs, you need to update yourself. At the time of writing this article, there are more than 10,000 bitcoin ATMs in the world. These physical machines make it easier for people to buy/trade cryptocurrencies when they do not have access to facilities like the internet or a smartphone. Crypto ATMs are highly popular in developed countries like the USA, the UK and Canada.
However, the actual need for crypto ATMs is in under-developed and developing countries where people are deprived of facilities like the internet and can benefit from an easy-to-access crypto bank/ATM. This is why the Libra Ecosystem will be launching the first series of its crypto ATMs in India, allowing more and more people to join the crypto revolution and easily buy/trade their favorite cryptocurrencies.
Soon, Libra will expand its crypto network to other developing and developed countries – in Europe, Asia and Africa.
If you are wondering how it is possible to buy cryptocurrencies using an ATM, here’s the process:
Once the LibraCoin ATM is installed in your area or nearby your place, you can visit the ATM machine to make a withdrawal or purchase. For this, you must have the LibraCoin wallet installed on your phone. Also, you must have funds in your wallet/account in order to make a purchase.
At the ATM, insert your Libracoin Card and select the transaction type. Select the cryptocurrency that you want to purchase or sell. This will show the QR code of the respective coin. You must scan the QR code with the scanner on your device to confirm the transaction. Once the translation is successful, new coins will be added to your LC wallet.
Even if you do not already have a Libracoin Wallet, you can create one using LC ATM terminal.
Benefits of LibraCoin ATMs
The primary goal of the Libracoin ATMs will be to make crypto payments more accessible and convenient for people worldwide. It will allow to –
Buy & sell cryptocurrencies anytime, from anywhere: With a Libracoin ATM near you, you can buy and sell your favorite coins whenever you want.
Private transactions without middlemen – Unlike crypto exchanges that require you to complete your KYC in order to buy/sell, our LC ATM allows you to make transactions without KYC verification and in a totally peer-to-peer fashion.
Low commission – While most crypto exchanges charge a hefty commission in the range of 4-5 percent per trade, Libracoin ATM will charge a fixed, low commission per transaction.
To know more about the Libracoin ATMs and other future plans of the Libra Ecosystem, visit the website: https://libraecosystem.com/