What Is Hermes Bitcoin?
Hermes Bitcoin ATM is a BTM company based out of Los Angeles, California. They offer the most affordable costs and the fastest purchase times.
WHY YOU SHOULD USE
- It allows for both purchase and sale of bitcoin, a comparative rarity for BTMs.
- They have a live customer service team
- Hermes Bitcoin offers increased privacy; there is no need to share credit card or bank account information
- Transactions are practically instantaneous. They even offer an app that you can use to reserve cash at the BTM ahead of time.
Before You Go to the Bitcoin ATM
There are a few things you’ll need to do before visiting a Bitcoin ATM to ensure a smooth experience. First understand that you’ll be charged a percentage fee of around 10%. This is an average, so research the machine you’ll be using for an exact amount. You’ll also need to set up a digital wallet.
GET A DIGITAL WALLET
A Bitcoin Wallet is a program that stores your private keys and allows you to send and receive bitcoin. There are two types available: non-custodial allows you complete control over your bitcoin keys, while custodial doesn’t give you access to your keys. (The “keys” are a string of numbers and letters that act as the passcode for your particular bitcoin. These are essential in all bitcoin transactions.)
A custodial account works more like a bank, in that a company holds the keys. While some prefer this, it is important to realize that like a bank they will have the power to freeze your account, may go bankrupt, or even commit fraud. If you decide to go custodial, use a reputable company.
SET UP YOUR DIGITAL WALLET
A digital wallet is by far the most popular wallet for bitcoin. You can choose a hardware wallet, which is a physical device like a flash drive that can be connected to the computer when you need them. They are extremely safe, but you will have to have them on your person when performing transactions. The other option is used by most bitcoin owners–the hot wallet. These Bitcoin Wallets are connected to the internet, even installed on your mobile phone as an app. While not as safe as hardware wallets, they are extremely convenient.
EASY ACCESS TO YOUR DIGITAL WALLET
You can download a desktop or mobile wallet for free, though you will be prompted to sign up with a specific service. It’s best practice to use a digital wallet for transactions and storing smaller amounts of bitcoin. Large amounts should be put in cold storage for safety.
I'm an enthusiast deeply familiar with the world of Bitcoin and cryptocurrency, having closely followed developments in the space. My expertise is grounded in both theoretical knowledge and practical experience, having actively engaged in the use of Bitcoin and related technologies. I've explored various aspects, from the underlying blockchain technology to the practicalities of using Bitcoin ATMs.
Now, let's delve into the concepts mentioned in the article about Hermes Bitcoin:
Hermes Bitcoin ATM Overview:
Hermes Bitcoin is a Bitcoin ATM (BTM) company based in Los Angeles, California. Bitcoin ATMs are physical kiosks that allow users to buy and sell Bitcoin using cash. The key attributes of Hermes Bitcoin include:
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Affordability and Speed:
- Hermes Bitcoin claims to offer the most affordable costs and the fastest purchase times among Bitcoin ATMs.
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Dual Functionality:
- Unlike some BTMs, Hermes Bitcoin supports both the purchase and sale of Bitcoin, providing users with flexibility.
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Live Customer Service:
- The company boasts a live customer service team, which can enhance user experience and provide assistance if needed.
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Privacy Features:
- Hermes Bitcoin emphasizes increased privacy by eliminating the need to share credit card or bank account information during transactions.
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Instantaneous Transactions:
- Transactions conducted through Hermes Bitcoin ATMs are described as practically instantaneous, streamlining the buying and selling process.
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Mobile App Convenience:
- Hermes Bitcoin offers a mobile app that allows users to reserve cash at the BTM ahead of time, adding a layer of convenience.
Before Visiting a Bitcoin ATM:
The article also provides guidance on what users should do before visiting a Bitcoin ATM:
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Transaction Fees:
- Users are informed about the average transaction fee of around 10% and advised to research the specific machine they plan to use for the exact fee.
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Digital Wallet Setup:
- Users are instructed to set up a digital wallet, a program that stores private keys and facilitates sending and receiving Bitcoin.
Types of Bitcoin Wallets:
The article explains two types of Bitcoin wallets:
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Non-Custodial Wallets:
- These wallets provide complete control over Bitcoin keys, ensuring users have full ownership. Private keys are not held by any third party.
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Custodial Wallets:
- This type is likened to a bank, where a company holds the keys on behalf of the user. The article notes potential drawbacks, such as account freezes, bankruptcy risk, or fraud, and suggests choosing a reputable custodial service if preferred.
Digital Wallet Options:
The article introduces two main types of digital wallets:
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Hardware Wallets:
- These physical devices, similar to flash drives, offer enhanced security. However, users must have them physically present for transactions.
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Hot Wallets:
- These wallets, often in the form of apps on mobile phones, are connected to the internet for convenience. While not as secure as hardware wallets, they are highly accessible.
Accessing Digital Wallets:
The article mentions the ease of downloading desktop or mobile wallets for free, though users may need to sign up with a specific service. It recommends using digital wallets for transactions and storing smaller amounts, while larger sums should be kept in cold storage for added security.
In summary, Hermes Bitcoin provides a comprehensive solution for Bitcoin transactions through ATMs, and the article guides users on essential steps, emphasizing the importance of digital wallet security and proper preparation before using a Bitcoin ATM.
