Cryptocurrency ATMs are a great tool to get more people acquainted with digital currencies. To most consumers, signing up for an exchange or broker to buy Bitcoin or altcoins makes no sense whatsoever. That is only normal, as the process is time-consuming and somewhat complicated for most. Luckily, Toronto is now home to one Litecoin ATM, with perhaps more to come in the future.
It is good to see Canada get some love and attention when it comes to cryptocurrency. The country has suffered from a lack of decent exchanges in recent years. More competition is needed, and cryptocurrency ATMs may provide exactly that. It will be interesting to see if this Toronto machine can be of great success in the long run. Especially considering how it supports Litecoin, alongside Bitcoin. This also goes to show demand for LTC is still on the rise.
Buying Litecoin From ATMs in Toronto
More specifically, LocalCoinATM has upgraded all of their machines in Toronto and the Greater Toronto Area. While these machines allowed for purchasing Bitcoin with Canadian Dollars, their functionality has now been improved. All devices have Litecoin enabled as we speak, making the company the first to offer such a service in Toronto. We can only hope there will be some more competition in this market over the next few months.
Customers can purchase Litecoin directly from all of the company’s ATMs moving forward. It does not appear there is a way to convert Litecoin back to CAD at this time. It is also worth noting users need to have a Litecoin wallet set up prior to making a purchase. This wallet’s QR code needs to be scanned during the process of buying LTC to ensure funds is transferred to the correct address. All available Litecoin wallets should work, including the mobile apps for Android and iOS.
With five devices available to purchase Litecoin from and a6th being added soon, things are looking quite good. We have noticed how other ATMs around the world have enabled altcoin support as well. It seems Litecoin is by far the most popular choice in this regard. Ethereum, Dash, and even Dogecoin are in far less demand these days, which is not entirely surprising. The future is looking good for cryptocurrency ATMs, that much is evident.