Even though automated teller machines (ATMs) are gradually getting outdated, the digital form of banking is becoming more and more popular. A new form of banking, Bitcoin ATMs, is gaining more popularity now. Bitcoin ATMs work similarly to what standard ATMs do. In this process, one can sell or buy Bitcoin using real money. It works similar to regular ATMs but has more security features such as fingerprint scanning and validation codes.
Through the internet, the Bitcoin ATMs and bank accounts are linked to each other and connect users to bitcoin exchange. According to some machines, it is essential to have a bank account before carrying out any transaction.
It was in 2013 that the first Bitcoin machine was introduced. Since then, the installation of more than 3,000 machines took place all over the world.
Advantages of implementing Bitcoin ATMs for businesses
As the usage of Bitcoin and other cryptocurrencies began to increase day-by-day, many businesses are finding ways to enter into the crypto world. Some businesses have even started accepting Bitcoin as a form of currency to purchase any of their items. While some companies have developed their signature coins to help raise funds, also known as initial coin offerings (ICOs).
Bitcoin ATM is just another way businesses can enter the crypto world without creating their own signature coin.
Many businesses are already offering customers a traditional cash ATM. Expanding business reach by offering Bitcoin ATMs lets companies give a different or a newer experience to their customers and help to remain at the forefront of the competition.
In today’s competitive world, it’s the best way for a business looking forward to differentiating itself, and facilitating with Bitcoin ATMs is a diligent way to achieve that.
Builds better business for future
Bitcoin and cryptocurrency have become a major part of the financial world. Bitcoin will continue to move in an upward direction in a never-ending phase. Companies that have already joined in the trend will, for sure, witness the benefits in the future.
Activating Bitcoin ATM facilities helps businesses stand as reputable brands aware of the future and are rolling out schemes to stay ahead for what is to come.
Brings more traffic
Business owners implement various methods to attract more traffic to their site. As the demand for Bitcoin is increasing day-by-day, consumers are continuously looking for convenient ways to buy or sell Bitcoin.
To overcome the slow verification speed that occurs during online exchanges and to trade using cash, many customers are moving toward Bitcoin ATMs as their convenient way of buying and selling Bitcoin. Also, hosting a Bitcoin ATM increases the chance of a new customer coming to the shop who may have never visited in the first place.
Generates more revenue
Providing Bitcoin ATM facilities will help businesses generate more money. It all depends on which method a company chooses to host a Bitcoin ATM.
Basically, there are two different ways in which a company generates revenue – first is to own and operate its own machine, where the company will earn money via the transaction fee. It is recommended to partner with a company that already has the infrastructure in place to install an ATM in the location.
The second way is to work in collaboration with Bitcoin ATM companies like Coin Cloud. Coin Cloud works by paying businesses that host an ATM a monthly fee for the space used. Also, as an addition to the payment, the hosting businesses will be assigned a point-person to keep track of the services if anything goes wrong.
Headquartered in Las Vegas, Nevada, Coin Cloud is a Bitcoin ATM company with over 627 locations nationwide. Coin Cloud started providing its services in 2014 and boasted one of the largest and fastest-growing networks of two-way Bitcoin ATMs in the world. Its network has helped more than 144,000 customers buy and sell cryptocurrency around the globe.
Reduces cash handling cost
Most of the transactions in a Bitcoin ATM are carried out by customers by depositing cash to buy bitcoin. Businesses can take advantage of it by withdrawing the bitcoin machine’s cash and depositing it in the cash ATM. This action reduces the cost of handling cash for businesses.
Installing Bitcoin ATMs promotes cross-marketing. If a company is operating an ATM serving thousands of customers around the area, there are chances that many of them will use the ATM at least once a month.
At times, many of them would have heard about cryptocurrency at one point, or the other, and might have given a thought of owning some. But they couldn’t do so as the process of signing up on an exchange may have seemed quite complicated. Some lack the knowledge of which platform to trust, due to which they just back away. Gaining adequate knowledge of Bitcoin ATMs, one can turn the fantasy of owning bitcoin into a reality.
Setup is cost-effective
Suppose an ATM business owner has already made arrangements for a store or outlet with a lot of visibility and foot traffic. In that case, it can tremendously help to reduce the setup cost of hosting a Bitcoin ATM.
It holds all the necessary things needed for the bitcoin ATM business to function correctly. This will even ease a professional’s work to set up a bitcoin ATM compared to an individual looking to start a standalone outlet.
There are plenty of reasons to participate in the cryptocurrency economy, but there are reasons not to as well—the reason being – ATMs store money. The companies need to ensure that online business is safe and transaction space remains both visible and secure.
Nobody knows what the future holds. To stay updated and keep up with the cryptocurrency world, implementing Blockchain technology via Bitcoin ATMs can be the best solution.
If all the terms run securely, there’s nothing that can prevent the companies from making more money through the Bitcoin ATM business. The companies or organizations that wish to start working on Bitcoin ATMs need to first understand and gain knowledge about it. Our next blog will help to find answers to all the questions about the same for all the potential users.
To read more on Bitcoin in cryptocurrency and Blockchain technology, visit our latest whitepapers on blockchain technolgoy.