As Bitcoin’s popularity skyrockets, businesses are tempted to install Bitcoin ATMs in their stores. But you may wonder how this is going to benefit your business. Given its potential to offer essential financial services, cryptocurrencies have provided a lucrative opportunity to enterprises to widen their customer-base. Businesses are cashing in on this opportunity and making a beeline to install a Bitcoin ATM. This will put ready Bitcoins in the hands of customers whenever they need it.
What is a Bitcoin ATM useful for?
A Bitcoin ATM is not the same as a traditional cash ATM but the purpose is similar. It will not hand out Bitcoins per se, but the machine will enable users to buy or sell Bitcoins and other cryptos. No surprises then why Bitcoin ATMs have been mushrooming almost everywhere to make Bitcoin accessible to one and all.
Why should your business have a Bitcoin ATM?
In January 2021, the total number of US-based Bitcoin ATMs was over 28,000 but the number is expected to keep growing. Here are some of the key reasons why you should host a BTC ATM in your store:
- Speed: Using a Bitcoin ATM in your business can cater to user demands for greater speeds and heightened security. Unlike money transfer through traditional exchanges where customers must link their bank accounts to the exchange account, this is faster. Exchange transfers take a number of days to get approved.
- Security: When you sign up on an exchange, it demands ID proof and financial details from you. The access to such private data goes against the very essence of digital currencies. Crypto coins were introduced with the idea of keeping transactions anonymous and private. Even when verifications are over and transactions processed, receiving Bitcoins may take a while.
- Offers bonus services: If your business can host a crypto ATM in addition to other payment services, your customers will be impressed. This additional offering sets your enterprise apart from the rest. Businesses are always on the lookout for ways to stay ahead of their competitors. And hosting a Bitcoin ATM gives them this opportunity.
- Boosts more traffic: Being able to get more people to come to your store is the biggest priority for a business owner. As Bitcoins continue to enamor shoppers, having a Bitcoin ATM in-store can work wonders. It will give shoppers the convenience to shop using Bitcoins at any time. There are no delays or wait for approvals; conversion to Bitcoins is instantaneous.
- Aligned with future: Your business credibility goes up when people notice you hosting a crypto ATM in your store. Since Bitcoin is being hailed as the currency of the future, people will view you as a brand embracing the latest technologies.
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So, when someone types “find a Bitcoin ATM near me” and the search engine shows your store-location, imagine what it could mean for you. You will get more buyers than you could have ever hoped for. Someone used to shopping for groceries at the neighboring store may suddenly change his preferences when he realizes you have a Bitcoin ATM.