What is a Bitcoin ATM & Why Your Business Needs One
A new trend is surging in the U.S. – the placement of Bitcoin ATMs. Much like the ATM industry exploded when surcharging became legal in 1996, Bitcoin ATMs are predicted to boom as alternative or cryptocurrency increases in popularity. Early adopters, business owners who get in on the trend now will be rewarded immensely for jumping in before the market is saturated. And, with less than 11,500 Bitcoin ATMs installed globally, now is the time to add a crypto ATM to your business.
What is a Bitcoin ATM?
A Bitcoin ATM functions similar to the ATMs we are used to seeing everywhere we shop. Except instead of getting cash out of the machine, users buy Bitcoin. Some machines allow users to buy other cryptocurrencies like Ethereum, Litecoin, Ethereum and others in addition to Bitcoin. Some machines allow users to purchase crypto only with cash and others give users the choice of purchasing it using cash or debit card. More advanced models even allow users to trade and perform other functions at the machine.
Why use a Physical Machine for Digital Currency?
Which begs the obvious question - why would cryptocurrency users search out a physical machine for a digital asset? The answer is simple – convenience and security.
The service is instantaneous. There is no waiting for the transaction to validate, no third party is involved and cryptocurrency can be sent worldwide. In addition, Bitcoin ATMs are exceptional secure, which cryptocurrency users find very attractive. Depending on which make and model is installed, the use of biometrics (fingerprints), a mobile validation code and other protocols are standard on Bitcoin ATMs. Additionally, there is zero percent of fraud because no third party is involved. Despite being a new concept, Bitcoin ATMs are very popular and very easy to use. The transaction time is also fast. For these reasons, many consumers prefer to find a machine and avoid online transactions.
Why Business Owners Should Host a Bitcoin ATM
New Revenue Stream - Hosting a Bitcoin ATM allows business owners to create an additional revenue stream without any hassle. Just like a traditional ATM placement, the business owner simply decides where to place the machine, provides internet access and BFC Enterprises does the rest. No maintenance, service, compliance or other responsibility falls on the business. BFC Enterprises makes signing-up and getting started easy. The ongoing recurring income comes to the business owner without any need to be hands-on.
Attracts New Customers - Having a Bitcoin ATM helps business owners attract new customers and increase foot traffic. With only approximately 11,497 Bitcoin ATMs in operation worldwide, the odds that your business is the only host of a crypto ATM nearby means you’ve cornered the market. According to Bitcoinist, Millennials make up the lion’s share of crypto users with 28.33% between 35 and 44.
Advertising & Marketing - But how do crypto users know your business has a Bitcoin ATM? Your location is listed on the many Bitcoin ATM online tools such as Google, which leads to a steady stream of new customers coming into your business. There is no charge for this online advertising and there is nothing the location needs to do to ensure their site is available on the online tools. In addition to online marketing, the location is also provided with a variety of advertising tools such as signage and pump decals for gas stations.
If you are looking for a way to differentiate your business from the competition, to draw crowds, increase exposure for your business and give you an additional revenue stream, be sure to reach out to BFC Enterprises today.