With an increasing number of merchants accepting cryptocurrency as payment these days, Bitcoin ATMs now provide a convenient way for customers to buy and sell Bitcoin. ATMMachines.com offers sales and placement of Bitcoin ATM Machines, which allow users to buy and sell Bitcoin (BTC) and other cryptocurrencies. Contact us to learn more about the benefits of installing a Bitcoin ATM in your establishment.
How Do Bitcoin ATMs Work?
Bitcoin ATMs (sometimes also called “BTMs” or “crypto ATMs”) look and act similarly to traditional ATMs except that instead of using them to withdraw cash from a bank account, customers use them to buy Bitcoin, and sometimes to sell it, as well. They are essentially standalone crypto exchanges. These machines are equipped with specialized software that enables safe and easy cryptocurrency transactions. Depending on the machine, you can insert cash to purchase Bitcoin or use either a debit or credit card.
A Brief Explanation of Bitcoin
Unlike U.S. dollars (USD) or Euros, Bitcoins and other forms of cryptocurrency aren’t printed or minted money, but rather a decentralized form of digital currency created and held electronically through a public ledger. There is a finite number of Bitcoins (about 21 million), and the increasing scarcity has driven up the value of Bitcoin over the past few years. Cryptocurrencies have several advantages, including no fees, lower international transaction costs, and top-notch identity protection.
The Benefits of Installing a Bitcoin ATM
There are several reasons to consider installing a Bitcoin automated teller machine at your place of business.
They Increase Foot Traffic
Since Bitcoin ATMs are not as common as traditional ATMs, users typically need to find Bitcoin locations online via a Bitcoin ATM map. This means that if you install a Bitcoin machine inside your business, you’re likely to experience a significant uptick in foot traffic from people specifically looking for Bitcoin ATM locations.
They Generate Extra Revenue
Just like traditional cash machines, Bitcoin ATMs offer business owners an opportunity to earn extra revenue from surcharges.
They Give Your Customers an Additional Way to Pay
If your business is equipped to accept Bitcoin as payment, having a Bitcoin ATM on the premises makes it easier for your customers to buy from you, improving your sales in the process. Bitcoin ATMs can be handy, for example, in cannabis dispensaries where customers may need alternative forms of payment.
They Support Community Adoption of Bitcoin and Other Cryptocurrencies
As the demand for cryptocurrencies continues to rise, hosting a Bitcoin ATM at your business or on your property can galvanize your local community to begin accepting cryptocurrencies for their goods and services.
Bitcoin ATM FAQ
What is the difference between Bitcoin, Ethereum, LiteCoin, etc.?
Bitcoin (BTC), Ethereum (ETH), LiteCoin (LTC), and other cryptocurrencies are essentially just different types of digital currency, not unlike the differences between traditional currencies like US dollars, Canadian dollars, Euros, or Yen. They all serve the same basic functions but have different degrees of value, just as different currencies have fluctuating exchange rates.
What is the Blockchain?
The blockchain is a public database technology that instantly updates at all points across a given network. Blockchain technology serves as the public ledger on which all Bitcoin transactions are recorded. Using this open technology to record and update transactions offers a greatly reduced risk for fraud, making cryptocurrency transactions more secure.
How is cryptocurrency stored?
Just as you keep your cash in a physical wallet, cryptocurrency is stored in a digital wallet. When you buy Bitcoin for the first time, you will set up a digital Bitcoin wallet that updates your current amount every time you buy, sell, or spend Bitcoin.
What transactions commonly involve cryptocurrency?
As a digital form of currency, cryptocurrencies were naturally used mostly with online transactions. They are great for international transactions because they require no exchange rate. They are also popular in places like dispensaries, where credit or debit card purchases are either not allowed or inconvenient. That said, a growing number of mainstream merchants now accept Bitcoin, including some national food chains and brick-and-mortar retailers.
How secure are cryptocurrency ATMs?
Cryptocurrency transactions are highly secure thanks to blockchain technology. Likewise, cryptocurrency ATMs are equipped with numerous fraud protection protocols, including protocols like Anti-money laundering (AML), Know Your Customer (KYC), and more.
If you are interested in installing a cryptocurrency ATM in your business, contact ATMMachines.com to learn more about how to acquire an ATM equipped with safe and reliable cryptocurrency software.