Jun 18, 2021
Are Bitcoin ATMs a Good Fit for Your ISO Business
What is Bitcoin? What are Bitcoin ATMs? How are they used? Where are they located? What are the benefits of hosting Bitcoin ATMs? If you are considering hopping aboard the Bitcoin bandwagon, find the answers to these questions and more below.
What is Bitcoin?
Invented in 2009 and the brainchild of Satoshi Nakamoto, Bitcoin is one of over 4,000 types of digital currency, otherwise known as cryptocurrency which exists entirely online. Unlike U.S. dollars, which are regulated by the Federal Reserve, Bitcoin has a decentralized monetary system of governance. When transactions are made, they are sent through a public intermediary called the blockchain.
While Bitcoin remains relatively new, it is starting to gain traction. Indeed, by the end of 2024, corporations are expected to spend as much as $20 billion on developing and implementing blockchain technical services,according to statistics compiled by Fortunly.com. To date, close to two dozen countries around the world are currently researching or adopting a national cryptocurrency.
What are Bitcoin ATMs and how are they used?
Bitcoin ATMs — also known as BTMs — enables users to access blockchain technical services to buy and/or sell Bitcoin These machines look and operate very much like traditional cash ATMs and some are even designed to accept and/or disburse cash.
In terms of how customers use BTMs, they are straightforward and intuitive. Again, much like regular ATMs, users simply follow the on-screen instructions. But since there are several Bitcoin ATM operators — including LibertyX, Coinme, Coinme, Bitcoin Depot, and CoinFlip, among others — each operator has developed its own account/Bitcoin wallet that is specifically needed to perform transactions on its machines. Be sure to do your research and register with the company before visiting any BTM, and don’t forget to save the login and password!
BTMs have two types of transaction methods, unidirectional and bidirectional. When BTMs only allows for one transaction method, that is called unidirectional and when they have dual functionality, that is bidirectional. Currently, the vast majority of Bitcoin ATMs in global use are exclusively unidirectional allowing for the purchase of Bitcoin or other cryptocurrencies. More than 82 percent of BTMs in the United States are specifically designed for buying Bitcoin, according to Coin ATM Radar.
Where are Bitcoin ATMs located?
From convenience stores to casinos to coffee houses, BTMs can be found almost anywhere people shop, eat, or travel. Businesses of all sizes and types are investing in them based on the belief that customers will want to use them. Even a bank in Virginia has recently added a BTM to their lobby claiming to be the first commercial financial institution in the U.S. to let users buy and redeem bitcoin at its ATMs.
Connecting Bitcoin ATMs?
All you need to successfully add a machine to your business location is robust and reliable 4G LTE connectivity. Ventus provides Bitcoin ATMs and other kiosks with disruption-free network availability to ensure your customers have access during that next big cryptocurrency bear market. For more information on how Venus comprehensive managed network services with hardware, data plans, technical support, and monitoring contact us today!