With more and more people looking for a new way to bank, cryptocurrency, or digital money, has taken off. Bitcoin, a type of cryptocurrency, has expanded tremendously in wealth and is bought and used around the world.
Sonny Meraban, CEO of Bitcoin of America adds, “Some believe Bitcoin has the potential to hit $150,000-$200,000 by the end of the year. This may reflect that people have less faith in the current banking system. There is a massive reset happening.
"We saw with Game Stop and AMC stocks surging and the institutionalized response to it that resulted in trading being stopped, that average day traders are taking more control of their investments and investment strategies. Bitcoin fits nicely into this new movement.
"Even large companies like Tesla and Microsoft are buying large amounts of Bitcoin which makes me wonder how this massive reset will be played out and how high Bitcoin will really go," Meraban concludes.
Now, there is an even more convenient way to buy bitcoin with the use of Bitcoin ATMs. Not only does this add a convenient method for users to interact with Bitcoin, it gives businesses a second revenue opportunity.
What’s the draw?
Because Bitcoin is not federally regulated, it allows users the opportunity to more freely and privately use, save or exchange wealth. As an international, decentralized, digital form of currency, there are no restrictions on banking hours, limited regulations on exchanges and more resiliency against an individual country’s financial environment.
It works like this: people purchase bitcoin in equal monetary exchange to their country’s currency – so, $5 in U.S. currency for $5 worth of Bitcoin's digital currency – no fees, no restrictions. It’s a simple and equal exchange. The worth of bitcoin does not change due to any national market or even fluctuations in the worldwide market. Instead, every transaction directly affects and balances out within the Bitcoin financial ecosystem.
Bitcoin users can spend, save or sell their bitcoin as they please – or buy more bitcoin. Since the value of a bitcoin is rising, many people are able to sell their bitcoin for more than the purchase price. This trend is forecasted to continue. The U.S. Federal Trade Commission (FTC) says that people can “transfer cryptocurrency to someone online without a go-between, like a bank.” The FTC goes on to explain that many people choose to exchange funds in this way because they can “use cryptocurrencies for quick payments and to avoid transaction fees,” and also to “use cryptocurrencies as an investment, hoping the value goes up.”
The secure platform keeps the identity of each user private while maintaining full transparency with the use of a public transaction log. Every person using Bitcoin can see every transaction made. This helps verify the worth of bitcoin.
What is a Bitcoin ATM?
Bitcoin of America is working to install Bitcoin ATMs across the country. Before Bitcoin ATMs, people needed to have access to the internet, a bank account or credit card and access to a trading platform to make Bitcoin exchanges. Bitcoin ATMs allow users another way to access Bitcoin – a physical location.
Individuals can now purchase bitcoin with cash making it easier for consumers to purchase and allowing for transaction flexibility. The business hosting the Bitcoin ATM makes money on each transaction creating a new revenue stream for the host.
How a Bitcoin ATM is used
A Bitcoin ATM, or kiosk, works much like a traditional ATM. An individual deposits cash into the Bitcoin ATM in exchange for bitcoin. The bitcoin goes into their digital wallet they can set up at the Bitcoin ATM with one form of ID. Consumers can also use credit and debit cards to purchase bitcoin at the Bitcoin ATMs.
Bitcoin offers a flexible way to exchange dollars for bitcoin allowing for an individual’s funds to live in a digital wallet instead of a bank account or other investment.
Hosting an ATM
The benefits of hosting a Bitcoin ATM are many, and the application process is simple. A business owner interested in hosting a Bitcoin ATM fills out a form on the Bitcoin of America website. Once the business is verified, Bitcoin of America provides the business with the equipment and knowledge to welcome the business’s new Bitcoin customers.
Bitcoin of America pays the Bitcoin ATM host monthly rent for providing the space, electricity and internet for the Bitcoin ATM. In addition, the business is allotted an advertising budget, and the location is advertised on Bitcoin of America’s website. Bitcoin of America will also handle the maintenance costs for the hosted Bitcoin ATM machine.
A major benefit to hosting a Bitcoin ATM is the increase in foot traffic. Often these visitors, who slant towards a younger demographic, become regulars who make other purchases at the retail location.
Bitcoin ATMs are becoming more widely available
Currently there are more than 700 Bitcoin ATMs nationwide, 11 of those are located in St. Louis. If you’re looking for a Bitcoin ATM in the St. Louis area, click here. As the use of cryptocurrency gains popularity, it’s no wonder 80 to 100 new Bitcoin ATMs are installed nearly every month.