With the growing number of cryptocurrency users both internationally and nationally, it’s almost common sense that a cryptocurrency ATM will not only provide convenience but practicality as well.
Harrow now sits with an average demographic age of 38 years, and cryptocurrency users’ average age demographic is between 18-40 years. This stands to reason that there will be a significant number of cryptocurrency account holders who would benefit from these ATMs.
Currently, the closest Bitcoin ATM to Harrow is Costcutter in Edgware along with Exotic Off Licence & Groceries in Wembley. CryptoKnights looking to buy other popular crypto need to walk to The Bridge Coffee House on Cambridge Heath Rd where it’s possible to purchase Ethereum, Dash, Zcash and other virtual currencies.
All the hype on cryptocurrencies aside, what would be the benefit of having a cryptocurrency ATM within our communities? Here we explore some of the reasons using cryptocurrency ATMs may be beneficial for Harrow.
The infrastructure in these ATMs is hosted, operated and managed by a reputable company which makes use of the trusted blockchain ledger system. Upon depositing your cash to the ATM, connect your digital wallet through a QR code and the deposit will reflect in your crypto account. The transaction safety also allows for a transfer of funds to another account as well.
News is plentiful on the rise and fall of the cryptocurrency. With some waiting for the ‘trend’ to pass, cryptocurrency has made its presence in the stock market open to trade.
With transactions expected to reach 10 million a day by 2025, companies are now willing to make a profit and are seeing the benefits of engaging in cryptocurrencies. This rise in crypto interest has also seen more people eager to find platforms where they can learn crypto.
The ATM make use of KYC best practices procedure. This is a way of ensuring your identity, transaction and digital wallet are all interlinked for safe verification purposes. The transaction does not require your personal banking information, just your digital wallet.
Cryptocurrency ATMs often offer the possibility of buying crypto. There are those which will offer more than one form of transacting method. Through those, you have the option to sell or convert your cryptocurrency to cash. The conversion is easily made possible through an app which is preinstalled on your smartphone.
Having an in-store ATM allows for better customer traffic in your store, which converted into a possible increase in revenue through sales. With the world going digital, the addition of cryptocurrencies-enabled transactions allows for possible versatility the store can offer for your customers.
In light of keeping up with the times, businesses can take initiative in being part of the market opportunities this behavioural spending is opening. The future benefits of these ATMs are yet to be realised, though the trend does seem to suggest that cryptocurrencies are a possible thing of the future.
But before you run and make your way to the nearest cryptocurrency ATM, it’s your responsibility to be informed. Ensure that the ATM you use has been registered by the MLR and FCA.