Reasons Why You Might Want to Host a Bitcoin ATM in Connecticut
One of the main benefits of dealing in virtual currency in Connecticut is that the state accords it with a status similar to conventional fiat currency.
Till recently, it was difficult to access virtual currency but the arrival of hundreds of crypto ATM units across the state and beyond has made it very simple.
Prior to the arrival of ATMs, the only way to buy or sell virtual currency was through online exchanges that are proven to be unsafe and inefficient.
The ATMs are essentially an offline mode of buying or selling virtual currency but the transactions are secured through online encryption via the user’s mobile.
The complexities of using the online exchanges had discouraged many people who stopped trading in virtual currency as they were not sure about the entire thing.
A lot of folks were not sure about it because almost three-fourths of the mining of virtual currency used to take place in China. That was a red flag for many folks for obvious reasons.
Today, mining of cryptocurrency has been banned in China and this coincided with the renewed wave of growth in virtual currency transactions in America spurred by the proliferation of the ATMs.
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Virtual currency is gaining traction very fast
Across America, there is tremendous demand for virtual currencies for all the advantages they offer to users – an asset class and a legal tender.
People have never had anything quite like this before. It’s like having a dollar in your pocket with the option of its purchasing power increasing or decreasing just like equity stocks.
The only problem till recently was that it sounded too good to be true to many folks who had a bad experience on the online exchanges.
Connecticut already has over 450 virtual currency ATMs that are not just making it easy for folks to buy and sell the currency but are also adding value to any retail outlet that host an ATM.
ATMs are critical in easing access to virtual currency
The market for virtual currency ATMs is growing exponentially across America and not just in Connecticut.
The virtual currency ATMs are growing at a compounded annual growth rate (CAGR) of 60% annually. As many as 50 new ATMs are being installed every day across America adding to over 35,000 ATMs currently installed across the country.
Hosting a bitcoin ATM in Connecticut will pay rich dividends as the currency becomes more popular and people become familiar with it.
Increasing use of the ATMs will make virtual currency fully mainstream and transactions will multiply manifold.
Benefits of hosting a virtual currency ATM in Connecticut
Considering the way cryptocurrency is growing in Connecticut just as it is in many other parts of America, this is the best time to enter this promising market.
It is best to enter a growing market before it saturates and competition increases. At that point, the entry barriers would be higher and more expensive.
Just make sure that you choose the right ATM operator because there are obviously some with whom you won’t like to deal.