Convenience retailers could make $3,250+ a year from siting a bitcoin ATM in their shop by way of increased store foot traffic.
Bitcoin is a digital currency that was invented in 2009. It operates independently of central banks. In other words, there are no transaction fees and no one owns the bitcoin network.
Kay Patel is the owner of Best-one Global Food & Wine in Stratford east London. He has had a bitcoin ATM in his shop for four months.
“It pays for the small footprint it takes, but the key is that it increases my store foot traffic,” he said. “For instance, it’s not my regular customers that use it, people come from far and wide to use it.”
BCB ATM, a company similar to CoinMover located in the United Kingdom, currently supplies bitcoin ATMs to nine convenience stores. In addition, they have eight more rolling out in the next six weeks.
The company offers the unit, shipping and installation for free. In addition, retailers are paid between a monthly fee or a % of each transaction based on their contract to have the unit in their store. This means that each machine brings the owner of the store an average extra $3,250 each year.
Landry Ntahe, BCB ATM head of operations, said the machines are used between 30 and 40 times a day. However, 25% of people using them are new customers to the store. This is bringing increased store foot traffic to locations that host digital currency machines.
In conclusion, “People are moving away from cash, and currencies like bitcoin are becoming more popular,” he said.
Mike is Founder and CEO of CoinMover. His personal blog, Mike ‘Round The World at MikeRTW.com chronicles a journey to visit all 193 U.N. member nations. In his spare time he volunteers as Technical Director for the C Three Foundation which promotes a successful and revolutionary clinical treatment for alcoholism. An avid Red Sox and Patriots fan, Mike resides in Boston, Massachusetts with his partner of 13 years.