Today there are several simple ways to buy Bitcoin, Ethereum and other well-known cryptocurrencies. As the cryptocurrency market is rapidly expanding, new solutions and more advanced platforms are emerging, which are listed on Coinmarketrate.com, where you can easily buy cryptocurrencies.
Currently, online cryptocurrencies and stock exchanges are the most popular choice for buying and selling cryptocurrencies. The very fact that you can perform transactions at any time (24/7) and that every transaction happens instantly attracts a large number of users.
If most transactions take place on online cryptocurrencies and exchanges, why is there more and more talk about physical crypto exchanges? Let’s move away from cryptocurrencies for a moment, and compare online business with physical retail outlets.
The improvement of the system, which was accompanied by the acceleration of the transfer of goods and services online, allowed e-commerce to flourish. During the pandemic, the growth of online business doubled. Since then, the question has arisen, does it make sense to invest in physical retail outlets in the era of online shopping, especially if you want to offer services for buying and selling cryptocurrencies?
In fact, physical points have a number of advantages. Consumers often prefer online stores that have their own physical branch. Even companies like Amazon, which are based on the idea of online shopping, realize the advantage of physical branches, so they regularly invest in opening new branches.
How are physical crypto exchanges suitable in these cases? According to a recent article in the prestigious financial magazine The Wall Street Journal, physical presence inspires confidence, especially among investors who do not want to use the online environment for any transactions.
In a new article, journalist Kathy Dayton for the Wall Street Journal explores the phenomenon of the emergence of physical crypto-outlets at a time when online trading is at its peak. The study involved some of the most famous names in the world of physical cryptocurrencies (conditional name), including Bitcoin Store.
Everyone who offers clients services for buying and selling cryptocurrencies agrees that this way of doing business has many advantages. The biggest thing is that people from all spheres of society are provided with simple and reliable access to the cryptocurrency market.
“In countries where society relies on cash for everyday transactions, it is necessary to offer a safe place where crypto enthusiasts can easily access the cryptocurrency market,” Mario Radosevic, crypto analyst at Bitcoin Store, told The Wall Street Journal.
Users and Physical Crypto Stores
As already mentioned, in many European countries, society still relies on cash in most cases.
It can be assumed that in such a situation there are a large number of “traditional” buyers who would like to be able to buy or sell cryptocurrencies for cash.
With the advent of physical cryptocurrencies, this is now also possible. But it’s not just about buying cryptocurrency for cash. There are people who prefer real shopping because they interact directly with employees and also enjoy the benefits of direct contact with the product.
Customer support, which in this case is carried out “live”, is perhaps the most important reason why customers decide to switch to a physical cryptocurrency exchange. In addition, it should be borne in mind that people are always careful when it comes to saving their own money, especially for new investments.
There are many cases when people want to invest in cryptocurrencies, but at the same time shy away from online exchanges, believing that they are difficult for ordinary users.
This way, once they enter a physical cryptocurrency exchange, employees can gradually guide customers throughout the process. It’s as if they came to the store with a sales consultant, just instead of choosing clothes or some other product, they chose the cryptocurrency they want to invest in.
An illustration of a physical crypto exchange where customers can exchange cash for cryptocurrencies.
And so, what are the main advantages of physical crypto exchanges:
Quick purchase or sale of cryptocurrencies on a physical exchange.
Physical exchange offices have prerequisites for a quick purchase or sale of cryptocurrencies. There are customers who are not inclined to stand in queues at banks or wait for confirmation of bank transfers.
On a physical cryptocurrency exchange, you can complete the entire process in a matter of minutes. It is because of the real-time transaction experience (usually cryptocurrencies for cash) that users choose a physical cryptocurrency exchange.
Physical crypto points may have other advantages. For example, registered users of the Bitcoin Store platform can deposit an amount directly in cash, and this amount will be immediately visible in their Bitcoin Store wallet and available for trading.
Physical Crypto Exchanges are Secure
Physical crypto points must undergo strict control and receive certificates from competent institutions in order to be able to buy or sell cryptocurrencies. Using the services of physical crypto exchanges, you can be sure that you are doing business with a regulated company.
Additional weight is given by the fact that there are not so many physical crypto exchanges. Bitcoin Store is one of the first crypto stores in Europe that has been trusted by users for many years.
It is also very easy to get a list of verified physical crypto exchanges today. All you need to do before going to the exchange office is to carefully check all available information on the Internet.
They have direct and individual customer support
Direct communication with employees is perhaps the biggest advantage of physical crypto trading. If you have additional questions when buying or selling cryptocurrencies on online exchanges, the only way to help is to contact the support service in the chat.
While online exchanges most often depend on you, on physical crypto exchanges, employees can guide you through the entire process in real time.
Thanks to direct communication, you have the opportunity to ask all the questions you are interested in about cryptocurrency transactions and cryptocurrencies in general.
Employees of such crypto exchanges are professionals who know well how cryptocurrencies work. They will be happy to pass on their knowledge to others, which can be a great opportunity to supplement your own knowledge.
Cash payments feature
In many countries, cash is one of the main options for everyday transactions in all spheres of life.
Consumers most often prefer cash because they consider it safe. They also believe that saving in cash is easier precisely because of the physical availability of money. Although there are already many interesting applications and fintech solutions for online payments, people trust cash more.
Thus, physical crypto exchanges are a convenient solution as they provide easy access to the cryptocurrency market for people who use cash. They also offer the ability to make payments and withdrawals in real time, without waiting for the bank’s confirmation.
Offer of specially adapted services
Investing in cryptocurrencies does not have to happen exclusively in the sense that you need to choose either physical exchanges or online exchanges. Crypto investors can combine the best features of online exchanges and physical cryptocurrency exchanges.
Although you can quickly and easily perform cryptocurrency transactions on online exchanges, you can get customized services in terms of professional support in physical branches.
When people are interested in issues such as the protection of digital assets, the possibility of buying cryptocurrencies for legal entities, and others, they most often directly contact agents at a physical exchange office.
Such items may also have products that are otherwise unavailable on the internet. For example, you can buy a hardware wallet at Bitcoin Store outlets to secure your funds.
Types of Crypto Exchanges
There are several types of cryptocurrencies. Some of them offer users a platform focused on the simple purchase and sale of cryptocurrencies. On the other hand, there are platforms that are more focused on professional traders and investors.
Crypto exchanges can be physical or online. Each of these exchanges is divided into several types.
Exchange offices online
When we talk about online exchange offices, it can be:
Centralized Exchange Offices (CEX)
A traditional form of cryptocurrency exchange that offers the opportunity to buy and sell cryptocurrencies for fiat currencies. The main feature of central exchange offices is that they are operated by a central organization, usually a company.
Decentralized Exchange Offices (DEX)
A decentralized exchange office was created as an alternative to central exchange offices. Decentralized platforms do not depend on a specific organization. All transactions within the decentralized exchange are carried out using automated processes provided by blockchain technology.
Hybrid cryptocurrencies are a combination of centralized and decentralized exchanges. Their goal is to provide all the functions and liquidity offered by centralized exchange offices, as well as the privacy and security functions provided by decentralized exchange offices.
The Bitcoin Store online platform belongs to the group of centralized cryptocurrencies (CEX). On the platform, you can buy, sell and store more than 130 cryptocurrencies offered.
Physical exchange offices
Physical cryptocurrencies work differently than online exchanges, but the concept is the same. Unlike the online environment, users come to the cryptocurrency exchange as a store where they can buy or sell cryptocurrency for cash or a credit card.
Employees of physical cryptocurrencies guide customers through the entire process of buying and selling and setting up a digital wallet, explaining to them how individual cryptocurrencies work. If a customer wants to exchange their cryptocurrency for a local fiat currency, an employee of a physical exchange office will perform the entire process.
Physical cryptocurrencies can also be different. There are branches that offer customers exclusively the service of buying and selling cryptocurrencies for cash.
On the other hand, there are cryptocurrency exchange offices that, in addition to being able to buy and sell cryptocurrencies for cash, also have their own online platform and a digital wallet on which the user can store their cryptocurrencies.
But, in all this there is one big and fat minus – no privacy.