Top 5 benefits of brick-and-mortar cryptocurrency exchanges that everyone should know
Bitcoin Store crypto analyst Mario Radošević for Wall Street Journal: How did customers recognize the benefits of physical cryptocurrencies in today's online world?
Benefits of crypto exchanges
Today, there are many simple ways for buying Bitcoin, Ethereum and other well-known cryptocurrencies.
As the cryptocurrency market expands rapidly, new platforms and solutions emerge every day. These solutions enable all users, regardless of their knowledge level, a safe entrance to the world of cryptocurrencies.
Currently, online cryptocurrency exchanges are the most popular places for buying and selling cryptocurrencies. Users like its ability to execute transactions at any time (24/7) and make every transaction instant.
If most transactions take place on online cryptocurrencies and exchanges, why is there recently more news about emerging brick-and-mortar cryptocurrency exchanges?
What benefits could they have in relation to online exchanges?
Table of contents:
- Bitcoin Store cryptanalyst Mario Radošević for the Wall Street Journal
- Why have our customers recognized the benefits of physical cryptocurrencies in today’s online world?
- Top 5 benefits of physical crypto exchanges
- Types of crypto exchanges
Let’s step away from the cryptocurrency topic for a moment and compare online business with brick-and-mortar cryptocurrency exchanges. The entire E-commerce industry flourished in the last years, and it peaked during the Covid-19 pandemic.
Thanks to the fast service (quick shipments and returns, and the ability to order something in a few clicks) and the fact that people were unable to visit brick-and-mortar exchanges during lockdowns, there was a huge shift of demand that was going towards digital commerce.
And judging by the recent trends, e-commerce will be very important in the years to come.
The question here is - does it make any sense to invest in brick-and-mortar cryptocurrency exchanges in the era of online shopping, especially if you want to offer cryptocurrency buying and selling services?
In reality, retail stores have many advantages. Majority of consumers prefer businesses and brands that have their brick-and-mortar store. Even companies like Amazon, which are based on the idea of online shopping, understand the advantage of having stores, which is why they regularly invest in opening new branches.
But still, how do physical cryptocurrencies fit in here? According to a recent article in the financial magazine The Wall Street Journal, physical presence instills confidence, especially for investors who are still reluctant to make any kind of online transactions.
Bitcoin Store crypto analyst Mario Radošević for the Wall Street Journal
In a recent article, Katie Deighton for the Wall Street Journal explores the phenomenon of the emergence of brick-and-mortar cryptocurrency stores at a time when online trading is at its peak.
Some of the world's most famous physical cryptocurrencies, including the Bitcoin Store, took part in the research.
Every cryptocurrency brick-and-mortar store that offers customers the service of buying and selling cryptocurrencies for cash agrees that this way of doing business has many advantages.
The biggest of them all is enabling individuals with technological barriers, a safe and reliable access to the cryptocurrency market.
"In countries where society relies on cash for day-to-day transactions, it is necessary to offer a secure place where crypto enthusiasts can easily access the cryptocurrency market," said Mario Radošević, a Bitcoin Store crypto analyst, for The Wall Street Journal.
Why have our customers recognized the benefits of physical cryptocurrencies in today's online world?
As mentioned, in many European countries, including Croatia, society still relies on cash in most daily cases.
In these situations, there are a large number of “traditional” buyers who would like to have the option to buy or sell cryptocurrencies for cash.
With the emergence of physical crypto exchanges, this is now possible. But cryptocurrency brick-and-mortar stores are not just about buying cryptocurrencies for cash. There are people who prefer a real shopping experience. They have direct interaction with employees as well as direct contact with the product.
On-spot customer support is perhaps the most important reason why customers decide to go to a physical crypto exchange.
People are always cautious when it comes to setting aside their own money, especially for new investments. This is why they will most likely visit a place where they know someone will walk them through the process, just to make sure they are protected.
There are plenty of cases where people want to invest in cryptocurrencies but at the same time they give up at the last minute when they try to use online exchanges because of fear that they are too complicated for ordinary users.
Therefore, once they enter the physical crypto exchange, employees can gradually guide customers through the entire process. As if they came to the store, just instead of choosing clothes or some other product, they choose the cryptocurrency they want to invest in.
Top 5 benefits of physical crypto exchanges
1. Buying or selling cryptocurrencies in brick-and-mortar store is fast
In brick-and-mortar cryptocurrency exchange people can also buy or sell cryptocurrency fast.
There are customers who are not inclined to wait in lines at banks or wait for confirmation of bank transfers.
In a physical crypto exchange you can do the whole process in minutes. The transaction experience (usually crypto for cash) happens in real time. Customer buys a cryptocurrency, the seller receives cash. The user’s balance on the wallet will be updated immediately.
The whole process is completely transparent. Brick-and-mortar cryptocurrency stores can have other benefits as well.
For example, registered users of the Bitcoin Store platform can deposit the amount directly in cash and that amount will be immediately visible on their Bitcoin Store Wallet and available for trading.
2. Brick-and-mortar cryptocurrency stores are secure
Brick-and-mortar cryptocurrency stores must pass strict controls and obtain certificates from competent institutions in order to be able to offer the service of buying and selling cryptocurrencies.
When using the services of walk-in cryptocurrency stores you can be sure that you are doing business with a regulated company.
The fact that there are not a large number of brick-and-mortar cryptocurrency store chains gives additional security. The Bitcoin Store is one of the first crypto exchanges in Europe to enjoy the trust of users for many years.
If ever in doubt you should know that It is very easy to get a list of verified physical crypto exchanges. Of course it is recommended to do your own research on the internet before going to the exchange office.
3. Brick-and-mortar cryptocurrency exchanges have direct and customized customer support
Direct communication with employees is perhaps the biggest advantage of Brick-and-mortar cryptocurrency exchanges. If you have additional questions when buying or selling cryptocurrencies on online exchanges, the only option you have is to contact live chat support.
While on online exchanges you most often depend on yourself, in physical crypto exchanges, employees can guide you through the entire process in real time.
Through direct communication you have the opportunity to ask all the questions you have ever been interested in about crypto transactions and cryptocurrencies in general.
Agents who work in brick-and-mortar cryptocurrency exchanges are professionals who understand well how cryptocurrencies work. They will be happy to pass on their knowledge to others, which can be a perfect opportunity to expand your own.
4. Brick-and-mortar cryptocurrency exchanges offer the possibility of cash transactions
In many countries cash is one of the leading payment choices for everyday transactions.
Consumers most often prefer cash because they consider it safe. They also consider saving in cash easier precisely because of the physical presence of money.
Although there are already many interesting applications and fintech solutions for online payments, people have more confidence in cash.
Brick-and-mortar cryptocurrency exchanges are therefore a convenient solution as they allow easy access to the cryptocurrency market for people who use cash. They also offer the ability to make cash payments and withdrawals in real time without waiting for a bank confirmation.
5. Brick-and-mortar cryptocurrency exchanges have specially tailored services
The beauty of investing in cryptocurrency is that you don’t have to choose only one platform - online or physical exchange, and stick with it forever. Crypto investors can combine the best features of online exchanges and physical crypto exchanges.
While you can quickly and easily execute cryptocurrency transactions on online crypto exchanges, you can get a customized service in terms of professional support at brick-and-mortar exchanges.
When people are interested in topics such as the protection of digital assets, the possibility of buying cryptocurrencies for legal entities and others, they will most often contact the agents in brick-and-mortar cryptocurrency exchange stores.
Brick-and-mortar cryptocurrency exchanges can also have products that are not available online. For example, you can buy a hardware wallet at Bitcoin Store outlets to improve security of your funds.
Types of crypto exchanges
There are several types of cryptocurrency exchanges. Some of these exchanges offer users a platform with simple tools to buy and sell cryptocurrencies. On the other hand, there are also advanced cryptocurrency trading platforms that are more suitable for professional traders and investors.
Crypto exchanges can be brick-and-mortar and online. This is the general classification of crypto exchanges.
Each of these exchanges is further divided into several types.
Online crypto exchanges
There are 3 types of online cryptocurrency exchanges:
- centralized crypto exchanges (CEX)
- decentralized crypto exchanges (DEX)
- hybrid cryptocurrency exchanges
Centralized exchange offices (CEX)
A traditional form of crypto exchange that offers the ability to buy and sell cryptocurrencies for fiat currencies. The main feature of central exchange offices is that it is managed by a central organization, most often a company.
Decentralized exchange office (DEX)
The decentralized exchange office was created as an alternative to central crypto exchange. Decentralized platforms don’t depend on a third party like a company. All transactions within the decentralized exchange take place with the help of automated processes enabled by blockchain technology.
Hybrid cryptocurrency exchanges are a combination of centralized and decentralized exchanges.
Their goal is to provide all the functionalities and liquidity offered by centralized crypto exchange and the privacy and security features 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.
Brick-and-mortar cryptocurrency exchanges
Brick-and-mortar cryptocurrency exchanges work differently than online exchanges, but the concept is the same.
Unlike the online environment, customers can come to the crypto exchange store and buy or sell the cryptocurrency via cash or credit card. Just as they would go to pick up groceries or buy new clothes.
Employees of physical crypto exchange offices guide customers through the entire process of buying, selling and setting up a digital wallet, while explaining to them how individual cryptocurrencies work.
If the customer wants to exchange their cryptocurrency for the local fiat currency, the agent will also handle the entire process.
There can also be different types of brick-and-mortar cryptocurrency exchanges. There are stores that offer customers exclusively the service of buying and selling cryptocurrencies for cash on spot.
On the other hand, there are brick-and-mortar cryptocurrency exchanges that combine offline and online services. In addition to buying and selling cryptocurrencies for cash services, they also have their own online platform and a digital wallet on which the user can store their cryptocurrencies.
Brick-and-mortar cryptocurrency exchange offices in Croatia
You can buy or sell cryptocurrencies in the Bitcoin Store exchange offices at two locations in Zagreb. You can also deposit fiat directly on your Bitcoin Store Wallet and seek help from the professional staff.
Addres: Slavonska avenija 11d, Zagreb
Addres: Vlaška ulica 21, Zagreb
Kripto mjenjačnica Split
You can also buy or sell cryptocurrencies in the Bitcoin Store exchange office in Split.
Addres: Vlaška ulica 21, Zagreb
Kripto mjenjačnica Rijeka
Buy or sell cryptocurrency for cash in brick-and mortar crypto exchange in the city of Rijeka.
Adresa: Ulica Milana Smokvine Tvrdog 2, Rijeka