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Bitcoin ATMs are quite popular, but the high machine cost and Bitcoin inventory requirements put it out of reach of most retailers. Netcoins has a solution.
Netcoins is a Bitcoin ATM company that provides virtual Bitcoin ATMs to retailers. The company launched its operations in Vancouver in 2015. Now, it is spreading to other parts of Canada and beyond.
Michael Vogel is the founder of Netcoins. Cointelegraph asked him about the company, its services, performance and goals.
According to Michael, Netcoins’ BTM was born out of the desire to provide a way for stores to sell Bitcoin, and a convenient way for consumers to buy Bitcoin in a familiar retail setting. Just like with physical ATMs, there is a convenience fee on every order, which is split between Netcoins and the store.
The first Netcoins virtual Bitcoin ATMs were launched in November 2015. So far, the store owners who have been working with Netcoins have found that Bitcoin is a great way to attract new customers and feedback has shown that they find that hosting a Bitcoin ATM (virtual or physical) is significantly more popular than simply accepting Bitcoin as payment.
In Mr. Vogel’s words:
“The statistics on Bitcoin ATMs consistently show that consumers (especially first-timers) prefer to buy Bitcoin in a familiar retail setting.The spin-off sale effect is also very real. One coffee chain in Canada noted 15% increased in spin-off sales in locations where they simply had a Bitcoin ATM.”
Michael said that Netcoins is actively adding new merchants in Canada, with US and Europe launches imminent. Regardless of country, they are currently accepting signups for stores around the world that want free access to a Netcoins virtual Bitcoin ATM in their stores. He is certain that a robust feedback mechanism has enabled the company to receive lots of great feedback from store staff and customers. When staff of a store have no experience with Bitcoin, the software they provide is designed to simplify taking orders in such a way that an order only takes about 15 seconds from start to finish, and requires no technical knowledge.
“Netcoins solves the five barriers that prevent most retailers from installing a Bitcoin ATM: machine price, regulatory, Bitcoin inventory, physical space, and machine maintenance. We also have the ability to delivery Bitcoin via email, which is popular for newcomers to Bitcoin that often are confused about which Bitcoin wallet to use,” said Michael.
Michael also said that Netcoins is eager to hear from store owners around the world that would like to have a virtual Bitcoin ATM in their store, signing up and requesting on their website at no cost.
“Bitcoin ATMs are incredibly popular for retailers, but the problem is the machines are very expensive and take up space - and floor space is often at a premium in retail stores. We recently announced a pilot with Gateway Newstands, a convenience store chain in Canada and the United States. Many of their stores have limited space to install a physical ATM, so a virtual Bitcoin ATM is a natural fit. We are proud to help expand Bitcoin adoption by offering Netcoins for free to stores. For retailers, Netcoins is a no-cost entry in the Bitcoin world.”
Bitcoin ATMs are a development that is growing in popularity. It is one of the instruments that has enabled Bitcoin accessibility and consequently enhanced the awareness of the cryptocurrency.
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