Bitcoin Store crypto analyst Mario Radošević for Wall Street Journal: How did customers recognize the benefits of physical cryptocurrencies in today's online world?
The 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.
In 2024, online cryptocurrency exchanges remain the most popular choice for buying and selling cryptocurrencies.
Online cryptocurrency exchanges offer users the convenience of executing transactions swiftly at any time of the day (24/7), even on weekends.
If all crypto activities are mostly tied to the online environment, is having a physical cryptocurrency store a good idea?
In short, yes. Why? Well, it has to do something with trust and security.
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.