The Silicon Review
Bitcoin ATMs have existed since early 2013, but it has been constantly overshadowed by online exchanges. In recent times, this trend has changed due the rise in Bitcoin ATMs placed globally. Bitcoin ATMs provide users better ways to access their currencies by overcoming the roadblocks presented by online exchanges. Reports published by various sources have pointed out that Bitcoin ATMs will achieve immense growth in this decade. An increase in the use of Bitcoin ATMs shows that we are demonstrating the advancements of digital payments. Crypto ATMs are offering an innovative solution to solve banking barriers and provide a user-friendly experience.
There are various companies working diligently in the Bitcoin ATM segment, but Bitcoin Depot stands out from the rest. Bitcoin Depot is the fastest growing multi-cryptocurrency ATM Network that aims to bring Bitcoin to the Masses™. The company offers users the ability to buy and sell Bitcoin, Litecoin, and Ethereum instantly at thousands of locations in the United States and Canada. Digital Becomes Physical™ with Bitcoin Depot! Create and verify your account in less than a minute while other online options can take weeks to approve your account, often requiring a strenuous list of documents. Bitcoin Depot provides the easiest and most convenient way to buy and sell cryptocurrencies. Get Bitcoin in a Minute™ at over 1800 BTMs across the United States and Canada. Most locations are open 24/7 and have easy parking. Don’t stress out waiting for your bitcoin to hit your wallet because transactions are processed immediately so you can Buy Bitcoin Instantly™. Bitcoin Depot does not take ownership of your crypto. This means transactions are more secure and you can choose the crypto wallet you want. Bitcoin Depot was founded in 2016, and is based in Atlanta, Georgia.
Cryptocurrency industry is one that is growing quickly, with an increasing number of companies offering an even greater number of online and mobile platforms for transactions. How do you distinguish your services from others?
Having a physical presence has been able to set us apart from others in the crypto space. We focus on consumers that prefer a cash-based option as the only way to purchase crypto with cash is in a physical retail location. Bitcoin Depot BTMs™ provide consumers with a simple, quick, and easy way to buy bitcoin in about a minute. In our Bitcoin Depot wallet app anyone can find all of our bitcoin ATM locations and store their crypto making our app an all-encompassing solution for anyone wanting to buy bitcoin
Q. Tell us in brief about your data management system and compliance.
Bitcoin Depot has a robust in-house Compliance and Legal team and a strong AML compliance program. With the support of the IT department, we manage our data with utmost diligence and discretion with our customers’ privacy and security in mind.
Q. A major problem that cryptocurrencies face is low transaction processing speed. How do you overcome this issue?
We’ve found this to be a compounding issue on the blockchain. When the mempool is backlogged, we start to see transaction delays. As a high transacting organization, we contribute to lowering the load on the blockchain by batching out or transactions as much as possible without disrupting the customer experience. Additionally, we absorb the network fees ourselves and at times will pay very high rates to process transactions quickly to keep our customers happy.
Q. Bitcoin can be a volatile currency. It means that the exchange rate can move extremely quickly. In such cases how do you keep up with the exchange rates?
Bitcoin Depot updates its pricing for cryptocurrency in real-time and always offers our customers the best live exchange rates.
Q. How do you market your services?
Currently, we market to users interested in turning their cash into crypto or those that are part of the underbanked community looking for an alternative to traditional banking or legacy alternative financial services.
Do you have any new services ready to be launched?
Buy Online - bitcoindepot.com/buy-online
OTC Trading Desk - bitcoindepot.com/otc
Q. Trust is a difficult attribute to measure and a delicate dynamic to maintain. How do you maintain this with your employees?
Being transparent and open with the team has really paved the way for mutual trust. It’s important to remember that trust with employees is a 2-way street. You can’t expect to receive trust without being able to trust your employees first.
Meet the leader behind the success of Bitcoin Depot
Brandon Mintz is the Founder/CEO of Bitcoin Depot. Brandon is a serial entrepreneur with his current focus being Bitcoin Depot. His company has been thriving and was included on the Inc. 5000 list for 2020. Since he founded his company in 2016, Bitcoin Depot has distributed over 1,800 ATMs throughout the United States and Canada and has brought in 80+ employees over the last four years. Bitcoin Depot has also increased its number of employees by 100% since the start of 2020, continuing to grow even during this unprecedented year. Brandon is passionate about cryptocurrency, his company, his team and is committed to bringing Bitcoin to the Masses™.