Are Exeter businesses ready for Bitcoin?

The Bitcoin revolution has shaken the world in recent times. Widely fluctuating prices that have shot up as high as almost £15,000 have ensured that this currency has grabbed a huge number of headlines in the last year or two.

What does it all mean for Exeter businesses, though? Is this cryptocurrency now widely used in Devon? Are more local businesses ready for it?

A Pub Installed the First Bitcoin ATM in Exeter

The claim to fame as having the first Bitcoin ATM in the city belongs to the Port Royal pub. Located on Exeter Quay, this pub introduced the ATM in the summer of 2018 and the owner has seen business improve since then.

Carlos is the owner of the Port Royal. He claimed that they are the first business “south of Bristol or possibly London” that accepts Bitcoin as a payment method. Carlos went on to say that people who previously travelled to Bristol to buy the currency now do it there.

Currently, the only other Bitcoin ATM in Devon’s is based in Kingsbridge town centre. Further afield, the presence of another new ATM in the One and All pub in Penzance shows how far this cryptocurrency has come.

As for paying for goods or services using Bitcoin, there are a few places that now let their customers do this. These include CeX Exeter and Devon Coffee. You can also use Bitcoin if you are buying online from nation-wide firms such as Dell, Gamesplanet or even the Royal National Lifeboat Association.

Bitcoin ATM (CC by 2.0) by Marco Verch

How Do Other Businesses Join In?

It is believed that many business owners in Exeter are keen to get involved with this popular cryptocurrency in one way or another. How do they do this so that it opens up new opportunities and ways of making money? First of all, what if they just want to invest in these digital coins?

Many Bitcoin exchanges are fairly new, meaning that it is difficult to know which ones are safe and trustworthy places to buy coins from. This is why it makes sense to look for the best bitcoin exchange that offers a range of currency pairs and transparent data about coin storage.

What if the owner also wants to accept Bitcoin in their business? This can be done without adding an ATM to the premises. This means choosing a Bitcoin payment processing provider and opening a merchant account in order to operate. After that, it is a matter of giving customers a payment link or else a QR code to scan.

Finally, what if they want to add an ATM to their business? This will make life easier for visitors and might encourage more people to visit as well. To do this, they need to contact a digital currency ATM operator such as AlphaVend or Crypto de Change.

Can we expect to see more Exeter businesses using Bitcoin in the near future? This certainly seems likely, although it should be remembered that other digital currencies such as Ethereum, Dash and Litecoin are also growing increasingly popular as well.