When we hear about crypto, the primary thing that comes to our mind is online exchanges, digital currency and more. But this is what a store in Mississauga, Ontario, has changed. The store allows customers to participate in the crypto revolution offline, unlike an online crypto exchange. One can walk into the place and do transactions right there. Anyone who is not very well accustomed to exchanges and crypto transactions online will be appropriately guided through the process in this store. The store’s name is “Coin Nerds”, and it is another step forward in the crypto revolution.
What is the idea behind this store?
The founder of the store thinks that anyone should be able to come to their store and explore crypto. They do not have to go through the hurdles of setting up their own digital wallet and exchanges to make a transaction. They teach their customers the process of making a digital wallet via an app and exchange their fiat for digital coins. One can make purchases in the store using cash, credit card or even bank transfers. Yes, there is a small caveat here that the transaction costs could range between 0.99% to 5%.
The owners believe that having an offline crypto exchange gives a much better experience than an online one. They have seen people depositing some amount in their online exchanges only to think that it is too complicated for them and pulling out. Having a more traditional form of exchange lets users ask questions and understand better how things work. It also builds trust as you are dealing with real people here, and in the case of an online exchange, it’s just an app. All this combined, the store makes it possible for less tech-savvy people to understand the working of digital currency.
Bitcoin and crypto ATMs also aim to do the same thing in a different way. Users can visit these ATMs, and instead of withdrawing cash, they can buy crypto using cash, cards or other available payment methods. Since most of these ATMs are installed by the government or popular banks, they also bring the trust factor along with them.
What are your thoughts on the offline crypto exchange in Mississauga, Ontario? And do you think this is a good idea and a viable business model? Let us know in the comments below. Also, if you found our content informative, do like and share it with your friends.