How to start a bitcoin ATM business
According to Statista, as of February 2019, there are 4,292 bitcoin ATMs globally. It is expected that this number will continue to rise in the near future with more and more people discovering bitcoin as an investment. With this, it is no longer surprising that there are many who consider having bitcoin ATM as an entrepreneurial venture.
Basically, with an on-site ATM, you will provide patrons with the opportunity to buy and sell bitcoins. Often, the providers have a website where people can find bitcoin ATM locator, making it easy to locate the nearest place where they can transact.
If you are interested, read the rest of this post and we’ll let you know the basics to get started.
Find an Operator
The first thing that you need to do is to find a company that specializes in bitcoin ATMs. One of the best options that should be on your radar is Coin Cloud ATM. The latter will provide the infrastructure that you will need for the business, including the actual machine and the program that will run it. Be sure to evaluate the options thoroughly, such as by reading reviews from other people to evaluate its potential.
Choose a Location
Even in this digital age, business location is still critical for success. Therefore, if you are planning to host a bitcoin ATM, another crucial consideration will be the location. If you currently own a brick-and-mortar business, this will be the perfect place for the ATM. Make sure that it is somewhere there is high foot traffic. Conduct thorough research and see to it that there is demand from people around the area. Otherwise, your business will end up being a failure.
Pick the Right Type
There are different types of bitcoin ATMs, the choice of which will depend on your goals as a business or demand in the location. There are one-way ATMs, which will allow the users to either just buy or sell. There are also two-way ATMs that will allow them to do both. Most of the bitcoin ATMs only facilitate a one-way transaction.
In most cases, you will have to market two things – the business where the ATM is (often a restaurant, shop, or gas station) and the actual ATM. You will need to get the word out to attract people and make them use the ATM. One of the best ways to do this would be through tapping social media. Be part of Facebook groups in the community with members who are interested in bitcoin and let them know about the ATM. It will also help to put huge signage outside the shop.
Consider the Costs Involved
Of course, you also have to think about the costs of the ATM business. Inquire about the fees that you have to pay, including the payment for the machine, installation, and maintenance, among others. Ask for a quote from multiple ATM providers to find one that suits your budget.
Indeed, a bitcoin ATM is a promising business idea. Take note of the things mentioned above to get started on the right foot.