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Bitcoin ATMs: an emerging business and how to join it

Bitcoin ATMs: an emerging business and how to join it

Chances are that you have already heard about the emerging Bitcoin ATM business, and the high potential that it has to bring Bitcoin to the masses. In case you’ve ever wondered about what it takes to become a Bitcoin ATM operator, then you should know that ATM Marketplace, which represents an ATM industry resource, has just released a 40-page guide, outlining the challenges, risks and benefits of owning a Bitcoin ATM, alongside with what needs to be done in order to establish such a business.

The guide, which is also the first one to explore this emerging marketplace states that these ATMs represent a secure and efficient way for people to buy and sell Bitcoins, considerably safer than the transactions that can be carried out over the Internet. However, time will only tell if this is true or not, as many Bitcoin exchanges have stated that ATMs are somewhat more susceptible to fraud and hacking. With this in mind, Bitcoin ATMs owners should be aware of all the risks associated with this business, but also keep in mind the legal perspective related to these devices.

To kick things off, those who would like to join this market can do so either by installing Bitcoin trading software on existing ATMs, or by purchasing ATMs which are dedicated to Bitcoin transaction only. Regardless of which option is chosen in the end, owners should also decide whether to provide users with the ability to buy and sell Bitcoins, or just purchase coins, without being able to sell them.

The guide also discusses what the fees should be in order to allow ATM owners to make a profit. Studies have shown that most Bitcoin ATM locations report monthly transaction volumes that range from $70,000 to $300,000. Of course, these can vary based on the popularity of Bitcoin in the area where you’ve decided to install the ATM, but also the volatility of the coin and many other factors that can turn out to influence the market in a negative or positive way. One thing is certain: most owners have managed to cover the expenses of purchasing the ATM and establishing the business in around 4 to 10 months, which is quite fast! However, the actual amount will vary on subjective factors, which you’ll have to take care of.

The guide also states that TODAY is the best moment to join the market, mostly due to the fact that there aren’t too many Bitcoin ATMs installed around the world at this moment in time. Reports indicate that in March 2015, only 356 ATMs were installed worldwide, which is quite a low number considering the fact that there are millions of normal ATMs installed at this moment in time.

Based on everything that has been outlined so far, have you ever considered setting up a Bitcoin ATM trading business? Let us know your thoughts!

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