Honestly just a question but how beneficial it is to open just one ATM I do feel like if someone does want to actually go and get into this business being owner of just one ATM would mean one has to take care of extremely unfair governmental business and at the same time they would have to wait a lot , they profit will not be that much and the individual ATM owners usually do get taken over by the big companies much like mining farms. What's your take on this ?
At the same time there is just USA as listed here therefore this might now be relevant for most people at the same time you can also post this into services section. But at the same time how cutting edge are the rates provided by the ATM's , since now the offline wallets have started instant transactions. Therefore their rates are really competitive. Can the rates of bitcoin ATM's cope up with it?
Honestly just a question but how beneficial it is to open just one ATMA:The answer varies. It is 100% dependent on the person operating the machine. If a person run the machine like a business, markets location, maintains Bicoin for sale and empties cash regularly... It can be wildly successful. Just like in real estate, location, location, location. If you install a machine at a location no one can easily find, or the foot traffic is really low, the machine wont get business. But if you install in a high foot traffic store on a main drag, it can have an overwhelming amount of business.
I do feel like if someone does want to actually go and get into this business being owner of just one ATM would mean one has to take care of extremely unfair governmental business and at the same time they would have to wait a lot , they profit will not be that much and the individual ATM owners usually do get taken over by the big companies much like mining farms. What's your take on this ? A:Compliance varies worldwide. In most countries, there is no compliance when it comes to Bitcoin ATMs. In the USA, location of the most Bitcoin ATMS in world, compliance is strict, but it is now established. Gone are the early days of not knowing what to do to operate legally in the USA. The cost to entry is minimal to become compliant. A single machine operator has just as much opportunity as a large fleet operator. Smaller operations see the same profit percentages that large fleets do. Obviously, the more machines you operate, the more revenue you get.
At the same time there is just USA as listed here therefore this might now be relevant for most people at the same time you can also post this into services section. But at the same time how cutting edge are the rates provided by the ATM's , since now the offline wallets have started instant transactions. Therefore their rates are really competitive. Can the rates of bitcoin ATM's cope up with it?A:Not entirely sure what you are talking about here but im assuming you are talking about ATMS vs exchanges etc. Bitcoin ATMS are the easiest and safest way to attain BTC. When it comes to new users to Bitcoin, there is a large demographic that is nervous about doing ACH and Bank wires to exchanges. They also do not know how to operate exchanges. BTMS are so easy that the most technologically illiterate can attain Bitcoin.
As for fee averages, we see 10-17% for most of our operators and their fleets. There are operators (not any of our customers) out there that charge as low as 7%, but the devil is in the details with them. They will inflate the cost of Bitcoin, charge a flat fee on top of the 7%, so it gives illusion that its under 10-17%... I recommend against such dishonest practices.
Operating a BTC ATM is a business and it has costs. Its not something people should do for a hobby. Lots of people scoff at the idea of paying 10% fees. Yet they have no clue the work involved managing cash from the machines and turning that cash back into Bitcoin. They usually think that you just plug in the machine and the business runs it self. Bitcoin is very rare. Physical Silver is getting 20-30% premium over spot... why wouldn’t cash for Bitcoin get premium over spot? Many would argue, Bitcoin is far more rare than Silver...
Ultimately, what we see is a constant growth in this industry, even during market downturns. It is 99% people buying BTC. 1% selling. And when Bitcoin machines are coupled with altcoins, Bitcoins Volume is 99% of all transactions. This is probably due to fact that people who want altcoins know how to get them. Thats why I suggest just operating BTC ATMS and avoiding the headche of customer support with those who send Bitcoin to Litecoin wallets thinking that Litecoin is a lighter version of Bitcoin :-)
