Teamfearless (OP)
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January 29, 2019, 07:05:05 PM |
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For the past few week i having thinking about Starting My own bitcoin ATM company , i have been doing allot of research about it and its seems there going to high cost as start up .. My country is the one top 5 africa countries that uses bitcoin but yet i have never seen any bitcoin ATM here . I really need advice from you guys . Is bitcoin A profitable Business and if you any manufactures of this ATM you can recommend to me !!
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aad140386
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January 29, 2019, 07:37:24 PM |
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I think it will be a profitable business. The main question will be how your authorities treat cryptocurrency and whether there are any prohibitions or certain restrictions on their use and distribution. You will need to consult a lawyer and learn from him all the subtleties of the legislation of your country, otherwise you may expose yourself to danger from the police. Therefore, I would have thought very well in your place before implementing this idea. For example, in Russia a criminal case was opened against a person who installed Bitcoin automats. As far as I know. Because in Russia, cryptocurrencies are considered cash surrogates.
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cryptomaster420
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January 29, 2019, 08:03:32 PM |
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I used to live in a 2 million-person city with only 2 bitcoin ATM-s. Rest assured, they were profitable (I know the owners). In addition to the ATM, they also advertsied another bitcoin-related business on it, so that helped.
It depends on your area though.
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evanescence
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January 29, 2019, 08:16:01 PM |
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I leave $50 worth of fees at my local ATM, it takes a couple hundred people like me to make your ATM successful.
Agree with the others, you need to share your location before we can really help you.
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Luce09
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January 30, 2019, 02:50:41 PM |
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If such a business is not prohibited in your country, then it may well be profitable, this is a novelty, and it must develop successfully. However, at first there may be few users, but then, everything will fall into place, and you, as the owner of this business, will be satisfied, the only drawback is that large financial costs can be for installation, but also morally.
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izanagi narukami
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January 30, 2019, 02:54:00 PM |
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It's depend !
If your government support crypto that your people will start to use crypto as daily transaction.
If there are a lot of demand, ATM business is profitable so just make sure that it happen.
Personally my government still forbid crypto so there is only 1 ATM in my country
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LeGaulois
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January 30, 2019, 07:04:07 PM |
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Forget the governments, regulations, etc it's not the real question here.
@OP the answer is simple, you're already a bitcoiner, so ask yourself this question. As a user would you use a Bitcoin ATM to buy bitcoin ~10% higher or to sell your coins whereas you can sell for a better price? No, I guess. You, as other people would be ready to use it 1 or 2 times to see how it works just for fun, but in a long term, nope.
So, the real question is, is there a real demand to develop a market? If you can't offer a price close to the average people won't be interested, and if you do, you won't take a profit. The only profits will come from people curious to use it 1 or 2 times but these people aren't returning customers.
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rosezionjohn
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January 30, 2019, 07:45:01 PM |
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I cannot remember where but I read that the number of bitcoin ATM's doubled last year compared to the previous. I guess BTC is widely used in those areas. The question here is, have you checked or asked people in your area if they know about BTC and if they are willing to use it?
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evanescence
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January 30, 2019, 07:48:00 PM |
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I cannot remember where but I read that the number of bitcoin ATM's doubled last year compared to the previous. I guess BTC is widely used in those areas. The question here is, have you checked or asked people in your area if they know about BTC and if they are willing to use it?
Exactly my sentiment, you can't put an ATM in the middle of nowhere and expect it to be profitable, but it is anything but a saturated niche. OP doesn't seem interested in sharing his location though. |
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PeRo
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January 30, 2019, 08:59:38 PM |
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I'm sure it is a very profitable business. Firstly, if there is not many ATM in your country, there is certainly demand and you would be one of the first to give that service. And then, ATM's are highly profitable because most of them have a differnce from the actual price, sell price is lower while buying price is higher or same. You will have enough for fees and a big profit if many people use it.
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sunsilk
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January 30, 2019, 10:15:41 PM |
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It's good that you did a research that bitcoin ATM's aren't yet crowded on your country. I read a post of a bitcoin ATM owner when there's a news about the bitcoin ATM theft case. He said that it's not just about the ATM, operator and the cash that's inside the ATM.
You'll also have to secure and insure it which means you'll have to buy insurance just in case there's something bad happens to your ATM's. If there's quite good number of crypto users in your country and you're the very first one to apply it, that will click.
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AimHigh
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January 30, 2019, 10:48:30 PM |
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You have a good idea to put a bitcoin ATM but right now i think this is not possible because as you can see the value of bitcoin this is to low and everyone was bothered and stress on their lose but try to think first what is the possibility or the concept how you earn. Bitcoin ATM is for the future because right now we are on going to cashless society.
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samuraijin
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January 31, 2019, 02:53:22 AM |
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For the past few week i having thinking about Starting My own bitcoin ATM company , i have been doing allot of research about it and its seems there going to high cost as start up .. My country is the one top 5 africa countries that uses bitcoin but yet i have never seen any bitcoin ATM here . I really need advice from you guys . Is bitcoin A profitable Business and if you any manufactures of this ATM you can recommend to me !!
Of course it is a lucrative business if you put an ATM in a place where many foreign tourists visit your country, of course it will help foreign guests in exchanging currencies to make it easier, even though in my country only some cities have it but at least enough to help your country's economy in the future ... |
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Herbert2020
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January 31, 2019, 06:58:37 AM |
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an interesting question that i have been wondering myself ever since i saw a surge in number of ATMs around the world recently. i think the profitability of it depends on a couple of factors. for starters the country you live in and the laws of it. in some places installing an ATM may cost you a lot more than it can make you not to mention the problem you may face legally. like that dude in India which tried it recently without a license and was arrested for it.
the other issues is that ATMs have a certain clientèle. not everyone wants to use an ATM, only those who want the maximum anonymity use them and since the fees are already high that limits the customer base a lot and with it the profit that you can make.
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Weak hands have been complaining about missing out ever since bitcoin was $1 and never buy the dip.
Whales are those who keep buying the dip.
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Magkirap
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January 31, 2019, 07:16:36 AM |
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I think your business is quite impressive but you need to have huge amount of bitcoin and capital. Having this kind of business will have a good effect in bitcoin and in bitcoin community because they can easily convert there bitcoin into fiat and vice versa. I hope your business will success.
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Ains_sama
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January 31, 2019, 08:05:59 AM |
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in my personal opinion the bitcoin ATM business is very profitable, because we all know that technological progress is progressing and developing, and the longer the use of bitcoin is increasing.
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ellehcar
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January 31, 2019, 09:18:59 AM |
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Yeah, it's really profitable, and its significance will rise even more in the future. If you can start up one, then good for you. It's always an edge to be the pioneer. Just imagine the charge that you will gain from running one plus the rise in the value of bitcoin each year. You will surely explode in profit.
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KingScorpio
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January 31, 2019, 09:26:15 AM |
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For the past few week i having thinking about Starting My own bitcoin ATM company , i have been doing allot of research about it and its seems there going to high cost as start up .. My country is the one top 5 africa countries that uses bitcoin but yet i have never seen any bitcoin ATM here . I really need advice from you guys . Is bitcoin A profitable Business and if you any manufactures of this ATM you can recommend to me !!
definately not if you run a pure bitcoin ATM, but with flexible ATMs you could have a future |
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talkbitcoin
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January 31, 2019, 09:26:23 AM |
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as someone who has never used a bitcoin ATM and i probably will never use them because i don't see any point in doing so with their high fees, i have to say it doesn't look to be a profitable business to me.
but at the same time when i look around i see a lot of them popping up everywhere. so there must be some profit in it that they are doing such a thing.
what i can suggest is that you investigate in your own country and specifically in exact place where you want to install the ATM machines. you have to see if there is any actual demand for such a service there and that's not something we can tell you on this forum.
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erikoy
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January 31, 2019, 09:29:41 AM |
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For now, I think it is not because there are only few bitcoin users use this features in converting fiat money to crypto or vice versa. This because bitcoin is not yet widely adapted even to those countries which bitcoin were relatively known. However, bitcoin atm could be profitable in the near future. Well just have to wait and see when will bitcoin be adapted from every countries around the world.
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