IS BITCOIN ATM PROFITABLE BUSINESS ?

[FIFA worldcup]

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 !!

It depends upon which country you are planing to start this ?  It can only be started where bitcoin is legal and governments has no objection in bitcoin business.

Yes, this is a profitable business, but be prepared that at first there may be few customers, since many will not want to shine, they know about the bottom in general. There are many reasons for this. But in general, the idea is very good, and it needs to be deliberately implemented.

You need to support your opinion with complete project plan on how profitable this business can be and what will be the investment profit ratio ?

[AAKODI]

I agree the transaction fee should be very low and it is the main idea and the reason why bitcoin was developed to make low cost transactions without any barriers and if ATM business to develop it should be considered as significant and it will become popular quickly because the bitcoin community is still growing and placing machines will make a big difference. This will show the world that Bitcoin is usable in every where without any barriers and this can collect more cash flow into Bitcoin from local communities because with this more people will start to use Bitcoin so more will have to purchase it and eventually demand will rise

[earlyfacer]

it depends, if bitcoin dont die then it will be a profitable one but if people loses the faith due to masssive downfall of it recently then the dream of being a decentralized society will vanish.

You know the government is doing everything to get rid of the things that gets on its way and they consider these things as threats, i wish people realize that freedom is the key to a successful economy and that will only happen if the government stop manipulating us.

[adrianto1995]

Yes, it can become Profitable business if you are running your business in the place where there are so many people who used daily and know how is cryptocurrency work.  Then you should tell and promote to the people around your business area how good and profitable your business for them

[romero121]

Bitcoin ATMs weren't that profitable in my opinion. Got to know about it through an news article which describes about the shutting of lots of bitcoin ATMs around the world. People try to cash it out through trading platforms due to the increased transaction fee of bitcoin ATMs. Also not much of people are aware about the bitcoin atm.

[FIFA worldcup]

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 !!

No one here can answer that.

It literally all depends on you.

You need to calculate all of your startup costs, then maintenance costs.
Do you have the resources to run it for months with no income from it.
Can you afford to switch locations, if it turns out to be a bad one.

What will you do if someone damages it?
Are you prepared for legal requirements that could close it before you see a profit?

It is like any business, in the end, your choices & determination will be the final arbiter of whether or not the business succeeds for you.

A simple choice such as location may be the difference between whether the business is profitable or an utter failure.
And you always make your best decision, but to succeed, you need to be able to weather a few mistakes with no profits.

Good Luck.

I do not agree on most of your points here. There a lot of Fiat currecny ATM in our country and no one damages it. Why would anyone damage the Bitcoin ATM ?
Also no one will close it because you will only start the BTC ATM once you have taken permissions from the legal authorities.

[perla]

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 !!

Maybe you better ask in local forum in your country or maybe city. Because i know put bitcoin atm is not really used by people. In my country there are several bitcoin ATMs but not a lot people use it because they already have fiat.

[mich]

This is like asking me if a hamburger stand is a profitable business.
It depends on certain things like location and traffic- but I dont think many people are seeking out to find BTC ATMs.
Another thing was if this was a profitable biz then you would see much more of them.

[Crypt0Pro]

I think it will be profitable soon, but not now. It also depends on your government.

[pinoyden]

I can say yes they are .  i know others might disagree with it because they thought btc is not yet well known  .  that is actually your advantage  . real business minded person take that as an oppurtunity to be the first one to open that kind of business .  

They can get more costumer because no other atm's available on that area aside from them.  How much more if btc will become a widespread later on ?  Their existing costumers will only add up  because they are the pioneer  .

[bitbunnny]

Depends on the geographic area and country you are planing to start business. To my opinion in majority of Europe they are not so popular anymore because people have other more convenient options for buying or selling Bitcoin. Maybe with good promotion you could attract more users and also attractive location could have its advantages.If you don't need a lot of administrative work and permissions and it's no big investment you could try.

[Naida_BR]

I don't think that it is very profitable right now but it has great potential to be in the future.

It depends on how many people in the city uses cryptocurrencies and what is the exact number of citizens that live there, their income etc. You may be in Top 5 countries in Africa that uses crypto but too little of people to use them in your area.

My local Bitcoin ATM company seems to be operating in other ways apart from the ATM such as trading and investing. Maybe they do that so as to keep a stable income.

[Rebisco]

Due to the high demand of the people to bitcoin, the bitcoin atm is now a trend because users can easily buy bitcoin through bitcoin atm. There are now also businesses in my community that accepting bitcoin and that's why there are now bitcoin atm in my community.

[oceantiger]

If your research result is showing that you have the market and  also the cost of procuring and installing the ATM machines then do the simple arithmetic to know whether the commissions gotten will be able to pay the bills. If the figures are good then go ahead.

[michellee]

I think you need to ask with the government about your idea to build bitcoin ATM because it's related with their regulations. And if they approve the crypto, then you can start to make a company, and you can place the bitcoin ATM. I think there will be many people will involve in this business since you need approval from the other business owner if you want to place the ATM in their store. I guess you want to set the ATM in the malls or the shopping center, so you need approval from them too.

[gabmen]

Due to the high demand of the people to bitcoin, the bitcoin atm is now a trend because users can easily buy bitcoin through bitcoin atm. There are now also businesses in my community that accepting bitcoin and that's why there are now bitcoin atm in my community.

Well depending on where you're located that is. If people in the area are mostly aware and are crypto literate, then i guess the cost of setting up a btc atm would at least be worth it.  Generally though, it's not going to be as profitable as we would like especially with the state of the market and crypto at the moment.

[Theb]

The same rule will always still apply, if you think that you are creating a business on a market with no competitors it is the best time for you to gain as much market share possible before a new company enters in your market. Just like in any business your top 3 priority is Location, Location, Location as this will determine the convenience and availability your service has for its customers, the other part of course is marketing your new service, since you know it yourself that as of right now there are no existing Bitcoin ATMs in your country its the best time now to introduce that you are the first one to make it available.

[dongyi17]

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 !!

In my opinion I think no, because its defend in the market price of bitcoin and also its defend in your government if they support that kind of business. ATM is profitable business but in cryptocurrency i suggest don't do it. Because the price of cryptocurrency is unpredictable.

[metalglowd]

Well, for right now it seems like the Bitcoin ATM business is not a good thing. People prefer efficiency and buying bitcoin from exchangers is something more efficient than having to go out just to get an ATM like this. Moreover, The crypto hype is currently weakening so this is the bad time to make that kind of choice

[Fredomago]

Due to the high demand of the people to bitcoin, the bitcoin atm is now a trend because users can easily buy bitcoin through bitcoin atm. There are now also businesses in my community that accepting bitcoin and that's why there are now bitcoin atm in my community.

Nice hearing that as it will add more information about bitcoin from your community, having this atm will bring curiosity with people who's not aware yet regarding to crypto/bitcoin industry, I also wanted to see how this atm will bring profits to people who'll going to take part of this kind of business, I'm interested to learned how things works and if there's estimated percentage of income per months.