Anyone in the Bitcoin ATM business?

[plvbob0070]

I'm not really sure it bitcoin ATMs are growing despite the COVID issues since I can't feel it. But l think it depends on the country and the adoption they have when it comes to bitcoin. In my country, I have not recently heard any news about the growing number of bitcoin ATMs, as well as the number of people actually using it. And as far as I know, we only have like 4?

But generally, some articles said that it's indeed growing but mostly in North America. Perhaps people there find it helpful during the pandemic.

Code:

https://www.companynewshq.com/coronavirus-news/bitcoin-atms-hit-7500-across-the-globe-amid-covid-19-pandemic-btcmanager/
https://tokenpost.com/Bitcoin-ATM-transactions-increase-amid-coronavirus-pandemic-5478

[sheenshane]

I think we can give accurate advice if OP will give a specific place where OP lives and for the ATM business, he wants.

Bitcoin ATM is a good business but this depends on where the place you want to build and put your ATM machine, renting in mall, market, etc. as long as public places are a good point. But, I think you must consider the users too. Probably it is good if you have a survey on such a place where you planning to have your Bitcoin ATM.

A small tip, just do the math all of your cost and compare it to the small merchat. Just like compute the total revenue – total expenses = profit. The profit is calculated by deducting direct and indirect total costs.

[fiulpro]

How is going? Seems like machines continued fast growth during Covid... has it been a good year for the BATM owners?

United States. According to Coin ATM Radar, there are more than 2,342 Bitcoin ATMs in the United States as of January, 2018, with small shop owners earning a reported $300 a month for rental space. Transactions fees for ATM use are approximately 16 percent, while online transaction fees run about 7.5 percent.

Okay , this statement i found from Google is honestly very accurate. With approximately 2000 ATM's in the US alone , I do think there would be a lot of companies and individuals involved in this business.
But then comes the completion , competition from 2 sides :-
1. Competition with the various ATMs already in existence
2. Competition with the online exchanges which are giving much better deal

With the prevalent , internet , online banking, instant buy/sell programs , one can very easily opt out of the ATM system , before you go into this business you should ask yourself one question:

- What would you offer in the ATM you own that will make it different and more attractive to the users.

_*_

I want to address one idea I had when I thought about asking my family to Invest in this business:-

ATM + slot machine , maybe everyone who uses the ATM gets a free spin in the slot machine which will be along with the ATM, you have to make sure your ATM is situated in a crowded place.

( Might be a weird idea but I think it has some scope )

[thesmallgod]

How is going? Seems like machines continued fast growth during Covid... has it been a good year for the BATM owners?

Do you own any ATM? If yes where did you got that? Can anyone get in to this business? I am interested in this. can you help me by providing any link?

First, you need to know the stance of bitcoin trading by your government in your country. Also, you have to register your business with the government. If you are a registered local exchanger, then it could be a new adoption to the list of your services. you need to get the list of BTC ATM makers and assess which one will be the best for you. There are many manufacturers but the most common ones are Genesis coin, General byte, Bitaccess, coinsource.
you can find the comprehensive list here https://coinatmradar.com/manufacturers/
The price of the ATM varies depending on the transaction charges and sizes

[carlisle1]

I think we can give accurate advice if OP will give a specific place where OP lives and for the ATM business, he wants.

This is very important information, readers who knows about it will able to guide OP and answers those queries if this informations has been supplied properly / completely.

Bitcoin ATM is a good business but this depends on where the place you want to build and put your ATM machine, renting in mall, market, etc. as long as public places are a good point. But, I think you must consider the users too. Probably it is good if you have a survey on such a place where you planning to have your Bitcoin ATM.

In every business, planning ahead is very important surveying the place checking
if there's active people that will patronized your business needs to consider first.
You'll be able to make a good outcome if you do this task before starting.

A small tip, just do the math all of your cost and compare it to the small merchant. Just like compute the total revenue – total expenses = profit. The profit is calculated by deducting direct and indirect total costs.

Perfect to start up a business, all those inputs are important while you are assessing things up , knowing that there's a good

benefits after summing it up will gives you a go signal to proceed into your plan.

[adzino]

How is going? Seems like machines continued fast growth during Covid... has it been a good year for the BATM owners?

Do you own any ATM? If yes where did you got that? Can anyone get in to this business? I am interested in this. can you help me by providing any link?

You can buy one for yourself and start a business. But you will need license and other stuffs. Restrictions are going to be based on the countries law.
But I can imagine based on the number of new atms popping up daily the afford you will be giving to set up a business is going to be well worth. You can use the coinatmradar app on your phone to look for bitcoin atms near you. Go to manufacture section, look at the brand names and google it. You will get all the information over there.

[cheezcarls]

How is going? Seems like machines continued fast growth during Covid... has it been a good year for the BATM owners?

I was thinking the same thing, but may need a lot of money to invest for having my own BTC ATM machine. However, it also needs me to pay a huge amount of money to legalize and regulate it to be operational in my country.

One of my friends invited me to come with her in an office of her business contact. I see that he had like 10 Bitcoin ATMs, but wasn’t ready yet to be deployed due to legal and regulatory requirements needed to be processed.

I would really want my own Bitcoin ATM, but need more funds to invest for it.

[Rengga Jati]

Probably, many more people like to know and also own BTC during this pandemic because they know the advantages of using this for payment, investment, and also other benefits. But for such an ATM, it is probably only in several countries. Not all of the countries may welcome the BATM. That is why it will depend on where you live. Probably you know about it because it is around you or from any source on the internet. But so far, the growth of BTC ATM is increasing. We can check on the https://coinatmradar.com/ and we can see from the general map of BTC ATM below:

Do you own an ATM? If yes where did you got that? Can anyone get in to this business? I am interested in this. can you help me by providing any link?

You can check it here:
https://coinatmradar.com/how-to-start-bitcoin-atm-business/

[Yatsan]

How is going? Seems like machines continued fast growth during Covid... has it been a good year for the BATM owners?

I was thinking the same thing, but may need a lot of money to invest for having my own BTC ATM machine. However, it also needs me to pay a huge amount of money to legalize and regulate it to be operational in my country.

One of my friends invited me to come with her in an office of her business contact. I see that he had like 10 Bitcoin ATMs, but wasn’t ready yet to be deployed due to legal and regulatory requirements needed to be processed.

I would really want my own Bitcoin ATM, but need more funds to invest for it.

And in addition to that, it may not really be a profitable since, it will depend on the location and the people's awareness to the cryptocurrency or bitcoin itself. On what I see is, after you pay all of those fees the renting fee will be there too, to take an awesome spot for you bitcoin ATM. It will be a risky business since you need a lot of money to buy one of those and a lot of legalities and after that, the profit is not sure. And in our current situation right now, with this virus, it will really be hard enough to make Bitcoin ATM into a profiting business. (just for me)

[The Sceptical Chymist]

However, it's not that easy to garante the profit as the operator has to target several factors like the location, the legislation,the bank relationships,...and many other factors.

Yeah, I would imagine it would be extremely hard to try to estimate how much profit you're going to make by running a BTC ATM.  I'd really like to know how much use they get--I know the US has a ton of them spread all over, but that doesn't mean people are actually using them.  And even if someone wanted to buy bitcoin and had easy access to a BTC ATM, it would cost much less to use Coinbase or LBC or some other service.  The premium you pay for bitcoin over the spot price by buying it at an ATM is mind-boggling, and I'm not sure there are that many folks who need bitcoin badly enough to continue buying it that way.

And I'll tell you, if the fees they charge came down to a reasonable amount I'd be buying bitcoin at the ATM that's about 15 miles away from me every chance I could get--but as it stands, I could just buy it on the Currency Exchange section and get it at preev 1:1.  So to me it's just not worth it.

[olamidey]

How is going? Seems like machines continued fast growth during Covid... has it been a good year for the BATM owners?

Usually, banks own ATM machines except for those investing in off bank premises. As much as ATM are a big part of our banking system,  bitcoin ATM are not popular as portrayed.

You can only see ATM machine in country with wide acceptance of bitcoin. Now, these countries are not much so ATM machine will.probably be less than 100. For other countries where Crypto has been banned or limited, there's no ATM in those places
 It will be interesting to withdraw fiat or local currency from bitcoin ATM. Look forward to that experience.

[Yamifoud]

How is going? Seems like machines continued fast growth during Covid... has it been a good year for the BATM owners?

Not it actually makes a huge difference in our country, people are still using fiat money than having this ATM or even using more Bitcoin. I'd never see its fast development and for sure, it is the same as what it happens in the other country.

People at this time aren't much looking good to use BATM's but instead to go directly with their online wallet and make use of it. It saves them from being affected by the virus and time. Maybe we could see a continuous development for this if the pandemic is over and the health safety is secured, not probably this year is the best time for this.

[BtcATMs]

How is going? Seems like machines continued fast growth during Covid... has it been a good year for the BATM owners?

Do you own any ATM? If yes where did you got that? Can anyone get in to this business? I am interested in this. can you help me by providing any link?

Just based off installations... up around 38% since January...

https://coinatmradar.com/charts/growth/

[Heart18]

Never heard about it so far, but im interested about BTC ATM. However, it still depends on the Government of each country if they already legalized Bitcoin as a currency. And if ever there is really a Bitcoin ATM, i dont think i am capable of using it no matter how i really wanted to. Because, my country is still not recognizing bitcoin and refuse to accept it legally here.

[gainz666]

ive seen a  few , was going to use one but the price difference was $600 

i,d say if you have a shop in a town or city then it could be a good move as you can get listed on coin atm rador website and people will come and use it.

[erikoy]

ive seen a  few , was going to use one but the price difference was $600 

i,d say if you have a shop in a town or city then it could be a good move as you can get listed on coin atm rador website and people will come and use it.

Even if i will get the opportunity to have bitcoin ATM business i'd rather not because there are post here of a bitcoin atm owner that has been establish at mall and other areas to where he admitted that he put up an atm bitcoin to the authority where had told him that he is doing it illegal. He will probably gone to prison for that or it could be settle within the authority level. I hope that guy can still recover the losses that had been made after the arrest. So, if you are planning to have a bitcoin then be sure to register it to proper authority so one will not have problems when it comes to legal. It may cost you for the processing but at least you will be safe from getting arrested of illegal operating on bitcoin atm.

[BtcATMs]

Is this really a profitable business? For some reason I doubt it. I think crypto ATM is not popular enough.

It's hard to tell but the numbers suggest it must be profitable. Why else would people keep installing so many machines? The machines have grown 2,100% over the last 5 years. They predict an annual cumulative average growth rate (CAGR) of 55% over the next 5 years which makes them one of the fastest growing industries in the market (by far). I plan on getting in the business and it would be great to get some feedback. I think testing the waters is the only way to really know.

As far as regulation, it is definitely wise to do proper research. I know where I am the one-way machines have the same regulation as a vending machine. Two-way are a little more complicated but not much more difficult.

[rodskee]

Is this really a profitable business? For some reason I doubt it. I think crypto ATM is not popular enough.

Also adding to this concern, the pandemic virus that still at large are avoiding people
to go out and use this machine
Though, less this crisis and you place this machine to the right place, you'll be able to
benefits from this business.
There are already lots of people around the world that have knowledge about this investment
currency, so probably they'll be patronizing this machine.

[carriebee]

Is this really a profitable business? For some reason I doubt it. I think crypto ATM is not popular enough.

Also adding to this concern, the pandemic virus that still at large are avoiding people
to go out and use this machine
Though, less this crisis and you place this machine to the right place, you'll be able to
benefits from this business.
There are already lots of people around the world that have knowledge about this investment
currency, so probably they'll be patronizing this machine.

In my personal view it depends on the countries you belong if cryprocyrrency is already more popular. Just like in my country people are still into fiat use and some don't know this crypto. Although this bitcoin as business is good and can provide ease of use to the users. Still, some people have a lack of knowledge about bitcoin so it's best also to do some proper research before building a business like this.

[Ayiranorea]

Through an article came to know more than 70% of bitcoin ATM is located in USA. Rest were distributed on the rest of the countries. This means the business isn't diversified around the globe. It takes time, as people are not that aware as well as governments weren't that welcoming for the cryptocurrency and related businesses.