New technologies and innovations give rise to new markets and a value chain of opportunities for investors. This is the case with Bitcoin. Things are getting quite heated up in the Bitcoin ATM sector in terms of buzz and people wanting to take advantage of the opportunity. This can be attributed to various factors, including improved technology, an increase in demand, and more functionality. The major factor here is increased demand – more investors are looking in the direction of automated business structure as an entry point into the opportunities that the Bitcoin business sector offers.
It is safe to assume that there is a new Bitcoin ATM installed in various cities across the world every day. The great thing about this standalone cryptocurrency hub is that it opens the crypto market to everyone, even those who don’t have the technical knowledge about it. What this really means is that anyone, whether Bitcoin enthusiast or non-bitcoin enthusiast can walk to a Bitcoin ATM and buy or sell Bitcoin. Many experts in the industry have viewed Bitcoin ATMs as the missing link between everyday consumers and the crypto market. These Bitcoin machines are quite easy to operate, and they offer crypto investors a viable alternative to fiat-to-crypto exchange platforms.
A Bitcoin ATM Business might be perfect for you if you are looking for a cost-effective business to start. Many consider investing in a Bitcoin ATM as the most cost-effective business in the BTC industry for many reasons. These machines do not run in a lot of electricity, so you are not likely to run a high electricity bill on these Bitcoin ATMs. Another reason is that they do not require any additional hardware, they are practically plug-and-play machines. These factors reduce the cost of operating a Bitcoin ATM, making it attractive to miners.
Some Bitcoin ATM units are preprogrammed to an exchange. These units don’t need you to restock a hot wallet or attach any to them. They basically allow users to purchase Bitcoin directly from the exchange that is programmed to them, which is then transferred to the Bitcoin ATM user. This is a perfect option for those who are trying to save in startup costs. If you are going to operate this type of units, it is advised that you pass in the exchange fees to your customers to avoid giving some of your profit away.
Some Bitcoin ATMs require that you restock a hot wallet, which can generally impact on your running costs. This can be difficult for individuals who do not have a robust Bitcoin investment. You will need to keep an eye on your wallet to make sure that your customers will always have access to Bitcoin.
If your business is located in an area where many customers can sell their Bitcoin using the Bitcoin ATM, then you might need to stock your ATM with cash. Countries like South Korea and Japan already have provisions that allow their citizens to take cash for Bitcoin. In the US, there are still restrictions that allow this option to be accessible to customers due to regulations surrounding fiat currency exchanges.
Companies like SatoshiPoint are making it possible for users and businesses to benefit from the crypto market. With over 32 ATM locations in the UK, SatoshiPoint Bitcoin ATM remains one the Bitcoin ATMs with the most coverage. In the coming years, we are likely to see more Bitcoin ATMs as much as regular ATMs, or even ones that accept all kinds of (crypto) currencies.