The level of interest in Bitcoin is growing all the time and many people are looking for a way to enter the market. One of the smartest ways for people who aren’t technically minded or who are unsure about the steps involved with obtaining Bitcoin to obtain the cryptocurrency is through a Bitcoin ATM.
Bitcoin ATMs are in high demand as they open the cryptocurrency market for all users, allowing simple access to this market. The fact that there is a prominent level of demand for these machines and the service they provide means that investors can prosper by entering this market.
Learn how to start a Bitcoin business
If you are keen to learn how to start a Bitcoin business, the following steps are important:
- Review the legality of Bitcoin ATMs in the area you wish to operate
- Arrange for space where you can set up your machine – You should be able to access it easily and there should be a strong level of passing traffic or footfall
- Decide if you will use a hot wallet, which you’ll need to monitor, or whether you will use a machine that is pre-programmed to an exchange
Bitcoin ATMs are highly cost-effective. In the autumn of 2018, these machines were priced at around $10,000 per machine, with the October 2018 exchange rate converting to around £7,745; although the machines will likely be more expensive in the UK.
However, after the initial investment, there is unlikely to be too many other costs involved with the machine. Costs you may have to consider include where the machine will be placed, your cost in maintaining the machine and stocking the machine.
These ongoing costs should be factored into the money you hope to make, but they shouldn’t pose too much of a barrier to achieving success with a Bitcoin ATM. There are also many styles of machines to choose from, so make sure you review your options and select the one that is best for you. You’ll find a vast range of BTC machines by SatoshiPoint.io, so check these out to familiarise yourself with what is available.
Problems with Bitcoin ATM machines
As Bitcoins and cryptocurrency are a modern feature, never mind Bitcoin ATMs, it is understandable that there have been some problems with Bitcoin ATM machines.
One issue is that there very little consistency with respect to laws regarding Bitcoins or indeed ATMs for the currency. There was a famous incident in 2015 when a Bitcoin ATM was shut down in the state of Vermont. This was because there was a difference of opinion as to the legal status of the ATMs.
Bitcoin is becoming much wider known and used
However, as cryptocurrency becomes more well-known and legislation takes account of it, this sort of incident shouldn’t occur. The importance of cryptocurrency is being quickly recognised and most places are keen to ensure that they allow legal transfers and use of Bitcoin and other currencies.
Another problem with Bitcoin ATMs relates to exchanges and the volatile nature of the market. A quick change in value may lead to a run being placed on your machine or excessive costs being placed on the use of the service. Ultimately, the benefits available with Bitcoin is down to the fluctuations, and it would be impossible to obtain the rewards if there wasn’t also a risk.
Therefore, if you are considering setting up a Bitcoin ATM, be aware that market behaviour may impact on how your machine operates, but you can prepare yourself for these challenges.
Given the demand for Bitcoin and the need to simplify entry into the cryptocurrency market, setting up a Bitcoin ATM business is likely to be of value.