Bitcoin, the most valuable cryptocurrency of all time. It is the highest-grossing crypto, which touched 20K$ in 2018. But later dropped drastically. After many extensive usages of crypto and growing crypto market, some counties allowed it as a tender.
The BTC market is blooming up largely. That’s Why, The first BTC ATM is proliferating and installed in Vancouver, Canada in 2013.
That time BTC is not a well-known phenomenon, but BTC ATM was installed at that time for establishing crypto. Fast forward to 2019. In 2019, the usage of crypto and crypto ATM is mooning.
Till now, according to the reports by Coin ATM Radar, there are almost 5,000 + BTC ATM established throughout the world. From New York to Hong Kong, Moscow to London, and Buenos Aires to Sydney, you can find BTC exchange ATMs.
Well, not only in these big cities or countries like the African nation of Djibouti is home to a Bitcoin teller machine.
The use of crypto, the more awareness, the high chances of profit makes the entrepreneur to install BTC ATM in nearby to earn profit from “Crypto gold rush.”
If you are an entrepreneur and want to make crypto ATM business, to earn some profit, then you will have basic ideas about the business.
Review regulations and laws:
The first and foremost task for you to understand all the rules and regulations acts in the country or state where you want to start BTC ATM.
The laws and clauses differ from country to country, state to states, and jurisdiction to jurisdiction. Better to understand all the requirements before starting the business to avoid the legal consequences.
If you don’t have an atm then you can use an exchange like tokens.net to withdraw and receive btc with easy and safe process.
Therefore it’s highly recommended to consult with crypto or finance lawyer before jumping into a crypto business. Ensure every flaw and up to avoid end consequences.
Find Bitcoin-friendly banking partners:
Now the next part is you need to find a cash partner for your day to day business. That’s why you need to find a perfect banking partner which allows trades with BTC.
Due to the volatility of BTC and crypto, many banks have been reluctant to bank Bitcoin startups. That’s why it’s always advisable to find a perfect banking partner.
Another thing is to find more than one banking partner to avoid any future law changes in your primary bank partner.
The Setup costs:
The price of the necessary inventory and set up costs depends on many factors. The ATM costs USD 775 for a BitTeller BTM to USD 14,500 for a two-way Genesis Coin Genesis1 model.
Also, you need to calculate the Delivery costs, installation costs, taxes, and import duties in the setup costs as well.
The management includes providing customer support, stocking cash in ATM, end to end relationship with a bank partner, and many more. It requires a considerable cash management team on the ground to run this business smoothly.
If you want to invest in this business, it’s better to do proper risk calculations before investing. Laws, banking partner, set up cost, and management everything needs to be perfect. Well, it’s a profitable business model if everything is done right.