how to start a bitcoin atm business + course

How to Get Started with a Bitcoin ATM Business

• Step 1: Determine local regulations in your area. It is important to be aware of any regulations pertaining to Bitcoin...
• Step 2: Choose the right bank to work with. You’ll need a bank account to operate a Bitcoin ATM. This is the account you...
• Step 3: Choose a wise location for your Bitcoin ATM. This is an important factor...

Full Answer

How to make your own Bitcoin ATM?

• Add your location in the search bar located on the top left corner.
• Click the search icon to see a list of the nearest ATMs.
• Pick a Bitcoin ATM and then click ‘Get directions’ to get the exact Google maps location and address.

How much can you make with a Bitcoin ATM?

Your seed capital depends on the following factors:

• the type of hardware (we’ve covered different types of Bitcoin ATM machines that vary in price);
• ATM manufacturer of your choice;
• initial lending fee (if you are not a business owner already).

How to start accepting bitcoin for your business?

• Transparent fees (no hidden commissions or exchange rate gaps);
• At least 10 different types of cryptocurrency accepted, plus several fiat currencies;
• Instant crypto-fiat conversions and direct fiat settlements;
• A security audit report.

How to use Bitcoin ATM for beginners?

The buying process varies slightly from BTM to BTM but, generally, to process works as follows:

• Access the BTM dashboard
• Type in the amount of bitcoin you want to purchase
• Enter the cash amount into the BTM
• Scan your wallet’s QR code to receive the bitcoin
• Wait for the transaction to confirm
• Receive the coins in your wallet to complete the transaction

What is an ATM?

ATM stands for Automatic Teller Machine, which is a banking terminal that accepts deposits and dispenses cash.

Can I withdraw Bitcoin from ATM?

yes, you can. You need to log in to your account on the Bitcoin ATM, select the withdrawal cash option, then enter the amount of cash and send Bitc...

How many bitcoin ATMs are there?

There are more than 5000 Bitcoin ATMs around the world. Most of them are in the U.S.A.

Can I transfer Bitcoin to my bank account?

No, you can't. You can sell your Bitcoins to somebody who then transfers money to your bank account or you you can sell them at an exchange and wit...

Who owns Bitcoin ATMs?

The main Bitcoin ATM manufacturer are Genesis Coin and General Bytes (first has 34.6% of the market share, and the second has 30.3%).

Process Explained

Choose between Bitcoin ATM models and place the order by adding machines to your Cart and initiating order requests. Our team will get in touch in the next 24h. The invoice for the machine order will be sent to your email.

Our Bitcoin Kiosks

ChainBytes Offers 2-way and 1-way Bitcoin ATMs. Click on the machines below to find out more.

Operator Experiences

Watch these 4 videos to learn about the operational experience of two of ChainBytes Operators. In the video, the operators are giving us their take on the operation, operational costs, and profit from Bitcoin ATMs.

Where are Bitcoin ATMs popular?

The popularity of Bitcoin ATMs, also known as BTMs, has grown particularly fast in countries with volatile financial markets like Venezuela where citizens like quick access to global digital assets like Bitcoin. Citizens in these countries are interested in quickly offloading their country’s currency for a digital asset ...

Can you link a BTM to a bank account?

Ideally, BTM owners should be able to link a bank account to their machine. Although this is not available in all jurisdictions or by all banks, this seamless process allows funds to be wired to exchange as the cycle repeats and machines need to be replenished.

Do BTMs have warranty?

Because BTMs are a relatively new business, there isn’t always a ton of available resources available when it comes time to troubleshoot your machine. Some BTM companies provide limited warranty & equipment insurance. In some cases, they even provide local tech support.

Is Bitcoin ATM ownership clear cut?

But, Bitcoin ATM ownership isn’t super clear cut and there are certainly some important things to keep in mind before diving in. Here, we’ve broken down everything you need to know to start a Bitcoin ATM business.

What is the average BTM fee?

Currently, the average BTM fee is 8.48 percent for buying bitcoin and 5.64 percent for selling, according to Coinatmradar’s calculations.

What are the BTM manufacturers?

Some of the most popular BTM manufacturers include Genesis Coin, Lamassu, General Bytes, and Bitaccess. Plan for customer support and maintenance: A BTM operator should strive to provide excellent customer service, and a point of contact for customer support is vital.

Is a BTM useless?

The cost of stocking bitcoins and cash is also a big consideration since a BTM will be useless if it is out of money. Many people don’t assess all risks and all activities required to run a machine. In addition, a new category of expenses relating to theft and vandalism of BTMs is becoming significant.

What is Bitcoin ATM?

The day-to-day management of a Bitcoin ATM business involves providing customer service to users who are having issues with the machine, doing cash runs to either restock the machine or to bring cash to the bank, ensuring everything runs smoothly with the exchange integration, prices feeds remain operational, and that the machine is running without glitches.

Can you run a bitcoin teller machine?

First and foremost, you will need to check what the legal and regulatory situation is in the country or state you want to run your operation. The legal framework for operating a bitcoin teller machine can differ significantly from jurisdiction to jurisdiction and not complying with laws when it comes to cryptocurrencies is a surefire way to suffer serious legal consequences.

Do I need a bank account for bitcoin ATM?

Therefore, you will need a business bank account at a bank that is willing to provide its services to a bitcoin business.

Find an Operator

The first thing that you need to do is to find a company that specializes in bitcoin ATMs. One of the best options that should be on your radar is Coin Cloud ATM. The latter will provide the infrastructure that you will need for the business, including the actual machine and the program that will run it.

Choose a Location

Even in this digital age, business location is still critical for success. Therefore, if you are planning to host a bitcoin ATM, another crucial consideration will be the location. If you currently own a brick-and-mortar business, this will be the perfect place for the ATM. Make sure that it is somewhere there is high foot traffic.

Pick the Right Type

There are different types of bitcoin ATMs, the choice of which will depend on your goals as a business or demand in the location. There are one-way ATMs, which will allow the users to either just buy or sell. There are also two-way ATMs that will allow them to do both. Most of the bitcoin ATMs only facilitate a one-way transaction.

Market Effectively

In most cases, you will have to market two things – the business where the ATM is (often a restaurant, shop, or gas station) and the actual ATM. You will need to get the word out to attract people and make them use the ATM. One of the best ways to do this would be through tapping social media.

Consider the Costs Involved

Of course, you also have to think about the costs of the ATM business. Inquire about the fees that you have to pay, including the payment for the machine, installation, and maintenance, among others. Ask for a quote from multiple ATM providers to find one that suits your budget.

Step 1: Determine local regulations in your area

It is important to be aware of any regulations pertaining to Bitcoin ATMs in your area. Some jurisdictions will require a Money Services Business (MSB) registration, or other forms of licensing and/or permitting before your business can begin operating.

Step 2: Choose the right bank to work with

You’ll need a bank account to operate a Bitcoin ATM. This is the account you will use to deposit cash from the machine to wire to exchanges, which can then replenish the Bitcoin ATM’s hot wallet with BTC, which is sent to the customers buying bitcoin.

Step 3: Choose a wise location for your Bitcoin ATM

This is an important factor that should not be overlooked. In fact, it might be the single most important factor determines whether or not your business will be successful. Ultimately, the transaction volume per machine is what will make or break your bitcoin ATM operator business.

Regulation

With all developments in Bitcoin area over last couple of years one thing became more prominent — regulation. Bitcoin ATM business is not an exception. In many jurisdictions you need to get special licenses like MSB or others in order to conduct such a business. Running a bitcoin ATM without complying with law might end up bad.

Bank relationships

In order to operate a bitcoin ATM you need to have a bank account.

Location

If you are the owner of a brick-n-mortar business — this is not a question to consider as you probably would like to place it at your location. Placing a bitcoin ATM might increase foot-traffic to your store and this is additional revenue stream for the shop.

Bitcoin ATM type

The next question is which bitcoin ATM type to chose. There are broad categories like one-way or two-way, for example. So if you would like not only to allow customers to buy bitcoins, but also sell bitcoins then you need to look for a more expensive two-way solutions.

Volume and Fee size

In order to start new business one needs to do profitability calculation in advance and have at least rough business plan. CoinATMRadar provides a Bitcoin ATM profitability calculator by using which you can easily define approximate costs and calculate ROI with detailed report.

Proper customer support services

When you run a bitcoin ATM it is very important to provide best services to customers. Operator has to monitor whether machine is operational and bitcoin funds are in place etc. Negative publicity spreads quickly.

Why is it important to have an ATM in high traffic areas?

High traffic areas also provide a certain level of security and comfort among users . Isolated machines away from security cameras or the public eye present an increased risk of vandalism and theft.

What is an ATM processing agreement?

Finally is the ATM processing agreement. This document lists your rights and obligations as the ATM owner as well as the rights and obligations of the ATM processor. It’s the legal contract between you and the ATM processor that runs your ATM machine program.

What are the characteristics of an ATM?

Generally speaking, the best ATM locations typically share the same characteristics: cash only, high traffic, good reviews, liquor license, distance from other machines, and convenience for you.

How much is the average ATM surcharge?

You want to offer a competitive surcharge while also setting yourself up to make as much profit as possible. The average ATM surcharge fee is about $2.50. Depending on the competition in your area, you can raise or lower that fee amount.

Review Regulations and Laws

Find Bitcoin-Friendly Banking Partners

The Setup Costs

• Below are some key steps to take when starting a BTM business. Having a business plan: A good business planwill help you formulate your business strategies and ascertain if it will be profitable as well as when breakeven will be. Check the regulations: Some jurisdictions may require ATM businesses to get a license. The cost may be ballooned and the...

See more on news.bitcoin.com

Day-To-Day Management

How Much Can You Expect to earn?