The level of interest and passion for bitcoins is growing rapidly. For that reason, most people search for a way to buy and sell bitcoin in the market. One of the smartest ways is to obtain bitcoin through ATMs.
The idea of starting a bitcoin ATM business can become a great way to tap into a growing sector. However, investing in these ATMs is basically not a super clear cut because there might be things to put across before you dive in. To help you get started with the venture, here are some of the tips you may need to consider.
- Review Laws and Regulations
If you plan to start a bitcoin ATM business in America, there is a lot to consider than just purchasing a kiosk from Lamassu, General Bytes, or Genesis Coin. You will also have to be compliant with laws at the state and federal level.
Though the price and the work required to stay compliant might be more for some ATM owners, especially when they are handling more than one kiosk. For that reason, it would be necessary to research and follow the basic guidelines, which your attorney will offer you.
- Pick a Suitable Location
The number of cryptocurrency ATM locations has grown tremendously amidst the coronavirus crisis and nationwide lockdowns. With many machines set up every month, it would be important to strategically locate your bitcoin ATM.
While higher-end restaurants might yield a high amount of bills, which may be paid through credit cards, casual locations can also be great places for your ATMs. For you to attract customers, it would be necessary to consider the cleanliness of the location to avoid rodents. Beyond setting up your bitcoin business close to restaurants, you may also consider locating your machine near:
- Entertainment venues
- Consider Daily Management
A bitcoin machine is something that can be operated remotely. Either you or a trustworthy worker will have to carry out a ground check on ATMs, handle cash management, or conduct maintenance. Good management of an ATM may encompass offering customer services to consumers who have problems, ensuring it runs smoothly and doing cash runs by restocking your machine or bringing money to the bank.
- Choose a Manufacturer for the ATM
Once you choose a suitable location, you can look for the best bitcoin ATM manufacturer, such as Bitxatm. This manufacturer is one of the popular machine providers, which sells two kinds of product series; the White Label and Sumo ATM V.4S. People who buy the White Label include their logos on the background and can feature interactive and personalized elements. On the other hand, the V.4S is designed from the industrial-grade components. The play and plug setup in the machine is simple and may take about 30 minutes to install. The best thing about this machine is that it can also allow other types of cryptocurrencies, such as BCH, LTC, and XMR. However, if you want other reliable manufacturers, you may consider:
Nowadays, starting a bitcoin ATM business has become one of the professional areas that need preparation steps. You will need to be acquainted with the laws and regulations in your jurisdiction, register with a cryptocurrency exchange, and find the best location. Last but not least, you might also have to find a dependable manufacturer and be ready to offer the best customer service.