As the cryptocurrency and bitcoin sector continues to gain popularity, operating a bitcoin ATM might just be the side hustle that your business needs. If your business is established at a location that is teeming with a vibrant population of tech/ cryptocurrency savvy individuals, you might be on to a profitable venture.
If you have ever given a bitcoin ATM business a thought, then this post is for you. In this article, we will be discussing the necessary steps that you need to take before setting up your bitcoin ATM business.
Running a bitcoin ATM business is not different than running any type of business. Almost all the same rules apply in both scenarios, but there are some important factors that you need to pay extra attention to.
Registration and Regulation
Like every other business, you need to register your bitcoin ATM business. But for you get to the point of registration, it is important to get familiar with the regulations in the country where you plan to establish your business. Cryptocurrency is still not fully understood by the majority so regulation can be quite complicated, especially in countries where proper regulations have not yet been structured.
Ensure that you fully understand the requirements of registering a bitcoin ATM business to prevent unnecessary issues with running the business.
Secure the best location to operate your bitcoin ATM business. The location has proven to be a very important factor when setting up a business, except you are an online business. Customers will not travel a long distance to use a service that they can get in the next street, or at a popular business area where they can get other things done at the same time.
Cryptocurrency just isn’t that popular yet, so you might want to stick to areas where you are sure that there is a good population of cryptocurrency users. Not just cryptocurrency users, your bitcoin ATM business might attract people who like to associate with businesses that are progressive and appreciative of innovations.
Cash and Logistics
Since you are going to be handling cash at your bitcoin ATM that customers can exchange for bitcoin, you must ensure that you have a proper system in place. You should consider employing personnel knowledgeable about bitcoins, and more importantly a person that can operate the machine and help customers out. Establishing a relationship with your bank will also be helpful.
You must have a clear plan on how you will refill your bitcoin ATMs so that you do not leave your customers hanging due to a lack of fiat or BTC.
Workout Your Profit Margins
Every business owner must have a clear idea of how much profit they will be making from their business venture. Not having a clear plan in place is like flying blind at night. You need to lay out all the cost of running the bitcoin ATM business and the profit made on every transaction over a period of time. This is how you know if it will be profitable for you.
The Bitcoin ATM Machine
Now that you have made the decision to invest in the bitcoin ATM business, you will need to take your time to figure out what type of bitcoin ATM is best for you. There are several companies out there that offer their machines with flexible plans. You can lease, rent, or own a bitcoin ATM machine. One campanula that you should consider when shopping for a bitcoin ATM is SatoshiPoint, they have the largest bitcoin ATM network in the UK in more than 32 locations. If you need more information, visit SatoshiPoint.io