ChainBytes team, Author at ChainBytes https://www.chainbytes.com/author/fggdwmfpbqdmrtmdwrgorbs/ We provide Bitcoin ATM machines and blockchain software development Thu, 03 Nov 2022 00:20:46 +0000 en-US hourly 1 https://www.chainbytes.com/wp-content/uploads/2018/08/200x200-chainbytes-100x100.png ChainBytes team, Author at ChainBytes https://www.chainbytes.com/author/fggdwmfpbqdmrtmdwrgorbs/ 32 32 How to Make Money in Bitcoin through ATMs https://www.chainbytes.com/how-to-make-money-in-bitcoin-through-atms/ https://www.chainbytes.com/how-to-make-money-in-bitcoin-through-atms/#respond Wed, 21 Jul 2021 15:51:16 +0000 https://www.chainbytes.com/?p=11307 The post How to Make Money in Bitcoin through ATMs appeared first on ChainBytes.

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How to make money in Bitcoin through ATMs?

The potential of Bitcoin is now known to a pretty significant portion of our country. At least a recent survey found that 46 million Americans have at least one satoshi. That means that 17% of the total adult population in the US is already holding, trading, or conducting business with cryptocurrencies, which clearly shows that Bitcoin is in the financial mainstream. And in addition to trading in Bitcoin, more and more people are discovering additional opportunities of the largest and oldest cryptocurrency. For example, here you are, the Bitcoin ATMs, where we could see an increase in their numbers every month since 2015 worldwide.

 

Buy Bitcoin ATM ChainBytesThe opportunities in Bitcoin ATMs

According to the latest data, as of January 2021, we were able to start the year with more than 15,000 Bitcoin ATMs, and since then, that number has grown incredibly. We have now crossed the threshold of the 20,000 ATMs. And most of the growth is happening in the United States, as 90% of all Bitcoin ATMs were in North America at the end of 2020. If we look at a map, we can see that there is currently no such state where there is not at least one BTM.

There are two types of Bitcoin ATMs, the simpler one-way ATMs that can only be used to buy BTC, and there are also two-way ATMs with which we can also sell cryptocurrency. The two-way crypto ATMs seem more appealing to the end customers. As per the “Hippo Kiosks” operator:

“The two-way ATMs are processing higher volumes of transactions than our one-way units. It appears that customers are more likely to purchase a bit larger amounts of crypto from the two-way Bitcoin ATM since they know that if they are in need, they can easily come back and sell Bitcoins for cash using the same kiosk, that is not the case with one-way units.”

Behind the growth is the need for more and more people to access Bitcoin and other cryptocurrencies easily, and for that, a tool like a BTM is the perfect solution. Bitcoin itself has faced some pretty significant challenges since its release in 2009. The first was a lack of information and knowledge, as not many people knew what it was all about. Plus, no one except a few enthusiasts knew where and how to buy BTC. At that time, Bitcoin ATMs were a rarity, the first in the world appeared in Canada in 2013, but not long after that came the US, where, in 2014, a Bitcoin ATM appeared in a bar in Albuquerque.
Back then, companies still had to fight to convince business owners why a Bitcoin ATM in their shop was good for them. That is not the case at all today. As more and more financial institutions and companies recognize cryptocurrencies as legitimate investment assets, more and more individuals are also interested in cryptos. This also means a growing demand for Bitcoin ATMs, as it is becoming more profitable to operate them. And Covid-19 has also helped the sector continue to grow, as millions have sought decentralized forms of investment due to economic hardship. Unsurprisingly, even Coindesk.com reported that in April last year, in one of the most challenging months of the pandemic situation, most Bitcoin ATM operators reported an increase in transactions. Moreover, according to Google search data, the number of searches related to Bitcoin and the operation of Bitcoin ATMs has also increased during this time.

 

Profit from a Bitcoin ATM

There are several ways for a store or a service provider to profit from operating a Bitcoin ATM (or a crypto ATM). We’ll cover the most obvious right away, just look at the direct profit from fees the operator is charging for the transactions on the machine. The fee charged is the direct profit for the owner of the machine. Besides the direct profit from the operation, you can, for example, increase the turnover of a store if you have a Bitcoin ATM at the premises. If this is even accompanied by a normal ATM, then significantly more people will come to that place. We often hear stories about customers willing to travel an hour or more to get to the nearest Bitcoin ATM, and once there, they also arranged their shopping. Returning customers are also common. We can safely say that it also has an advertising value since each of the many bitcoin ATM maps, such as Bitcoin atm map, has the name and contact information of a particular store.

There are business owners who are afraid to get involved in such a project because they think they don’t have enough knowledge about bitcoin or just running such a machine. Well, they also have nothing to fear, as providers such as Chain Bytes are available to configure and maintain BTMs remotely, assuring that machine owners do not need any programming or technical knowledge to own or operate Bitcoin ATMs. So if we want to run a bitcoin ATM too, all we have to do is purchase a Bitcoin ATM and the provider will take care of the setup for us.

 

The earning opportunities provided by BTM

In the case of a traditional ATM, merchants or shop owners, who provide space for the machine, receive a commission based on how many people used the ATM during the given period. This also means that you can’t make much profit from such a machine in a bad period like the pandemic situation was now. In contrast, in most cases, Bitcoin ATMs already generate money for us simply by placing them in our store. This is the so-called rental option, in which case we really only need to provide space, electricity, and internet and then wait for our fixed monthly income.

If, on the other hand, we want to go further down the way, providers like ChainBytes are also offering a scheme to contract as an operating partner. With this option, we will get a certain commission for each monthly transaction – in the case of very busy places, it is worth getting into it.

Since quite a few parameters can affect how much we can earn as an owner and operator of a Bitcoin ATM, only estimated numbers are available. With average fees currently between 10-15% It also means that we can have a good ROI on the money we spend on the Bitcoin ATM.

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]]> https://www.chainbytes.com/how-to-make-money-in-bitcoin-through-atms/feed/ 0 ATMIA Las Vegas 2021 Recap https://www.chainbytes.com/atmia-las-vegas-2021-recap/ https://www.chainbytes.com/atmia-las-vegas-2021-recap/#respond Wed, 07 Jul 2021 20:32:31 +0000 https://www.chainbytes.com/?p=11121 The post ATMIA Las Vegas 2021 Recap appeared first on ChainBytes.

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We knew Bitcoin ATMs were buzzing in the US when our team showed up at the ATM Industry Association (ATMIA) Event in Las Vegas because it wasn’t just the city making noise; it was Bitcoin. Our “dynamic duo” of a sales team, Keith Smith and Mike Salvi, showed up promptly as the staff were set up. They started up conversations with all the workers who, to their surprise, had an unsuspecting amount of knowledge on cryptocurrencies and Bitcoin. We could spend hours talking about Bitcoin with anyone, and they practically did with these guys before eventually making their way back the following days for the main event.

ChainBytes Bitcoin ATM team at ATMIA

(Pictured left to right: Mike Salvi, Sales Representative and Keith Smith, Director of Sales at ChainBytes) 

If you were at the event, it would be difficult not to notice our sales team. They most likely made you laugh and most definitely taught everyone there who would listen about Bitcoin ATMs. 

A Bitcoin Turning Point for the ATM Industry

It was our first appearance at ATMIA, and it was surreal to see a lot of smiling faces in the light of this pandemic. Almost half of the entire event was somehow Bitcoin and Bitcoin ATM-related. According to previous ATMIA conferences, this is an unusual and new development. Our Director of Sales, Keith Smith, believes that “Bitcoin ATMs are becoming a market giant in the ATM industry and it’s become apparent to many in the ATM business that BTMS is a must-have in their fleet operations.” This is a huge turning point in a cash management industry that used to rely solely on ATMs. And, it also ties into why a lot of ATM industry-specific entrepreneurial groups have reached out to us for special presentations to their audiences. We’re coming into an era that any operator not looking at Bitcoin ATMs for their business will soon be left behind. Change is happening all over the US.

Attendees and Impact 

Attendees included payment processors, banks, ATM operators, and (of course) Bitcoin ATM operators. Since it was our first time attending, we assumed only a few companies had heard of us. We’re a relatively modest company. But with everything going on in our company, El Salvador, and the world, people seemed to know us. It was our first time speaking to people in the US about all the development we were having worldwide and having them share in the excitement! There were also a lot of innovative products added into the industry that will be useful for operators all over. Two products that caught are eye (and made our accountant drool a bit) were these cash counters and security devices for machines: 

Visiting ATMIA
Visiting ATMIA

This event was just what the ATM Industry needed. It truly brought the entire industry into a full circle. Companies at the forefront of Bitcoin adoption and BTMs working together with operators to get a hold on the industry and how their business can evolve. 

 

There was a massive crowd, people from all over the United States. Companies and people with no direct service to the ATM industry were also extremely interested to hear about what we were doing with Bitcoin ATMs. Everyone was starting to take notice of the influence Bitcoin has already had and will continue to have on the entire industry. It was a sight to see, and I’m glad we were there to participate and teach operators all about BTMs. 

ChainBytes Bitcoin ATM team at ATMIA

It may have been our first event with ATMIA, but it definitely won’t be our last. Thank you to everyone who helped put this together! 

And, if you missed the event or didn’t have an opportunity to chat with our “dynamic duo” sales team, feel free to give us a call at +1 (415)529-5777 or email us at info@chainbytes.com. 

We’re looking forward to attending more events that will benefit the ATM industry in the US. 

 

    -The ChainBytes Team

In the meantime, you can follow us on our channels, visit our website, or call us directly!

Check out our website, http://www.chainbytes.com
Give us a call! +1 415.529.5777 or shoot us an email.
Join the conversation on Twitter
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]]> https://www.chainbytes.com/atmia-las-vegas-2021-recap/feed/ 0 How Bitcoin ATMs Get Bitcoin to the Unbanked https://www.chainbytes.com/how-bitcoin-atms-get-bitcoin-to-the-unbanked/ https://www.chainbytes.com/how-bitcoin-atms-get-bitcoin-to-the-unbanked/#respond Tue, 06 Jul 2021 14:49:41 +0000 https://www.chainbytes.com/?p=11108 Many people around the world rely on banks to deposit and receive money. When people get their salary, it usually goes straight to their bank account. We take for granted automated salary payments since it is a standard part of life for most people in first-world countries. This is a privilege compared to the number […]

The post How Bitcoin ATMs Get Bitcoin to the Unbanked appeared first on ChainBytes.

]]> Many people around the world rely on banks to deposit and receive money. When people get their salary, it usually goes straight to their bank account. We take for granted automated salary payments since it is a standard part of life for most people in first-world countries. This is a privilege compared to the number of people worldwide who don’t have one. A recent study using World Bank 2021 data reported that there are 1.6 Billion adults from around the world who don’t have bank accounts or use banking services. Due to unavoidable circumstances, they cannot access financial services like loans, credit cards, and savings accounts.

These people classify as the unbanked. They are generally from the lower-income bracket of the population with limited access to education and job prospects. The difficulty of finding a high-paying job gets even more complicated with a lack of access to financial products. Without giving people the same opportunities, it isn’t easy to prosper and achieve the same advances in life, but they also aren’t entirely excluded from financial services. One resource for financing the unbanked are digital currencies and Bitcoin ATMs (BTM).

 

Financial Inclusion

One of the main benefits of using Bitcoin, a cryptocurrency, is its permissionless financial network. Any user, banked or unbanked, can access Bitcoin. The most straightforward onboarding mechanism to access Bitcoin is using a BTM. Bitcoin is meant to be decentralized with no barriers to entry. If you can access a smartphone, you can also access Bitcoin. No bank or any other financial institution necessary. Users only need to install a wallet on their smartphone, which grants them custody to hold Bitcoin. Think of a wallet as an app (because it is!). It’s an app that authorizes a user’s access to digital assets like Bitcoin.

The barriers to entry can be political, financial, and institutional. Most of the unbanked cannot get approved for loans, bank accounts, and other services due to a lack of documentation. Other times it could be political or due to poor credit scores. But with Bitcoin, the system is built entirely inclusive, overcoming all of these hurdles.

The idea of financial inclusivity does not mean putting all their money into Bitcoin. While other financial instruments are not available to them, Bitcoin is an option. With access to Bitcoin, the unbanked can have the opportunity to invest and earn (this is not financial advice, just for educational reference). It can definitely work as a hedge against an economic downturn, but there are other reasons.

 

The BTM For The Unbanked

The BTM serves as a way for the unbanked to have exposure to Bitcoin, a global currency. A BTM is available at several locations worldwide. Users do not need to have a bank account or credit card to make a Bitcoin purchase. All they need is a wallet on their smartphone and cash. BTMs allow users to pay for their Bitcoin in cash without having to submit supporting documents. Some BTMs may require a government-issued ID for verification and a smartphone number to prove identity for more significant amounts, but with our BTMs it is unnecessary for smaller amounts (in the US). The critical advantage of accessing Bitcoin for everyday people it’s porthole to a global currency, increasing their wealth and opportunities. Using a BTM is the most front-line and straightforward resource that will link them to these opportunities.

When the user needs to cash out, the BTM can also provide them that service. The main benefit to the unbanked is that the BTM gives them quick access to investing in a digital asset and to their funds. While it is speculative and risky like any investment, the opportunity is there. This can also be just as important to people who have no access to their bank while in a foreign country. A BTM can be their source for withdrawing to any fiat currency. With recent development of Bitcoin as a legal tender in El Salvador, the seventy percent currently unbanked in the country will be the first to see the full benefit of Bitcoin as a national currency and the opportunities this will provide for them.

 

Glossary Of Terms

Bitcoin (BTC) – A cryptocurrency used for direct peer-to-peer payments or as a store of value.

Bitcoin ATM or BTM – An ATM that provides access to cryptocurrency like Bitcoin.

Cryptocurrency – A digital asset used as a store of value or form of payment secured with cryptography.

Fiat Currency – Government-issued money (ie: the US Dollar).

Wallet i.e. Digital Wallet – Software that holds a user’s private keys, which authorizes their access to Bitcoin.

Unbanked – individuals (adults) who do not have access to banking services.

We hope this information helps our community have a better understanding on the use of Bitcoin ATMs all over the world and how it truly provides financial inclusion for everyone in the most simple of ways.

The ChainBytes Team

Bitcoin ATM ChainBytes LOGO

In the meantime you can follow us on our channels, visit our website, or call us directly!
Checkout our website, http://www.chainbytes.com/
Give us a call! +1 415.529.5777 or shoot us an email.
Join the conversation on Twitter
Follow on Facebook
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]]> https://www.chainbytes.com/how-bitcoin-atms-get-bitcoin-to-the-unbanked/feed/ 0 The ChainBytes El Salvador Team in Full Force! https://www.chainbytes.com/the-chainbytes-el-salvador-in-full-force/ https://www.chainbytes.com/the-chainbytes-el-salvador-in-full-force/#respond Wed, 30 Jun 2021 15:29:05 +0000 https://www.chainbytes.com/?p=11098 We move fast here at ChainBytes, and the initiative in El Salvador is moving even quicker. So when we said we’d build a team and grow our Bitcoin ATM manufacturing business…we meant it. When we first came to El Salvador, we met with locals, the government, Bitcoin Beach, anyone who knew the current climate in […]

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]]> We move fast here at ChainBytes, and the initiative in El Salvador is moving even quicker. So when we said we’d build a team and grow our Bitcoin ATM manufacturing business…we meant it.

When we first came to El Salvador, we met with locals, the government, Bitcoin Beach, anyone who knew the current climate in El Salvador and their citizens best. The entire LATAM region deserves a team specific to their culture, language, and customs. So, we joined forces with some of the best talents in the world and in El Salvador. Let us introduce you to our new Head of LATAM Business Development, Jose Rodriguez, and our Marketing Strategy Consultant, Renato Salazar, with Social Media Socializer Jeannifer Aguilar setting up our offices and team in El Salvador:

 

Jose Rodriguez Head of LATAM

Jose Rodriguez

Head of LATAM Business Development
Jose is a Bitcoin pioneer since 2013 with a concentration on Blockchain and Fintech. He is the Director at Blockchain Land in Talent Land, the biggest Tech, Innovation, and Business event in Spanish, a partner at Bitso, and invested in companies such as Playbusiness.mx, Banktothefuture, and others. He also worked for 15 years in both the Mexico and United States Stock Brokers. During 5 of those years, he worked at Security and Investigative Services for one of the largest banks in the world and founded ‘Museo del Caso,’ a space for NFTs.

Jose will spearhead our initiative to drive business, sales, and development of Bitcoin ATMs from the manufacturing hub in El Salvador across all of LATAM. We’re so excited to have him join our team and work with our Sales team to expand ChainBytes and create more opportunities for Salvadorans and entrepreneurs.

 

Renato Salazar

Marketing Strategy Consultant
Renato is a true Salvadoran, through and through. He was born and raised here and is a prominent member of the Bitcoin Beach team in El Zonte, basically ground-zero for Bitcoin adoption. He also has been a Youth Development Warrior at El Zonte Beach since 2010. For the past 10 years, he managed the marketing and digital marketing strategy for big-named, US-based companies such as Walmart and Microsoft. Most importantly, he’s a surfer and father of two. He has been an associate of our initiative in El Salvador since the beginning. We’re excited to have him on board to help build up our marketing team and run strategy for our Social Media team and LATAM Bitcoin ATM marketing campaigns.

 

Jeannifer Aguilar

Social Media Socializer
Jeannifer is also a native Salvadoran, serving and working with beach communities for years. She started her career as a lawyer studying law at Dr. José Matías Delgado University, following in her family’s footsteps, and is an authorized Notary. She followed her dream to become a graphics designer in her spare time studying at Francisco Gavidia University and eventually switched careers, landing a job with a US-based small business in graphic design. While working for them for the past few years, she managed their social media accounts and explored her passions in graphic design and community management. When we first spoke to Jeannifer, Jen, she said, “I live in the city, but my heart is at the beach.” She not only has a passion for this job, but she has a beautiful heart that’s very much involved in her community and her church. Jen will be managing our social accounts and engaging with our community in both LATAM markets and global. We know that our community will love her just as much as we do.

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]]> https://www.chainbytes.com/the-chainbytes-el-salvador-in-full-force/feed/ 0 We’ve Begun Operations in El Salvador! https://www.chainbytes.com/weve-begun-operations-in-el-salvador/ Thu, 17 Jun 2021 15:52:31 +0000 https://www.chainbytes.com/?p=11062 We’re excited to announce to our community that we’re building out a LLC in El Salvador, are hiring a team, and exploring options to build El Salvador into the manufacturing hub for the Americas! I’m sure this is no surprise if you’ve been following along our Twitter account: Our team has been in El Salvador […]

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]]> We’re excited to announce to our community that we’re building out a LLC in El Salvador, are hiring a team, and exploring options to build El Salvador into the manufacturing hub for the Americas!

I’m sure this is no surprise if you’ve been following along our Twitter account:

Bitcoin El Salvador Twitter

Our team has been in El Salvador speaking with officials, advisors, Bitcoin Beach, and legal entities to support the country’s pursuit of Bitcoin development after the President of El Salvador, Nayib Bukele, made Bitcoin a legal tender. ChainBytes CEO, Eric Grill, believes this is a “long time coming since we have been looking to expand our manufacturing and operations for a while now. El Salvador is the perfect opportunity for this, and we’re going to do everything we can to help its citizens, and this initiative succeeds.” Our goal is to use El Salvador as our American hub to better serve operators and continue expansion and operations in the LATAM, US, and Canadian regions with the global supply chain distribution. This initiative will bring jobs to Salvadorans and better serve operators all over the Americas.

Eric Grill Salvador Team Salvador ChainBytes

After spending some much-needed time in El Salvador, we’ve been able to see a unique perspective of the country and the bright future ahead for all Salvadorans with the Bitcoin development that is to come, and even more by creating a Bitcoin ATM manufacturing hub here. Eric Grill, our CEO, sees the recent moves by President Nayib Bukele as a way to “show leadership to the world in implementing Bitcoin as a legal currency.” Something no other country has done. He also said that as ChainBytes, “We believe in doing so that the country is positioning itself to be more of a technology hub,” and that we’d like to be “part of that success. Our initiative will provide the training and skilled jobs needed for all Salvadorians, which will, in turn, contribute to the economy and the nation.”

Since we’ve been looking to expand our manufacturing and are always looking to improve our support and services for operators, El Salvador seems to be our top contender. “El Salvador is a great move for the nation and the entire industry. It has free trade zones and service parks that will encourage more businesses to operate here. In addition, with the sea and air hubs in place, it makes sense for us to produce machines here for not only Salvadorans but to export throughout North and South America,” from ChainBytes COO, Tracy Jefferson.

After only being there for a short time, the leadership team already sees the vast potential in El Salvador and what this initiative will bring to the world and Bitcoin development across LATAM and the Americas.

To help our efforts towards this initiative or for more information, you can contact our Director of Global Marketing, Claudia Olah, at claudia.olah@chain-bytes.com or call our ChainBytes headquarters at +1 (415) 529-5777.

 

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]]> Dogecoin on ChainBytes Bitcoin ATMs https://www.chainbytes.com/dogecoin-on-chainbytes-bitcoin-atms/ https://www.chainbytes.com/dogecoin-on-chainbytes-bitcoin-atms/#respond Thu, 10 Jun 2021 23:29:50 +0000 https://www.chainbytes.com/?p=10956 The post Dogecoin on ChainBytes Bitcoin ATMs appeared first on ChainBytes.

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We sent out a letter to all of our operators on the setup of adding cryptocurrencies to all ChainBytes machines, remotely. Now Dogecoin, the meme coin that turned into worldwide fandom, is more accessible to customers all over the US. Our team has some major Dogecoin lovers, so adding in this update was inevitable (with more cryptocurrencies to come!). We even brought a “doge” to the office the other day! Everyone, meet Toshi on our ChainBytes twitter:

 

Toshi Doge

 

Why Dogecoin on BTMs Helps Customers

Cryptocurrency ATMs (or Bitcoin ATMs) are, to date, the quickest and easiest way for newcomers to enter the market. We’re the “frontline of adoption,” so-to-speak, for people who are just getting into crypto or want to withdraw or deposit cash for crypto into their wallet fast. And, when a hot new coin like Dogecoin comes up, people want to get it, and fast, so they don’t miss out!

You can use an exchange (Kraken and Coinbase just added Dogecoin), but many people still aren’t comfortable using a crypto exchange, and they have a valid reason to be uncertain. Most crypto exchanges don’t make it easy. You need to be somewhat tech-savvy, and it all takes a lot of time for funds to transfer into your account to actually be able to trade. The idea of a wallet application is hard enough for some, let alone connecting one with an exchange along with your bank account, etc. These are pain points that don’t exist for Bitcoin ATMs because there is no pre-verification, no time needed to process a transaction (it’s instantaneous). You don’t need anything to connect your wallet other than scanning your QR code at the machine. Your phone, your ID (driver’s license), your cash – that’s it, and done!

 

How to Purchase Dogecoin on a Bitcoin ATM in 3 Steps

It’s easy! Once you’ve located a ChainBytes BTM near you (with Dogecoin), you go to the machine with USD$, your state driver’s license, and follow these simple steps:

 

Step 1: Click “Select Coin” :

Step 1 Select Coin

 

Step 2: Choose the Cryptocurrency (Dogecoin) you’d like to purchase:

Step 2 Select Doge Coin

 

Step 3: Now, you’re back at the Main Screen to follow the same purchasing routine!

Scan your driver’s license, connect your wallet with a QR code, and Done!
(For Bitcoin you have the paper wallet option, but you’ll need a simple wallet for altcoins).

Step 3a Step 3b

 

Why Should a Bitcoin ATM Provide Dogecoin?

It all depends on your strategy, but in the end – it helps customers get access to a popular cryptocurrency that even Elon Musk is backing up. If you’re a Dogecoin superfan and want to provide Dogecoin and the education involved to your community, then this would be an excellent option for you. This opportunity for operators provides an additional competitive edge. At ChainBytes, we want to provide our operators every chance to succeed; this is one of the many ways we do that. Not all operators will choose to go down this route, though, so if you’re looking for a Bitcoin ATM that allows you to buy and sell Dogecoin near you, check with CoinATMRadar first.

We hope this information helped navigate you down the road of success and explore new cryptocurrencies. If you have any questions feel free to reach out to our team!

 

 

The ChainBytes Team

Bitcoin ATM ChainBytes LOGO

In the meantime you can follow us on our channels, visit our website, or call us directly!

Checkout our website, http://www.chainbytes.com/
Give us a call! +1 415.529.5777 or shoot us an email.
Join the conversation on Twitter
Follow on Facebook
Follow on Linkedin

Follow us on Social Media:

In the meantime, you can follow us on our channels, visit our website, or call us directly!
Check out our website, https://www.chainbytes.com
Give us a call! +1 (415) 529-5777 or shoot us an email.

 

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]]> https://www.chainbytes.com/dogecoin-on-chainbytes-bitcoin-atms/feed/ 0 Why Use A Bitcoin ATM? https://www.chainbytes.com/why-use-a-bitcoin-atm/ https://www.chainbytes.com/why-use-a-bitcoin-atm/#respond Thu, 27 May 2021 14:05:05 +0000 https://www.chainbytes.com/?p=10862 Author: Vincent Tabora We all use an ATM as a way to get cash when needed the most. Imagine not being able to get a late night snack from a food truck because they don’t accept a credit card. Even worse is when you are in a city abroad and they only accept cash for […]

The post Why Use A Bitcoin ATM? appeared first on ChainBytes.

]]> Author: Vincent Tabora

We all use an ATM as a way to get cash when needed the most. Imagine not being able to get a late night snack from a food truck because they don’t accept a credit card. Even worse is when you are in a city abroad and they only accept cash for payments.The ATM (Automated Teller Machine) is a great innovation in modern technology. It allows the dispensing of money when needed through the use of a bank issued card with PIN. It provides convenience with an easy to use and friendly interface. An ATM provides a service that is available 24 hours in most locations. It replaces the need for a human teller, that would otherwise require an actual in person visit to the bank during bank hours.

While an ATM is often associated with fiat currency (i.e. cash), there are also ATMs that support cryptocurrency. They are called Bitcoin ATM or BTM, and they can be used by any user who has a Bitcoin wallet. Or, for example in Chainbytes BTMs, users can opt for paper wallets. No pre-verification required, simple and easy. Many questions arise regarding the use of a BTM and what its purpose is actually for. Since Bitcoin or BTC does not have any form of paper currency, what are BTMs useful for?

Many of us already have familiarity with an ATM for banking. If you put that functionality with cryptocurrency, it provides a one stop shop to Bitcoin. You may already be familiar with the growth in the cryptocurrency market led by Bitcoin, but are somewhat clueless on how to open an account, how to fund an account. The process is not for everyone and they definitely don’t make it easy. BTMs help onboard new users quickly and in the simplest way possible, even if they have never used cryptocurrency before. The basic functions of an ATM are also found in a BTM so that users have the same, familiar experience that they’re used to. At present, there are about 19,218 crypto ATM (including BTM) in 73 countries according to Coin ATM Radar. Now, let’s go deeper into why you people use a BTM in the first place.

 

4 Reasons To Use BTM

There are 4 main reasons why to use a BTM, although there are definitely more reasons than just 4. But, I’ve condensed all the information here for you:

1. Convenience

A BTM is a fast, easy and user-friendly way to access your Bitcoin wallet. And, if you’re what they refer to as “unbanked” and would prefer not to have a Bitcoin wallet, there is a paper option available for you. All you have to do is print it out and keep it with you, there’s a QR code on it that allows you to have access to your funds as soon as you return to the BTM (any BTM). The Bitcoin ATMs are found in many public places where users can have access to their funds. A traveler can access a BTM at an airport, shoppers can access them near retail outlets and businessmen can use them at hotels or commercial centers. These are only examples, anyone can have access, and that’s the point! The BTM combines an exchange and ATM service so that users have a more seamless way to access their digital assets. Don’t believe me? Click on this link, Find a BTM near you, and check for a BTM that is available in your vicinity.

2. Seamless Crypto-to-Fiat for Cash

Using a smartphone app may be the fastest way to convert money on exchanges. The money goes to a bank account, but users still have to withdraw it from an ATM if they need to use cash. When you need the fastest way to convert crypto to cash for spending money, BTM has the advantage. Users can legally liquidate their digital assets via the use of a BTM.

3. Inclusive to all users, even without a bank account

Users without bank accounts can still use a BTM. All that is required is KYC information, i.e; presenting a government issued ID. With cryptocurrency like Bitcoin, the funds are not stored in banks but over a decentralized network of computers using a blockchain. BTM allows access to your BTC without requiring bank accounts or background checks, all you need is your state ID (for US territories) and viola! Crypto!

4. Efficient way to deposit cash to crypto accounts – BTM also allows cash deposits to cryptocurrency like Bitcoin.

Banks do not offer this service unless you are depositing it into your bank account. You then need to take another step by sending your deposited cash from your bank account to an exchange to add to your crypto. A BTM provides a more efficient way to deposit cash to crypto by allowing instantaneous, direct deposit to your Bitcoin wallet.

In summary, a BTM provides a quick, easy and legal way to withdraw or deposit cash to cryptocurrency immediately. It is just like how an ATM works, but without having to involve a bank. It connects users to their (Bitcoin) wallet to make transactions.

 

How to Purchase a Bitcoin ATM

And, if this all sounds like an opportunity you’d like to be apart of then contact the team over at ChainBytes. ChainBytes is the #1 veteran-owned BTM kiosks provider in the US. They are built with security and usability in mind for the users, providing a safe way to access digital assets in public. Their main focus is in support (really, call a real-person whenever), and the quality of their machines. Go to their website to talk to their support team through their live chat feature or call their offices, they’re more than happy to go over all your options.

 

Growing Adoption For Crypto

Bitcoin’s market cap has grown tremendously as it attracts a new wall of capital from institutions, in other words it’s gone “mainstream”. As the adoption for the digital asset grows, so will the demand. BTM provides a way for users to gain access to digital assets like Bitcoin for the first time, crossing through the mainstream threshold even further. It is likewise a better way to convert crypto to cash when needed. ChainBytes offers an experience that is simple and easy to use for both beginners and advanced users of BTM.

Bitcoin’s mass adoption will increase the number of users who will need instant access to BTC. Using a BTM will eventually be just as common as using a bank’s ATM. New features are also offered at a BTM that allow opportunities for investing crypto in emerging markets, smaller tokens for a greater risk and return. BTM will be available to users to help them make these transactions seamless, convenient and secure – this provides an essential service to the community that still has plenty of room to grow.

 

. . . .

Glossary Of Terms

Bitcoin Wallet – This stores what is called the “private key” of a user and access to their digital currencies. The wallet provides access to a user’s digital asset to view the balance and authorizes transactions with the use of the private key. This can be for other cryptocurrency as well that are supported by the wallet.

Blockchain – An open distributed, tamper proof and cryptographically secured database that resides on a decentralized network. This is the layer that records transactions of cryptocurrency. Want more information? The video by Wired magazine explaining Blockchain in 5 Levels of Difficulty is still the best, to date.

BTC – The symbol for Bitcoin as a digital asset or cryptocurrency.

Cryptocurrency – A digital or virtual currency that is secured by cryptographic means that is used in peer-to-peer (P2P) payment networks that does not require a third party (e.g. banks). It does not have a paper form, it is purely digital.

Digital Assets – Another term used for cryptocurrency.

Exchange – Also called a Digital Exchange. These are companies that provide conversion services from cryptocurrency to fiat currency and vice versa. They are regulated by their jurisdiction of operation and are often difficult for non-tech savvy, new users to operate.

Fiat Currency – A form of currency issued by a government or sovereign nation which is used as a medium of exchange for payments (e.g. US Dollar). It can be issued in the form of paper currency like cash.

KYC – Know Your Customer. This is an Anti-Money Laundering policy requirement that states that “financial services and platforms must gather some personal information” about a user for regulatory compliance with financial laws (ie: Your US State ID).

There’s a lot to unfold in the world of BTMs and cryptocurrency, but there are also more resources than ever at your fingertips. For more information follow along ChainByte’s social channels for Bitcoin ATM, Bitcoin, and company updates:

Checkout their website, www.chainbytes.com
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The post Why Use A Bitcoin ATM? appeared first on ChainBytes.

]]> https://www.chainbytes.com/why-use-a-bitcoin-atm/feed/ 0 Securing Your Future: Exploring the Wide World of Bitcoin Business Opportunities https://www.chainbytes.com/securing-your-future-exploring-the-wide-world-of-bitcoin-business-opportunities/ https://www.chainbytes.com/securing-your-future-exploring-the-wide-world-of-bitcoin-business-opportunities/#respond Mon, 26 Apr 2021 11:12:16 +0000 https://www.chainbytes.com/?p=10512 Bitcoin has proven itself – despite ups and downs in the market, the cryptocurrency that started it all has shown that it has incredible staying power. It is also increasingly popular with both consumers and businesses. In fact, Bitcoin now forms the foundation of multiple business opportunities. What should would-be entrepreneurs know? What are the […]

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]]> Bitcoin has proven itself – despite ups and downs in the market, the cryptocurrency that started it all has shown that it has incredible staying power. It is also increasingly popular with both consumers and businesses. In fact, Bitcoin now forms the foundation of multiple business opportunities.

What should would-be entrepreneurs know? What are the hottest Bitcoin business opportunities out there today? We’ll cover some of the most profitable, the easiest to start, and the most flexible choices below.

Bitcoin Mining

The original Bitcoin business opportunity, mining is still one of the most popular ways to make money with cryptocurrency. However, this is not somewhere that you can go it alone. Solo miners rarely do much other than strikeout, so you will need to join a Bitcoin mining pool. Be aware that the money earned is divided across the pool, though. You will also need to purchase top-tier equipment, have the right Internet connectivity, and more.

Create an Exchange Platform

If you have the development chops (or have a business partner who does), you can get in on the action without having to worry about building a mining rig. Many people want in on the Bitcoin phenomena but cannot afford to do so through mining or in other ways. Creating a cryptocurrency exchange platform allows people to buy fractions with other cryptocurrencies, as well as with national currencies via services like PayPal. Note that because there are quite a few such platforms already in operation, you will need to make yours stand out through innovative features that ensure ease of use and a great user experience.

Bitcoin ATMs

More and more businesses are accepting Bitcoin and other cryptocurrencies. Consumers, likewise, are adopting these new currencies on an increasing basis. However, there isn’t always an opportunity to exchange currency for cryptocurrency. A Bitcoin ATM business is one solution that offers ease of access, flexibility, and tremendous growth potential. These ATMs allow your customers to buy or sell their bitcoins or redeem vouchers. They can also be placed virtually anywhere in your local area, from shopping malls to airports and even gas stations and convenience stores.

Because of the growing popularity of Bitcoin, business and property owners are often eager to rent space for these ATMs, meaning that you will have an easier time with placement, too. Finally, Bitcoin ATMs are easy to use. Your customers simply scan their wallet on the machine, inserts cash into the currency recycler, and bitcoins are transferred to the customer’s wallet. It’s as easy as that.

Peer-to-Peer Lending

Peer-to-peer lending, better known as P2P lending, is a growing option for many people who want to borrow money but either do not qualify to work with conventional lenders or prefer not to do so. You’ll find many different platforms that support P2P lending and work to connect lenders with borrowers, or lending groups with projects that need funding. Cryptocurrency like Bitcoin can be an important addition to this growing range of services. With a Bitcoin-based P2P service, you would focus on providing loans or lines of credit for Bitcoin owners and then earn interest on those offerings.

Bitcoin Education Provider

The rapidly growing interest in Bitcoin has caught many consumers unprepared. They are interested in getting into cryptocurrency, but they have no idea how to do it. You can turn this into an effective business opportunity that allows you to set your own hours and work wherever you want by providing education and training to your customers. You can offer everything from the basics (what is Bitcoin?) to more advanced options, such as trading strategies, and more. With a little time and passion for cryptocurrency, you can bring education to other people.

Which Is Right for You?

As you can see, there are plenty of different options when it comes to Bitcoin business opportunities. However, they may not all be well suited to your needs. Compare your options match your passions and interest to the business opportunity. With that being said, some business options are better suited for those who want to tap into the ongoing interest in Bitcoin, as well as enjoying flexibility and control over their lives.

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]]> https://www.chainbytes.com/securing-your-future-exploring-the-wide-world-of-bitcoin-business-opportunities/feed/ 0 How to Start an ATM Business: What Aspiring Entrepreneurs Should Know https://www.chainbytes.com/how-to-start-an-atm-business-what-aspiring-entrepreneurs-should-know/ https://www.chainbytes.com/how-to-start-an-atm-business-what-aspiring-entrepreneurs-should-know/#respond Thu, 22 Apr 2021 11:12:14 +0000 https://www.chainbytes.com/?p=10448 The post How to Start an ATM Business: What Aspiring Entrepreneurs Should Know appeared first on ChainBytes.

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Looking for a lucrative business option? While there are many potential choices, from fast-food restaurants to gyms and everything in between, most of them require a significant commitment of time, money, and effort. That leaves little time for you to enjoy your life as a successful business owner. Isn’t there something that offers the opportunity to create a thriving, profitable business but also enjoy your life?

One choice is to start a Bitcoin ATM business. Lucrative and recession-proof, this type of business also gives you plenty of flexibility so that you can have your cake and eat it too. How do you start a crypto ATM business, though? It’s not as hard as you might think.

Choose Your ATM Type

The first step would be choosing the ATM type you wish to operate. There are two basic Bitcoin ATM types you can choose from: simpler 1-way units that only support a buy bitcoin operation and self-standing 2-way units capable of both Buy and Sell Bitcoin operation. One-way crypto ATMs are more suitable for businesses with limited space and smaller operations. In contrast, the two-way units are usually placed at high-traffic locations like gas stations, mini markets, malls, and sites with high visibility and high foot traffic. They are more suitable for businesses looking to create more significant operations, with a larger number of transactions per machine. 

When considering which type of Bitcoin kiosk is right for your business, it’s important to consider the location where it will be placed and the cash volumes you are looking to achieve. One-way units have a smaller cash storing capacity and are made for businesses with low transaction volumes. While 2-way Bitcoin ATMs are meant for companies looking to develop more significant volume transactions and are more suitable for mid to enterprise operators. The good, two-way units should be equipped with a cash recycler which will more efficiently handle the cash and reduce the float needed for the operation. Besides the hardware, it’s important to look into the software component and ease of use. If your machines are hard to install, hard to operate, and complicated for your customers to use, you are not on the right track. ChainBytes Bitcoin ATMs are plug and play, there are no complex procedures, and you do not need to have any knowledge about programming the servers, and you will never need to write a line of code because ChainBytes machines and software are made with an end-user in mind. Installation of ATMs is done remotely by a team of professionals, and operators can manage all the units remotely via a simple Dashboard interface. The Dashboard allows operators to manage all the aspects of their machine operation, set the fees, adjust KYC/AML levels, follow the transaction in real-time, and much more. 

 

Create Your KYC/AML Compliance 

Once you have chosen the perfect unit for your operation, the next step in starting your Bitcoin ATM Business is to create a KYC/AML compliance, get a compliance officer, and register with the governing body (FinCEN). There are specialized companies that can help you do that, for example, BTMcompliance, specializing in compliance services specifically for Bitcoin ATM operation. They offer the services of drafting a compliance program and registering the operator business with FinCEN. They also provide a more specialized service of monitoring transactions and filing necessary reports with FinCEN and mandatory training for the operator and his staff. The price of drafting a KYC/AML program can go anywhere between $3,000-$5,000, but due to the unique agreement BTMcompliance has with ChainBytes, the drafting of the compliance program and filing for registration with FinCEN for ChainBytes customers is $2,000. While assigning a dedicated compliance officer, monitoring and clearing transactions of flags, and filing appropriate reports with FinCEN is $150 per machine per month. 

Secure the Steady Supply of Bitcoins

To run your business, you will need a steady supply of bitcoins. This can be achieved by creating an account on one (or several exchanges), or buying bitcoins directly from miners, OTC desks… Most Bitcoin ATM operators choose to supply their operation by buying bitcoin on exchanges as BinanceUS, Gemini, Kraken, to name a few. To use an exchange as your supplier, you will need to register for the account, and the procedure is usually quite simple. Once you have opened the account, you can connect it to your Dashboard for the “Auto Buy Back” feature, which automatically resupplies your bitcoin stock for you whenever a customer order is fulfilled. 

Find Locations

This step occurs in tandem with the previous step. You will need to decide where you want to install your ATMs, which means finding a perfect location. Some location business owners may be willing to allow the placing of units at their establishment free of charge because they are aware that the presence of the ATM will be a draw for customers. However, many will require that you pay rent for the space your machine(s) take up. It’s usually good to offer a monthly location rent to the establishment’s owner where you are planning to place the machine. The monthly rent may vary, depending on the location exposure and expected foot traffic, and the rent could go anywhere from $150 to $500. The exception are malls where rent can be somewhat higher. 

Service the Cash

Once you have your machines placed in the location, you will need to service the cash. Depending on the volumes your machines are doing, you may need to visit the site and collect the cash weekly or a couple of times a month. When it comes to cash collection, depending on your business plan, you can employ armored car services for cash collection or do it personally. 

Kick Back and Grow Your Business

Once your ATMs are installed, running this type of business is really about maintenance and ensuring that you always have a bitcoin supply and pick up the cash from the machines regularly. The rest of your time can be spent building your business, marketing your machines, or just enjoying the flexibility of being your own boss.

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