ChainBytes, a leading BTM manufacturer, has been at the forefront of this trend, providing users with reliable, durable, and user-friendly machines. In this article, we will take a closer look at the future of the ChainBytes Bitcoin ATM and how it will continue to evolve to meet the changing needs of users.

The Growth of the Cryptocurrency Market

The cryptocurrency market has been growing rapidly over the past few years, with the total market capitalization reaching over $1.5 trillion in January 2021. This growth has led to an increased demand for convenient and accessible ways to buy and sell cryptocurrencies, including through crypto ATMs. As more people become interested in cryptocurrencies, the demand for BTMs will only continue to increase.

However, while the past year may have been the harshest period for crypto, there’s no denying that it will continue to rise in the future now that more people realize the fundamentals it provides when compared to the current fiat money such as the US dollar.

From 2023 and beyond, it seems like cryptocurrency is refueling to go back into orbit soon. As it goes higher, more people will want to join in on the crypto hype. They can either go through all the hassle just to register for an online exchange…OR they can go to a Bitcoin ATM near them. That is why having a Bitcoin ATM business could be a great decision for anyone looking to cash in on not just the crypto trend but in the long term when it could possibly become the new era of money.

The Advantages of Using ChainBytes Bitcoin ATMs

One of the key advantages of using ChainBytes Bitcoin ATMs is the ease of use. The machines are designed to be simple and user-friendly, allowing even those who are new to cryptocurrencies to buy and sell easily. In addition, ChainBytes BTMs are high-quality hardware machines packed with innovative, cutting-edge software features.

ChainBytes Bitcoin ATMs in operator fleet are easily managed via online platforms with the help of a handy Dashboard program and have one of the best backend office software on the market. The back office platform is built with the operator in mind, and it provides live information from the entire fleet of machines, customers, the status of the network, reports, and much more. The ChainBytes back office software provides an easy way for operators to stay on top of their operations at all times.

Another advantage of using ChainBytes Bitcoin ATMs is their slick modern look and additional hardware components like a top screen. The added on the top screen allows operators to easily use the screen and promote their operation or sell add space to local businesses and create an additional revenue stream. Not only do they look techy, but they are approachable enough even to someone who is not big on tech stuff.

Providing Convenience for Customers

Considering that the operators are usually placing the machines in convenient locations, making it easy for customers to buy and sell cryptocurrencies using cash at any time, this also means a lot of eyeballs on your machine, which equates to higher revenue potential.  This accessibility is also extremely important for tracking those potential new customers who are just starting to explore the world of cryptocurrencies and who need a convenient and accessible way to get started.

Bitcoin ATMs are the most convenient way to purchase Bitcoin; they are placed locally and have little barrier to entry for new clients. The ChainBytes machines are easily configurable, and operators can set their own fees and revenue models for their business.

On top of all, the crypto machines are fast. Depending on the purchase size, the customer may need just under a minute to buy Bitcoin.

The Future of ChainBytes Bitcoin ATMs

As blockchain technology and the cryptocurrency market continue to grow, ChainBytes will continue to innovate and evolve its Bitcoin ATMs to meet the changing needs of users. This will likely include the integration of new cryptocurrencies if the market demands it as well as the implementation of new innovative options and services the kiosk will be able to offer in the future.

One of the major trends in the cryptocurrency market is the increasing popularity of non-fungible tokens (NFTs). ChainBytes is well aware of this trend and is likely to integrate support for NFTs into their BTMs in the near future. This will allow customers to easily buy or sell NFTs using their BTM, further increasing the convenience and accessibility of cryptocurrencies.

Another trend in the cryptocurrency market is the increasing importance of security and privacy. ChainBytes is well-equipped to meet this demand, as their BTMs already use the latest in encryption and security technologies.

In the future, we can expect to see even more advanced features integrated into ChainBytes BTMs, further enhancing the platform.

We plan to lead the Bitcoin ATM market with innovations and, as always, remain the leader in the quality and longevity of hardware components built into our kiosks.

Other than passive revenue streams for operators, ChainBytes wants to make onboarding to crypto easy for everybody. The most non-tech-savvy person who has never used a Bitcoin ATM needs to be able to walk to the kiosk and get their bitcoins with ease.

How This Affects You and Bitcoin ATM Operators in the Long Term

Bitcoin ATM operators are fairly new to the current economy, and being one today will give you an advantage in the long term. As more people grow accustomed to Bitcoin and the existence of digital assets, the crypto ATM market demand may soar in the future.

For example, El Salvador is one of the first countries in the world to use Bitcoin as a legal tender. As such, the desire for crypto ATMs skyrocketed.

In the US, the topic of cryptocurrency is still divisive among people, although the country holds one of the highest transaction volumes that involve Bitcoin and several other tokens.

If you happen to be one of the early operators of the Bitcoin ATM, you may find yourself swimming with good foot traffic as visitors will come to your kiosk to do Bitcoin transactions.

Plus, if people are looking for a Bitcoin ATM through Coin ATM radar, your location will light up like a Christmas tree. More visitors means more revenue for you.

Conclusion

In conclusion, the future of ChainBytes Bitcoin ATMs looks bright.

As the cryptocurrency market continues to grow, ChainBytes will continue to innovate and evolve its BTMs to meet the changing needs of users. With its focus on ease of use and ease of operation, ChainBytes Bitcoin ATMs are poised to become even more popular in the years to come.

Buying Bitcoin using cash or selling Bitcoin for cash never has to be complicated and long, which is why we created crypto ATMs that are easy to use, easy to own, and easy to operate.

If you plan to operate a ChainBytes Bitcoin ATM, don’t forget to check the BTM compliance  website and KYC/AML compliance services for Bitcoin ATM companies.  For other inquiries or if you want to browse the different machines, click here.

If you’re looking to get into the bitcoin ATM business, it’s important to understand its benefits over a traditional online crypto exchange. Bitcoin ATMs (BTMs) are much easier to use and can be found in various physical locations, making them a convenient option for those looking to buy or sell bitcoins.

All your customers need in a Bitcoin ATM is a digital wallet to do transactions — no credit cards or bank accounts are needed.

If you are planning to become a Bitcoin ATM operator, but you have no idea about the differences, and why anyone would use a Bitcoin ATM over an exchange continue to read the article below to have a better understanding of the benefits of using Bitcoin ATMs over traditional exchanges for buying and selling cryptocurrencies.

Also, be sure to check out the machines you might like to operate, courtesy of ChainBytes.

Bitcoin ATM vs Crypto Exchange: The Rundown

You may feel overwhelmed with all the lingo lurking in the cryptocurrency world. According to reports from Cointelegraph and CoinDesk, more than 90% of people are completely new to this industry, while only around 1 to 10% properly know how it works. You keep hearing about “Bitcoin this” or “Ethereum that”, and you read the news seeing how a 17-year-old boy made millions of dollars from Bitcoin or got confused about why Elon Musk never stopped talking about Dogecoin.

You and thousands of others might wonder, “Where do I even buy Bitcoin or any of this so-called cryptocurrency?”

The answer comes in two forms: a Bitcoin ATM and a crypto exchange.

A Bitcoin ATM does a few simple things:

1. It lets a customer buy Bitcoin using cash locally at a physical kiosk
2. It lets a customer sell Bitcoin for cash locally again using a familiar physical kiosk

That’s it, really.

Let’s clarify why the BTM is safer than an online exchange.

Bitcoin ATMs Provide Full Custody

The best thing about a Bitcoin ATM is that it does not need a person’s bank account. It only requires a crypto wallet address so the machine can scan the QR code to begin the transaction.

After that, it’s like a candy vending machine: pick what you like, put in cash, and get it. Bitcoin (or any supported crypto) will automatically transfer to the wallet address once the transaction is complete.

Operators can set additional requirements to comply with AML/KYC regulations, but the entire process from the customer’s point of view is simple and it takes only a few minutes to complete; best of all, entire process is done at the physical kiosk, so the customers who are not tech-savvy and may not be proficient in using online platforms can easily buy or sell bitcoin at the machine, located in their neighborhood.

Moreover, customers own their cryptocurrency 100%. They keep their purchased Bitcoin in their wallets, meaning the bitcoin they have purchased previously remains unaffected even if the company that operates the ATM decides to close down.

A Crypto Exchange Does Not Let You Own Your Investments

Meanwhile, a crypto exchange has extra steps that customers need to do, including an elaborate signup process and complicated forms, documents uploading, and connection to their bank account, security of their login informations, the list goes on.

Once they complete the process — which commonly takes hours or days — and only then they can buy crypto. The complicated processes of buying Bitcoin on the exchange have left a lot of regular people behind unable to participate in the market due to complicated processes.

However, what they never told any customer is that in the event the company behind the crypto exchange goes down, so will the customers’ funds, purchased Bitcoin left on the exchange and any crypto.

That is because people do not own their bought crypto there; the custody goes to the company. If something bad were to happen like the crypto exchange FTX in November 2022, which lost billions of dollars, users lose all their investments.

So, which do you think is safer and easier to use? A physical Bitcoin depot or an online exchange held by a centralized institution?

Obviously, it’s the BTM. Customers can buy bitcoin easily, using a familiar kiosk and finalizing purchases locally at the Bitcoin ATM without complicated processes and days of approval processes connected to opening exchange accounts.

Buy & Sell Crypto Easily with Bitcoin ATMs

Bitcoin ATMs have been gaining in popularity and offer an easy way for buying and selling bitcoin without having to do any long online processing or require a user to sign up for an account.

The time to purchase Bitcoin and other cryptos only takes a few minutes. The user interface is seamless enough so even the most non-tech-savvy person in America can understand how to use it. It’s easy to do, making turnovers between customers faster than a traditional ATM as long as they have their digital wallet ready.

Bitcoin ATMs are Easy to Find

Bitcoin ATMs are easily distinguishable. High traffic also means more customers for your spot. For example, if customers live in Pennsylvania, they can find a local Bitcoin ATM at gas stations and convenience stores.

It’s much better to place a Bitcoin ATM in a high-traffic area. More people means more potential customers!

Crypto Exchanges are Confusing for First-Timers

Exchanges make up a huge part of the cryptocurrency world. Unfortunately, these can often be complex and overwhelming for those who are just starting out. A cryptocurrency exchange allows users to perform transactions with different types of digital currencies for fiat (like the US dollar) or other cryptocurrencies, but this process can take a bit of getting used to due to the number of features and levels that must be understood before getting started.

In most exchanges, a person must first create an account, then add funds to that account via bank transfer or use Visa, PayPal, or MasterCard. Learning the behaviors and nuances particular to each exchange can be time-consuming and most times overwhelming. There’s just so much jargon to understand like KYC, P2P trading, funds-to-spot-wallet, futures, liquidity farming, stop loss, buy limit, open orders, and a hundred more terms to understand.

These are some of the things exchanges never tell to people. Most of the time, they advertise their platforms as “Buy and sell in fast with just a few taps,” but they never tell anything about long approvals and tedious registration processes.

Why This is a Lucrative Opportunity for Bitcoin ATM Operators

A lot of people just want to get things done in the simplest way possible. In the case of cryptocurrency where plenty of terms feel intimidating, many folks will prefer to buy and sell Bitcoin in the easiest way possible.

That’s where you, the Bitcoin ATM operator, come in.

With a Bitcoin ATM, you can provide a solution to people looking to buy and sell crypto without having to navigate a complex exchange or deal with the complications of cryptocurrency trading. It’s that glorious moment for a customer to scan their QR code and complete the transaction, which may only take less than a minute.

Plus, all funds are safe. Cash is stored in the ATM box and people’s bitcoin are sent to their wallets.

Furthermore, you can make money while helping facilitate the growth of the cryptocurrency industry. This is an incredibly lucrative opportunity that provides both convenience and financial gain.

As we saw above, buying bitcoin at the online exchanges is a complicated process requesting technical knowledge of computers and security, understanding order books, and going through complicated processes of signing up, which most normal people do not want to go trough or simply do not have the necessary knowledge. Therefore obtaining Bitcoin is hard and it takes time. This is where the convenience of Bitcoin ATMs steps in and why operators of the Bitcoin ATMs can (and are) charging very high fees.

As of the time of this article majority of our operators are charging anywhere between 13%-20% of purchases. Making the Bitcoin ATM industry one of the more profitable industries with margins much higher than for example traditional ATM industry.

Bottom Line

In conclusion, Bitcoin ATMs are a great way to quickly and easily buy or sell cryptocurrency. They don’t require an account or online registrations, making it the most convenient method to purchase the future of money.

As long as they are placed in appropriate locations, Bitcoin ATMs make it simple for people to purchase or sell digital currency no matter where they are.

Cryptocurrency exchanges can seem confusing for those new to the technology, so access to a Bitcoin ATM is essential for anyone who wants to get involved in cryptocurrency without needing to understand the gimmicks of market terms. So if you’ve been looking to provide a solution for possible Bitcoin buyers near you, a BTM will solve it.

Looking to become an operator and have your first Bitcoin ATM? Be one today with ChainBytes! Contact us here.

As the world becomes more digitally driven, more and more people are turning to Bitcoin as a means of investment rather than a traditional bank. The rise of Bitcoin has caused many to question the role of banks in the future of finance.

With governments all over the world looking into creating the so-called “centralized bank digital currency” to combat crypto, people have become divisive about whether to trust in the crypto market or let the central bank keep people’s money.

If you find yourself in a rut, wondering what the future brings for banks and Bitcoin, this is the perfect article for you.

In this article, we will explore the benefits of Bitcoin over traditional banking methods and why people are choosing to invest in it.

Why Bitcoin is Being Preferred Over Saving in Banks

Bitcoin is quickly becoming one of the most attractive investment opportunities available due to its decentralized nature, global accessibility and transparency. Unlike traditional banking methods, which can be limited by geographical location or other restrictions, Bitcoin is accessible from anywhere in the world, at any time.

Additionally, it provides a level of transparency and accountability not always possible with traditional financial institutions, as all transactions are recorded on a public ledger. Furthermore, Bitcoin is not subject to inflationary pressures that can cause the value of traditional finance to decrease over time. For these reasons and more, investing in Bitcoin is an increasingly popular option for those looking for greater control over their finances.

Centralization of Banks and Custody Over Money

In these uncertain times, it’s more important than ever to be aware of how secure people’s money really is. With banks, the stability and trustworthiness of the institution should be a major factor in deciding where people store their money. Banks can fail without warning, leaving customers without their hard-earned savings and investments.

Additionally, central banks may enforce limits on how much money individuals can withdraw from their accounts, potentially exposing them to financial losses if they haven’t taken action to secure their funds beforehand.

Individuals who prioritize financial autonomy and security can find this in Bitcoin. Digital assets are viewed as digital gold by the crypto sector because they provide individuals with complete control over their funds without the need for third-party intermediaries such as banks. This is especially beneficial in times of economic crisis or instability, where central banks may limit how much money people can withdraw from their own accounts. Bitcoin can be seen as a safe haven as it offers a level of protection not seen with traditional banking methods.

Self-Custody for Money through Bitcoin

Bitcoin provides a means of self-custody for money. With Bitcoin, people have access to their funds at all times, and they do not have to worry about banks or other financial institutions having control over their funds. Additionally, while the use of Bitcoin is not completely anonymous, it still provides a level of privacy that is not possible with traditional banking methods.

IMPORTANT: Why a Bitcoin ATM is Safer than a Crypto Exchange

Having self-custody on Bitcoin depends on where the person buys it from. Centralized crypto companies can act no different from traditional banks because they hold users’ cryptocurrencies. If that company crumbles and declare bankruptcy, people (including crypto clients, traders and retail investors) may not get their money back.

But if the person buys it from a Bitcoin ATM instead, they own their digital assets 100%. Think of the machine as a sort of vending machine for snacks. You insert cash in it, it gives you the snack you want. Once you claim it, it’s yours even if the machine busts down.

For example, ChainBytes manufactures top-of-the-line Bitcoin ATMs for people to buy and sell Bitcoin in a short amount of time (we’re talking less than a minute just to complete a transaction). The machines let people keep their Bitcoin forever as long as they properly store their wallet. Even if the company closes down, nothing will ever take away the person’s crypto purchase.

In other words, once someone buys Bitcoin from it, their digital assets are theirs to keep in their crypto wallets.

Comparison of the US Dollar and Bitcoin

The value of the US dollar is determined by a number of factors, such as the strength of the US economy and the policies of the Federal Reserve. In contrast, Bitcoin’s value is determined by supply and demand. Due to its limited supply and increasing demand, Bitcoin has experienced a sharp rise in value over recent years.

Investing in Bitcoin

Investing in Bitcoin and digital currencies carries some risk but can potentially bring significant returns. People are investing in it to diversify their portfolios and protect against inflationary pressures. Even small investments could result in considerable profits down the line.

The Future of Banks

Banks are still an important player in global finance, but their future is uncertain as decentralized systems like Bitcoin gain traction. Many questions have arisen about how banks will adapt to these changes moving forward.

The closure of Signature Bank and Silicon Valley Bank in early 2023 left a deep impression on banking services everywhere. Very rarely do two national banks close simultaneously like this.

The Future of Bitcoin

It’s impossible to be certain, but many experts believe that Bitcoin has what it takes to become a global currency in time. Its decentralized structure makes it more secure than traditional banking methods, while its limited supply adds stability not found with regular currency exchange rates.

The US Securities and Exchange Commission (SEC) has increased oversight for crypto-related industries due to concerns about violations (such as unregistered ICOs). Banking regulators have also been paying close attention to cryptocurrencies, raising warnings around risks connected to money laundering or terrorism financing while also recognizing potential benefits these technologies might offer. Some companies even recognize those benefits, offering banking services specifically designed for digital asset companies or cryptocurrency firms.

Bottom Line

Bitcoin has been around for over a decade now and is proving to be much more than just a passing trend. After gaining a steady footing in the market, it has become an increasingly popular form of investment and asset class – one that is gaining traction with investors and businesses alike. Its unique properties make it attractive to those who want control over their money and the ability to easily transact within a secure network.

Bitcoin also offers privacy protections that traditional financial institutions cannot match, as well as unmatched speed and low-cost transfers when compared to other forms of money transfer. In short, Bitcoin is here to stay and looks set to continue its upward trajectory in the years ahead.

Become a Bitcoin ATM Operator Today with ChainBytes

Becoming a Bitcoin ATM operator with ChainBytes can be a great way to contribute to the growing cryptocurrency industry. By providing people with the option to buy Bitcoin on-site, you can help to make this revolutionary financial system more accessible to the general public. Don’t wait any longer to get started, become a Bitcoin ATM operator with ChainBytes today!

Considering that Bitcoin ATMs are very young in the industry, the challenges have changed over the years. At first, the biggest challenge was explaining to regular people what Bitcoin is and why they should hold even just a bit of it. Today, a lot of people have heard about Bitcoin and numerous of them have at least some understanding of what it is and how it works. New challenges, like in any new industry, are still present. Over the years, many of the challenges have been resolved through technology. Many states have a clear stand on Bitcoin now, especially now that we have wallet forensic tools at our disposal, and KYC/AML as a standard for anything crypto.

By addressing each issue individually, the industry is slowly but surely overcoming the obstacles that stand before it, which could possibly result in easier operations and more mature industry standards.

If you are wondering what it takes to become a part of the crypto ATM operators in the country, keep on reading below.

Bitcoin ATM Challenges

Having a crypto ATM may seem simple as investing in your business, but there is more to it than just purchasing a machine and placing it at the local gas station or a food mart. These include banking challenges, often lack of knowledge of the industry, lack of information on needed initial capital, and understanding of regulations and compliance importance.

But, just like any challenge, there is always a solution.

Challenge #1: Banking Issues

Finding a banking partner to handle Bitcoin ATM transactions can be a challenge because many banks simply do not bank MSB businesses. While this is not a “Bitcoin” issue but a fact that Bitcoin ATMs generate large cash volumes and many banks simply refuse to bank MSB businesses. Frankly, it may take several attempts to find a proper banking partner.

Solution to Banking Issues

Operators should work closely with banks they already have connections with in order to successfully conduct bitcoin ATM services.

There are banks that offer banking services for bitcoin ATM companies, and they require extensive often specific compliance implementation.

Challenge #2: Lack of Knowledge (Especially on AML/KYC Compliance )

Due to limited access to lawyers with working knowledge of Bitcoin ATM KYC/AML compliance, as well as regulation, and the lack of training material available for operators, it’s not always easy to fully understand the industry and KYC/AML in the BTM space.

Operators must also be prepared for third-party reviews regarding their KYC/AML business practices.

Solution to Lack of Knowledge (Especially on AML/KYC Compliance)

To ensure proper adherence to regulations, operators should seek out companies specilized in Bitcoin ATM compliance, or lawyers with working knowlege on the matter. There are several companies like BTM compliance  that can provide you with KYC/AML program and necessary trainings.

Companies can also look for legal advice from knowledgeable lawyers who specialize in dealing with bitcoin ATMs specifically.

Challenge #3: Capital Needed To Operate

Frankly, crypto ATMs work differently than traditional ATMs. The customer does not need a bank account but rather a digital wallet. All the customer needs to do to buy Bitcoin is to have their Bitcoin wallet with them and they can start buying or selling Bitcoin or any cryptocurrency of their choice.

In order for operators to run their crypto ATMs successfully, they must have sufficient Bitcoin at their disposal in order to fulfill customers’ orders. This means that operators must have enough Bitcoin in their wallets to fulfill customer purchases. Also, operators need to collect the cash that the customer has inserted into the machine and turn it back to Bitcoin (or store it on their exchange account) so that they can replenish the Bitcoin in stock.

This process requires considerable floating capital due to long processing times, which could span anywhere from two to seven days depending on various factors such as how often the operator emotes the machines, bank processing times, etc.

ATM Operators should always aim to have enough Bitcoin ready beforehand for at least a week’s worth of operation so as not to get bogged down by operational delays caused by a lack of funds when fulfilling customer orders.

Solution To Capital Needed To Operate

Having sufficient capital at any given time is crucial for operators if they intend on operating their machines efficiently and without interruption due to insufficient funds or liquidity issues caused by delayed transactions or any other liquidity issue.

ChainBytes Bitcoin ATM back office software, allows operators to quickly replanish the stock of Bitcoin after the sell is made on the machine. Auto buy back option directly from the operator exchange will reduce the Bitcoin price flactuation risk and ensure that Bitcoin stock of the operator is always at the same level.

Challenge #4: Regulations in the USA

In terms of existing regulations surrounding crypto ATMs within America, there are several laws all operators must agree to within each respective jurisdiction/state before carrying out operations legally and safely within those areas:

On a federal level, all US-based operators must register themselves with FinCEN (Financial Crimes Enforcement Network) under Money Service Businesses guidelines alongside having an appropriate compliance program implemented alongside the role of a designated compliance officer.

Also, it is worth mentioning that operators MUST check on a state and local level if there are any additional requirements or regulations in their respective areas of operation. This is best done using a local attorney with experience in Bitcoin ATM operation. Some states, such as New York, have additional licensing requirements. New York is famous for being one of the hardest states to start an operation, all due to the license known colloquially as BitLicenses, which operators must obtain in order to operate legally in the state of New York.

Regulations remain ever-changing since it’s still an early industry.

Solution To Regulations in the USA

In terms of following American-based regulations surrounding Bitcoin ATMs, all potential operators should contact lawyer offices specializing in cryptocurrency-related matters with an emphasis upon familiarizing themselves more heavily with local state guidelines before attempting to start operation.

 

Hiring well-versed blockchain and Bitcoin ATM compliance companies will provide the necessary KYC/AML writen comliance program, help you with the FinCEN registration as well as provide you with the training material required for the operation.

Bottom Line

A Bitcoin ATM has the potential to revolutionize how people access and use cryptocurrencies, and while there are a few challenges that must be addressed, the industry is moving in the right direction and seeing exponential growth. The need for capital, understanding regulatory compliance requirements, and operational considerations need to be taken into account when starting a Bitcoin ATM business.

On the other hand, operators are charging anywhere between 12%-20% of transaction volume, making the Bitcoin ATM industry a very hot topic among investors who are looking into cash flow businesses.

By understanding Bitcoin ATM challenges in advance and preparing accordingly – such as securing banking relations, researching local regulations, creating a strong KYC/AML program, and filing for the FinCEN registration – operators can minimize their risk while maximizing their profits. Through careful planning and dedication to following best practices within the industry, entrepreneurs can find fast success when launching a Bitcoin ATM business.

With this newfound knowledge of what’s involved in setting up a shop successfully at any given location across America now, you should feel more confident about taking your next steps toward becoming part of this ever-expanding yet exciting new sector.

Become Part of the Crypto ATM Operators Today with ChainBytes

Do you want to become part of the exciting Bitcoin ATM business? ChainBytes is here to help in making you a fully-fledged crypto ATM operator. Our company is a crypto ATM provider that will have the models you need.

Our machines adhere to BTM compliance so that you can stay within legal boundaries while conducting operations safely and securely.

With our experience, knowledge, and the best software and hardware in the industry, we’ll ensure your success when launching a Bitcoin ATM business. Start today with ChainBytes and become the crypto provider that people need for access to cryptocurrencies!

Right now, Bitcoin (BTC) and cryptocurrency adoption is increasing. The total market cap of digital assets hit an all-time high of $2 trillion dollars in 2021. This growth created a demand for new services to help promote the adoption of digital currency.

One of these new services is the Bitcoin ATM.

A Bitcoin automated teller machine (ATM) is a machine that allows users to buy and sell Bitcoin and other cryptocurrencies in exchange for cash. Transactions are fast, easy, and occur in real time.

Much like the growth of cryptocurrency, the number of Bitcoin ATMs worldwide also skyrocketed in 2021. In August 2020, there were a total of around 9,000 machines.  A year later, there were just under 25,000 deployed machines. Today, approximately more than 35,000 Bitcoin ATMs exist in the country. This is an indication that as Bitcoin becomes more valuable, the market demand for these machines also increases.

How can you profit from the growth of Bitcoin ATMs?

Bitcoin ATMs help meet the growing demand for Bitcoin adoption and transactions. Working with ChainBytes, businesses can learn about becoming either “operators”, “partners”, or “hosts” for these machines. The ROI will depend upon several factors, such as the following:

• Location of the business (e.g. commercial district, high-traffic)
• Number of daily transactions
• Average transaction size (e.g. amount users transact)
• Total expected revenue from transaction fees
• Marketing strategy to promote your Bitcoin ATM

According to estimates from CoinATMRadar, one Bitcoin ATM machine has the potential to earn up to $3,000 a month (e.g. $36,000/year) with gross monthly revenues of $30,000. This can go even higher with an increase in the volume of transactions.

• Partners share a percentage of revenues with an operator.
• Hosts are paid a fixed monthly fee (or rent) from an operator in exchange for space.
• Operators can have several machines under management and benefit from a variety of revenue models working with partners, hosts, and independently.

Having your own Bitcoin ATM business can net you a good profit as long as you follow proper care and management of operations. They also have the potential to increase foot traffic in retail stores and further grow already established businesses.

Stand Out From the Competition with a Bitcoin ATM

When it comes to ATMs, customers have come to expect convenience and reliability from their providers. But what if you, a Bitcoin ATM owner, could offer them something more? Being a Bitcoin ATM operator in your establishment gives you an edge over competitors who only offer traditional ATMs.

With a Bitcoin ATM, customers can quickly buy bitcoin or sell cryptocurrency on the spot. The convenience will let them get the crypto they need without having to go somewhere else. Additionally, as cryptocurrencies become more popular, having access to cryptocurrency services onsite will help draw in potential customers that may otherwise have gone elsewhere for their transactions. This will also set you apart from other businesses in your area that are offering traditional ATMs only.

In addition, cryptocurrency transactions generate revenue that provide business owners with additional revenue streams. Furthermore, to use a Bitcoin ATM customers do not need to use a credit card or bank account. It’s just like a candy vending machine: customers insert cash and they receive the snack they want. In this case, they receive Bitcoin.

By installing a Bitcoin ATM at your business location you’re not only increasing customer satisfaction but also showing you’re dedicated to staying ahead of the trends. This commitment is sure to gain attention from current and potential customers looking for speedy and reliable services and keen on taking advantage of lucrative opportunities associated with cryptocurrencies.

Installing a Bitcoin ATM is an excellent way for business owners looking for ways to stand out from their competition while offering customers convenient access to digital currency transactions​ -allowing them to benefit from low-cost alternatives not offered by traditional financial institutions. With proper management, investing in a Bitcoin ATM can be hugely profitable venture worth considering!

Make an Investment in Bitcoin ATMs

Bitcoin ATMs provide businesses with a unique opportunity to make an investment into bitcoin while also having the potential to generate more profits. From hosting bitcoin ATM machines to becoming an operator, there are numerous ways for businesses to benefit from this technology. With bitcoin prices increasing, bitcoin ATMs provide businesses with the potential to earn higher profits by providing bitcoin services.

By partnering, hosting, or becoming an operator of bitcoin ATM machines, businesses can benefit from this technology and stand out from their competition.

ChainBytes is a premium Bitcoin ATM manufacturer that produces high-quality machines with state-of-the-art hardware and software. They also offer technical support and remote updates, ensuring that businesses looking to start a bitcoin ATM business do not need to have any advanced knowledge of running servers or understanding programming. If you’re looking to expand your business into Bitcoin ATMs, or start a side-hustle, contact us for more information!

Current Problems with Bitcoin

While a Bitcoin ATM itself is not the issue, the fact that the Bitcoin industry is still very young and everchanging is both advantageous and disadvantageous.  Throughout the years, BTC has been through many ups and downs. As of writing, cryptocurrency is at a down phase, especially after the notorious “crypto winter” of 2022. The period brought Bitcoin down from its all-time high of $69,000 on November 2021 to a bottom of less than $16,000 the following year.

If you are not in touch with the news, here are some key factors that affected the price of BTC over the past year:

• Major cryptocurrency exchange FTX collapsed in 2022, which brought the price of BTC to less than $16,000
• Interest rate hikes in the US and UK have caused sell-offs
• The cost of living crisis has led to a decrease in investors’ disposable income for buying cryptocurrencies
• China (again) banned cryptocurrency transactions
• A stablecoin called US Terra (UST) lost its US dollar peg, which led to the fall of the cryptocurrency LUNA from $120 to 0.000001, pulling down the entire crypto market
• Constant calls for tighter regulations

However, despite all of the above, Bitcoin is still being adopted by more people by the day.  And while the price of bitcoin is constantly changing the adoption is more widespread, allowing bitcoin ATM operators to grow and reach customers more easily.

So, yes, Bitcoin is volatile — and that is what makes it, well, Bitcoin.

Bitcoin ATM Provides a Solution

A Bitcoin ATM business is well-suited for you, especially these days when the economy is facing significant changes. That also means BTC is in a “recovery phase”, meaning it is taking time to breathe first before it begins skyrocketing again.

So, while everyone is accumulating money so they can buy more bitcoin, you may want to take that chance before everyone rides the hype train once again.

After all, people are kind of lost after the FTX exchange bankruptcy, which made plenty of customers lose their trust in other crypto exchanges. So simple process of Bitcoin ATMs of “cash in, bitcoin out” or better said cash in and bitcoin sent directly to the customer’s personal wallet is more appealing to people just looking to start on a bitcoin journey.

That is where you come in: with a Bitcoin ATM.

A bit of an exaggeration here, but think of the machine as a guiding light for the lost people who don’t know where to go when it comes to crypto.

Because, unlike a crypto exchange, a Bitcoin ATM is easier to use and, most of all, people have full custody of their Bitcoins.

Important: choose the right manufacturer who will provide the best service for you including remote updates for the Bitcoin ATM software. Some companies only provide manual updates for the software which forces you to go to the machine on-site, understnad servers and programing languages the ChainBytes Bitcoin ATMs are Plug-and-play machines, and you do not need any technical or programing knolege to own and operate one or a whole fleet of them.

Crypto ATMs are still scarce across the country but they provide the best alternative and streamlined way to buy bitcoin or sell them instead.

Having a Bitcoin ATM Business Means Low Competition

If you’re looking for an investment opportunity with low competition and a high earning potential, the Bitcoin ATM market may be the perfect fit for you. Bitcoin ATMs are popping up all over the world, providing customers with an easy way to buy Bitcoin without having to do online transactions in crypto exchanges. For entrepreneurs, this means that there is huge money-making potential in being a Bitcoin ATM operator.

According to a report by akleg.gov, there are more than 435,000 traditional ATMs in the US. Meanwhile, only 35,000 Bitcoin ATMs exist in the country.

The good news is that competition in this space is still relatively low. People who invest in a Bitcoin ATM business often find themselves with only a few competitors, which allows them to set their own prices and differentiate their services from others. This gives them a unique edge over other players in the industry, making it easier to quickly turn a profit and expand their operations.

Sure, 35k may still sound like an enormous population number, but remember that the Bitcoin ATM sector is way smaller than the already-established traditional ATM. Cryptocurrency ATMs are picking up the pace just now, so you may want to take the opportunity while the days are still slow as of this writing.

Great Passive Income?

Since the Bitcoin ATM operates on autopilot after installation, you do not have to worry about managing your business around the clock – leaving more time for your other priorities…most of the time. Primarily, you’ll want to make sure that you are in line with AML/KYC compliance. As for Customer Care, you need to be active as well. After all, great customer care is what creates loyal customers. And lastly turning the cash from the machines to the Bitcoin. 

One of the most significant advantages of having a Bitcoin ATM is that it has the potential to yield high returns. The key lies in identifying areas with higher demand for bitcoin transactions; locations with high foot traffic, community hubs and local marts and gas stations tend to be especially profitable because they attract customers on daily bases and seign the machine day in and day out raises your chances of them coming back to your machine when they are ready to start their bitcoin journey. 

Overall, having a Bitcoin ATM business means that you can enjoy lower competition while taking advantage of great returns on your investments – something any savvy entrepreneur should take note of.

Bottom Line: Being a Bitcoin ATM Owner Has Plenty of Perks

The bottom line when it comes to owning a Bitcoin ATM business is that it offers plenty of perks both in terms of potential earnings and low competition. The relatively low capital investments needed to get started, combined with the potential for sky-high returns, make this type of venture an attractive opportunity for anyone looking to make money and grow their business.

Not only does a Bitcoin ATM offer you the chance to tap into the lucrative world of cryptocurrency, but it also allows you to create a footprint in the industry and position yourself well for future expansion. 

Finally, because competition in this sector is still relatively low and there is no need for day-to-day manual maintenance or software upgrades on each machine, you don’t have to worry about constantly driving to your machines so you can expand to remote areas as well. This leaves more time for pursuing other avenues and investing time in marketing – making a Bitcoin ATM even more profitable. All in all, it’s very clear that there are plenty of advantages associated with owning a Bitcoin ATM business; if you’re looking for an investment opportunity with great ROI and relatively low competition then this may be perfect for you.

Start Doing Business with ChainBytes Today

ChainBytes is a premium Bitcoin ATM manufacturer that produces high-quality machines with state-of-the-art hardware and software. Our company connects you with help to manage technical and regulatory compliance matters. If you’re looking to expand your business into Bitcoin ATMs, or start a side-hustle contact us for more information!

Looking to get into the next level of being an ATM operator? You may want to consider having Bitcoin ATMs (BTMs) for your business.

Getting a BTM can be a good way to increase revenue and offer a unique service to your customers. Basically, Bitcoin ATMs provide an easy way to buy bitcoin (BTC) with cash. It makes it more accessible for your customers to start investing in crypto in only a few steps.

A Bitcoin ATM works similarly to a regular ATM, although it bears differences too. Primarily, instead of dispensing cash from your bank account, it allows you to purchase or sell bitcoin instantly with cash.

Think of a Bitcoin ATM as a common vending machine; instead of buying a candy bar or bottle of water, the machine drops bitcoins. Mind you, a bitcoin is not a physical item; the bought cryptocurrency goes directly to the customer’s crypto wallet address.

You may not know it but cryptocurrency ATMs are slowly rising in popularity, now that more people want in on having their own Bitcoin — even just a piece of it. If you would like to be part of something bigger that could explode in indescribable success in the coming years, being a Bitcoin ATM operator is a great opportunity.

Ready to get started? Continue reading below for details on how to run a Bitcoin ATM business.

What are Bitcoin ATMs and How Do They Work?

Bitcoin ATMs are automated cryptocurrency kiosks that allow buyers to deposit cash and receive Bitcoin. Alternatively, a user can sell bitcoin and withdraw cash from the machine. BTMs offer a convenient way to purchase Bitcoin without the need for a bank account, credit card, or lengthy sign-up processes.

The customer will need a crypto wallet to begin their process. Some customers may not know that yet though, but those that have one will only need to swipe their personal QR code (or someone else’s QR code) for the machine.

Then, the customer will insert cash into the machine and follow the instructions shown on the screen. In around a minute or less, your customer will finish buying or selling BTC. Fast turnovers mean more customers flocking in.

As for fees associated with Bitcoin ATM transactions, they could vary depending on the model and location.

How Bitcoin ATMs Help Your Business Generate More Revenue

Bitcoin ATMs provide an evergreen opportunity for your business to generate additional revenue. As bitcoin-based financial transactions get more mainstream, many consumers seek ways to invest in cryptocurrencies. Bitcoin ATMs provide a convenient solution: customers can easily buy or sell cryptocurrency using their crypto wallet at these machines quickly with just a few taps on the screen.

The transactions work securely in a short amount of time, allowing your business to gain the benefits of offering state-of-the-art payment that not many people experienced yet. Adding a Bitcoin ATM to the business already puts you ahead of your competitors who only own traditional ATMs. Best of all, having this option provides customers with better accessibility.

Differences Between Bitcoin ATM and Traditional ATM

Traditional ATMs are everywhere you go, be it in banks, malls, offices, or convenience stores. However, Bitcoin ATMs offer a different option for those looking to transact using crypto.

A BTM is a physical machine that exchanges cash into cryptocurrency or vice versa. The process of using a BTM is similar to a traditional ATM, but with the advantages of transacting in crypto assets. Unlike a traditional ATM, which requires your bank account information and PIN, Bitcoin ATMs just need a QR code of your BTC wallet.

Additionally, Bitcoin machine transactions do not waste time as a traditional ATM, thanks to the BTM’s blockchain technology. Some BTMs also give you the option to purchase other cryptocurrencies such as Ether (ETH), Dogecoin (DOGE) and Litecoin (LTC). Whether for convenience or security, BTMs present a direct way for users to access cryptocurrency.

Benefits and Risks of Bitcoin ATMs for Your Business

Bitcoin ATMs offer businesses the opportunity to capitalize on a rising technology, but with new opportunities come certain risks. After all, not everyone is familiar with how Bitcoin works.

Benefits

Purchasing Bitcoin and other crypto comes in two common options: a crypto exchange or a Bitcoin ATM.

Bitcoin ATM kiosks are more secure than cryptocurrency exchanges because it adheres to the saying, “not your keys, not your coins.” That means customers purchase bitcoin and own them 100%. Nobody controls your crypto money except you and you alone.

A Bitcoin ATM fully allows the user to instantly receive the BTC in their personal wallet and not store it in a centralized cryptocurrency exchange.

In addition to the convenience for customers, companies also reap the rewards of installing a Bitcoin ATM in their stores. By doing so, they are able to expand their reach and attract a broader audience.

Moreover, since BTMs are not yet widely available in the country, having one on-site can significantly increase customer visits and visibility of your business. This can lead to listing on various online maps which cater to users searching for nearby Bitcoin ATMs.

In the US, Bitcoin ATM operators are obligated to have KYC/AML compliance program and be registered with FinCEN, and other countries are not far behind, almost all countries require some kind of KYC/AML compliance policy put in place in order to legally operate a Bitcoin ATM and prevent money laundering.

Also in the US, it is legal for Bitcoin ATM operators to conduct business as long as they have registered with FinCEN and have AML/KYC compliance (some states may have additional requirements which are state specific). Specifically, ChainBytes refuses to service businesses that are not following regulations and operate illegally.

Importance Between a Bitcoin ATM and a Crypto Exchange

To summarize, a crypto exchange is an app that lets you buy coins and tokens online with just a few clicks. Examples are Binance, Coinbase, Crypto.com, and the controversial FTX. The main problem with a crypto exchange is that you don’t own your crypto there. If something were to happen to the exchange like FTX in November 2022, you lose all your investments.

Risks

Since it is still an emerging technology, using Bitcoin ATMs poses challenges. In the race for market share, the biggest problem that a Bitcoin ATM faces are high operator fees. Frankly, transactions will have varying fees that cost more than digital currency exchanges. This is because the profit earned by Bitcoin ATM operators is based on the fees they charge customers for using the machines.

These fees can range from 13% to 18% of transactions and are set by the operators themselves as a means of earning revenue. Therefore, you should weigh your decision carefully when considering integrating Bitcoin ATMs into your operations.

Keep in mind that Bitcoin itself is a currency that acts more volatile than your average dollar. The number of bitcoin you receive from your cash completely depends on the crypto market — a sector that no Bitcoin ATM can control. However, self-aware customers should already know what they get themselves into because BTC is something beyond digital money, although we will get back to that topic in another blog post.

Finding a Reputable Company for Your Bitcoin ATM business

To find a trustworthy and reliable supplier for your Bitcoin ATM needs, carefully evaluate their software and technical background with services that suit your goals and preferences. You can do this with thorough research about their online presence, references, and customer service satisfaction ratings. Additionally, it is crucial to confirm the company’s level of experience in the Bitcoin ATM industry and its technical expertise level.

When evaluating potential companies, consider several key aspects:

For example, it is important to inquire about common downtimes for the BTMs. You might also ask what should be the procedures in case of technical issues. More so, it is essential to know whether updates are done remotely or if you will need to visit the machine to manually update the software.

Ideally, you want to close a deal with a company that has a reputation for minimal downtime. Every minute lost is every potential customer gone — a situation you don to be in. It is also recommended that the company provides remote updates so you do not need to go to the machine everytime just to add the latest update physically.

Also, access to a dedicated customer service can provide you with peace of mind knowing that help is readily available in case you have any questions or technical difficulties.

In addition to evaluating a potential company’s technical background and customer service, it is equally important to read ATM reviews. The main goal is this: you purchase a competent Bitcoin ATM that will never give you any problems and the customers get full custody of their cryptocurrencies.

After all, you can’t just impulsively decide on an ATM manufacturer and call it a day, right?

Bottom Line: Is a Bitcoin ATM Worth It For Your Business?

Cryptocurrency does not need to feel complicated, especially for customers looking to invest. Setting up a Bitcoin ATM helps simplify things by removing the middleman and allowing direct transactions between a person and the machine. It makes sense to install ATM for increased convenience and flexibility for customers.

Placing a Bitcoin ATM beside a traditional machine boosts attraction and the need for people to come to your location to buy bitcoin for themselves or sell bitcoin for some cash.

In other words, you earn the reputation of providing a unique option compared to other locations. You could be the talk of the town for having one and people who invest crypto in your location may just visit you and no place else.

Keep in mind that the cost of owning a Bitcoin ATM machine will vary depending on the type of model you choose. Especially for small businesses, the potential advantages that come with crypto may seem tempting — especially for regions that increasingly favor this kind of digital assets over traditional cash or credit cards.

In conclusion, Bitcoin ATMs are an innovative way for businesses to rake in additional revenue. For businesses looking for other ways to increase their transaction options for customers, BTMs offer a direct solution with a wide range of benefits such as immediate transactions, no geographical limitations, attraction for wider audiences, and more.

On the other hand, operating a Bitcoin ATM does come with certain challenges that need to be considered prior before devoting yourself to the process. It is important to find a reliable company offering quality Bitcoin ATMs services so you get the results you want.

Start Your Bitcoin ATM Business Today

Looking to start your first Bitcoin ATM business? Look no further than ChainBytes! ChainBytes is a US-made ATM manufacturer that will provide you with the most reliable service available. Plus, you get to choose a variety of ATM models based on your preferences. Best of all, installation is easy.

Begin your new business venture in an all-American ChainBytes Bitcoin ATM today!

The Coffee Project – El Salvador

In the past year, ChainBytes has been working with Lehigh Valley University on a socially responsible project implementing Blockchain technology to solve supply chain issues with coffee bean farming and fair pay for farm workers in El Salvador.

For many years, workers within the coffee bean industry in El Salvador have been left unpaid due to the corruption of the industry, which removed El Salvador from the coffee map of the first world countries and big acquirers who are putting effort to be socially responsible and assure fair pay for farm workers. 

Big corporations such as Costco, Walmart, Whole Foods and many more refuse to purchase coffee that is not grown under the fair farming principle. The coffee industry in many parts of the world, the income of workers in the industry depends on the sale of the coffee to the purchase price. If the coffee is not sold, or is sold under a specific price, the workers on the coffee farms often won’t be paid for their work during the season. This brings many workers and their families to poverty and struggles for survival. Due to untrusted 3rd parties, even when coffee was sold the farmers would not be paid. 

The Future of Coffee Justo

The Coffee Justo project with ChainBytes and Lehigh University will be completed this semester, including a fully-functioning IOS and Android mobile application for coffee farmers and workers to use. The future plans for this project are to create a frontend system for workers that is a payment history when scanning a QR code on a coffee bag at your local grocery store. This will allow customers to see if the workers on the coffee farm were paid for the time they worked to produce that bag of coffee. The ultimate goal for the project is mainstream adoption for supply chain tracking capability and a use case for Blockchain technology across the world.

vFor those entrepreneurs who are just entering the crypto space, it can be difficult to choose a Bitcoin ATM provider that offers the best machines and support for the best price. In this article, we have collected the most important reasons why US-based providers may be the optimal choice for your business.

Why Invest in a Bitcoin ATM?  

First, let’s look at why investing in a Bitcoin ATM fleet can be good for your business.

• More people are getting involved in the cryptocurrency space every day.
• Bitcoin ATMs are an accessible alternative to traditional online crypto exchanges.
• With Bitcoin ATMs, cryptocurrency transactions are fast, easy, and only take a few minutes.
• Bitcoin ATMs serve a group of people that want to get involved in the crypto space, but are not tech savvy or either don’t or can’t use traditional financial services.

• Bitcoin ATM adoption is spreading across the world.

As Bitcoin and cryptocurrency adoption has grown, so has the demand for Bitcoin ATMs.

As of now, there are more than 36,000 Bitcoin ATMs in the United States – and looking at the rate of growth, this number is expected to rise much higher.

Why Choose a US-based Provider?

Below are some important reasons for selecting an all-American provider. Long story short, you get amazing perks that you won’t get to find anywhere else, such as fast 24/7 customer service, amazing discounts, and strong locally-made software — and that’s a guarantee from ChainBytes.

Customer support is often more readily available

Nobody likes to have unreliable customer service, no matter what business it is.

Hosting or operating a Bitcoin ATM is pretty straightforward. However, problems can arise, and when they do, operators need to be prepared to deal with them. At any given point, you may need to address the problems with the machines or with the software head-on.

If you’ve purchased a Bitcoin ATM from one of the US-based providers like ChainBytes, you can count on customer service that is available within 24 hours. Our competent staff will help you solve your Bitcoin ATM-related issues and more. The best part is that with ChainBytes machines, all the updates are done remotely by a highly specialized deployment team; this means that operators do not need to physically visit the machine every time there is a new update. 

Plus, all installations are done by our team and we’ll have it done within a one-hour window for the arrival of the Bitcoin ATM.

We believe that with great customer service comes great trust with our clients.

You can get a wide variety of discounts

Bitcoin ATMs are a long-term investment. It’s recommended to get premium machines that are built to last. Higher-quality machines, however, can sometimes put a dent in your wallet.

Lucky for you, some US-based Bitcoin ATM providers offer extra discounts for your business.

ChainBytes, for example, offers veteran discounts year-round for US vets, discounts for businesses buying in bulk, and discounts for paying with Bitcoin.

These are awesome offers that you won’t find anywhere else!

Trusted Software Developed Here in the US 

While the quality of the hardware a Bitcoin ATM uses should be a high priority, the software quality is equally critical.

The ChainBytes Dashboard operating software was developed right here in the states and has a lot of extra features that your business will find beneficial. Notably, the ChainBytes Dashboard enables you to operate and monitor your machines remotely, putting you in full control of your operation.

It will make everything more convenient for you as a Bitcoin ATM operator, letting you focus on your other tasks without having to go through the pain of visiting the Bitcoin machines on-site just to perform the update.

Faster Performance and Simpler Process than Any Other Bitcoin ATM

According to CoinDesk, it takes 10 minutes or up to an hour to complete a transaction using a Bitcoin ATM.

The time customer sends on a bitcoin ATM depends on the KYC/AML setting and the amount of bitcoins the customer is planning to buy.
With ChainBytes ATM, both the buy and sell processes are very straightforward and can be completed in 3 simple steps. The intuitive interface will guide your customers ensuring that even the most non-tech-savvy customer can easily finalize the purchase turning them into loyal customers. 

Crypto ATMs don’t come as close as ChainBytes’ simplicity and speed. If your customers realize how easy and quick it is to purchase Bitcoin or other digital currency, they won’t look for other ATM kiosks anymore. They will always want to flock to your location because it’s faster that way than in other places.

Here’s a video to show a small purchase performed on ChainBytes Bitcoin ATM:

About ChainBytes 

ChainBytes is a veteran-owned, premium BTM provider.

What makes us stand out?

• ChainBytes is US-based.
• We provide competitive pricing.
• Our machines are built with premium hardware.
• Our software is top-tier and allows you to manage and monitor the transactions of all your machines remotely.
• We provide top-of-the-line customer service and are available within 24 hours.

When you’re looking for a reliable US-based Bitcoin ATM provider, ChainBytes checks off all the boxes. To learn more about how ChainBytes can help you start or expand your Bitcoin ATM operation, contact us here!

Obtaining a Bitcoin ATM for your business might seem difficult at first as there are a lot of details to consider. Our quick five-step guide below will help you find, purchase, and get your machines up and running with ease!

Five steps for, “How to get a Bitcoin ATM”:

1. Do your research.
2. Purchase your Bitcoin ATMs.
3. Set up your Bitcoin ATMs.
4. Take care of compliance issues.
5. Operate and market your machines!

Do your research

The most important part of getting a Bitcoin ATM is doing research pre-purchase. In this step, you figure out which kind of Bitcoin ATMs will work best for your needs. Buying a Bitcoin ATM is a long-term investment, so it’s important to find a manufacturer that produces high-quality machines that run on easy-to-use, reliable software.

To learn more about ChainBytes’ Bitcoin ATMs, click here.

Useful items to research include,

• What kinds of Bitcoin ATMs are in your local area (what types, how many, what locations, etc.)?
• What kinds of cryptocurrencies do you expect to sell through your machines? Are the machines you are considering compatible?
• What are the typical transaction fees for machines, and how do they vary in your area?
• Are there special financial regulations operators in your state? If so, what are they?

Purchase your Bitcoin ATMs

Once you’ve done your research and decided which manufacturer best meet your needs, the next step is to actually purchase your machines. At ChainBytes, purchasing Bitcoin ATMs is easy in two ways:

• Shop for your Bitcoin ATMs here.
• Contact a sales representative to help you initiate your purchase.

Always remember, that buying in bulk or paying with Bitcoin can get you an extra discount!

Setting up your Bitcoin ATMs 

Once your machines are purchased and delivered to your business, you can now focus on setting them up.

• ‘Plug and Play’ machines, like the ones that ChainBytes offers, allow customers an easy and accessible way of setting up machines. This means no specific technical knowledge is required for getting your machines in operation. Be careful about this though, as not all manufacturers are the same in this regard! 
• You will also need to make sure that you have a steady supply of Bitcoin and cash to meet customers’ needs once you’re up and running.
• To secure a supply of Bitcoin to sell through your machines, you will want to set up a “hot wallet”. Your hot wallet holds the supply of Bitcoin available for customers to purchase through your Bitcoin ATMs.

Take care of compliance issues

Maybe the most intricate part of operating Bitcoin ATMs is compliance. Rules and regulations in respect to cryptocurrency are rapidly changing. This can make it tricky to keep up with compliance obligations. But don’t worry! If you’re not well-versed in crypto law, there are businesses dedicated exclusively to solving these problems.

When you purchase your machines from ChainBytes, you can choose a federal compliance package offered by BTMCompliance, a leading Bitcoin ATM compliance solution provider.

This service not only helps you manage necessary registrations with financial authorities, but also helps you file reports and monitor for suspicious transactions.

Operate your Bitcoin ATMs

Now that your machines are plugged in, filled with cash, connected to your hot wallet, and in compliance with necessary regulations – there’s surely nothing left to do, right?

Well, yes AND no.

While operating your Bitcoin ATMs won’t require a lot of time and effort from your part, there are still some everyday tasks you will need to carry out. With companies like ChainBytes, the machine’s dashboard will help you easily monitor the status of your machines along with all activities and transactions.

It is also important that you work to market your machines: Street signs, websites, social media, flyers, special events, press releases, and other promotions will help you spread the word about your new machines and bring you more customers.

Do you have any other questions on how to get started with your first Bitcoin ATM?

Get in touch with our sales representatives who will be happy to assist you with all you need to know about setting up and operating your very own Bitcoin ATM fleet.

Other Important Notes to Remember

You might underestimate the process of owning a Bitcoin ATM business just because it is similar to a regular ATM investment.

Fortunately, ChainBytes will help you break down the details so you get started with your Bitcoin machine right away.

Here are some basic knowledge about operating cryptocurrency ATMs:

Customers don’t need a bank account

That’s the selling point of a Bitcoin ATM: it works more like a candy vending machine than a common ATM requiring a card before you can cash out. A customer will only need a digital wallet (aka Bitcoin wallet) and use its QR code to begin transactions.

A customer can finish withdrawing or depositing in a minute or less thanks to the streamlined process of the Bitcoin ATM.

Crypto is still growing

In simple terms, this is your chance to become part of something greater in the future. Once Bitcoin goes into the mainstream, you’ll find more people flocking to your machine, buying Bitcoin or selling them for fiat currencies. That means more foot traffic as well!

As more businesses adopt blockchain transaction systems, now could be the best time to set up a machine for customers to buy Bitcoin.

A Bitcoin ATM is one of the few ways to start investing in crypto — and one of the safest methods to buy Bitcoin compared to using an online app.

Bitcoin ATMs are more secure than cryptocurrency exchanges

Long story short, a cryptocurrency exchange is an online app or browser where you can purchase digital currency on the fly. While it sounds easier than going to a physical ATM, it is much more dangerous.

Companies like Binance, Coinbase, Crypto.com and FTX are centralized exchanges — companies that hold your crypto, not you. In case an exchange shuts down and your crypto investments are there, they will be lost. For example, on November 2022, FTX filed for bankruptcy after it had liquidation problems and allegedly used customer funds for trading. When the exchange fell down, people who did not exit beforehand lost everything.

With a Bitcoin ATM, your customer will never need to worry about all that. Most of all, people who do transactions with an ATM have full custody of their money. Even if the company that manufactured the ATM closes down, the people’s crypto investments remain unaffected, given that their money is in their digital wallet.

As the saying goes, “Not your keys, not your coins.”

It’s the same way how people have full custody of their money with cash instead of keeping their hard-earned money in the bank.

Bottom Line: Setting Up Doesn’t Have to Be Complicated

Mostly, having a Bitcoin ATM business is not as complicated as you might expect… given that you contact the right company to help you out. That’s what ChainBytes is for. If you are looking to begin your crypto ATM business and answers to your Bitcoin ATM questions, feel free to contact us today.

Software for GenMega & Coinsource Bitcoin ATMs

We are happy to announce that our software now supports GenMega (example: Coinsource and other GenMega white-labeled). Companies that in their fleet have and operate GenMega Bitcoin ATM machines will now have the option to move their operation under ChainBytes software.

 Operators currently owning and operating GenMega or Coinsource Bitcoin ATMs can now move their operations and have ChainBytes software installed on their machines. Machines do not need to be moved from the locations, the entire process of moving the machines to new software will be done remotely by a specialized ChainBytes deployment team. You can now have your entire fleet switched to our software without the hassle of removing machines and complicated procedures. 

 From Eric Grill, ChainBytes CEO:
“We are excited about this opportunity. There has been a lot of interest from operators who currently own GenMega machines to move to our software solution. We heard the demand and developed the simplest way to reinstall and move entire GenMega fleets to our software. As a company, we are very aware of how important it is to have machines operational along with a simple user interface for even the non-tech savvy users to buy bitcoin with no hassle, while our backend provides real-time updates and the best operator interface on the market.”

ChainBytes Bitcoin ATM Software which can now be installed on GenMega machines is created for enterprise businesses with end-users in mind. The software installation will be done remotely, and operators do not need any programming knowledge to install or operate their machines. On the back end, ChainBytes managing platform, the Dashboard, gives operators complete 24/7 control over their kiosks. The user interface, designed by UX experts, assures that even the most inexperienced customers can buy or sell Bitcoin with ease.