In recent years, cryptocurrencies have become very popular among tech enthusiasts, investors, and consumers alike. This has led to a high demand for an easy way to procure crypto for fiat. Quickly the Bitcoin ATMs (BTMs) entered the stage and provided an easy way for people to purchase crypto. 

According to CoinATMRadar, more than 38000 Bitcoin ATMs are currently active across 70 countries. And thats just a fraction of the Bitcoin ATMs operating today. Customers are seeking these machines and this represents a significant opportunity for business owners to incorporate Bitcoin ATMs into their businesses and increase their profits. Here’s a detailed explanation of the potential benefits of adding Bitcoin ATMs to your business.

Increased Foot Traffic and Sales

Bitcoin ATMs usually attract a lot of people from all walks of life. By hosting a Bitcoin ATM, you can attract a variety of new customers from different demographics who might not have visited your business otherwise. These customers come from all age demographics and are well-informed, bringing additional traffic to your business location.

As soon as you start attracting these customers, they are more likely to make additional purchases and help you boost your sales. Whether they’re looking to grab a snack or a drink or exploring different other products and services, this increased foot traffic will directly lead to higher sales. The novelty and convenience of a Bitcoin ATM can encourage impulse buys and repeat visits.

Additional Revenue Stream

Bitcoin ATMs are not just a tool for attracting new customers but also an additional revenue stream. As a business owner, you will be earning monthly rent for the space the bitcoin ATM occupies. The rent depends on the location and foot traffic, and at the time of this writing, it’s on average between $250 – $350 a month. Not bad for a 4×4 feet of floor space.

Marketing and Competitive Edge

Offering unique services will set you apart from others in today’s competitive market. A Bitcoin ATM helps you position your business as innovative and forward-thinking, giving you an edge over your competitors by attracting additional customers.

And let’s not forget about the advertising potential. Having a Bitcoin ATM means your location will be listed on various Bitcoin ATM maps and directories, which are frequently promoted from Google Maps to various specialized websites. This acts as free advertising, drawing in individuals explicitly looking for a Bitcoin ATM and increasing your store’s visibility and customer base. 

In addition, the Bitcoin ATMs offered by ChainBytes give you the option to display native advertising on the second screen of the Bitcoin ATM and bring in additional revenue through those ads or simply promote specific products or services in your store. 

Enhanced Customer Experience

Convenience: Bitcoin ATMs make it easy for everyday people and crypto enthusiasts to buy or sell Bitcoin. This convenience will improve the overall customer experience, helping your business become a go-to destination for many people. 

Modern Appeal: By embracing new technologies like cryptocurrency, you can enhance your brand image leading to higher customer footfall and sales. Younger, tech-savvy customers are especially attracted to businesses that adopt cutting-edge technology and offer convenience. 

Having a Bitcoin ATM shows that your business is modern, progressive, and in tune with current trends, which can foster loyalty and repeat business.

Security and Compliance

As a host of a Bitcoin ATM, you need to ensure that the machine is in a safe location. Standard security measures are usually the way to go. Companies looking to place a Bitcoin ATM in your store may ask you if you have a camera and alarm system and how safe the general area of your store is. As the host, your responsibility is to safeguard the Bitcoin ATM just as diligently as you would a traditional ATM or any other equipment in your store.

Future Proofing Your Business

Integrating a Bitcoin ATM demonstrates that your business is keeping up with technological advancements. Staying current with technology can improve your reputation among tech-savvy customers and position your business as an industry leader.

As the adoption of cryptocurrencies continues to grow, having a Bitcoin ATM in your store positions your business to capitalize on this trend. Early adopters of new technologies often reap significant benefits as these technologies become mainstream.

Partnership Opportunities

Partnering with Bitcoin ATM providers can open doors to other business opportunities. These can include promotions, cross-marketing efforts, and collaboration on other fintech services. Such partnerships can enhance your business’s reach and profitability.

Adding a Bitcoin ATM to your business offers numerous benefits, from attracting new customers and increasing sales to enhancing your brand’s modern appeal and supporting the local economy. As the world continues to embrace digital currencies, positioning your business at the forefront of this trend can provide a significant competitive edge. Consider integrating a Bitcoin ATM today to stay ahead of the curve and reap the rewards of this innovative technology.

Ready to start your Bitcoin ATM business? Contact ChainBytes today and take the first step towards setting up a successful Bitcoin ATM operation in 2024.

The rise of Bitcoin ATMs has revolutionized the accessibility and adoption of cryptocurrencies, offering users a convenient way to buy and sell digital currency with cash. However, behind the scenes, Bitcoin ATM operators sometimes face a challenge, particularly when it comes to securing banking services. 

From navigating complex compliance requirements to establishing trust with financial institutions, operators must overcome numerous hurdles to ensure the smooth operation of their businesses. In this blog, we delve into the key challenges of banking in the Bitcoin ATM industry and provide valuable tips and strategies for compliance and acquiring a bank account.

Understanding the Banking Challenges

1. Finding Banks Willing To Work With Bitcoin ATM Operators

One key challenge is finding banks that are willing to open accounts for MSB businesses that Bitcoin ATM operators are. Larger banks are sometimes hesitant to work with Bitcoin ATM operators due to the larger amounts of cash these ATMs generate. In contrast, local banks may be more open to banking Bitcoin ATMs, providing them with a foothold in the banking sector.

2. Risk Assessment and AML/KYC Policies

Banks meticulously assess the risk associated with Bitcoin ATM operators due to the inherent nature of cash-based transactions. Therefore, operators must have robust Anti-Money Laundering (AML) and Know Your Customer (KYC) policies in place to mitigate these risks and demonstrate their commitment to regulatory compliance.

3. Utilizing Cash and Transit Services

To address the challenge of cash handling and transportation, operators can leverage cash and transit services such as armored car operators for secure transportation of funds between Bitcoin ATMs and bank vaults. These services offer a reliable solution while operators work towards establishing traditional banking relationships.

4. Transactional Requirements

Building a customer base and reaching higher transaction volumes is often a crucial step in order to bank with one of the larger banks that are open to MSB business, and establish more favorable banking relationships.

5. Enhanced Due Diligence

One of the main challenges is the enhanced due diligence required by banks. Banks may request specific information, such as lookbacks, or collecting certain information from all the customers.

6. Lengthy Process

The process of acquiring Bitcoin ATM machines, achieving compliance, and securing a bank account can be arduous and time-consuming. It often takes from a couple of weeks to several months to navigate the regulatory landscape and establish banking relationships, requiring patience and perseverance from operators.

Compliance Tips and Strategies 

1. Don’t Approach The Bank Until You’re Fully Prepared

A thorough knowledge of KYC/AML program, reporting requirements, and filing procedures is crucial before approaching banks. It is essential to know your operational procedures and best practices.

2. Conduct Regular Compliance Training 

Compliance is paramount in the banking sector, and Bitcoin ATM operators must conduct compliance training. Regular compliance training is necessary to ensure operators meet the stringent requirements set forth by regulatory bodies.

This includes initial training on anti-money laundering (AML) procedures, as well as regular supplemental training on industry-specific topics. Another insight is the need to demonstrate compliance with AML regulations to banks. Operators must undergo training and implement measures to prevent money laundering.

3. Understanding Your Machine’s Functionality

Knowing your Bitcoin ATM machine’s functionality is a key aspect that you need to know while approaching a bank. Operators should have a clear understanding of how the Bitcoin ATM operates, including its features, KYC collection limits, and maintenance requirements. Knowing which cryptocurrencies are supported and sold at the ATM is also important while talking to the banks.

4. Comprehensive AML/KYC Compliance Program:

Implementing robust AML/KYC policies is non-negotiable for Bitcoin ATM operators. These policies among other things should encompass thorough customer KYC, due diligence procedures, transaction monitoring mechanisms, and reporting protocols to detect and prevent illicit activities.

5. Designated Compliance Officer

Designating a compliance officer within the organization is essential for effective implementation of the KYC/AML program. This individual should be well-versed in compliance requirements and responsible for overseeing all aspects of regulatory compliance.

6. Getting A No-Action Letter

Obtaining a no-action and or opinion letter from the state and your legal counsel as well as consulting with an attorney for assistance is very important. This communicates the seriousness of your intentions to run a Bitcoin ATM business in accordance with regulations and aliens with potential legal requirements your state may have implemented.

7. Third-Party Audit

Having a third-party KYC/AML compliance audit completed before approaching the banks is very helpful. This brings credibility to your Bitcoin ATM business which is an important consideration for banks. In addition to this, it also helps you address the things lacking in your compliance program thus helping banks make a favorable decision.

8. Addressing Risk Concerns

The operators in this industry need to understand and mitigate the risks associated with Bitcoin. It is crucial to approach these discussions with a level of knowledge and professionalism to establish a successful relationship with banks. We recommend doing a proper risk assessment before approaching banks and addressing concerns properly to avoid any issues.

9. Getting Two-way Bitcoin ATM Machines

Two-way Bitcoin ATMs can help operators, while one-way machines only accept cash, the two-way machines also dispense cash so the amount of cash that needs handling is reduced because cash inserted by one customer can be dispensed to the next customer for a sell order.

10. Stay Informed About State Regulations

Keeping abreast of federal and state regulations is imperative for compliance. Resources such as the Association of Certified Anti-Money Laundering Specialists (ACAMS) provide valuable insights into regulatory developments at the federal level, while state websites offer information on specific state regulations.

11. Inquire About BSA Requirements

Operators should inquire about the BSA (Bank Secrecy Act) requirements for a money services business when discussing bank account opening with the bank.

12. Blockchain Forensic Tools

The use of blockchain forensic software is becoming a common practice when dealing with cryptocurrency transactions. This is why banks usually ask what tools are you using to monitor the wallets that are conducting transactions.

13. Build Trust with Banks

Building trust and credibility with the banks is crucial for establishing banking relationships. Operators should maintain transparent communication, demonstrate adherence to compliance standards, and emphasize their commitment to operating a legitimate and compliant business.

In conclusion, banking challenges in the Bitcoin ATM industry stem from the unique nature of cash-based transactions and banks’ risk aversion towards cryptocurrency-related businesses. However, operators can navigate these challenges by staying informed about regulatory requirements, implementing robust AML/KYC policies, and fostering trust with financial institutions.  Bitcoin ATM operators can mitigate risk and ensure the long-term viability of their businesses in this dynamic and evolving industry.

Lastly, operators like Hippo ATM can successfully overcome these challenges by utilizing the latest technology from trusted providers like ChainBytes. ChainBytes is dedicated to supporting its clients every step of the way, ensuring that each Bitcoin ATM operator can thrive in this dynamic industry.

Ready to start your Bitcoin ATM business? Contact ChainBytes today and take the first step towards setting up a successful Bitcoin ATM operation in 2024.

The demand for Bitcoin ATMs has increased as a result of the cryptocurrency market’s unexpected rise. A well-placed Bitcoin ATM can generate a significant amount of profits and be a lucrative investment. However, negotiating the right rental terms for the location of your ATM is crucial. Start by considering the best locations for your Bitcoin ATM, and be prepared to negotiate the rent. A reasonable initial offer, with a possible increase after six months based on the location’s performance, can help you get a favorable deal.

Identifying the Right Location

High Traffic Areas

Selecting a high-traffic area is the key to the success of your Bitcoin ATM. Locations like gas stations, convenience stores, and local hubs are ideal. Additionally, places with large parking areas where people stop day in and day out can generate significant footfall.

Nearby Amenities and Landmarks

Choose a location near well-known landmarks or amenities in your area. These could include popular spots like gas stations/stops, local grocery stores, and convenience stores. Proximity to such landmarks can draw more potential customers.

24/7 Accessibility

Opt for locations that offer long opening hours or round-the-clock access. People may need to use your Bitcoin ATM at odd hours. A 24/7 convenience store or gas station can be an ideal spot for your ATM. 

Negotiating the Rent

Start with a Reasonable Offer

Your initial rental offer should be reasonable and affordable. Starting the monthly rent payments at $250-$300 is a good benchmark. Offering a fair rent from the beginning can create a positive impression and lay the groundwork for successful negotiations.

Consider a Rent Increase After Six Months

Propose a potential increase in your monthly rent after six months if the location performs well. It reflects your dedication to a long-term collaboration and your readiness to split the earnings with the property owner.

Highlight the Benefits for the Property Owner

Emphasize the advantages the property owner will enjoy by hosting your Bitcoin ATM, such as increased footfall, potential new customers, marketing exposure for the store, and added revenue from the rent. Highlight that the store will be featured on a network of sites that promote Bitcoin ATMs and that while doing marketing for your machine you are simultaneously promoting the store as well. Who does not like free marketing?  

Be Prepared to Decline if the Price is not Right

Don’t be afraid to walk away from a location if the rent is too high or the terms are unfavorable. Your negotiating strength may increase if you’re prepared to consider alternative choices.

Incorporate Local Partnerships

Collaborate with Store Owners and Nearby Local Businesses

Partnering with store owners and nearby businesses can enhance the appeal of your Bitcoin ATM. By providing exclusive deals or discounts to clients who use your ATM, you may increase traffic and win the favor of the neighborhood businesses. Store owners should be aware of the work you will put into promoting their store. 

Engage with the Local Crypto Community

Tap into the local cryptocurrency community for support and to increase awareness of your Bitcoin ATM. You can enlighten potential customers about the advantages of using your ATM by holding workshops or informational sessions.

Understanding Local Competition and Market Dynamics

Assess the Local Cryptocurrency Scene

Before settling on a location for your Bitcoin ATM, research the local cryptocurrency market. Understanding the demand for Bitcoin and other cryptocurrencies can give you valuable insights into the potential success of your ATM. Local events, meetups, or workshops can offer information on the local cryptocurrency scene.

Analyze Your Competitors

Identify and study other Bitcoin ATMs in the area. Pay attention to their locations, accessibility, and any unique features they offer. Understanding your competitors can help you position your ATM strategically.

Location Versus Competition

It’s essential to strike a balance between a prime location and the level of competition in the area. While a high-traffic area that serves as a community hub can be appealing, too much competition can limit your ATM’s potential for success. Choose a location with reasonable foot traffic, where your Bitcoin ATM can stand out.

Unique Selling Points

Offer something unique to differentiate your Bitcoin ATM from the competition. Let know the business owner that you are local, that you care, and that you will take good care of the machine. If you are providing a telephone customer service mention it to the owner. Highlight that you will make sure that the machine will always be operational and that he can reach you at any time. 

Marketing Your Bitcoin ATM

Don’t forget to promote your Bitcoin ATM through online and offline marketing channels. Utilize social media, local newspapers, cryptocurrency forums, and community events to spread the word about your ATM. Consider offering promotions or discounts for first-time users to attract more customers. Store owners love new customers, tell them that you are looking to bring them to their store. 

Monitor and Adjust

Once you set the rent and the Bitcoin ATM is operational, monitor its performance and user feedback regularly. Use this data to make adjustments to your pricing, marketing strategies, or customer support. Adapting to the local market dynamics can help you stay competitive and maximize your profits.

Thoughts to Ponder

Your Bitcoin ATM’s location is essential to its success. Your profitability may be considerably impacted by negotiating the appropriate rent for the site. Remember to choose a high-traffic area near or in the heart of community hubs, and be prepared to negotiate the rent with the property owner. Offering a fair initial rent, with a potential increase after six months based on performance, can help you secure a favorable deal. Understanding the local competition and market dynamics is crucial for the success of your Bitcoin ATM. You may increase the attraction and use of your Bitcoin ATM by forming local alliances and interacting with the area’s local community.

Introduction

In the dynamic and rapidly evolving financial world, one revolutionary concept that has come to the fore is the Bitcoin ATM. Due to the increasing acceptance of digital currency and the growth of Bitcoin, the emergence of Bitcoin ATMs has altered how people buy and sell cryptocurrencies and opened doors for a whole new business industry: Bitcoin ATMs.

What is a Bitcoin ATM?

A Bitcoin ATM is much like a traditional ATM (Automated Teller Machine). Customers can purchase and sell Bitcoin using cash (Bitcoin ATMs do not accept debit or credit card). While traditional ATMs connect to bank accounts, Bitcoin ATM actually sell Bitcoin directly from the operators hot wallet, creating a convenient point of quick access to the world of digital currency.

The Rise of Bitcoin ATMs

In recent years, the number of Bitcoin ATMs has multiplied dramatically. A few key factors are contributing to this upward trend:

• Increasing demand for Bitcoin and other cryptocurrencies.
• The surge in digital currency prices, enticing new investors into the market.
• The convenience of transacting with cash for digital currencies.
• Increased access to Bitcoin in strategic locations with high foot traffic like local markets and gas stations.

Profiting from a Bitcoin ATM Business

Bitcoin ATMs offer attractive potential for profit, and this has driven many to consider owning a Bitcoin ATM business. But how much do Bitcoin ATM operators actually earn, and how profitable is a Bitcoin ATM business? The answer varies depending on several factors.

Initial Costs

• The profit from a Bitcoin ATM business begins with understanding the initial cost. This cost includes:
• The price of the Bitcoin ATM machine itself, which depends on the machine type and features.
• The installation costs associated with setting up the machine at a location (this is usually minimal expense).
• Costs associated with obtaining necessary compliance program and regulatory approvals. For instance, operators in the US are required to get a Money Transmitter License and abide by the rules of the Financial Crimes Enforcement Network (FinCEN).

Transaction Fees

The primary way Bitcoin ATMs generate revenue is through percentage fees. Every time a customer uses the Bitcoin ATM to buy or sell Bitcoin, they pay a certain amount in fees. These costs differ significantly from one ATM to the next, however they often fall between 15% and 20% of transaction. Thus, the larger sell volumes an ATM facilitates, the higher the revenues.

Exchange Rate 

Bitcoin ATM operators can profit from the rate they sell bitcoin for. When a customer purchases Bitcoin, operators sell it at a rate slightly higher than the current market value. And when customer sell bitcoin at the machine, the operators are selling it for a lower rate then bitcoin spot price. 

The Global Expansion of Bitcoin ATMs

As Bitcoin and other cryptocurrencies continue to make waves in the financial world, the prevalence of Bitcoin ATMs is seeing a sharp rise on a global scale. As of 2023, there are more than 15,000 Bitcoin ATMs worldwide, indicating a surging demand for this relatively new method of conducting financial transactions.

Worldwide Reach and Accessibility

While the majority of Bitcoin ATMs are located in North America, we’re witnessing an increased uptake of these machines in other regions too. Europe and Asia, with their bustling urban centers and high adoption rate of technology, are fast catching up.

Several companies operate these machines, with the largest operators managing several hundred Bitcoin ATMs each. These Bitcoin ATM operators are constantly seeking new, strategic locations to install their machines to capture more customers and transactions.

Emerging Markets

Emerging markets present a unique opportunity for the expansion of Bitcoin ATMs. In regions where access to traditional financial institutions is limited, Bitcoin ATMs offer a viable alternative for secure, efficient financial transactions.

As cryptocurrencies become more widely accepted in these areas, the demand for convenient, reliable access points like Bitcoin ATMs is likely to increase. This trend may significantly boost the Bitcoin ATM business in these regions and contribute to the overall profitability of the global Bitcoin ATM market.

Navigating Challenges in the Bitcoin ATM Business

Despite the promising potential for profits, running a Bitcoin ATM business does not come without challenges. Some of the hurdles that operators have to overcome include regulatory issues, public awareness and perception, and volatility in the cryptocurrency market. 

Regulatory Hurdles

In many jurisdictions, the legal landscape around cryptocurrencies and Bitcoin ATMs is still evolving. Many countries require Bitcoin ATM operators to meet stringent regulatory standards, including obtaining licenses and maintaining certain security protocols. Operators must keep up with these changing regulations to ensure their businesses remain compliant and profitable. Currently regulations in the USA are quite streigh forward. 

Public Perception and Awareness

While awareness and acceptance of Bitcoin have grown, there is still a significant portion of the public unfamiliar with or wary of digital currencies. Therefore, education and outreach are vital components of running a successful Bitcoin ATM business. Operators must educate potential customers about Bitcoin and how Bitcoin ATMs work to drive usage and transactions.

Market Volatility

The cryptocurrency market is notorious for its volatility. The value of Bitcoin can fluctuate dramatically in a short period, affecting both operators and customers. While operators can capitalize on these fluctuations through exchange rate profits, extreme volatility can also lead to potential losses. This is why some companies as ChainBytes offer features as instant buy back of the bitcoin directly front he exchanges. This way operators are always locking their profit minimizing the risk of bitcoin volatility.

Key Considerations in Running a Successful Bitcoin ATM Business

Here are some key considerations for those looking to delve into the profitable Bitcoin ATM business:

• Location: One of the most critical elements is the ATM’s location. The machine should ideally be placed in high foot traffic areas where demand for Bitcoin is high. Think local hubs as gas stations, or stores with long hours or 24/7 operations.
• Compliance: As mentioned earlier, certain licenses and adherence to regulations are required. Not meeting these requirements can lead to hefty fines or even business closure.
• Security: Ensuring the safety of both the machine and the transactions is vital. This might include physical security measures for the machines.
• Customer Service: Efficient customer service is crucial. Transaction questions, or simple guidance on how to use the machine are common areas where customers will need assistance.
• Marketing and Awareness: Operators must also raise awareness about their Bitcoin ATMs. This might involve online marketing or local advertising. Awareness drives more foot traffic, leading to more transactions and higher profits.

Adopting Innovative Strategies for Bitcoin ATM Profits

In this competitive marketplace, Bitcoin ATM operators need to adopt innovative strategies to maximize their profits. While location, regulatory compliance, and public awareness are crucial, thinking outside the box can give operators an edge over their competitors.

Partnerships with Retailers and Local Businesses

Forging strategic partnerships can be a winning strategy for Bitcoin ATM operators. By collaborating with local businesses and retailers, operators can secure prime locations for their machines and benefit from the established foot traffic of these establishments.

In return, businesses hosting the ATMs can earn monthly rent, creating a win-win situation for both parties. A good and attentive ost location can help increase the number of transactions and, consequently, the revenue generated from transaction fees.

Utilizing Advanced Technology

The use of advanced technology can also significantly impact a Bitcoin ATM’s profitability. Machines equipped with user-friendly interfaces and additional features, such as the ability to handle transactions for multiple types of cryptocurrencies, can attract a broader customer base.

Additionally, implementing robust security measures can help instill confidence in customers and drive more transactions.

Providing Excellent Customer Support

Quality customer support is a critical aspect often overlooked in the Bitcoin ATM business. Having responsive and knowledgeable support can drastically improve the customer experience. Providing quick solutions to issues like transaction queries or disputes can increase customer trust and loyalty, leading to repeat customers and higher transaction volumes.

Conclusion: Is a Bitcoin ATM Business Profitable?

The profitability of Bitcoin ATMs varies greatly depending on a host of factors, from location and foot traffic to the type of machine and current market conditions. That said, the growing interest in Bitcoin, coupled with the convenience and accessibility of Bitcoin ATMs, indicates a promising potential for operators in this business. However, it is essential to conduct a thorough analysis and consider the costs, regulations, and other factors involved before starting a Bitcoin ATM business.

Remember, entering the Bitcoin ATM market requires knowledge, preparation, and strategic planning, but with the right approach, it can indeed be a lucrative venture in the ever-evolving crypto space.

Digital currency usage has drastically changed in recent years. At the forefront of this revolution are Bitcoin ATMs. Instead of being simple ATMs, these are entry points into the world of cryptocurrencies. Let’s examine this technology’s quick development in more detail and recognize its significance for the existing financial system.

Introduction: The Dawn of a New Financial Era

Imagine walking into a grocery store or gas station, and instead of seeing the familiar green and blue of traditional ATMs, you’re greeted by a sleek machine offering you the chance to buy or sell Bitcoin instantly. It is currently occurring all across the world; this is not a scene from a sci-fi film. The proliferation of Bitcoin ATMs has made purchasing crypto as easy as buying a soda.

The Basics: What is a Bitcoin ATM?

How Bitcoin ATMs Work

• Bitcoin ATMs offer a physical point of interaction for users to buy and sell Bitcoin.
• These ATMs offer immediate access to digital money, without the requirement for a bank account, in contrast to online crypto exchanges.
• Users typically scan a QR code with their phone of their digital wallet address, undergo a quick identity verification, and then proceed with their financial transactions.

Key Features of Bitcoin ATMs:

1. Bi-directional Functionality: Many machines allow users to both buy Bitcoin and sell Bitcoin, offering a two-way street for cryptocurrency transactions.
2. User-friendly Interface: Designed for both crypto enthusiasts and novices, the user interface of ChainBytes Bitcoin ATMs is intuitive and easy to navigate.

The Global Spread: Bitcoin ATMs on the Rise

The data speaks for itself. A map of a Bitcoin ATM would show pins strewn over continents, demonstrating how widely accepted these devices are. Here’s a closer look at the numbers:

• Bitcoin ATMs: With an incredible development pace, there are presently tens of thousands of Bitcoin ATMs spread over the globe.
• Crypto ATMs: Now that these gadgets can support additional cryptocurrencies in addition to Bitcoin, their usefulness has been substantially increased.
• ATM Operators: The market is consolidating, and we are seeing big movement, some of the new companies are taking a big share of the market, but one is certain there are more and more Bitcoin ATMs deployed by the day and yet they are not nearly enough to satisfy ever-growing interest of the customers seeking to quickly buy Bitcoin near them. 

Why the Sudden Surge?

• Accessibility: Bitcoin ATMs offer a convenient way for individuals without a bank account or those wary of online crypto exchanges to engage in Bitcoin transactions.
• Anonymity: While operators require identity verification, they still provide a higher degree of privacy compared to online exchanges and their KYC/AML systems.
• Instant Transactions: No more waiting for bank transfers or exchange approvals. Bitcoin ATMs deliver immediate results.

Bitcoin ATMs and the Consumer Experience: A New Frontier

Easy way to get Crypto  

Getting Bitcoin via Bitcoin ATMs have become easier than ever before. Operators can set up their kiosks in no time and ensure that their customers are having the best experience. By providing advanced back office managing platform called “Dashboard”  ChainBytes has enabled its operators to easily adjust all the aspects of their operation. Here are a few examples of KYC personalizations created to respond to your company’s needs:

• Digital Wallet Integration: By connecting directly to an operator’s digital wallet, Bitcoin ATMs provide a seamless transaction experience. ChainBytes do not hold your funds or your private keys, operators are owners of their funds and they are holding their funds and are fully responsible for their keys. Do not forget your keys for your Bitcoin! 

• Customer key: Provide a unique QR code to your known and trusted customers and they will be able to perform purchases faster and without a need to scan their ID over and over again. 

• QR Code Scanning: Easy way for customers to scan their wallet via camera or 2D scanner. 
• KYC:  ChainBytes Dashboard allows operators to setup their KYC in a way that best suits their AML/KYC program. You can request phone number, ID, SSN, or other personal information directly via Bitcoin ATM by setting up KYC limits. This ensures that customers have a seamless experience at the ATM and that you do not need to call the customer after every single transaction. 

Extending Cryptocurrencies’ Impact

As more and more places, like gas stations and grocery stores, install Bitcoin ATMs, the common individual will have easier access to cryptocurrencies and they will seek for convenience and good customer support. 

• ATM Operators: The growth in the number of ATM operators has led to increased competition and better services. Currently, traditional ATM operators are slowly expanding their portfolio adding Bitcoin ATMs to their business. Why? Because the profit on a $1,000 withdrawal from a traditional ATM is nowhere near the profit Bitcoin ATM operators see when they sell a $1,000 worth of Bitcoin. 
• Crypto ATMs:  Today we would say no one cares, because Bitcoin is the main brand and people seek for a Bitcoin ATM near them that will be operational and where they can easily buy or sell their Bitcoin and be on their merry way.
• Bank Account Information: Keep them safe! Since Bitcoin ATMs do not need any Bank account information, customers have additional peace of mind not needing to worry about the exposure of their bank account. 

Educating and Empowering Users

Bitcoin ATMs are not just transaction points; they are educational hubs that empower users to engage with digital currency.

• How Many Bitcoin ATMs?: Users now have additional opportunities to learn about and interact with cryptocurrencies because of the rise in ATM availability.
• Best Advice and Support: Many Bitcoin ATMs provide information and support, guiding users through the process. ChainBytes ATMs have an additional top screen that can be used for promotional or educational purposes. 
• Content Created for Users: From tutorials to FAQs, Bitcoin ATMs often offer content that educates users about crypto transactions.

Challenges and Considerations

While the growth is impressive, it’s essential to understand the challenges and considerations associated with Bitcoin ATMs:

1. Transaction Fees: Users might encounter high transaction fees at ATMs, especially when compared to online crypto exchanges. These fees are operator profit and currently, we are seeing fees going anywhere between 15-20%. 
2. Regulations: With the financial crimes enforcement network and other regulatory bodies keeping a close eye, Bitcoin ATM operators need to ensure they’re compliant with the Bank Secrecy Act and other relevant regulations. There are specialized companies that can help operators get started, prepare the AML/KYC programs, and register operators with FinCEN. One of the companies specializing in Bitcoin ATM KYC/AML is www.btmcompliance.com 
3. Security Concerns: Like any financial system, there’s always a risk of criminal activity. Operators and users should be cautious and ensure to prevent any attempt of malicious use of a Bitcoin ATM.
4. Debit Card Usage: Bitcoin ATMs do not accept credit or debit cards. Bitcoin transactions are not reversible, therefore any credit card instant purchase would open operators to the possibility of chargebacks and loss. While with time, those risks can be mitigated, the issue of finding a bank that will bank a credit card power Bitcoin ATM still remains. 
5. Transaction Limits: Depending on the ATM and the level of identity verification, transaction limits may vary. Operators set their own limits as per their KYC/AML program. 

The Future: What Lies Ahead for Bitcoin ATMs?

The world’s leading Bitcoin and crypto experts believe that as digital currency becomes more mainstream, the demand for physical transaction points like Bitcoin ATMs will only grow. Here are some predictions:

• Expansion to Specialty Shops: Expect to see Bitcoin ATMs in more specialty shops, grocery stores, and gas stations.
• Integration with Traditional Banking: As the lines between digital currency and fiat currency blur, we might see a fusion of traditional ATMs with crypto kiosks. We may still be far from such fusion but crypto is heading in a good direction. 
• Advanced Features: Future Bitcoin ATMs will offer more advanced features, leveraging blockchain technology provider insights to offer additional services. ChainBytes Bitcoin ATMs are built in a way that can support additional features that may come over the years. 

Conclusion: Accepting the Revolution in Digital Currency

The currency’s expanding popularity and a broader shift toward a more open and decentralized financial system are both shown by the rapid growth of Bitcoin ATMs around the world. One thing is certain as we stand at the beginning of this revolution: traditional banking and blockchain-based technology will continue to coexist.

Whether you are an experienced blockchain expert or someone who is just dipping your toes into the world of digital currency, the proliferation of Bitcoin ATMs heralds a new era of accessibility and easiness. These devices establish a tangible connection to a digital phenomenon by bridging conventional banking with the cutting-edge world of cryptocurrencies while providing a great source of income for the operators.

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!

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!

Blockchain Land 2022

On October 5th-7th the biggest LATAM blockchain conference will take place in Monterrey Mexico. We are honored to present and be a part of the conference.

On October 7th at 1pm our CEO Eric Grill will take the stage for a one-hour panel with a Q&A on how technology positively impacts the way businesses operate and how governments can provide more transparency using blockchain technology under our “BlockChain in the real world” initiative. 

A year ago ChainBytes joined forces with Lehigh Valley University in an effort to solve a real-world issue of fair pay in farming using blockchain technology 

In the past year, ChainBytes have been working with Lehigh Valley University students 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 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. Blockchain technology will allow this coffee bean operation to track the coffee bean exports and be used as a verification system for workers to get paid fairly. At the same time, it should place El Salvador back on the world coffee map ensuring that every company looking to acquire coffee from the country has transparent insights into payments to the coffee bean farm workers.

Our CEO will also be discussing the Blockchain technology use case that is currently being prepared for Mexico’s senate all in an effort to utilize technology to provide more transparency, to the current voting process. Blockchain will be used to show the verification of the voting process and make sure that the voting is fully transparent within Mexico’s senate.

ChainBytes team will be at the BlockChain Land conference from October 5th – 7th. We will have one of our machines present at the conference floor of BlockChain Land and Eric Grill will be doing a live demonstration of our Bitcoin ATM during his speech at BlockChain land. 

 Our Bitcoin ATMs will also be around at the conference and we encourage users to try them out! Also, we will have a giveaway at the event. To enter, simply come up to our Bitcoin ATM and take a picture with our ATM, tweet and tag us @ChainBytes and you may be a lucky winner and receive $25 worth of bitcoin or a ChainBytes swag T-Shirt!   

We look forward to seeing you at Blockchain land! We are excited to be helping businesses implement Blockchain technology into their day-to-day operations and we look forward to discussing blockchain with you further!

Installing a Bitcoin ATM doesn’t have to be a complex process. Many Bitcoin ATMs can be found in grocery stores, gas stations, food marts, liquor stores and more. The installation of this machine only takes a few minutes and is very easy to set up. Let’s take a look at some of the steps to installing a Bitcoin ATM machine. 

The Installation Process

To ensure a proper set-up the first thing you should do is go inside the store and make sure you have plenty of space for the machine. Our bitcoin machines are 22 inches wide however, you will want to have at least 2 extra inches of space to be able to open the machine and leave room for the ventilation system. Once the machine is placed you can open up the machine, remove the wheels and you will see two holes in the machine floor which you can mark these holes with a permanent marker. You can then remove the machine from its current position and begin using a hammer drill with a ¼ inch drill bit to drill in the holes on the floor for the machine. You can then drill on the marked holes as far down as you can. After the holes have been drilled, you can then place the Bitcoin ATM back over the holes and tighten it by using the wedge anchors that come with the machine.

Connecting Your Machine to the Internet 

There are multiple ways to ensure your machine connects to the internet. The machine’s most common connection is through an ethernet cable located in the back of the machine. You can connect this to a wifi router that is in the store.

In some cases, there will be internet plugins next to other ATM machines that you can plug into; however, that is not always the case. What you can do is look for points of sale within the store, that’s where you can always plug in to the internet. You would need to find out where the store is getting their internet from and use a long ethernet cable to then plug your machine into, a 100 ft ethernet cable is recommended. However, the machine does have a built-in wifi system as well if you are unable to connect to the store’s internet.

Additional Steps

After connecting your machine to the internet, begin the following:

Open the device from the center and find the receipt paper holder.

Remove the plastic retainer piece and grab the roll of receipt paper from your spare parts.

Slide the paper on the post from top to bottom and replace the retaining ring over it.

Finally, feed the paper into the printer and let it run a test print.

Perform a Test Purchase

It’s now time to perform a test purchase to ensure that your machine is working properly for customers. When your machine is powered on and you are connected to the internet. To run a test purchase first make sure you have cash and follow this process:   

1. Select the transaction range in which you will transact (for testing purposes we suggest testing a higher range)
2. Enter your phone number
3. Input the code number that was sent to your phone
4. Scan photo ID on the machine
5. Scan your bitcoin wallet address from your phone (make sure you have selected “receive” on your wallet address) 
6. Insert cash amount
7. Confirm your purchase
8. Take receipt from Bitcoin ATM machine

How to Get Started

Are you currently looking into adding a Bitcoin ATM machine to your current business? BTM Machines are Bitcoin ATM operators who help business owners like you that offer hosted solutions for ATM operators who are looking for a more passive income stream. Click on the video below for a more in-depth step-by-step process of deploying a Bitcoin ATM: