Buying VS Renting a Bitcoin Machine
One of the barriers for those who would like to use bitcoin is that they do not know how to buy and sell a bitcoin. Fortunately, bitcoin ATMs can make the process much easier and your business might be able to turn a profit and better serve your customers by installing a bitcoin ATM.
How a Bitcoin ATM Works
A bitcoin ATM allows for the buying and selling of bitcoin for cash. The ATM allows for individuals to buy and sell bitcoin without access to the Internet and without buying and selling through banks. Individuals who want to make purchases and have bitcoin can cash the bitcoin in for hard cash.
Buying VS Renting
If you want to spend the time learning about the legal hurdles to owning a bitcoin ATM and if you want to handle the business of running the ATM, you can purchase your own ATM. However, if you choose to rent the bitcoin ATM instead, you will simply need to provide the space, and your partner will own and operate the ATM for you. Renting a bitcoin ATM can be the better option because you do not have to spend the time and money that is necessary to start a bitcoin ATM. Also, there are companies that are intensely looking for locations to place bitcoin ATMs, so you won't have to look long to find a company. All the regulations will be handled for you. When your ATM needs to be repaired, a technician will arrive to perform the maintenance for you. Hosting a bitcoin exchange atm machine doesn't have to be stressful because you can have access to a cloud service that will provide your business with support 24/7.
Purchasing a Bitcoin Machine
If you will be purchasing and running the bitcoin machine yourself, you will need to research the machine that you will be investing in and the best location for the machine. You will need to know how to fund the required operational liquidity. Some money needs to be frozen so the machine can be run and will be available immediately for customers. They will later be used for exchanging funds and topping the bitcoin wallet.
You will also need to engage in accounting, maintenance, and cash collection. While this is extra work, you will also be able pocket more of the profits that you receive from owning a bitcoin ATM and your profits may grow as bitcoin is adopted more widely.
