Anyone in the Bitcoin ATM business?

Ephraim

New member
How is going? Seems like machines continued fast growth during Covid... has it been a good year for the BATM owners?
 

Diego

Member
How is going? Seems like machines continued fast growth during Covid... has it been a good year for the BATM owners?
Do you own any ATM? If yes where did you got that? Can anyone get in to this business? I am interested in this. can you help me by providing any link?
 

Calvin

Member
How is going? Seems like machines continued fast growth during Covid... has it been a good year for the BATM owners?
I guess it depends on your country, probably it would be a good business if bitcoin was already popular in your country and bitcoin ATM was already popular in your country.

Comparing in my country which I think bitcoin ATM business was not popular and probably not a good business since almost all of the bitcoin ATM here was not used and old so bitcoin ATM is just ending up the closing.
 

Kingston

Member
That's a good business for countries such US and even those on europe that have lots of people who use bitcoin, while fewer on asia and its not good to run such business.

And due to some COVID rules/law and its effect bitcoin atm growth grow fast in some countries.
 

Ivan

Member
According to bitcoinatmradar, there are thousands of ATMs for bitcoin Distributed over 71 arround the world. Most of them are located in the USA. Link to Map: https://coinatmradar.com/bitcoin-atm-map/
As for the profitability, the answer should be Yes with the fact it's a new business with not much concerence in the market especially if considering to start it out of the USA. However, it's not that easy to garante the profit as the operator has to target several factors like the location, the legislation,the bank relationships,...and many other factors. From bitcoinATMradar, i found those 2 great articles, published in early 2014 describing the profitability with real cases:
Bitcoin ATM Profitability Part 1 — Theoretical Calculations
Bitcoin ATM Profitability Part 2 — Real Examples
 

Maxwell

Member
Well, the reply above was right. The [ https://coinatmradar.com/ ] is very popular site that kind of business such as bitcoin ATM and perhaps that is good if you will use their map and scan where are the most places that have an ATM and I think that was in US and Europe country. Perhaps you can also start with your country at least one ATM for a while. If you don't know how to start you can read this article that came from coinatmradar.com, [ https://coinatmradar.com/how-to-start-bitcoin-atm-business/ ]. Good luck to your business, I do hope you will come back here and update us with your business
 

Kaiden

Member
How is going? Seems like machines continued fast growth during Covid... has it been a good year for the BATM owners?
I doubt people will release such data, because its critical for their business and they dont want to someone else copy their business.
Personally i think it either can yield big returns or just lossess.
Location/rent matters a lot, so in one location you can earn, in other one you can loose with same machine.
Its hard business.
 

Ahmir

Member
There are no other channels that we will know that can determine is an ATM owner unless he tells and admits that he's running this business. Provided by the data through coinatmradar, they are expanding and increasing.

It can be for some places which an ATM has been placed not that profitable or at least making a few transactions but, it's a sure answer that there are places that it's been being used a lot most of the time so it's truly profitable.
 

Stone

Member
There is no Bitcoin ATM in my country. I'm interested if buying Bitcoin via ATM is more convenient than using online crypto exchanges.
 

Giovanni

Member
How is going? Seems like machines continued fast growth during Covid... has it been a good year for the BATM owners?
Banks usually own BATM in my country so I think they are still doing good despite of this pandemic but of course since its lockdown, they should not expect a higher profit from the BATM.

Also, base on my personal opinion the usage of this BATM is still not on a high traffic of transactions considering that we only have limited BATM in my place, transacting online is the best and safe way to withdraw and deposit bitcoin.
 

Jesus

Member
After the COVID-19 attack, the ATM machine becomes the most popular way to cash out our money. So obviously I can say this is a good year for Bitcoin ATM machine owners. But wherever bitcoin fully legal only those countries citizens getting advantage of Bitcoin ATM machine. Also, owners are getting profits from there. Sadly our country is anti bitcoin and we are unable to get the advantage of the Bitcoin ATM machine. Although transaction fees are high from the Bitcoin ATM machine at least holders could sell or buy without hassle even during the pandemic.
 

Cole

Member
Hey OP. I remember you from past discussions, did you ever get in touch with the owners of the ATM projects in Vietnam? I'd also look at this recent post updating the ATM locations in Africa (the next emerging place for BTC I tell ya!).

How did your plans in Spain go?
 

Ashton

Member
How is going? Seems like machines continued fast growth during Covid... has it been a good year for the BATM owners?
Honestly I didn't notice any increase in popularity of BTC ATM during this period, at least at my local ATM where I usually do the business. No queues or anything.
For example, it was much busier during summer 2018, when it was normal to have at least 3-4 people waiting in a queue, and quite a few times owner had to come to bring more money, people were cashing out massively.
 

Juan

Member
In some countries it's surely profitable but I wouldn't do it in mine for sure.

It costs from $5k to $10k to buy a Bitcoin ATM depending from which company you buy it from, + a percentage commission that goes to the company. Without the shipping fees, otherwise, you can probably add a $1,000 fee and another $1,000 to install it.
That's a total of $7k-$12k.

Renting a place to put your machine if you don't own a business/shop, it's therefore in your best interest to pick the right location to make it profitable. You can imagine that setting it up in the ghetto will not be profitable. Roll Eyes
 

Jair

Member
What about the laws or license? I think a person can't just install a device in a public place, that will collect money on exchange into something. Also how to you imagine depositing funds into your ATM's bitcoin address? As I understand, you want to operate just an intermediary, but your fiat>crypto exchange sure have limits.

And what about the security? It might sound silly, but with enough effort, ATM can be simply stolen. Of course thieves wont get bitcoins, but they will sure try to get cash.
 
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