Topic: IS BITCOIN ATM PROFITABLE BUSINESS ? - page 10. (Read 1725 times)
I cannot remember where but I read that the number of bitcoin ATM's doubled last year compared to the previous. I guess BTC is widely used in those areas. The question here is, have you checked or asked people in your area if they know about BTC and if they are willing to use it?
Forget the governments, regulations, etc it's not the real question here.
@OP the answer is simple, you're already a bitcoiner, so ask yourself this question. As a user would you use a Bitcoin ATM to buy bitcoin ~10% higher or to sell your coins whereas you can sell for a better price? No, I guess. You, as other people would be ready to use it 1 or 2 times to see how it works just for fun, but in a long term, nope.
So, the real question is, is there a real demand to develop a market? If you can't offer a price close to the average people won't be interested, and if you do, you won't take a profit. The only profits will come from people curious to use it 1 or 2 times but these people aren't returning customers.
@OP the answer is simple, you're already a bitcoiner, so ask yourself this question. As a user would you use a Bitcoin ATM to buy bitcoin ~10% higher or to sell your coins whereas you can sell for a better price? No, I guess. You, as other people would be ready to use it 1 or 2 times to see how it works just for fun, but in a long term, nope.
So, the real question is, is there a real demand to develop a market? If you can't offer a price close to the average people won't be interested, and if you do, you won't take a profit. The only profits will come from people curious to use it 1 or 2 times but these people aren't returning customers.
It's depend !
If your government support crypto that your people will start to use crypto as daily transaction.
If there are a lot of demand, ATM business is profitable so just make sure that it happen.
Personally my government still forbid crypto so there is only 1 ATM in my country
If your government support crypto that your people will start to use crypto as daily transaction.
If there are a lot of demand, ATM business is profitable so just make sure that it happen.
Personally my government still forbid crypto so there is only 1 ATM in my country
If such a business is not prohibited in your country, then it may well be profitable, this is a novelty, and it must develop successfully. However, at first there may be few users, but then, everything will fall into place, and you, as the owner of this business, will be satisfied, the only drawback is that large financial costs can be for installation, but also morally.
I leave $50 worth of fees at my local ATM, it takes a couple hundred people like me to make your ATM successful.
Agree with the others, you need to share your location before we can really help you.
Agree with the others, you need to share your location before we can really help you.
I used to live in a 2 million-person city with only 2 bitcoin ATM-s. Rest assured, they were profitable (I know the owners). In addition to the ATM, they also advertsied another bitcoin-related business on it, so that helped.
It depends on your area though.
It depends on your area though.
I think it will be a profitable business. The main question will be how your authorities treat cryptocurrency and whether there are any prohibitions or certain restrictions on their use and distribution. You will need to consult a lawyer and learn from him all the subtleties of the legislation of your country, otherwise you may expose yourself to danger from the police. Therefore, I would have thought very well in your place before implementing this idea. For example, in Russia a criminal case was opened against a person who installed Bitcoin automats. As far as I know. Because in Russia, cryptocurrencies are considered cash surrogates.
For the past few week i having thinking about Starting My own bitcoin ATM company , i have been doing allot of research about it and its seems there going to high cost as start up .. My country is the one top 5 africa countries that uses bitcoin but yet i have never seen any bitcoin ATM here . I really need advice from you guys . Is bitcoin A profitable Business and if you any manufactures of this ATM you can recommend to me !!
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