IS BITCOIN ATM PROFITABLE BUSINESS ? - page 3.

Jeremycoin

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Quote from: Lanatsa on July 05, 2019, 04:56:10 PM

It depends actually because on any investment or business do have corresponding things to be considered always like population or people who
do make use or aware on bitcoins existence where these atm's would be relevant to be placed into that area and also with governments
regulation towards it.Checking it first before rushing up into things is always been important.

I don't think that's the right way to look at this situation. The OP clearly stated that people in his/her country - that is either Ghana, Kenya, Nigeria, South Africa, or Zimbabwe - are quite used to having Bitcoin in their daily life. So, it is obvious that they do aware of Bitcoin, and that Bitcoin is indeed popular in the country. I think the OP is trying to figure out the solution on the technical problem which would appear sooner or later if he/she did set up a Bitcoin ATM.

Lanatsa

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It depends actually because on any investment or business do have corresponding things to be considered always like population or people who
do make use or aware on bitcoins existence where these atm's would be relevant to be placed into that area and also with governments
regulation towards it.Checking it first before rushing up into things is always been important.

arbifahrozy

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in my opinion, bitcoin atm might only be a trend in some countries but if you think again, wouldn't it be good if there was a bank that collaborated with bitcoin? ATM bank that currently exists we can transact, sell and buy bitcoin there can use fiat and other digital money.

Sithara007

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Here in India, a few months back some techies tried to install a Bitcoin ATM in the city of Bangalore. After two days the ATM was closed down by the cops and the owners were arrested. You can find the details here:

https://timesofindia.indiatimes.com/city/bengaluru/1st-bitcoin-atm-in-bengaluru-seized-co-founder-held/articleshow/66340493.cms

The hostile policies against cryptocurrency undertaken by the Indian government has been depressing for many Indian Bitcoiners like me. But right now we don't have much of a choice.

spacehopper

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Quote from: Teamfearless on January 29, 2019, 02:05:05 PM

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 !!

1st you have to decide,you sell that bitcoin soon as they received from ATM user or hold that.Main aim of running business is profit. If you chooses to sell soon as they received,best thing to do is and extra fee when your ATM users when make withdraw.That fee will be your profit.(simply saying this.there are many ways) If you choose to hold responsibility goes to you.If prize goes up.You win.You can counts your profits ..If prize goes down,you loose.

DebitMe

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Research in your country what licenses you need to run a money exchange business. In the US, this can get very expensive very quickly. Even so, when I used to sell bitcoin it would have been worth it to get a license because of all of the business I had.

ratonoklo

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Economists and journalists often get caught up in this question: Why does Bitcoin have value? And the answer is very easy. Because it is useful and scarce. Bitcoin promises to take at least some of that power away from governments and hand it to people. Well, I choose fast coins like Stellar or Credits which has fast blockchain/ledger, the availability of smart contracts, orientation on the financial sector, supports different currencies

Austin_Lord

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Aww i think it is profitable..if i talk some previous weeks then that was not good for me.. because i dnt get any profit.. well overall bitcoin ATM is profitable business for all of us..

winston236

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Quote from: Teamfearless on January 29, 2019, 02:05:05 PM

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 !!

Given the pace of development and popularity of Bitcoin, I am sure that this will be a profitable business. Of course, it will not be cheap and, at first, most likely not very profitable. But this happens with any business that has just begun to grow.

bitzizzix

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It sounds interesting about bitcoin ATM if it's held in the country where I live, because it will provide many benefits, especially in businesses that will make it easier and more profitable.
I hope that bitcoin ATM will soon be held in my country for certain points in locations where the majority of bitcoin users are located.

Mahanton

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Quote from: pixie85 on June 29, 2019, 05:46:53 PM

It is profitable because ATM fees are high and the maintenance cost low but you have to buy the ATM and this is a big investment. You could probably make the same money if you bought bitcoin with the money the ATM will cost you and held and you wouldn't risk somebody damaging the machine or stealing it.

2 way ATMs are the most profitable but also much more expensive and you need to invest in fiat money your ATM will be dispensing so you need a lot of money to start the business.

When planning to buy or built this bitcoin atm business then it does really need some serious amount of money to invest on yet we know on how much
cost these atm are which isn't really that cheap.Its a profitable one but depending on where these atms to be placed,if there are lots of bitcoin
or crypto people around then it would be profitable but if not then no one will still use it.

pixie85

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It is profitable because ATM fees are high and the maintenance cost low but you have to buy the ATM and this is a big investment. You could probably make the same money if you bought bitcoin with the money the ATM will cost you and held and you wouldn't risk somebody damaging the machine or stealing it.

2 way ATMs are the most profitable but also much more expensive and you need to invest in fiat money your ATM will be dispensing so you need a lot of money to start the business.

gangem07

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Quote from: Teamfearless on January 29, 2019, 02:05:05 PM

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 !!

Bitcoin ATM is profitable if bitcoin users in your country uses bitcoin for their daily transactions and i think widely adoption of bitcoin is needed to become profitable because you said it seems there going to high cost.

Clark05

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First find the place who have many people like the market that can use your Bitcoin ATM machine and of course the machine cost is expensive and other equipment you need to start your planned.

It is porfitable if many bitcoin user will buy and sell to your ATM machine which is it accepting bitcoin because you will get profit for the every transaction they make to your machine.

Kriptonian1661

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It can be profitable, depends really on how much tax is paid and how much you setup your fees.

Wolfwar

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Quote from: RomanPetrush on June 29, 2019, 03:29:08 PM

To be a successful ATM business you have to have lots of ATM's. Even a few of them won't give you a good profit. You have to count for sure more precise. But I think, you create a financial organization when you put atm anywhere. And you have to know and count everything regarding maintenance.

there is already quite a lot of news in the media, those Bitcoin ATMs that already exist take quite large percentages and therefore are not very output for users. But since users have no other choice, the owners of Bitcoin ATMs receive a good profit.

RomanPetrush

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To be a successful ATM business you have to have lots of ATM's. Even a few of them won't give you a good profit. You have to count for sure more precise. But I think, you create a financial organization when you put atm anywhere. And you have to know and count everything regarding maintenance.

whyrqa-1

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Quote from: TastyChillySauce00 on June 29, 2019, 12:11:27 PM

Quote from: oseikuf44 on June 29, 2019, 11:00:52 AM

Bitcoin ATM is a lucrative investment if you can have the upfront huge cost to start operating it. Having one at a countries airport or shopping mall will attract a lot of users while you charge transaction fees on it usage.

But there is also something you need to be taken into account and that is the maintenance fees, not to mention that there's a possibility for the ATM to be vandalized by the criminals. Although as I've seen most of Bitcoin ATM charging quite the amount of fee but I just can't see that the Return of Investment will be near.

It seems to me that the current capabilities of cryptocurrency users are very scanty and therefore everyone who is in the cryptocurrency market is trying to earn more from this business. That is why there are still high interest rates for using Bitcoin ATMs. When surreal infrastructure is ready for the use of cryptocurrency, I hope the conditions are much more favorable. if the banking system had personal funds, then they would definitely use the cryptocurrency market for la for profit. But since all the funds in each bank are personal funds to the client, they cannot risk them, since the cryptocurrency market still has a lot of big risks.

TastyChillySauce00

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Quote from: oseikuf44 on June 29, 2019, 11:00:52 AM

Bitcoin ATM is a lucrative investment if you can have the upfront huge cost to start operating it. Having one at a countries airport or shopping mall will attract a lot of users while you charge transaction fees on it usage.

But there is also something you need to be taken into account and that is the maintenance fees, not to mention that there's a possibility for the ATM to be vandalized by the criminals. Although as I've seen most of Bitcoin ATM charging quite the amount of fee but I just can't see that the Return of Investment will be near.

Austin_Lord

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Quote from: fiulpro on June 29, 2019, 07:18:34 AM

Well to be honest it depends on various factors , the most important thing is :-

*Where they are going to be located ?

If you are going to you know place a ATM in a country where people are not that crypto friendly then it is bound to fail , also at the same time most people who are really interested in Bitcoin and all they usually exchange the Bitcoins only when they are getting a profit . Therefore the next thing is :-

* Is if profitable for the investors , well even they need a reason to use it.

If the prices of the ATM match the prices one would get online ,that is a good deal , then they would actually come more often .

I think that's how it goes , It might be profitable , or it might now be profitable.

Well i agree with you.. it totally depends on situation.. it means in which country you lived..and many others situations...

Topic: IS BITCOIN ATM PROFITABLE BUSINESS ? - page 3. (Read 1735 times)