Topic: IS BITCOIN ATM PROFITABLE BUSINESS ? - page 6. (Read 1723 times)

I think that totally depends on the country, current regulations etc. so no one can say it will be profitable or not. I don't know the costs but it can be profitable if there is a real demand for that.

It would be interesting to know how these ATMs are popular or not after a 5 year period. At the current time, I hardly doubt it's a profitable business, let say just to cover the ATM costs. The demand for Bitcoin is small and when it's about using ATMs it is so marginal, and the fees are usually high. Owners have to bet on the mass adoption, in the long run, to make it profitable, which may or may not happen.

I'm sure that at certain time, Bitcoin ATM will be profitable so don't be surprised if the numbers are growing. Germany recently has 16 ATM open,

https://www.reddit.com/r/Bitcoin/comments/bhk6qc/16_new_bitcoin_atms_installed_at_various/

So I guess those ATM operators are anticipating a big surge in transactions specially if we are going to approach another all-time-high in the next couple of years. It's business by the way and business knows how to make money in the future.

Its risky business because you step out of internet world where you don't have high costs included.
So you need to buy expensive machines, you need to rent place to put them, you need to pay for servicing it, you need to consider devastation of your property also.
Taking all this into consideration no wonder ATM business have so much fees when buying from them like 30%

Given that there are potential users in your area. You need to check the competition and I mean not the Bitcoin ATM providers but the traditional BTC <-> FIAT on how much do they charge to convert the BTC to your local money. Then check if you lessen the fees or the spread if you will ROI in a year or two.

But he dont like to built up an exchange but rather he do pursue to have his own Bitcoin ATM company. There are lots of factors would really be faced up or requirement before you can able to build one and as said you would really need to deal with the government.This is still a long process at the same time it do really need some serious cash start up before anything would be set.This is a profitable business but depends on how many people are well aware of bitcoins existence into that place.

Myself as far back as I saw a flood in numurous ATMs around the globe as of late. I think its gainfulness relies upon a few variables. first off the place you live in and its laws, in a few spots introducing an ATM may cost you significantly beyond what it can make you also the issue you may confront lawfully. Issues is that ATMs have a specific customers altogether. not every person needs to utilize an ATM, just the individuals who need the most extreme obscurity use them and since the charges are as of now high that restricts the client base a ton and with it the benefit that you can make.

If we talk in business language then talking for benefits of customers is not first priority. IMO business expenses will be more than planned because of   small circle of customers who know about crypto,so we need to aim for customer data for nailing major city for such type of business model. Online transaction are not more safer than dealing with physical technology but combining both will not guarantee project to be subject for vulanerable attacks to system. Honestly, running online exchange company is more affordable compared to dealing with government for opening crypto payment system.

As long as there is no platform that you have to pay every month, there are no bills that you have to pay for bitcoin ATMs, so of course this business can be profitable. yeah the number of users will affect your amount of profit, but if you can be the first, many people will more trust your ATM

If you know there are enough people in your country that use Bitcoin then it will surely be a profitable business. There are a lot of people who would like to buy crypto but they are afraid of not getting scammed and thats why an ATM would be very useful because its easier,faster and safer than all the exchanges that they can find online. The chance of getting scammed by a legalized company is much lower than being scammed by a website that is a few months old.

..in my opinion, Bitcoin ATM is really profitable specially in your country because the use of Bitcoin there is now legal,,however,,it is up to you if you will still pursue to continue this business beacuse it is really costly..if you think this will give you the oppurtunity to gain profit, then do what your heart feels,,

The fee on withdrawing FAIT in exchange of your bitcoin is really high, this will result for a huge profit of the ATM owner.
THis is one of the reason why some banks are pushing to have their own.
but how secured in transacting on ATM machine?

I personally think bitcoin is not a business, it is a digital currency, just like your money. With doing business, you can earn money or bitcoin too.
When you want to start building your own company, it will become a business.
If you think providing bitcoin ATM to public will be profitable for your company, then starting as soon as possible is a good step.

True that, so far there's only 1 ATM in my country and it's not even located in the main city itself.

I'm sure they are, otherwise they wouldn't appeared more and more in my country,  even in smaller towns.

For them the principle buy cheap sell high is guaranteed,  so why wouldn't be a profitable business?

Probably most people, even on here, have never seen a BTC ATM, because there's not that many of them out there. In an article posted late May of last year, it said that there were 3,125 machines worldwide (https://bitcoinist.com/now-over-3000-bitcoin-atms-worldwide/).

Here's some points from an article posted Feb 11th, of this year:
-Almost 32 million bitcoin wallets had been set up globally by Dec 2018.
-An estimated five percent of Americans hold bitcoin.
-There are 7.1 million active bitcoin users.
-Leading exchange Coinbase has over 13 million users.
-Emerging markets users, who are often not considered in statistics, are
  likely in the millions.
(https://www.bitcoinmarketjournal.com/how-many-people-use-bitcoin/)

It's only really going to be profitable if there are a good number of Bitcoin users in your area (keep in mind that it's on its longest bull market ever, and many people during the bubble lost a lot of money in BTC and other cryptos), OR in the probably unlikely event that Bitcoin hits record high numbers again, like really big numbers, and you get a few transactions. In my opinion, no one should be going all-in to Bitcoin, unless they are simply using it as a temporary way to transfer money digitally, or if they are actively trading crypto and know what they're doing, or unless they simply want to set a little bit off to the side for speculative purposes in case Bitcoin does rise in price again (but nothing more than they are willing to lose). Remember it's a volatile asset, and some even say it may dwindle down to nothing... others say it will live on and grow, or maybe something in between will happen.

Just be careful, there are other things you could invest in or make into a business I'm sure. And maybe BTC is something that will take off in your area. Just do your research, and be sure of your decision. If you're the entrepreneur type, might I suggest listening to Josh Tolley on YouTube, or visiting his website at: www.joshtolley.com, he has an online entrepreneur university called Purple Monkey Insititute, and a business aggregator called Purple Monkey Garage. He's got two books that I know of, one called "Quit Your Job Or Die" and the other "Evangelpreneur". He's like one of the top 100 business coaches (in the US or the world, I forget). Keep in mind if you're looking him up on Youtube that he also does a talk show where he discusses a lot of interesting topics with guest speakers that aren't related to business. So look him up with a keyword like business coaching, or entrepreneurship, or how to start a business, or entrepreneurship, or business coaching, or business presentation, or small businesses, etc. I've heard he's taken homeless people and helped them start their own businesses, so he knows what he's talking about.

Hope that helps,
Have a good day,
The Cyberius team.

Do you plan in starting one I would not say it's very lucrative because it all depends on the acceptance of bitcoin in that particular locality.
Bitcoin is still growing so is bitcoin ATM but with time it should be lucrative

Of course this is a very profitable business for everyone who runs it, of course we can also introduce many people to the development of bitcoin in the community, to make it easier for everyone to buy or sell bitcoins using ATM machines and I really want to see how this ATM system works , whether it will be profitable for business people or it will be the opposite ...

He will need a lot of money to start that business because after he installs the ATM in one or more places, he needs to introduce to people about how to use that machine. Besides that, he needs to determine how much money he will use to promote the bitcoin ATM and how long he can promote his business. I hope that he can calculate how much budget he will need to do that business so everything will under his control.

You need to conduct a research or survey to make sure that there is a demand of a bitcoin atm in your country. At least there must be a group in fb that is dedicated for your country and ask people there if they would like that service to be available. It might not be very profitable today but it has a bright future after a few years.