How Hosting a Bitcoin ATM Will Benefit Your Business?
Information provided on this blog post is general in nature and does not represent financial advice.
One of the easiest ways to buy and sell cryptocurrencies is using Bitcoin ATMs. They are similar to the traditional banking ATMs, easy to use, and simplify the process of transacting with the new form of currency. This is exactly why more and more businesses decide to invest in hosting their own Bitcoin ATMs. Bitcoin ATMs are becoming especially popular in the US, where the number of deployed machines is already over 20,000.
If you are a shop owner looking to generate an extra source of income or an entrepreneur looking to start a new business, here are some of the potential benefits of hosting a Bitcoin ATM:
More traffic, more sales
Bitcoin ATMs can help businesses boost their sales, and for someone who runs a store, bar, or any retail outlet, this is one of the most significant benefits. In 2017, Better Retailing estimated that hosting a Bitcoin ATM can help a store increase the number of new customers by 25%. Considering that, as of 2021, more than 46 million Americans own Bitcoin (or some cryptocurrency), the interest in crypto is only estimated to grow even further.
Hosting a Bitcoin ATM could create several revenue opportunities for businesses or entrepreneurs. Different business models are also available to suit everyone’s needs and expectations. For example, machines can be purchased from the manufacturing companies as ChainBytes, which means that the owners are operating them themselves. Bitcoin ATM owners charge a percentage fee for the transactions made by users. Meaning that the more bitcoin is sold through the machine, the higher is the profit. This leads to one simple conclusion: the more you promote your ATM, the higher your additional revenue will be as the number of transactions increases.
Additionally, businesses can rent the space that a Bitcoin ATM occupies for a fixed price. This is a typical rent agreement where operators will pay a monthly rent to the host location. This is a perfect solution for location owners who do not want to be involved in operational tasks.
There is also an option of partnering with the company owning machines, and in this case, the location host will receive a percentage of each transaction made on the machines. This will lower the cost of your initial investment, but as a partner, you will need to do all the cash handling and machine maintenance.
Visibility on Bitcoin ATM Map sites
Hosting a Bitcoin ATM increases the online presence of your business. There are various websites that list Bitcoin ATM locations, and many cryptocurrency users actively look for them. As Bitcoin ATMs offer an easy and quick way of buying and selling cryptocurrencies, in many cases, the crypto enthusiasts will frequent the closest one they can find – which might be your store or place of business.
Bitcoin and Crypto Meetups
For obvious reasons, Bitcoin and Crypto Meetups are usually held in venues that feature a Bitcoin ATM. This creates an extra revenue opportunity for your restaurant, bar or retail space to attract new customers. They can also provide you with excellent networking opportunities as being up-to-date on new projects and happenings is especially important in the crypto world.
Easy to set up
Bitcoin ATMs are easy to set up and don’t require many resources. Apart from a few feet of space, a power outlet and an internet connection are required; minimal effort is needed to set up the machines and put them in service. After installation, the everyday operational tasks, such as changing the paper in the machine or emptying the cash, is also really straightforward and user-friendly.
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