With the rise of cryptocurrencies these last years, many people have thought of owning these assets. In addition, people who already own them are looking for a way to exchange their belongings for financial compensation. That is why the bitcoin ATM is such a useful tool that is surely profitable to own a couple.
They function like basic ATMs where you are doing all the transactions needed. Although this used to be a thing that is done virtually, many people are skeptical and prefer doing that using a bitcoin ATM.
As a business owner, you should always look for opportunities like these where you can profit without doing any hard work. You are bringing something that is needed in your area, and you are collecting the benefits from it.
To show you how profitable owning a bitcoin ATM is, we have prepared this article. In addition, you will learn about its benefits and why you should consider doing this.
How much does it cost to run this business
Calculating all the costs is the most important thing to be done before you get involved in any business. That way, you will know how much you have earned when you compare these expenses with the income. Since these things are relatively new, there will be some things that have to be considered.
Cost of the machine
The first expense is acquiring the machine. There are different types of machines, and depending on your situation you should choose the most suitable one. Firstly, we have the freestanding option. They are the easiest to be used since they don’t require a special installation process. All you need to do is find a nice indoor location for them, and place them there. However, they are being more expensive than the others, around 6000 dollars or above, so you should have this into consideration
The next option is the machines that have to be built into the walls. They are basically like all the other ATMs. Although the machine is being a less expensive option of around 4000 dollars, you will have to settle the installment expenses since they are costlier than the previous option. In addition, you will need a place to build this machine, and they tend to be more secure.
Lastly, we have used machines. They are the most affordable option, and you should consider them if you are on a tight budget. They usually cost less than half of the new machines. In addition, nobody will complain if you get an older machine, since there are no other alternatives. The only thing important is the functionality of the ATM, and that is it.
As we have mentioned above, there are expenses for the installment process. Depending on the machine that you have gotten, determines how much the installation will cost. In addition to the transportation costs, and all the other things required for you to get started, you will need to gather around 2000 dollars for this.
Certain fees just add up on the expenses. Firstly, you will have to separate an amount just for the functionality of the software that your machines run on. That can be a percentage rate or just a fixed fee that has to be settled monthly. In addition, there are expenses that you will have to cover for bank fees and the wallet.
Hold a large amount of Bitcoin
To get in this business, you need to have a large amount of Bitcoin so you can withstand all the transactions. Imagine someone comes and wants to sell a large number of bitcoins, you will have insufficient funds. That is why you will need to provide a sum and fill the ATMs constantly.
Lastly, you will need to make sure that your ATM runs well constantly, and run all the checkups needed. Although there may be months with no breakdowns, you should still separate an amount for maintenance purposes. Since there are not many people who are trained to do this job, because of the rarity of these machines, you will have to pay more than usual.
How do you make the profit
The profit is being made in two ways. Firstly, we have the amount that you charge for the simple exchange. That is usually a percentage of the amount that has been requested.
Secondly, we have the commission that you charge your customers. That is completely determined by you and is correlating with all the expenses you have to cover, starting from rent to maintenance. In addition, you should calculate this fee nicely, so you can be able to return the investment, and earn even more. If you are the only person that has a bitcoin ATM, you can charge whatever you want. However, the usual percentage that the customers are being charged is above 10 percent.
When you calculate all the things that bring you money and divide all the expenses from them. if we set a number for transactions, for example, 20 000, you should be getting around 2000 dollars a month in profits. That way, in three months your investment has been cleaned, and everything else you get is yours and yours to spend.
Or, you could continue expanding your investments in real-time Bitcoin trading software such as the-crypto-superstar.com/de/login.
Benefits of owning such a machine
Besides the profit which is enough on its own, there are other benefits that a machine like this can offer. Firstly, you are bringing something new to your area, and you will become on top of your competition easily. In addition, if you own a business, and you set the ATM on that location, you will attract many more customers to visit your place. That way, you are increasing the earnings on that business as well.
Being the person who has brought something new brings a lot of new opportunities for your future. That means a lot of new marketing options, and increasing the profit both for the ATM and for your primary business as well.