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Why You Should Have A Bitcoin Atm
Did you know that Bitcoin has been around since 2009? If you have been following Bitcoin since its early days, you are aware that Bitcoin is here to stay and has gone from $0 to over $68,000 in 2021, and as of the writing of this post, it's fluctuating around $22,000. As a business owner, you might consider having a bitcoin ATM in your building to have an extra income source.
Read on to learn what exactly is a Bitcoin ATM and the top benefits of having a Bitcoin ATM.
What Is a Bitcoin ATM?
Before we get into the benefits, let's clear up what exactly a Bitcoin ATM is. They are similar to regular ATMs, where they allow a person to take out cash or deposit cash. Unlike a traditional ATM, though, a person does not need a bank account to use this type of ATM.
Bitcoin ATMs allow people to buy and sell not only Bitcoin but other cryptocurrencies as well. They are fairly simple to use, so even a first-time cryptocurrency buyer can use them with ease.
Drive More Traffic
If you place a Bitcoin ATM in your shop, you will begin to drive more traffic to your place of business. When people see that you have an ATM when they are searching on their phones or Google Maps, you will start to see an increase in foot traffic.
While someone is there to use the ATM, they more than likely will also take a look around your store to see what you sell. You never know; they might end up making a purchase or becoming a frequent customer.
No business owner will say "no" to extra revenue. Hosting a Bitcoin ATM offers the opportunity to make more money from both the ATM and the extra foot traffic from people that come to use the ATM.
With most ATMs, as the owner, you can earn a portion of revenue from each transaction that is made. You can also opt to get paid a flat fee each month just for hosting the machine and allowing the machine owner to park it in your place of business.
Hosting a Bitcoin ATM in your place of business means extra advertising via the manufacturer of the ATM. Your business will be listed as a location for one of their ATMs on their website.
Every Bitcoin ATM company offers a section of their website where people can search for the ATM closest to them. Every time someone searches for a Bitcoin ATM on the company's website, they are directed straight to your business link.
Keep Up With the Times
Hosting a Bitcoin ATM is a way to show people that your business is keeping up with the times. This is another way of saying that you embrace change, and this alone can attract a new crowd to your business location.
This crowd can become loyal customers of what you offer only on the fact that they appreciate other out-of-the-box thinkers like them.
A major advantage of having Bitcoin ATMs is that the transactions can be completed in a few minutes. When someone puts money in the ATM, the purchase is executed for the total payment amount almost instantly.
Instead of waiting a few days to receive cash, a person is able to make a sell order and receive their money instantly if making a withdrawal. ATMs from companies like Byte Federal make it easy to get money right away.
If you have made transactions on an exchange online or on a crypto platform, you might have dealt with delays. Sometimes delays are a few minutes, a few hours, or some people might accidentally put in the wrong key and lose their money. When you buy your digital coin, you will receive the confirmation right away, and a few seconds later, you will receive your order.
This means that you will easily attract people to use your ATM that would rather have near-instant transactions.
Easy to Use
Another reason for having a Bitcoin ATM is that it's pretty easy to use, so you won't really have to deal with people interrupting you to ask you how to use it. A person just has to follow the step-by-step instructions given by the ATM.
Plus, there is no need to deal with long key wallets, account setups, or online wallets. Instead, the machine gives the person a QR code that has a public and private key that can be scanned with a phone, and it is recognized by standard crypto wallet applications.
People have the ability of buying or selling their cryptocurrencies whenever they want from an ATM. This means that, in essence, you have a machine at your place of business that can bring extra money in while you're sleeping if people use the ATM during after hours.
It is also flexible for those using it because they have the option of either transferring their crypto to an online wallet or keeping their crypto on a hard wallet offline.
A major pro for people that use a Bitcoin ATM is that no one can tamper with a Bitcoin order from an ATM. It is nearly impossible for anyone to hack the ATM while someone is depositing their cash into the machine to turn it into cryptocurrency.
Most people consider Bitcoin ATMs to be the safest mode to buy and invest in cryptocurrency.
No Account Needed
A customer does not need to have an account or complete the infamous KYC (identity verification) in order to use a Bitcoin ATM. This is a major plus for those that want to remain a bit more private about their purchases and don't want to deal with making accounts and having an extra password to remember.
The daily limit transaction amount varies based on the ATM, but it is fairly high. The only time someone would have to create an account would be if they want to exceed the daily limit set by the ATM company.
If someone wants to have higher transaction limits, they just have to do their homework on what the daily limits for ATMs near them have. The pro about a machine from Byte Federal is that they offer a $21,000 daily limit, which is one of the higher limits out in the market.
No Bank Accounts Needed
Although many people have bank accounts nowadays, there are still some people that don't. Bitcoin ATMs are a perfect choice for those people without traditional bank accounts. These ATMs give them the ability to have access to financial services or to store funds.
If you personally have never been without a bank, you might not realize how essential it is to have a bank account for day-to-day life. Bitcoin ATMs help create a gateway for those that can't set up a bank account for whatever reason.
Unbanked people can now have some type of financial security that they did not have in the past. Anyone that has a digital wallet and a phone number can buy, sell, and store their cryptocurrency.
Great for Those With Too Much Cash
Servers and delivery drivers can usually relate to having a lot of cash on hand and not wanting to deal with the banks questioning why they have so much cash to deposit. A Bitcoin ATM is perfect for turning cash tips into crypto investments. Especially for those without a bank account.
Instead of holding on to too much cash in their home and dealing with the risk of losing it, a Bitcoin ATM might be the perfect solution for this situation. If someone is worried about dealing with the volatility of coins such as Bitcoin, they can opt to exchange their cash for a stablecoin instead.
For example, they can convert their cash into USD coins, Tether, Pax Dollar, etc. These coins do not fluctuate but instead stay around $1 or $0.99.
Using an online exchange is popular among many because of the convenience, but not everyone wants to go this route because they want more privacy. A Bitcoin ATM allows people to keep their info more private.
Online exchanges now require users to link their bank accounts because this satisfies the KYC/AML protocol that the exchange has to follow by law. With a person's bank account linked, it means that these exchanges have access to a person's personal information plus their banking routing, account numbers, username, and password.
This defeats one of the purposes of why Bitcoin was invented in the first place - privacy. Even when some people choose to give up their private information with an online exchange, sometimes it takes weeks to verify someone's identity.
Keep in mind that most online exchanges will only allow people to link a bank account from one of the major banks. This means that a large portion of potential users are excluded from even having access, so they have no other choice but to use a local Bitcoin ATM.
How People Buy Bitcoin at the ATM
To give you an idea of what people will be doing when they go to your place of business to use the Bitcoin ATM, these are the steps they will go through:
First, they will select the cryptocurrency that they want to buy. Then, they have to accept the terms and conditions and choose whether they are going to buy under the daily limit or above it. Next, they will enter their phone number and name.
Then they will scan the QR code address on their crypto wallet and, lastly, insert the cash to make the purchase.
Once the cash is inserted, the screen will display the total amount of Bitcoin they will receive. ATMs always include the transaction fees in the price of the cryptocurrency.
Please keep in mind that sometimes the steps might vary a bit, depending on the machine, but for the most part, this is how people will buy Bitcoin at the ATM.
How to Sell Bitcoin at an ATM
You can expect some people to come use the ATM to sell some of their Bitcoin or cryptocurrency instead. Before starting, the person will have to accept the terms and conditions and then choose if they are selling less or more than the daily limit.
Then, they will enter their phone number and name along with the amount they want to sell. Some machines will only allow people to sell in increments of $100 or $20.
Next, the crypto wallet's QR code on the machine has to be scanned with a phone. Within a few seconds of network confirmation, the ATM will dispense the cash.
Becoming More Widespread
With the rise in popularity of decentralized money, you don't have to worry that the ATM will just sit there unused. People are looking for ATMs near them because they are getting tired of using the banks as the middlemen for their money transactions.
Currently, there are around 28,000 Bitcoin ATMs in the United States, with new machines being added all the time. This means that competition might not be too high in your area, and more people will come to your place of business to use the ATM.
Now that you have read our top reasons for owning a Bitcoin ATM, you can make an informed decision about whether you want to put one in your place of business. It can really help make some extra money without having to do much work or take up too much real estate. Bitcoin ATMs are quickly becoming the convenient alternative to using banks for many people.
If this blog post helped you out, feel free to keep browsing our finance section for our latest reads.
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