Unless you live under a rock, you’re probably aware that Bitcoin has a huge influence on our markets. Experts predict that nearly 13% of the US population will own crypto to use in transactions. With notable numbers of consumers switching to digital, now is a great time to adopt Bitcoin into your business.
Bitcoin ATMs provide an excellent opportunity to bring crypto users into your business. But how do you go about bringing one of these machines into your shop? For those interested in hosting a Bitcoin ATM machine, keep reading to learn how the process works and what benefits it offers to your store.
What is a Bitcoin ATM?
Bitcoin ATMs work similarly to a traditional ATM in that you can send to and receive money from an account. Where these machines differ is that they deal exclusively with Bitcoin cryptocurrency.
With a Bitcoin ATM, people can buy and sell Bitcoin using cash. This allows them to make crypto trades without having their bank connected. Bitcoin ATMs allow for additional anonymity when buying or selling digital currency. For more information on how Bitcoin ATMs work, read it here.
While these machines help keep cryptocurrency decentralized, government regulations diminish its service. Using cash when buying or selling Bitcoin circumvents the banking system, but your transactions can still be tracked. Business owners will have to comply with KYC/AML and FinCEN regulations, requiring users to provide an ID to make use of the machine.
The Benefits of Hosting a Bitcoin ATM Machine
The special service makes hosting a Bitcoin ATM machine enticing. Business owners will find several benefits that come with having a Bitcoin ATM in store.
Those who host a Bitcoin ATM will quickly set their business apart from their competition. This helps bring in more customers, putting your products in front of more people. In turn, your business earns more revenue.
Another benefit of a Bitcoin ATM machine is its relationship with cash. You’ll find more customers coming into your business with cash, resulting in less debit card transaction fees.
Companies that adopt Crypto trends will modernize their business practices. This helps them keep up with the times and ahead of their competition. Hosting a Bitcoin ATM business will make it easier to stay current with each technological shift.
How to Host a Bitcoin ATM
The first thing you must do when hosting a Bitcoin ATM is purchase a machine. Due to their recent introduction to the market, there are only a handful of ATM manufacturers. You can purchase your ATM upfront, or some companies offer financing options and partnerships to fund your purchase.
As briefly mentioned before, you’ll have to comply with government regulations. You can fill out a form for KYC/AML and FinCEN at the BTM compliance website.
You’ll need to connect a bitcoin wallet to fund the machines. Any crypto exchange offers a default wallet, but you’ll want to use a third-party Hot wallet for optimal security.
With all the behind-the-scenes logistics handled, you can decide on a location to host your machine. Whether you place the Bitcoin ATM in-store or somewhere else, make sure it has enough traffic to drive revenue.
More on the Latest Bitcoin Trends
With governments around the world scrambling to deal with the implications of cryptocurrency, Bitcoin ATMs are a major proponent of keeping the digital asset decentralized. Hosting a Bitcoin ATM machine keeps your business at the cutting edge of society, but there are other ways to implement crypto.
For more on the latest bitcoin trends, check out our Technology section.