The Pros and Cons of Owning Bitcoin ATMs

As per data last updated by howmanybitcoinatms.com in December 2021, the U.S. is home to over 50,500 bitcoin ATMs. Hyosung, a Korean industrial conglomerate founded in 1966, remains the largest manufacturer of bitcoin ATMs, which goes to show that this field is not just for new players. It comes as no surprise, then, that an increasing number of people are looking at how to start a bitcoin ATM business. In doing so, it’s also important to understand the pros and cons.

Pros of Owning Bitcoin ATMs

Getting onto the bitcoin ATM business bandwagon holds the potential to give your existing small or mid-sized business a boost. The benefits of owning bitcoin ATMs include:

• Become a trendsetter. The existing number of bitcoin ATMs may seem large, but there is still a long way to go before they become commonplace. While growth remains imminent, this relatively new technology, as with any other, requires pioneers who are willing to take the plunge and promote its use. Once you do, it is only normal that your customers and others in your community will view your business as a trendsetter. This way, while you promote the use of cryptocurrencies, your bitcoin ATM helps promote your business.
• Simple business model. The bitcoin ATM business model is easy to understand and implement. You start by selecting a reliable bitcoin ATM provider. It sets up a bitcoin ATM at your location and is also responsible for its upkeep. Once installed, you start earning money through every transaction carried out at your bitcoin ATM.
• Increase in customers. There is a good chance that people who come to use your bitcoin ATM would also look at what else your business has to offer. For example, if you run a grocery store, it’s only normal to expect some of your ATM customers to spend money on groceries as well. Besides, word of mouth about your bitcoin ATM can also help increase overall sales.
• Passive income. If you partner with a good bitcoin ATM provider, you don’t have to worry about your ATM’s processing and management. What you get, instead, is a long-term and continuous source of passive income through every single transaction.

Cons of Owning Bitcoin ATMs

While there are advantages of owning bitcoin ATMs, it is a good idea to look at the potential drawbacks before you make a decision. If you’ve already looked at how to start your own bitcoin ATM business, you probably know the importance of selecting a dependable ATM provider. Right from your ATM’s placement to its ongoing maintenance, the company you choose should be adept at addressing any potential problem you might face. Another drawback comes in the form of the possibility of theft or vandalism, although this is easy to avoid by using suitable security measures.

Conclusion

If you’re a small or mid-sized business owner, you may consider including bitcoin ATMs in your overall scheme of things because the advantages outweigh the potential downsides. The most crucial part is that you select a reliable ATM provider so you may avoid heartache further down the road.