Opportunities Owning a Bitcoin ATM
Bitcoin ATMs are internet-dependent kiosks allowing users to purchase cryptocurrencies—often Bitcoin—for cash. They have come a long way from being merely present to popping up in more than 30,000 locations in the U.S. alone. Many users prefer Bitcoin ATMs for the safety and privacy they offer, on top ease and convenience. One of the many good things about Bitcoin ATMs is that you don’t have to be tech-savvy to navigate through. If a user knows how to use a regular ATM, operating a Bitcoin ATM should be a piece of cake.
With an increasing demand in Bitcoin ATMs, locations are now beyond convenience stores and gas stations. They can be found in cafes, laundry shops, Walmart stores and more. Many business-owners both big and small are deploying and operating Bitcoin ATMs throughout the world. Here are some key reasons why starting a Bitcoin ATM operation is a great idea:
With this increasing demand for Bitcoin ATMs, it can increase foot traffic into your business establishment. Whether you’re a local business owner, own a gas-station or local coffee shop, you will be able to increase foot traffic for your business by having a Bitcoin ATM in your store. What better to attract new customers than to put something near your business that will surely drive them in. You can even increase your customer base and gain new regular customers on the way.
On top of the foot traffic, you can attract even more people with the free advertising your Bitcoin ATM will provide. Bitcoin ATMs receive a lot of publicity that will bring more customers into your business, and your store will show up on websites when customers search for Bitcoin ATMs in your area.
Having a hard time competing with your local competition? Owning a Bitcoin ATM will give you an edge over your competitors. Not only will your business offer something that your competitors don’t, having a Bitcoin ATM gives customers the impression that your business is modern and up-to-date. As Bitcoin continues to grow, so will your business.
Lastly, who would say no to an additional income source? Bitcoin ATMs allow you to have a markup on the transaction amount, providing you revenue. Aside from customer service, compliance, reporting, and maintenance, the machine handles the rest of the work.
Compliance with state and federal regulations is absolutely necessary in operating a Bitcoin ATM. Before the machine sits on its semi-permanent spot and collects revenue, you will first have to understand the industry and regulatory compliances in the business. For starters, you will have to register as a Money Services Business with FinCEN and draft industry KYC/AML compliance policies and controls. The good news? We are here to help you with that. A simple request on the “contact us” tab on our website and one of our compliance professionals can assist you with this process.
In terms of money, your Bitcoin ATM may not contain as much cash as a regular ATM does, but it can still attract scammers waiting to get their hands on whatever amount they think they can get. Luckily for you, we have a whole compliance team that is experienced in recognizing and stopping common scam and fraud attempts at Bitcoin ATMs. We can assist you, your business and your clients from scammers and acts of theft within your Bitcoin ATM operation.
About the Author
BTM Compliance, LLC, is a Veteran-owned and operated company providing federal compliance services to operators of the Bitcoin ATM industry. To learn more about Bitcoin ATM Compliance and the services we provide contact us here.
*This blog article cannot and does not contain legal advice. The information is provided for general informational purposes only which are factually based on research and personal experience. This is not a substitute for professional advice from your own legal counsel. Accordingly, before taking any actions based upon such information, we encourage you to consult with your legal counsel. We do not provide any kind of legal advice. The use or reliance of any information contained in this blog is solely at your own risk.
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