Bitcoin ATMs are bi-directional kiosks that allow individuals to buy and sell bitcoin with relative anonymity. Recent studies indicate that there are more than 6000 machines installed globally, with 65% in the United States. BATM is not precisely similar to traditional ATMs but uses the same concept. All Bitcoin ATMs are connected to the Internet allowing the users to insert cash or their credit cards in exchange for Bitcoin. For anonymity, they are not connected to the bank, but the Bitcoin exchange platform such as localbitcoin.com for convenient and localized purchase of cryptocurrency. Many BATMs are located in malls, airports, shops, taverns, and restaurants, among others.
Besides, the service ATM will charge an additional fee and is reflected in the price. Due to the anonymity nature of cryptocurrency, most Bitcoin ATMs have strict buying limits, with some requiring a KYC process. Some of the leading Bitcoin ATMs are; General Bytes, Genesis Coin, and Lammasu.
How to Locate the Nearest Bitcoin ATM
To locate the nearest BATMs, one needs to use the Coin ATM Rader services, which provides various options of searching nearby ATMs using the live worldwide Bitcoin ATM map. coinatmradar.com also offers a live map that features all locations of Bitcoin ATMs.
To use the ATM Rader website;
- Choose or add your current location and click enter to search the nearest ATM.
- Select the nearest BATM and click see the details.
- Finally, click get the direction to acquire the google map directly to the BATM.
Types of Bitcoin ATMs available in the Market
- Satoshi1 Bitcoin ATM.
- Genesis1 Bitcoin ATM.
- Robocoin kiosk.
- BiXatm Bitcoin machine.
- Lamassu Bitcoin ATM.
- Satoshi2 Bitcoin ATM.
- BitAccess Bitcoin ATM.
According to the tracking website, there are a total of 42 automatic cryptocurrency manufacturers and 563 operators. Two major manufacturers, General Bytes and Genesis Coin, together produce more than 60% of encrypted ATMs worldwide. In total, General Bytes produced 1,976 encrypted ATMs, accounting for 32.5% of global installations, and Genesis Coin produced 1,878 machines or 30.9%. Other most popular manufacturers are Lamassu (with 504 machines), Bitaccess (with 424 machines), and Coinsource (with 304 machines).
Starting Bitcoin ATM Business
It may seem easy to start a Bitcoin or other ATM crypto business, but it is now becoming a profession and requires much preparation. One needs to be familiar with the regulations in your area and preferably find a banking partner. Registering on a cryptocurrency exchange and finding the right place for the machine is another essential step. When running the ATM Bitcoin business, you need to organize cash/cryptocurrency logistics, machine maintenance, customer support, etc.
The first thing you need to do is find a company specializing in Bitcoin ATM. The latter provides the necessary infrastructure for the company, such as a real machine and the programs that run it. Carefully evaluate your choices, including reading the opinions of others and assess their effectiveness.
For any individual looking forward to starting a BATMs business, one should consider purchasing from General Bytes, given that it provides several types of crypto ATMs beginning at $3000. However, before buying the machine, one should verify upfront and regulatory requirements for operating, such as business. Some states require the company to be licensed to operate crypto ATMs.
In the digital age, business location is critical to success. So if you are planning a Bitcoin ATM business, another important consideration is location. Make sure you are in a crowded area. Conduct a thorough investigation to ensure community needs.
It is also significant to find out the cost of the machine, installation, and maintenance. One should request a quote from multiple ATM vendors and find a quote that fits their budget.
Indeed, a bitcoin ATM is a promising business idea. Take note of the things mentioned above to get started on the right foot.