Side hustles are all the rage, and Bitcoin ATMs can be an especially lucrative one. If you’ve wondered if the Bitcoin business is for you, here are some points to consider.
If you already own a business, Bitcoin ATMs bring in customers.
And they do this in multiple ways. If you host a Bitcoin ATM, your business is featured on a map of ATM locations, which is basically free advertising. This marks you as a destination to Bitcoin enthusiasts who may not currently frequent your business–but will now start to.
In addition, Bitcoin communities are social (at least when social distancing isn’t the norm) and like to meet with each other via local cryptocurrency meet-up groups. Naturally, these groups favor businesses with Bitcoin associations. Your business could be their next meeting spot.
Your business appears forward-thinking.
There is something to be said for appearances. A Bitcoin ATM makes your business feel cutting-edge, which can help draw certain demographics. So while a Bitcoin kiosk would seem out of place in an old-fashioned tea shop, it would make perfect sense in a modern setting located near a bunch of start-ups.
Plus, it’s a great way to distinguish yourself from competition. Tech-savvy and financial industry sorts have to eat lunch somewhere, so why not meet at the lunch spot with the great sandwiches AND the Bitcoin ATM?
You make money from Bitcoin ATMs.
This is probably the real reason you’re interested in Bitcoin ATMs, so let’s get down to brass tacks. The most common way to generate an income from Bitcoin ATMS is to rent out space for the kiosk, which means you’ll receive both rent money and a cut of every transaction.
To host a Coinsource Bitcoin ATM, all you need is a 2-by 2-foot space and a nearby power source. Coinsource sets up the Internet connection, services the machine and does all the upkeep. Business owners are encouraged to promote the kiosk, and that’s pretty much all they have to do. It’s an excellent, low-risk way to dip your toes into cryptocurrency waters–and make some easy passive income at the same time.
A second option is a turnkey solution unique to Coinsource: Buy a Bitcoin ATM or ATMs and own your own network. You have more responsibility with this option but also make more money because you receive the majority percentage of each transaction through your ATMs. Coinsource supplies 24/7 support, customized marketing and reporting.
Chains like this second option because they already have numerous locations to place kiosks. But Coinsource sees even more business from industrious individuals with this model. In this instance, Coinsource can help you determine locations for kiosks, set them up, do the accounting, etc. It’s your call how involved you want Coinsource to be.
But Bitcoin ATMs aren’t for everyone.
There are plenty of reasons to participate in the cryptocurrency economy, but there are reasons not to as well. Remember: ATMs store money. So you need to make sure your business is safe, and your kiosk’s space is both visible and secure.
But if you have that part down, then there’s little preventing you from making more money through the Bitcoin ATM business.