During the period between 2014 and 2018, one of the major bottlenecks that hampered the growth of alternative digital currencies is mass adoption. That is now changing in 2021 with Bitcoin ATMs as they enable everyone to buy and sell the popular cryptocurrency anytime they want. This has pushed the industry forward as any person can now send and receive money instantly via crypto ATM. Although Bitcoin ATMs are currently not as ubiquitous as traditional ATMs, their increasing presence since 2019 has made it much easier for users to buy Bitcoin as of this date.
If you follow the news, you would know the cryptocurrency technology is taking Bitcoin ATM technology services one step further with Bitcoin vending machine which will enable users to make everyday purchases using their cryptocurrency instead of fiat money. In a connected world, this has become more of a necessity than a requirement. Such type of Bitcoin machine is still in the initial phase so it might take a few months before we start seeing an increased presence of vending machines like Bitcoin ATM.
What is a Bitcoin Machine or ATM?
It is like a traditional ATM but instead of depositing or withdrawing fiat cash, it enables buying and selling of Bitcoin. This means that users have a familiar interface they have to deal with while making the most of underlying blockchain technology. You don’t need a bank account to use Bitcoin ATM.
Benefits of a Bitcoin Vending Machine
Much the same as any currency, broad adoption of crypto by mainstream customers is imperative for further development of the technology and its success. For example, one of the primary deterrents that individuals have to confront when choosing to buy or sell Bitcoin, Bitcoin Cash or any other cryptocurrencies is that they don’t find any practical usage, maybe apart from using it as an investment driver. With the approach of Bitcoin vending machines, such customers won’t only see a practical application, the product they are looking to buy will be quickly accessible as well. Bitcoin payment systems allow in driving the growth and adoption of Bitcoin and other digital currencies as they are as easy to use as your credit card.
Despite the fact that Bitcoin machines aren’t as commonplace as of yet as they will be in the future, there are a few private businesses that have started to accept Bitcoin and other digital currencies across the world to offer their customer more ways to make payments. Ideas like the Bitcoin vending machine are just the initial phase for promoting the use of digital currencies.
Where to Buy Bitcoin ATM?
With the advent of Bitcoin ATMs and vending machines, many retailers and shop owners have started to ask questions like how to buy a Bitcoin ATM? Who makes Bitcoin ATM? Where can I buy a Bitcoin ATM? All of these are valid questions as cryptocurrency and blockchain technology can deliver a multitude of benefits to small businesses such as kiosks, retailers, and shop owners enabling them to connect with their customers. Bitcoin ATMs ensure instant transactions and exchange of goods against the compensation without any involvement of a third party.
If your company is looking for top Bitcoin ATM manufacturers, here we share the name of a few main brands you can rely on for your business operation:
- Genesiscoin – models include Finney3, Satoshi1, Satoshi2, Genesis1
- General Bytes – models include BATMTwo and BATMThree
- Lamassu – models include Gaia, Douro II, Sintra, and Sintra Forte
Apart from these, today you can also buy second-hand Bitcoin ATMs if you don’t want to put up a lot of capital investment without weighing the benefits.
How Much Does a Bitcoin ATM Cost?
The cost of Bitcoin ATMs is determined by the features they offer. Most popular Bitcoin machine or kiosk generally has the following features:
- Ability to buy and sell cryptocurrencies including BTC
- Make payment through machine
- A screen for output, digital menu, and mobile support
- Thermal printer to generate receipts directly
- AML and KYC integration for security
- White label (ability to put your brand logo as they brands don’t force the copyright)
- Support for multiple cryptocurrencies
Depending on the set of features, a new Bitcoin ATM will cost you around $3,000 to $15,000. Usually, the price includes shipping costs as well. If that’s a steep investment for your small business, you can go for a second-hand ATM that you can have for around $2,000 to keep your initial investment low. You can visit the location to check out the machine as well.
How to Get a Bitcoin ATM in My Store?
Getting a Bitcoin ATM in your store is a multi-step but also a straightforward process. First, you need to do a bit of research to find out what type of Bitcoin ATM will suit your business needs and improve customer experience. You don’t even need to invest more than you have to in a Bitcoin vending machine or ATM. Here is what you need to follow step-by-step:
- Identify the Bitcoin ATM You Need – Look at the features of different models and compare the pricing. Also, evaluate online reviews to gather information and see which brand of ATM companies is the most successful. Once you have done your research, you can make an informed decision about purchasing your Bitcoin ATM.
- Buy Bitcoin ATM – You will find a wide range of ATMs on sale. The next step is to place an order by adding your selected ATM to the shopping cart. The manufacturer will contact you in the specified period of time for confirmation along with an e-invoice to ensure the order details are correct.
- Ensure AML & KYC Compliance – Operating a Bitcoin ATM requires you to comply with Anti-Money Laundering (AML) and Know Your Customer (KYC) regulations. You will need to register these compliance requirements through concerned governing bodies and file the documentation.
- Set Up Your Bitcoin Wallet – Since you will be dealing with a high frequency of withdrawals and deposits, you will need to ensure that everything works as it should. Set up the wallet so you can add funds to the machines whenever necessary. Make sure all of your passphrases, keys, and passwords are strong and highly secure.
- Deploy Bitcoin ATM in Your Store – Once you have gone through all of the above steps, now it’s time to deploy the ATM. Places that have higher foot traffic along with long opening hours usually get a higher number of transaction.
NeuronEX – An Affordable & User-Friendly Peer-to-Peer Alternative
If you are one of those small businesses or retailers who don’t want to get into the challenges of owning and operating a Bitcoin ATM, there is an innovative alternative solution available as well. NeuronEx is a peer-to-peer exchange, wallet, and agent network that relies on blockchain technology to bring the benefits and convenience of cryptocurrencies to the real world regardless of where your business is based. All you have to do is subscribe on NeuronEx, and you can both buy and sell digital currencies in any country in the world. The transactions are instant and highly affordable. Some of the major benefits of the network include:
- A peer-to-peer network means that there is no central authority or middlemen, the transaction happens between the buyer and the seller
- The escrow feature works to guarantee trustworthy and secure transactions in an easy and efficient manner
- You don’t only get the best market rate from thousands of crypto sellers but also have access to the native wallet for quick and secure storage
- You can use the native token of NeuronEx called NRON to get 50% commissions while professional sellers receive special promotions and terms
- Rights reserved to leverage the full potential of the exchange whether you want to purchase or sell bitcoins.
Bitcoin ATMs are going to change the landscape of how everyday users and customers conduct their transactions. That’s why it has become imperative for all types of businesses to ensure that they provide a way to buy and sell Bitcoin and other cryptocurrencies. That being said, buying and setting up an in-store Bitcoin ATM may be quite an expensive and demanding process, especially if your company has several locations or more than one site. That’s where you can rely on a second-hand ATM or peer-to-peer network like NeuronEx which can help you facilitate your customers as they can send you payments with ease. It will be an investment for years to come.