Among other franchise opportunities Bitcoin ATM looks like very profitable and expandable business.
- It doesn't require large capital, $6000 would be enough ($3000 for ATM and $3000 for exchange deposit).
- It doesn't require sophisticated technical skills, being comparable to vending machine business.
- It doesn't require to work on it full time, unless you want to expand into Bitcoin ATM network with more than 20 machines.
So what do you need to start Bitcoin ATM business?
- A location, preferably it should be in a crowded area. We think it is better to find a location closer to universities, colleges or high schools. Neighborhoods with large amount of unbaked people are also quite interesting.
- A Bitcoin ATM, aka Crypto ATM. Usually by Bitcoin ATM term we understand a one-way self-service machine that can sell bitcoins (even in very small portions) to its customers. Now, however, it is very common to see Bitcoin ATM that can also dispense cash in exchange for crypto, and support cryptocurrencies other than bitcoin. We used to call our machines Crypto ATM because they support many cryptocurrencies out-of-the-box, but now it seems like Bitcoin ATM term might describe any self-service machine that can sell, buy and exchange many types of cryptocurrencies.
- An account on some cryptocurrency exchange with deposit balance. Usually people find it difficult to register and pass verification of cryptocurrency exchanges, but there are many of them that provide easy and fast verification. We do have our own cryptocurrency exchange - jetcrypto.com, and it has been built with Bitcoin ATMs in mind, it allows you to do anything within certain limit without any verification (please check jetcrypto.com conditions to find out limits and fees).
As soon as you have all these three (mentioned above) pre-requisites, you could start your Bitcoin ATM business in 1-2 hours.
You now need to think about marketing and how to promote your ATM in your Bitcoin ATM location. We will describe Bitcoin ATM marketing basics in our next post. Stay tuned.