As Bitcoin slowly enters the mainstream, businesses are proactively exploring the possibility of hosting a Bitcoin ATM in their stores. To host one in your store, businesses can choose from a few options. They can do this independently and host it all on their own. Alternatively, they can find a provider who will host and maintain the ATM for them.
How to host a Bitcoin ATM on your own:
- If you have decided to install and run a crypto ATM independently in your store, you will find the task to be quite tedious and challenging. You must do preliminary research to find out your business’s legal status in the region in which it operates. This will tell you which licenses you need and which permissions to get to make the installation legitimate. This is a costly and time-consuming process.
- Besides legal investments for acquiring legal consultancy for such permissions, you have to be prepared to spend money on buying the machine hardware. You need to consider ongoing costs for maintaining the Bitcoin machines too. This means not only ensuring liquidity of machine operations but also overseeing exchange and facilitating connected services like customer-care support.
- One of the main reasons why people search for a “Bitcoin ATM in Illinois” is because of the convenience these machines offer. However, since Bitcoin is still relatively new, most users do not have enough experience or expertise in using these machines. So, if you install one in your store, you must arrange for tech support.
How to host a Bitcoin ATM through an operator:
- For this, you must find a reputed and reliable Bitcoin ATM operator that can install a machine at your store. This is easy and time-saving because the operator has everything it needs to get this teller machine up and running.
- It is advisable to search for Bitcoin ATM operators who already have a presence in your location.
Finding an operator to host an ATM for you is probably the best choice because it involves fewer risks and less investment. The average rent per month is within $300-$700 and maybe slightly higher if it’s an airport or mall location. Here, all operations and processes are supervised and managed by the operator. So, your involvement can be minimal and investments will be lower.
Hosting a Bitcoin ATM with an operator:
This option is somewhere in between hosting a Bitcoin ATM on your own and using an operator for it. When you reach out to an existing operator in your area, they probably already have required licenses to run multiple ATMs in that region. So, costs of running machines and maintaining a support staff will be largely covered by the operator. As a business owner, you can simply share in investments of hardware and make money by sharing profits with the operator.
Cryptobase ATM is one such operator that can help you find a crypto ATM and host one if needed. You can type in your location in their search bar and get locations of all crypto ATMs near you. To host a machine for your business, you simply need to get the space to set it up; the rest will be handled by Cryptobase.