Here at BitcoinATM360 we talk to many potential, new and existing BitcoinATM operators and have compiled this list of actions that anyone exploring opportunities in the BitcoinATM space can do to help validate their desire:
Determine local demand for a Bitcoin ATM
A great way to determine if you will be successful is to gauge how much local demand there is for buying and selling Bitcoin in your intended area. You can easily do this by signing up on Localbitcoins and become a trader yourself. You can also see how many others are trading Bitcoin in your area and what fees they are charging.
Doing this will help you in several ways:
- Meet locals interested in Bitcoin
- Expose best areas to place a physical BitcoinATM
- Gauge demand for Bitcoin in your area
As well, you will gain experience in buying and selling Bitcoin inventory via an exchange like Bitfinex.
Be active in the local Bitcoin community
Search for local Bitcoin meetups. This is a great way to meet others interested in Bitcoin in your town or area. You might also gain some value from attending any of the myriad Bitcoin Conferences. Running a Bitcoin ATM will requires a lot of varied experience and the most successful operators have good community connections. As well, this be a great opportunity to later promote your Bitcoin ATM to those most likely to use it!
As well, LinkedIn has several groups devoted to Bitcoin that may be of value to you.
Search the competition
A quick way to check on the competition is to check out CoinATMRadar. You may find there are no Bitcoin ATMs in your immediate vicinity, which could be good or bad depending on your Localbitcoins validation. If there are no BitcoinATMs in your area, you can expand your search. Many Bitcoin ATM Operators expose their pricing and fees to CoinATMRadar, so you can investigate how other operators are pricing their services.
Determine your BitcoinATM goals
Surprisingly some Bitcoin ATM Operators do not run their machine purely as a business, but rather as a way to support the Bitcoin community. You need to understand your own reasons for installing and operating a Bitcoin ATM in your region. If you just wish to support the local community a smaller less expensive ATM might be your best bet. If you plan to operate as a full fledged business then a more feature rich Bitcoin ATM would support goals better.
Research Bitcoin ATM options
BTMSales has a good breakdown of the various Bitcoin ATM options on the market for features and pricing. There are many machines available on the market and there should be a good option available for whatever your specific application calls for.
Talk to the experts
Talk to the BitcoinATM Experts: BitcoinATM360 provides a complete life cycle approach to the BitcoinATM operator‚Äôs needs. We sell New and Used Bitcoin ATMs, can provide customer support resources, valuable insight into the Bitcoin ATM industry, help with key connections within the greater Bitcoin industry and even help you wrap up operations if you ever have to shut down. BitcoinATM360 is the first and only Enterprise¬† Solutions Provider in the BitcoinATM space. A BitcoinATM can be a significant investment, BitcoinATM360 can help you through the entire lifecycle of your operations. Contact us for all your BitcoinATM needs.