2020-05-26 By Joseph C. Settles
Cryptocurrency as e-cash has come a long way, and now more than 1,000 cryptocurrencies are in use with increasing awareness and ownership. Among all these currencies, Bitcoin is the most popular form of cryptocurrency in use. Today there are more than 140 Bitcoin ATMs in Canada are working.
A Bitcoin ATM machine is the easiest and simplest way for the customers to buy and sell Bitcoins. Canada has the second-largest number of these Bitcoin ATMs machines installed, and many business owners are considering the hosting of Bitcoin ATM at their premises. Renting out the space for ATM is also trending high to take advantage of the business.
General Buying Process at Bitcoin ATMs:
- This is an optional step in different machines called ‘’Verification Step’’.
- You need to provide the Bitcoin address for deposit.
- Now you need to insert cash into the ATM.
- In the final step, the Bitcoins sent to your Bitcoin address.
This process varies from ATM to ATM.
Advantages of hosting Bitcoin ATM:
Bitcoin ATMs provide an easy way for everyone interested in Bitcoin buying, selling, and withdrawing. The ordinary benefits of hosting Bitcoin ATMs are:
- These ATMs are helping to reduce cash handling. Taking the cash from this Bitcoin ATM machine and filling it in cash ATM minimizes the cost of processing.
- The cost of setting up a Bitcoin ATM is remarkably low. If the ATM business owner has a place with a lot of foot traffic and visibility, he has all the requirements for the Bitcoin ATM business.
- Bitcoin ATM business is the right way of cross-marketing. People interested in the Bitcoin business find the Bitcoin ATM closer to their location. It will surely make the fantasy of owning bitcoin a reality.
- Being a Bitcoin ATM owner, people are entitled to receive extra income based on the transaction volume.
Having a Bitcoin ATM means offering a service that your competitor is not providing is amazingly beneficial. The rapid growth of bitcoin business gives ATM business holders fantastic opportunities to take innovative steps toward the technology of blockchain.