Get the weekly summary of crypto market analysis, news, and forecasts! This Week’s Summary The crypto market ends the week at a total market capitalization of $2,17 trillion. Bitcoin continues to trade at around $62,300. Ethereum experiences no changes and stagnates at around $2,400. XRP is down by 2%, Solana by 1%, and Dogecoin by 3%. Almost all altcoins are trading in the red, with very few exceptions. The DeFi sector decreased the total value of protocols (TVL) to around…
Bitcoin ATMs (Automatic Teller Machines) – A Smart Business on the Rise
1.9 k views
The Bitcoin ATM sector continues to experience record growth across the globe. Part of the reason for this growing demand is that these devices feature better technology, more functionality, and lower costs than their predecessors. Consequently, every day more people turn to these units as a reliable alternative to fiat-to-crypto exchanges.
Frictionless Entry
Bitcoin ATMs provide frictionless entry into the cryptomarket. For most people, converting fiat to crypto is a hassle. You must register for a regulated exchange to accomplish this task. Bitcoin ATMs simplify the entire on-ramp process. In this way, they provide users with anonymous and instant access to the blockchain sector.
Simplified
Bitcoin ATMs are an attractive option as a business model because they streamline the entire crypto experience. For one, the units require no technical know-how to operate. Additionally, they are small enough to fit nearly anywhere, and they require minimal setup. Nowadays, Bitcoin ATMs come in various sizes, shapes, and configurations to suit your specific needs.
How to Use a Bitcoin ATM
Using a Bitcoin ATM is as easy as using your traditional ATM. The task begins when you locate a local machine. Luckily there are a bunch of websites dedicated to this task, such as coinatmradar. The next step is to check the device to see what types of transactions it allows. Notably, not every Bitcoin ATM provides a full-suite of functionalities. Most US-based models, for instance, only offer the ability to purchase Bitcoins.
Now that you have located a working Bitcoin ATM in your area, you are ready to begin the purchasing process. You will need to select the type of cryptocurrency you desire. The next step is to insert your fiat currency directly into the bill acceptor. The screen will then display precisely how much Bitcoin you will receive and the fees incurred. From here, you must approve the transaction.
Now that your transaction is approved, you can decide how to receive your Bitcoin. Most units offer a variety of options. The most popular choice is to receive your Bitcoin via a mobile wallet. In this scenario, you need to scan your wallet’s barcode to enter the device’s address. You can also choose to receive your Bitcoin on a paper wallet. Presto, you are now the proud owner of your very own Satoshis.
Starting a Bitcoin ATM Business
Anyone looking into starting a Bitcoin ATM business will be happy to learn that these units have seen a steady decline in their pricing over the last two years. Currently, the highest-rated Bitcoin ATM models cost around $10,000 each. Considering that these automated workers require minimal maintenance costs, this is a reasonable price point. Best of all, it would be best if you never had additional hardware to monitor your investment.
Types
There are two main types of Bitcoin ATMs in the market currently. Each provides you with a different set of risks and rewards to consider.
Self Load
Self-loading Bitcoin ATMs require you to connect your device to a hot wallet dedicated to your ATM. In this scenario, you make all the fees from your machine. Best of all, you get to decide how much in fees to charge. However, there are some drawbacks to consider.
For one, you need to monitor your device to ensure you have Bitcoin available for purchase. If your wallet runs out of crypto, your business is down until you refill the wallet. Savvy investors will evaluate restocking fees to ensure that they receive higher returns.
Volatility
Volatility is perhaps the biggest concern for anyone hosting this style of ATM. Whenever Bitcoin’s value drops below the price paid for the ATM coins, it puts the ATM owner in an unfortunate predicament. Nobody wants to sell their Bitcoin and take a loss. In these situations, the operator will deactivate the device until the market corrects. In this way, they lose customers and all the profits associated with that new business.
Auto Load
Autoload Bitcoin ATMs are the most popular version seen today. These units connect directly to an exchange. Bitcoin is purchased directly from the exchange before it is transferred to the Bitcoin ATM user. The upside is you never have to fund your device.
The downside to this approach is that it tends to have much higher fees. In most instances, the ATM operator will choose to pass the exchange fees on to their customers. All of these fees make Bitcoin ATMs one of the most expensive ways to enter the market.
Selling Bitcoins
As previously discussed, not every Bitcoin ATM offers every possible Bitcoin service. Selling Bitcoins via a Bitcoin ATM is one of the most controversial strategies currently in place. As such, Bitcoins that allow Bitcoin users to sell their crypto are a bit more complicated to set up and run. For one, these devices require you to stock the unit with fiat currency. Now that your unit is full of cash, it requires security equal to a traditional ATM.
More Expensive Units
Since there is a much higher chance of theft once your device is full of cash, it requires more security and monitoring. All of these requirements equate to more development costs for the unit. In general, a Bitcoin ATM that can make purchases will cost double one that cannot.
Additionally, since the ATM provides people access to fiat currencies via the sale of their Bitcoin, a host of additional legal requirements must be met. In many countries, these units are not allowed yet. One location where this style of BTC ATM has seen success is in Japan.
Buying Bitcoins
Bitcoin ATMs that exclusively offer sales options are the most popular for many reasons. Thankfully, Bitcoin ATM regulations relax when discussing selling Bitcoin. However, you will still need to check with local lawmakers to ensure that your investment will remain in operation without any problems.
Compact Design
Most BTC ATMs are compact enough to fit nearly anywhere. There are even tabletop models available as well. Some of these units are portable so that you can bring your crypto aspirations anywhere you desire.
Build Your Own
If you are a technically savvy individual, you can always build your ATM from scratch. Recent footage posted on social media from Lightning Network developer 21isenough demonstrates an easy to build a model that costs under $500. He even goes as far as to provide you with detailed plans.
The video is a proof-of-concept for a Lightning Network-powered ATM. The Lightning Network enables fast micropayment across the Bitcoin network for a fraction of traditional transactions’ costs. Importantly, 21isenough points out that his ATM is not ready for commercial use. He cited vulnerabilities to specific attacks.
In a now widely publicized video, the developer demonstrates the amazing micro-payment capabilities. The video utilizes a cardboard mockup with a small LCD screen. He even lists the exact parts and steps needed to complete your own.
The Community Get Involved
Already, multiple variations exist online. Each version features a slight upgrade over its earlier model. If you are technically savvy, you may be able to put the final pieces to this puzzle and create an easy to make BTC ATM for a fraction of the cost of buying a new one.
Bitcoin ATM Concerns
As with any new technology, analysts continue to point out areas of concern this product introduces. These concerns include the security, stability, legal, and technical aspects of these devices. Here are the most significant issues facing mainstream Bitcoin ATM adoption presently:
Regulations
Before investing in a Bitcoin ATM, it’s smart to seek approval from your local government. This step can be as easy as going to a city council meeting and explaining your proposition. Once you receive the local authorities’ blessing, only then should you begin placing your units in public. Don’t think for a second that the city won’t tear your ATM down if they are caught off-guard by its appearance.
AML & KYC
Anonymity is a critical feature in BTC ATMs. These devices seldom require a person to submit any form of identification. In the past, regulators voiced concerns over nefarious individuals using these devices to launder their ill-gotten earnings. However, there are many ways to purchase crypto anonymously. It’s highly unlikely a super-criminal would choose to securely monitored and probably under surveillance Bitcoin ATM to commit their crimes.
Higher Fees
All of these features come at a cost. Notably, the transaction fees of Bitcoin ATMs are the highest in the industry. Remember, each ATM owner decides their fee structure. These fees include exchange rate fees, rent, electricity costs, and any other costs the operator seeks to recoup. On average, a Bitcoin ATM’s fees costs double, or even triple, than that of a traditional exchange.
Bitcoin ATMs – Blazing Forward
Btc
Bitcoin
$62.547
price
price
0.84959%
price change
The Bitcoin ATM industry continues to see more activity every year. These unique devices are sure to become a driving force within the crypto community over the next decade. For now, both regulators and ATM developers must figure out the best way to integrate this revolutionary technology into the market efficiently.
Previous
The Importance of System Stability of Crypto Exchanges
Next
How to Mine Dogecoin (DOGE): A Complete Guide
Written by
David Hamilton
@DavidtheWriter
143 posts
More author posts
The Top 3 Bitcoin Blockchain Explorers For Your Needs
Learning about Bitcoin blockchain explorers is a great way to further your crypto education. These helpful platforms make it easy for regular users to leverage the complete transparency of the Bitcoin blockchain. In the early days, there were only a handful of explorers available. Today, the market is full of an excellent selection of platforms that offer unique features and services. What's a Blockchain Explorer A blockchain explorer is a software program that enables users to examine specific details about a particular blockchain.…
4 years ago
ZenLedger – Keeping Crypto Investors out of Tax Trouble
ZenLedger is a tax software suite geared towards the DeFi and cryptocurrency communities. The protocol integrates various unique features. They enable users to save time and effort when filing their crypto holdings with tax authorities. The system is completely IRS compliant and integrates with other popular tax software. Why ZenLedger Could Help You ZenLedger serves an essential role in educating investors and providing users with crypto tax information and services. The network streamlines the process by introducing automatic forms and advanced…
4 years ago
LunarCRUSH – Helping Investors Decipher the Social Media Buzz
LunarCRUSH operates as a social media analytics and aggregated research tool. The platform enables users to gauge previously tricky metrics such as public sentiment towards a project. The system simplifies the process through the introduction of a proprietary scoring system and more. LunarCRUSH continues to see growing popularity in the sector. As such, the network has expanded its efforts. Today, LunarCRUSH monitors over 30,000 links collected daily. These links span over 200 million social media posts and across +2,000 supported cryptocurrencies. How…
4 years ago
Top 5 Multi-Blockchain Explorers to Check Out
Blockchain explorers are a critical component of the decentralized ecosystem. These protocols enable users to search for detailed information on the blockchain, such as a transaction or wallet balance. Blockchain explorers have come a long way since crypto's early days. Here are the top 5 multi-blockchain explorers to check out. Blockchain Blockchain offers more options and networks than Blockchain.com. The network enables users to search across 17 blockchains from the convenience of one easy-to-navigate explorer. As a result, users save time and…
4 years ago
Never Miss a Crypto Event Again – Coinmarketcal
Coinmarketcal supplies valuable information about crypto-related events to the market. The network was born out of a desire to provide an organized location. There, investors could find vital data about the ever-expanding crypto market. Today, the platform offers an extensive suite of features. These services enable investors to monitor for potential catalysts across the entire industry. History of the Coinmarketcal Coinmarketcal entered the market in 2017 to create one place to find all helpful crypto-related events. At that time, the market was going…
4 years ago
Open Sea – A Pioneer in the NFT World
Open Sea is one of the most reputable NFT marketplaces in existence. The network enables users to buy, sell, and explore collectibles, game items, Art NFTs, and various other digital goods. Notably, Open Sea was the first NFT marketplace to enter the market. This pioneering spirit enabled the platform to establish and maintain a dominant position in the market. Today, Open Sea still operates as the largest NFT marketplace in terms of the daily trading volume. The network has +4 million…
4 years ago
Publish your own article
Guest post article. Guaranteed publishing with just a few clicks
START PUBLISHING ADVERTISE WITH USBrowse categories
Explore trending topics in the crypto community right now.
Bitcoin
SEC Greenlights Multiple Bitcoin ETFs, Signaling Major Leap for Cryptocurrency Markets
The U.S. Securities and Exchange Commission (SEC) has made a landmark decision by approving 11 spot bitcoin exchange-traded funds (ETFs). This move represents a significant moment in the cryptocurrency industry, marking a shift towards greater institutional adoption and accessibility for investors. The approved ETFs include products from major firms such as BlackRock’s iShares Bitcoin Trust, Grayscale Bitcoin Trust, ARK 21Shares Bitcoin ETF, Bitwise Bitcoin ETP Trust, WisdomTree Bitcoin Fund, Fidelity Wise Origin Bitcoin Trust, VanEck Bitcoin Trust, Invesco Galaxy Bitcoin…
Marius Bogdan Dinu 
@bdinu89
@bdinu89
1 year ago 
597 views
Bitcoin Should be Banned in the United States: Charlie Munger
Berkshire Hathaway’s vice chairman, Charlie Munger, called for a ban on cryptocurrency in the United States on Monday, similar to the one in China. In an op-ed published with the Wall Street Journal, Munger argued that Bitcoin isn’t a currency, commodity, or security, but simply a form of gambling “ with a nearly 100% edge for the house. As such, the enactment of a federal law should ban such things from happening. Munger cited the Chinese communist party’s ban on…
2 years ago 1.5 k views
Tesla’s BTC Positions Remained Unchanged in Q4 of 2022
According to a new earning report from automotive manufacturer Tesla, the company did not sell any of its BTC holdings in the fourth quarter of 2022. Amid speculations that the company had traded BTC during the testing bears, CEO Elon Musk revealed it was yet holding on to its BTC stash. Tesla Maintains Holdings After Initial Sell-Off In Q2 of 2022, Tesla opted to sell 75% of all its BTC. The car manufacturer received close to $950M in exchange. Notably,…
2 years ago 1.5 k views
Here’s When Grayscale Debates the SEC in Court on its Bitcoin Spot ETF
The District of Columbia Court of Appeals has marked a date for when Grayscale and the Securities and Exchange Commission (SEC) may present oral arguments regarding the approval of a Bitcoin spot ETF. Each side will present its case at 9:30 am ET on March 7, with the SEC arguing against the product, and Grayscale arguing in favor. Grayscale VS SEC The court date – revealed in a court order filed on Monday according to CNBC – is much earlier…
2 years ago 1.8 k views
Ethereum
Ethereum’s Zhejiang Staking Withdrawal Testnet for Shanghai is Live
At 15:00 UTC on Wednesday, the much-anticipated Zhejiang testnet for staking withdrawal went live on Ethereum’s Beacon chain. Zhejiang will enable the testing of the Ethereum Improvement Proposal (EIP) 4895 which allows for staking withdrawals. This is in preparation for the network’s next major update, the Shanghai hard fork slated to launch sometime in March. Users Can Make Simulated Withdrawals with Zhejiang In a tweet yesterday, DevOps engineer at Ethereum foundation Barnabas Busa gave details about the Zhejiang testnet slated…
2 years ago 1.6 k views
Ethereum Devs Disagree Over Technical Tweak as Shanghai Upgrade Nears
Post-merge Ethereum users have been eagerly awaiting the commencement of the network’s next major upgrade, Shanghai. However, after over 3 months of prep time, it appears the Shanghai rollout isn’t going as smoothly as expected. What Exactly is the Shanghai Upgrade? In September last year, the much-publicized Ethereum Merge also known as the Ethereum 2.0 upgrade went live. Ethereum underwent some significant changes as its consensus mechanism transitioned from proof-of-work to a cost-efficient proof-of-stake system. However, since the Beacon launch…
2 years ago 1.6 k views
FTX Hacker Converts 50k Stolen ETH to BTC
Per a report from blockchain analysis firm Chainalysis, the attacker behind the Nov 11 FTX exploit, is converting the stolen ETH to Bitcoin. There were muted fears the seemingly inexperienced perpetrator could dump all its ETH holdings. On Sunday, the attacker dumped 50k ETH on-chain, with ETH's price dipping by almost 7%. https://twitter.com/chainalysis/status/1594349583416840199?s=20&t=pgvQHeVytI20eKQ1ls9bxw Hacker Moves 50,000 ETH to New Address Over the past week, the perpetrator had been steadily swapping the cryptocurrencies they had carted off for Ether tokens. This…
3 years ago 1.9 k views
Censorship Concerns: 51% of Ethereum Blocks Now OFAC Compliant
According to new data, over half of the blocks on the Ethereum network now reportedly comply with the US Treasury OFAC’s standards. This comes roughly a month after the platform’s monumental merge update. Phasing Out Tornado Cash The Office of Foreign Assets Control is the intelligence and enforcement agency of the US Treasury Department. Indeed, the OFAC administers and enforces US financial sanctions. A prime example of this is the recent, highly-publicized ban on crypto mixer Tornado Cash. According to…
3 years ago 1.8 k views
Trading
How to Leverage Arbitrage Opportunities in Crypto Markets
Cryptocurrency arbitrage has become an increasingly popular investment strategy as the crypto market grows and evolves. Arbitrage involves taking advantage of pricing discrepancies between markets or exchanges to profit. Investors can leverage profit opportunities by understanding cryptocurrency arbitrage while managing associated risks. In this guide, we'll explore cryptocurrency arbitrage and how it works. A Bitcoin-related example will help us illustrate the concepts of this strategy. What is Arbitrage and How Does it Work in Crypto Markets Crypto arbitrage trading is…
2 years ago 3 k views
The Different Types of Copy Trading in Crypto
Are you interested in trading cryptocurrencies but feel intimidated by the complexity of the process? Copy trading is a great way to get into crypto without needing to be an experienced trader. With copy trading, investors can benefit from the experience and knowledge of more experienced traders, allowing even beginners to succeed. How does copy trading work, and which tips do you need to know to succeed? In this article, we'll explore all aspects of copy trading in crypto. What…
2 years ago 1.7 k views
How to Spot an Unsafe Crypto Exchange
Cryptocurrency exchanges have become increasingly popular as they provide a platform for people to buy and sell digital assets. Unfortunately, not all crypto exchanges are safe or reliable. With the rise of cybercrime and fraud, you must learn to spot an unsafe crypto exchange before investing your money. This guide will help beginners identify and avoid potential risks when selecting a cryptocurrency exchange. The Role of Crypto Exchanges on the Digital Assets Market Cryptocurrency exchanges play a crucial role in…
2 years ago 2.2 k views
What Is Grid Trading in Crypto?
Crypto grid trading has become a popular strategy because of its ability to help traders capitalize on market volatility. Grid trading means you can produce consistent profits by taking advantage of price differences in different markets or time frames. By establishing buy and sell orders at predetermined intervals, you can take advantage of these fluctuations in an automated way. This guide will explore the different aspects of grid trading and provide an overview of its benefits, challenges, and more. Through…
2 years ago 1.6 k views
Tech
Introducing una Messenger: A Paradigm Shift in Blockchain Connectivity
The digital landscape is set for an unprecedented transformation with the introduction of una Messenger, the latest innovation from web3 development powerhouse Wemade. This platform represents an evolution of the "PAPYRUS Messenger," serving as the cornerstone of the ambitious "unagi" initiative, aimed at catalyzing the mass adoption of blockchain technology. The "Unbound Networking & Accelerating Growth Initiative" seeks to bridge the divides between diverse blockchain services and networks, heralding a new era of interconnectedness. A New Frontier in Blockchain Communication…
Marius Bogdan Dinu
@bdinu89
@bdinu89
1 year ago 574 views
Bit2Me Champions WEMIX Token in Pioneering European Listing
Bit2Me, Spain's premier virtual asset exchange, has recently broadened the horizons for cryptocurrency enthusiasts by listing WEMIX, the cornerstone token of the WEMIX3.0 blockchain ecosystem. This marks a notable achievement as WEMIX's inaugural venture into the European market, emphasizing the token's role in facilitating a range of blockchain-based activities, from gaming transactions to decentralized finance (DeFi) applications. Launched with the intention to democratize access to WEMIX for the 450 million Spanish speakers around the globe, this strategic move aligns with…
Marius Bogdan Dinu
@bdinu89
@bdinu89
1 year ago 404 views
CryptoVirally Expands with Fresh Crypto Marketing Offers and Cointelegraph Upgrades
In an exciting update for the cryptocurrency marketing landscape, CryptoVirally has announced a series of new entries and enhancements to its already comprehensive range of services. These updates, aimed at providing tailored marketing solutions for crypto projects, include new limited-time offers and expanded options for Cointelegraph publications. Limited Offers: A Game-Changer in Crypto Marketing CryptoVirally's limited offers section presents an enticing opportunity for crypto projects to leverage high-impact marketing services at discounted rates. These offers, available for a limited period,…
Marius Bogdan Dinu
@bdinu89
@bdinu89
1 year ago 465 views
Breaking Boundaries in Blockchain: WEMIX’s ‘una Wallet’ Sets New Standard for Multi-Chain Asset Management
The WEMIX Foundation has unveiled 'una Wallet,' a revolutionary digital wallet designed to offer unparalleled convenience and security in managing digital assets across various blockchain networks. The announcement, made on January 17, 2024, signifies a new era in the seamless integration of multiple blockchain protocols, including Arbitrum, Avalanche, BNB Smart Chain, Ethereum, Kroma, Optimism, Polygon, and WEMIX3.0. 'una Wallet' is more than just a digital wallet; it represents the culmination of WEMIX's innovative efforts in the blockchain space. It serves…
Marius Bogdan Dinu
@bdinu89
@bdinu89
1 year ago 592 views