One of the fastest growing spheres of business in the world. A transparent scheme of income generation and full control over the business. The high-tech innovations. All these characterize such a dynamic industry on the fintech market as a bitcoin atm business.
A bitcoin machine allows clients to buy and sell bitcoins for cash. The first publicly available bitcoin terminal was opened on October 29, 2013, in the coffee shop in downtown Vancouver, Canada. Today, just four years later, there are more than 8 million Google search results for “Bitcoin atm near me’’. Cryptocurrency machine is probably a bit more expensive than online crypto exchange transactions as the infrastructure cost is higher – i.e. building an actual atm and the steps that are actually needed to transfer the money and bitcoins. Nevertheless it has lots of advantages such as familiarity, usability, speed, tangibility, privacy, liquidity.
The number of cryptocurrency machines installed around the world increased more than twice for the last year. There were about 1171 bitcoin terminals installed on May 1st, 2017 and now the total quantity of bitcoin machines exceeds 2900.
There are many different bitcoin atm providers on the market. If you plan to operate a bitcoin terminal, it is a hard choice which one to purchase. But one of the companies has firmly won leadership positions in the cryptocurrency business due to its innovative technologies, reliable hardware, responsible customer support, own manufacturing, full cycle solutions, easy-to-use interface and impeccable reputation. COVAULT exists on the market of bitcoin atms for almost 1 year. The main office is in Brooklyn, New York. COVAULT specializes in best bitcoin atm machine manufacturing and proprietary intelligence software development. COVAULT produces reliable and innovative bitcoin terminals with capacity up to 2500 bills equipped with basic devices for necessary regulatory compliance: HD camera, QR code scanner and also an eye appealing 17’ intuitive touch screen monitor.
Types of bitcoin atm
When choosing the best bitcoin atm machine, you should consider that there are two varieties of atms, depending on the operations they allow for: one-way or two-way transactions. A one-way bitcoin atm is an internet machine that allows a person only to buy bitcoin with cash. Using a two-way bitcoin machine (or a bi-directional bitcoin terminal) customers can buy bitcoin with cash and exchange bitcoin back into cash. All these transactions are executed in the shortest time, taking less than a minute.
Around 65% of the crypto terminals worldwide only support the depositing of fiat money into the wallet and buying bitcoins. The other 35% are two-way crypto terminals. The future will see atms that support bank-like features, like providing users with different types of accounts – savings, deposits and payments.
In relation to price, these categories are different as follows: a one-way bitcoin atm is a more affordable model, e.g. COVAULT offers this kind of terminal per $6299. The model is called X - “Simply Sweet” and is an universal model that is suitable for installation in any location.
A two-way bitcoin atm is a more complicated machine, so the prices vary from $7499 to $8299. Even the model with cash recycler helping to reduce cash management costs is available. COVAULT recommends to install these bitcoin atms in places with good security and protection.
Do not rush your choice
The mass spreading of bitcoin empowered numerous technically knowledgeable business people to invest in new types of software and hardware and many cryptocurrency atms spread across the world confirm that trend. Bitcoin terminal business is a great opportunity to create and manage your own business via 24/7/365 kiosks systems.
It is not that easy to choose the best bitcoin machine. Our recommendations are the following: take your choice a sufficient amount of time, pay attention to reviews about the company, its reputation, social network accounts, ask the sales manager all questions of interest and evaluate carefully which machine suits you best in terms of quality-price-features.