Cryptocurrency ATM in the world

With the appearance of bitcoin terminals, we see the mass adoption and intensive use of many cryptocurrencies in the world economies.

Jun 25, 2018

BTM world adoption

Almost everyone who is interested in crypto world has already known that a few days ago the International airport of Amsterdam installed the first airport cryptocurrency ATM in Europe. Now all visitors of Schiphol may exchange their cryptocurrencies for euros.

It is not the first time when an international airport becomes more convenient for cryptocurrency users. This year the Brisbane Airport in Australia announced that now all the merchants and airport terminals accept crypto assets such as bitcoin core, dash, ethereum, etc. Apparently the main reason for this is the growing popular trend of cryptocurrencies and the increasing demand for digital currencies as payment means.

Bitcoin ATM business opportunities

A cryptocurrency ATM is an ideal opportunity for an average person to exchange cryptocurrencies for cash. The whole process is very clear: you put in a banknote into an ATM and then input your receipt with crypto address and get your chosen cryptocurrency, such as Bitcoin, Ethereum, or many others.

So it’s obvious that the principle of working of a crypto ATM is almost the same as of a regular ATM, but instead of depositing money to your bank account it deposits to your cryptocurrency wallet just in a few minutes.

According to the statistics, more than 50% of adults in developing countries do not have access to a bank account. The distribution of news and information on cryptocurrencies and blockchain across the African countries led to the active interest of local residents in this technology and their readiness to apply it.

But not everyone has access to this technology through online crypto exchanges, since in this case the bank account and documents are needed. And here a crypto ATM can be a perfect solution with a potentially large clients base among the populations in developing countries with access to the internet but without bank accounts. Additionally, for many people the modern blockchain technologies look much more reliable than the financial systems of their countries.

A Brooklyn-based company, Covault, provides full cycle solutions for cryptocurrency business included high-tech terminals, state-of-the-art software and reliable back-end. Covault is not just another cryptocurrency ATM industry player, but an experienced company with extensive background, making the bitcoin ATM system more convenient and efficient. Due to the fact that this company is both a manufacturer and a provider, the business processes of their customers are more reliable, smooth-running and any issues are solved in a complex and fast manner.

Every single detail counts

When we talk about the launch of the bitcoin ATM business, it is important to consider that in addition to choosing a credible provider, it is quite essential to prepare a preliminary analysis of the subsequent revenues and expenses of this business.The revenue from a BTM depends on these main factors: the location of a terminal, its opening hours and type of business, the fee you are going to charge.

The costs related to running a crypto ATM depend on the following factors: machine type, manufacturer, country, and currency. Covault offers a cryptocurrency terminals solutions within price ranges from $6,299 for a basic one-way Bitcoin ATM to $8,299 for a two-way ‘Top of the Line’ Bitcoin ATM model plus 1.5% of revenue for software utilization and support.

Additional costs related to this type of business include licences, stocking bitcoins and cash, rent, marketing and advertising, customer support, machine maintenance and theft or vandalism insurance.

Having a cryptocurrency ATM in your business portfolio can help grow it and generate almost passive income. Covault always find the right solution for your individual request. And thanks to a unique ecosystem consisting of terminals and software, the process of entering and maintaining the crypto ATM business will be effective, understandable and reliable.

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