When I do shopping, I like to buy goods at a low rate and save some amount. This is much difficult to attain profit while you are buying or selling something. In the same way, when you are using bitcoin ATM in exchange as well as in buying of goods. You can make bitcoin profit… not serious??? Yes, you can make the profit while you are using bitcoin ATM.
Bitcoin ATM industry is few year old but is growing every day. It’s almost more than 500 ATM worldwide. Basically, profit from bitcoin is not easy money. You need some targets for your success. Firstly, make it sure that you are making transactions in legal manners with a required license. Secondly, it is very important to choose the public place. Third, you need some promotion of your machine to your surroundings. Fourth, you have to maintain bank relation for the back end. Five and the most important is to make a good reputation.
Furthermore, ATM charge 5.2 % fee or 6% assume $2k gross profit per location on average. This fee can be varying from place to place. Here is an example of $20k per year means $100 gross profit, which is nothing. On the other hand, in a case of Robocoin, an operator will pay $1 fee. According to Robocoin statistics, 1/3 of all sell bitcoin transactions. Whereas, 2/3 buy operation on average. It is assumed that buy and sell transactions are on an equal scale, but it varies. Actually, not all bitcoin ATMs operation support these two-way transactions. Sometimes there is only buy operation and average buy and sell is $480 and $750. Ironically, operation matrices highly depend on many factors including place, area, country, traffic etc.
Here, we created 3 scenarios for bitcoin ATM by using the calculator. Basically, these are theoretical calculations, which do not need any promotions and marketing process.
Is bitcoin mining profitable?
Scenario no. 1
Skyhook is only one-way transaction operator and the bill acceptor is limited to a capacity of 500 bills. Which makes it the cheapest ATM. On the other hand, it is with limited in operations like does not accept large Euro banknotes. The most important things in place, you have to choose the right place.
For example, cash logics are done by the operator and we don’t have to pay rent. Average transactions are 100 per month and average transaction of $50. After the period of payback of bitcoin ATM which is 4 month, it will bring $235 to the owner every month after the return of investment.
Scenario no. 2
This scenario includes more than two bitcoin ATM machines. Most of them support two-way transactions process and much solid than the scenario 1. For example, ATM cost is $6000 and per year transactions are 100 which average transaction is at $150. Calculations show that after 9 months of launching it will reach to its break-even period. Whereas it brings $705 per month to its owner after investment return.
Scenario no. 3
Robocoin ATMs, the most expensive ATM in the market. These ATMs are fully equipped and also support two-way transactions. ATM cost is $15000 with 150 transactions per month and average transaction size is $300 per month. Because of its function, it also looks like the standard bank if ATM.
Here is some example of different ATMs we find on the internet. Vancouver first Robocoin machine, Bit Access stats, Black Star Pastry Bitcoin ATM, Skyhook Bitcoin ATM in the Philippines, Satoshi points Bitcoin ATM in Bristol, Operators survey, BTCPoint analysis, Two-way BitXatm machines in Switzerland.
If you are going to purchase bitcoin machine don’t expect too much. Make your relations strong and promote your machine. Above are some example and will support you to make your decision profitable.
Bitcoin- Quick Story
Currency gains worth and value when people tend to give it the value and start accepting it. A vast majority of the people are being attracted to the Bitcoin due to the fact that it’s decentralized and its regulated by no third party. It’s tied to no political or governmental system. Due to this, it’s not vulnerable and doesn’t get affected much by their failings or socio-economical collapses happened in the past.
It is a digital form of money, used for transaction online. The mechanism behind these coins resembles like that of gold due to its limited resource. The word cryptocurrency demonstrates that Bitcoin is encrypted in a way that prohibits it being copied. Every transaction performed using Bitcoins is recorded in Blockchain. Blockchain acts like a ledger where all the data is stored. All this data is encoded on the Bitcoin itself. This method aids in avoiding people to spend the same bitcoin more than once. Due to a connected, peer-to-peer network, every user will know that the particular bitcoin was just spent.
Keeping everybody’s identity complete anonymous just like that of its founder, these Bitcoin holders are associated with an ID code or a wallet code. This can be stored on your hard drive or phone or your computer.
Bitcoins can be acquired for a number of ways. Some of the ways include,
- Accept them as payments against goods and services.
- Exchange them as a typical form of currency.
- Mine them
Again, like gold, these coins are mined. They are mined through suitable supporting powerful computers. Similar to gold, the more people mine these Bitcoins, the less they are to be found in the system for next process of mining. By solving complex algorithm problems, you can mine these Bitcoins.
But you are not the only one solving the puzzle. There are more people and coin holders solving the same mathematical problem. So, it’s more like a competition. When you enter the race, it’s easier to handle with lesser people. But when more people are included, the problems get way more complex and difficult.
When there are more people being flunked and stuck during the problems, the math problems will get easier to ensure,
- a steady flow,
- value is boosted, and
- remain inflation proof.
By 2140, it is expected that all the Bitcoins will be mined from the system.
Risks with Bitcoins
Being extremely volatile and unpredictable in nature, Bitcoin value can never be guessed. You can manage to judge and guess the value of Dollar the next day, but the Bitcoin value can fluctuate in no time. Being under no regulation to a regulatory body or financial institution, it is monitored and scrutinized by nobody.
Bitcoin transactions are not completely anonymous. They are secured by could be tracked down. A lot of individuals were attracted towards bitcoin due to this feature. Including a lot of people from ‘Black Market’. So, you never know who you are dealing with during the transaction.
Security is a big risk associated with Bitcoins. The format Bitcoin runs on is good to go but the hackers don’t seem to miss their chance. Banks and exchanges that deal in Bitcoins are targeted largely by these hackers. But this isn’t the currency’s fault. The paper money gets robbed too and Bitcoin is no different.
Bitcoin has come with both pros and cons. For its furthermore acceptance with the people, its volatility needs to settle down quite a bit. It’s a totally unpredictable and high-risk currency which needs to adjust a bit to enable more people to get their hands on it.
Bitcoin rate has been frequently consolidating due to the absence of main market catalysts so far.
Bitcoin Price Main Highlights:
- Bitcoin price has cut lower highs and higher lows, generating a symmetrical three-way relationship on its 1-hour chart.
- Price just rebounded off support and is due for a test or trial of resistance around $2600.
- Technical measures are demonstrating that the resistance is more to be expected to hold rather than breakdown.
Technical Indicators Signals:
The 100 SMA is under the longer-term 200SMA so the route of minimum resistance is to the downside. The 200 SMA is adjacent to the three-way relation (triangle) resistance, providing it strength as a ceiling. If it holds, alternative step to support at the $2500 area possibly will take place.
Bitcoin value has been getting a benefit of dollar weakness just as financial data has been approaching in below expectation. Some degree of profit-taking is initial to kick in top up to the weekend, end of month, and quarter.
The digital-currency is also shrugging off damaging updates from the past in the month when stockholder Mark Cuban warned that bitcoin might be in a bubble and a Goldman Sachs expert also gave a bearish analysis. It should also be distinguished that some of Bitcoin exchanges experienced outages because of trading activity and high levels of traffic.
The mentality of people also tends to affect most of Bitcoin and digital currency arrangements as a huge amount of it is based on demand and speculation. It can involve another durable positive catalyst to produce constant rallies again. By this way, there is still a potential downside for Bitcoin value, specifically since risk-craving has been recurring to the financial markets. Commodities and stocks appear key for a bounce when uncertainties decrease. But, of course, there is also a possibility that geopolitical hazards might shore up another asset as Bitcoin once again in the end half of the year.
Image and Story Credit: www.newsbtc.com
Bitcoin has taken the world by storm over the last couple of years. everyone, be it a kid or an elderly person, seems to be talking about Bitcoin as it is deemed to be the instant way to become rich. And quite rightly so, as there are numerous stories of people going from rags to riches just within a matter of days/months. This has led people believing bitcoin is an instant way to become and they are often seen asking: how to buy a bitcoin / bitcoins?
The best and safest way to buy Bitcoin is through exchange. There are numerous exchanges that sell Bitcoin both in bulk and minority. Some reliable exchanges are: CoinBase, BitQuick, Wall of Coins.
Once you have bought bitcoins and held them long enough to significantly appreciate in value, it’s time to sell.
Don’t know how to sell bitcoins?
Trade them at an exchange or find buyers in your area through local bitcoins and sell them on high returns.
You can sell Bitcoin for cash, commodities such as gold, or something you want to have in your locker to look at.
Remember that Bitcoin is highly unstable and continuously goes up and down in value. So, don’t hold much on your bitcoins and sell them right when the profit is high.