Everyone wants a share of the Bitcoin pie. If you are done with dabbling in cryptos, you can consider investing in a Bitcoin machine.
With Bitcoin ATMs springing up almost everywhere these days, it seems like a good time to make this investment. Now, you may wonder, how do I go about it? This isn’t something that you are familiar with or have prior management experience in.
One option is to set up a Bitcoin ATM and maintain it independently. The other option, that is slightly safer, is to find an operator to set up and run your machine. Which is the right option for you?
Should you host a Bitcoin ATM in California on your own?
If you consider the first option, it is likely to be a challenging and tedious task. For instance, you need to do some background work on how to run a Bitcoin Teller Machine.
This means finding out about the legal ramifications of operating a kiosk in California State. You need to inquire about required licenses and permissions in your area. All this will demand a lot of time and money.
Besides bearing steep upfront costs to get the machine installed, you will have to pay for ongoing maintenance and repairs. You must also arrange for support services since many users will be first-timers without previous crypto transaction experience.
You can host an ATM when you are passionate about this business and have many potential locations in hand. In such a situation, running the kiosks can churn out huge profits for you.
The second option is to find an operator to do the hard work for you. This is an easier way of making money by hosting a Bitcoin ATM in California.
For this, your task is to identify a leading reliable Bitcoin ATM operator. It is best to choose operators that are already working in your area. To find these companies, you simply need to share your business location and operators will contact you.
You will see many operators are keen to get new locations. That’s why finding an interested operator may not be as hard as you think. In such a situation, you simply rent the location and benefit from increased footfall. Investments are low and risk even lower. Rentals are not too expensive unless you are looking for space inside a large mall.
Installation and ongoing maintenance are now the responsibilities of your ATM operator. Your involvement will be limited; so, will be your compensation.
Finally, there’s another way to host an ATM. This is a middle path between these two aforementioned options. In this, you share the investment of the hardware. So, you pay a portion of the installation costs and the operator runs it for you. As compensation, you earn a share of the profits that the ATM brings.
If you can opt for this alternative, you have some kind of involvement in the business. It is mainly restricted to initial investments and the organization of the machine’s operation. If you end relations with the operator, the machine stays in your possession. You could decide then whether to run it on your own or find another operator.