March 21st, 2018
Digital currencies are bringing new possibilities into the financial market. Many merchants and traders around the world are now accepting Bitcoin as a mode of payment, resulting in high numbers of Bitcoin ATM in Baltimore and other popular cities. Bitcoin ATM gives the user the opportunity to buy or sell Bitcoins fast. Starting a Bitcoin ATM business is easy, but there are some important areas to consider before you start.
Cash collection services is an important task and in general, it is done by external services as well as Bitcoin operator employees. The overall cost of hiring external services may range between $200-500 per month for any particular Bitcoin ATM in Baltimore. Cash collections are generally conducted weekly, but at times it may vary based on the activity of that particular Bitcoin ATM machine.
Cash deposits that are done through a bank may charge some extra fees for that deposit; in most cases, it will be something around 0.1 to 0.5%. International transfers to any Bitcoin exchange will cost around $40 to 50 per payment. Purchasing Bitcoins for fiat currency will add another extra 0.2-0.3% on top of the price.
Now summarizing the total expense for Bitcoin ATM in Baltimore cash collection, the monthly average volume is approximately $30K and an operator for 2 machines will have to pay around $600 for cash collection services. There is also $200 deposited to the bank, $200 Bitcoin exchange, and another $200 in wire transfer fees, which counts to $1200 for both the Bitcoin ATM machines or $600 for each machine per month. If your internal employees do the cash collection, then the total expense will be around $300 per machine per month.
Knowing estimates from real life Bitcoin ATMs in Baltimore will help you get a clear insight into the business. The above estimation will help you learn some important things about the Bitcoin ATM business and accordingly plan the whole process. One thing is clear,that Bitcoin ATM business volume will significantly vary from one location to another and also between several Bitcoin ATM types.
Are you planning to begin your Bitcoin ATM business? If want to purchase and install a portable Bitcoin ATM machine in a local café or shop, you should not expect anything above $100K in monthly transactions. To be exact, the real figures are more in the range of around 50 to 100 transactions and around $5-10k volume every month in a good location.
With middle-class Bitcoin ATM machines, you can expect a turnover of around $20 to $40K in a good location. However, with bank level Bitcoin ATM machines you can expect the transaction volume to be around $50K or even more every month. The location of Bitcoin ATM in Baltimore should be in a good location with very broad media coverage. This one important factor will help your business grow.
