3 Best Bitcoin ATMs On The Market
We explain what makes an ideal bitcoin ATM and review the three best manufacturers.
When Waves Coffee Shop installed the first Bitcoin ATM in Vancouver, Canada, the cryptocurrency payment device remained a novelty and new phenomenon. Fast forward to today, and there are now 14,000 Bitcoin ATMs around the world. With the price index of Bitcoin surging in line with its overall popularity (one bitcoin has gone above 60,000 USD in value), and with cryptocurrency exchange requests growing as well, the gold rush of Bitcoin ATMs is now.
The numbers present a staggering opportunity. Coinbase reports over 35 million bitcoin wallets in use, while there are at least 64 million expected unspent transaction outputs (UTXOs), meaning roughly 100 million digital wallets have unused cryptocurrency funds. The infrastructure for business-to-consumer point of sale is rapidly growing, and manufacturers of ATMs have made the purchase and installation of a Bitcoin ATM simple, and easy.
Previous owners of Bitcoin ATMs already report making profits after six months of use, and that is before the explosion of public interest, the increase of customer support, and the availability of machines. For entrepreneurs, the idea of cryptocurrency ATM ownership has never been more attractive of a possibility — or as lucrative.
But what are the best ATMs? How can you discern and decide on a sensible investment in the unregulated field of cryptocurrency? The type and model you should buy will change based on a series of factors, such as the business you have, customers, and location (e.g., grocery stores vs. gas stations vs. casinos).
We will look into everything you need to know about purchasing a Bitcoin ATM, and then review the three best Bitcoin ATMs on the market – Genmega, Hyosung, and Triton – so that you can make an informed decision.
Selection Criteria For Purchasing A Bitcoin ATM
The purchase and installation of a Bitcoin ATM is not a simple buy-and-install. There are a few selection criteria categories to consider for you to get a positive return on investment, but also to ensure that the day-to-day management of your machine is hassle-free:
Reputable Industry Partnerships
Your Bitcoin ATM will connect with both a physical and digital infrastructure maintained by a variety of partners. From the specific self-service kiosk software to the future-forward bank relationships that can handle one-way and two-way cash transactions, you want reliable service. Many Bitcoin ATMs come with built-in integrations, revenue share programs, or platform-as-a-service capabilities that give you varying levels of control. It is in your best interest to research the partnership network each Bitcoin ATM relies upon so that you can select a provider that has high-quality, scalable solutions.
Technical support from your bitcoin payment service is critical for business efficiency. Expert help with software solutions, sales support, hardware, and application troubleshooting, and even design input are tools you can use to limit costly downtimes and user friction. Select a Bitcoin payment provider that offers local support so that your ATM ownership is an advantageous experience
To ensure the safety of each payment transaction, the privacy of user data, and to prevent fraud, enhanced security applications are necessary selection criteria for a Bitcoin ATM. A reputable Bitcoin exchange provider will have features that protect against scam transfers. They will include physical and digital applications that verify each transaction (e.g., pin requests and ID scans). Protect against a variety of fraud situations like cryptodusting and cryptophishing. Plus, let’s not forget that your physical kiosk needs top-of-the-line metal manufacturing, and lock design to remain secure from damage and bad actors.
The legal ramifications change in different jurisdictions. Even though cryptocurrency is far less regulated than fiat currencies, governments still require payment services to abide by transfer rules. Often this means becoming compliant with a Money Service Business License (MSB), Know Your Client (KYC) Verification Rules or Anti Money Laundering (AML) Policies. A high-quality bitcoin payment provider will be compliant with a large majority, or all, regulatory bodies (e.g., Financial Crimes Enforcement Network), saving you time, and money.
- Warranty: If the machine you buy is defective, or has broken parts, a warranty with a comprehensive component replacement plan covers all costs. Most standard ATM warranties extend just past one to two years of coverage in North America — finding a payment provider with a warranty also speaks to the level of customer support and overall machine quality you will get with that service’s ATM.
- User Experience: With the need to stay compliant, several purchase/use barriers can limit engagement from the standard consumer. Plus, since Bitcoin ATMs still contain an element of novelty, and many users do not feel safe making exchanges at the physical kiosk (much of Bitcoins benefits is its advantages in monetary privacy). Reducing customer friction with an attractive design and a simple interface can make all the difference. For continued success as a bitcoin ATM owner, consider the impact of user experience.
The Best Bitcoin ATMs: Genmega, Hyosung, and Triton
With a clear understanding of what to look for in a Bitcoin ATM, we can review our three staff picks for the best Bitcoin ATMs on the market:
- Partnerships: Genmega is a well-known major player in the Bitcoin ATM Industry. Entrepreneurs often talk about the payment provider’s reliability, a perception earned by the high-level partnerships garnered over the years. Relationships with advanced technical partners such as Bitcoin Depot, Advanced Traction Solutions, and Genesis Coin speak about the extensive network of cryptocurrency industry leaders Genmega relies upon.
- User Design: Genmega also earns top marks for User Design, as their range of kiosks includes features such as touch screens, removable cash dispenser cassettes, backlit LED signage, and printer integrations for a variety of receipt printing options.
- Local Support: In regards to local support, Genmega offers extensive technical solutions, even presenting custom adaptations. Hardware, sales, and software support are presented in addition to distribution and design backing.
- Warranty: Genmega ATMs come with a two-year warranty (one year for shell kiosks), and they will replace any defective parts with same-day shipping.
- Security: Kiosks contain dial and electronic locks for physical security, and Genmega has a partnership with TPI for best-in-case lock and metal manufacturing. Advanced Transaction Solutions Inc provides state-of-the-art software security for your payment gateways, as well as verification hardware/software such as pin codes, and digital video footage setup.
- Compliance: Stated compliance with PCI, EMV, CE, ADA.
The Bottom Line: A reliable and modern-looking financial ATM that can fit in most environments. Ideal for hassle-free owners.
- Partnerships: Hyosung relies on a local distribution model, so its partnerships are widespread. For example, Bancsource controls local delivery in southern states, Automated Transaction Delivery integrates with fiat bank gateways, while Bitload4U and LibertyX manage the ATM software applications. As an ATM manufacturer, Hyosung is a well-connected and technical-first provider.
- User Design: Compared to the sleek look of the Genmega, Hyosung opts for simplicity. If you want a straightforward service for both customers and employees, then Hyosung delivers.
- Local Support: While the number of custom options is not as robust as they could be, Hyosung has expert technicians that offer high levels of technical support. Since Hyosung’s ATM lines include a more value-based approach, they streamline their support to online software help, or in-person fixes with a qualified technician.
- Warranty: Hyosung offers a standard two-year warranty for replaced parts. You do have to fill out a lengthy RMA form, but the company recently extended their warranty by 12 months in response to the Covid-19 pandemic, which speaks to the ATM provider’s character.
- Security: The extra security features are what sets Hyosung apart. PCI Complaint Keypads, extra break-in protection, and EMV readers can give you peace of mind. ActiveEJ, TLS encryption, and Near Field Communications can protect cardless transactions. Reinforced metal, double welds, and a protected cash tray with a security bracket make each kiosk a secure vault.
- Compliance: ADA, PCI, and they are a certified encryption security organization.
The Bottom Line: A simple model with advanced security features presents a great value buy.
- Partnerships: Triton does have an extensive distribution network, but its predominant partnership regarding Bitcoin is with Fintech Coinsquare. This allows Triton to piggyback off of their existing ATM networks to deliver cryptocurrency exchanges. Triton’s service chains are its true strength, stretching back to its time as Triton Systems (before Hyosung purchased it). Convert any regular Triton ATM into a cryptocurrency exchange with Coinsquare software.
- User Design: Simple in design and execution, Triton holds more value with nostalgia when it comes to user design. Familiarity and recognizability with standard ATMs can give Triton an edge when compared to other Bitcoin kiosks.
- Local Support: Triton offers real-time phone support, or they will connect you with a local technician through their extensive assist network. Triton also has a rapid turnaround for parts and repairs through its comprehensive reach with authorized distributors.
- Warranty: New ATMs receive 13 months of worldwide warranty coverage.
- Security: Triton has such a long history within the industry, which you can take comfort in. A variety of lock options and metal builds are available to you. Their software maximizes uptimes and has automatic recovery error to keep tight security. Triton is the “old faithful” of simple yet reliant ATMs.
- Regulatory Compliance: ADA, ISO, PCI, TQM
The Bottom line: A long-standing partner in the ATM Business, turn any standard ATM into a safe bitcoin exchange.
There’s a lot to consider when purchasing a Bitcoin ATM. From upholding compliance, maintaining robust security, and selecting a manufacturer with the needed software partnerships, making the right purchase can feel daunting.
If you need more information on purchasing a Bitcoin ATM, or just need help to assess your business needs, please contact us here to request a consultation — we would be happy to assist you.