Love the idea guys, will help push crypto mainstream.
Finished your daily Facebook bounties and thread posting, let's keep spreading the word.
https://www.facebook.com/ReverendHall
Topic: [ANN] Bitcoin ATM Project: bring ATMs nationwide! & CryptoCoin debit card [ICO] - page 2. (Read 3472 times)
November 05, 2017, 12:16:09 AM
November 03, 2017, 11:42:34 PM
We are now on reddit - https://www.reddit.com/r/bitcoinatmproject/
Subscribe if you wish, and there are links on there for 4 articles about us so far. Thanks for the support!
Subscribe if you wish, and there are links on there for 4 articles about us so far. Thanks for the support!
November 03, 2017, 10:37:32 PM
Bitcoin ATMs and hubs have been shut down due to govt restrictions in the past, what makes you so confident? Have the regulations changed?
In the United States Bitcoin ATMs are allowed as long as they are capable of AML/KYC verification and other means of compliance depending on the jurisdiction (early machines were not all able to do this). There are about 1,000 ATMs in operation in the US today out of a little over 1600 worldwide.
November 03, 2017, 10:28:16 PM
What is the date of ICO?
ICO is currently running - stage 2 of the pre-sale is open until November 11, and the ICO runs until December 10, 2017.
November 03, 2017, 01:41:57 AM
I am doing the Bounty program found ALSO a homeless person with lots of time to do THE bitcoin atm project also
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Social Media:
Facebook - Like our page = 3 CCO
Share our page = 1 CCO (Can be done once per day)
Like any of our posts = 1 CCO
Share any of our posts = 1 CCO (Can be done once per day)
Make a post on your own Facebook mentioning, describing and/or promoting our website = 5 CCO (Can be done once per day)
Twitter - Follow us on Twitter = 3 CCO
Retweet any of our posts = 1 CCO (Can be done once per day)
Mention our website in a tweet, describe and/or promote us = 5 CCO (Can be done once per day)
Instagram - Follow us on Instagram = 3 CCO
Medium - Follow us on Medium = 3 CCO
Clap for an article we wrote on Medium = 2 CCO
Steemit - Follow us on Steemit = 3 CCO
November 02, 2017, 07:30:54 PM
wow i think this is goodproject keep it up, but It looked very promising until i saw the BURN word
November 02, 2017, 07:26:38 PM
Bitcoin ATMs and hubs have been shut down due to govt restrictions in the past, what makes you so confident? Have the regulations changed?
November 02, 2017, 07:12:52 PM
really great idea, i agree with this project. if there's mani atm bitcoin so we easier to cash out our bitcoin anywhere, i hope it's launch immediately.
October 29, 2017, 09:31:19 PM
Oklahoma is set to receive its first ever Bitcoin ATM as Coinsource installs its 121st machine in the capital Oklahoma City.
The Sooner State, which ranks among the bottom areas of the US in terms of median household income, will benefit residents struggling with extant forms of financial support, the company said in a press release.
Although the only machine available for the time being, the BTM will provide an “alternative form of value and way to pay for goods and services,” the release explains, “particularly for those that have difficulty gaining support from a bank or financial institution.”
“Coinsource will always find ways to service the underbanked and unbanked; it's a major part of our business culture, our beliefs, and why we started the company in the first place,” CEO Sheffield Clark said continuing the sentiment.
“It gives us a deep sense of personal pride knowing we can provide a valuable service to people in the lower income bracket, and let them invest in an industry on the rise.”
The move came about in response to “repeated resident requests.”
https://cointelegraph.com/news/oklahoma-gets-first-bitcoin-atm-as-coinsource-targets-underbanked
The Sooner State, which ranks among the bottom areas of the US in terms of median household income, will benefit residents struggling with extant forms of financial support, the company said in a press release.
Although the only machine available for the time being, the BTM will provide an “alternative form of value and way to pay for goods and services,” the release explains, “particularly for those that have difficulty gaining support from a bank or financial institution.”
“Coinsource will always find ways to service the underbanked and unbanked; it's a major part of our business culture, our beliefs, and why we started the company in the first place,” CEO Sheffield Clark said continuing the sentiment.
“It gives us a deep sense of personal pride knowing we can provide a valuable service to people in the lower income bracket, and let them invest in an industry on the rise.”
The move came about in response to “repeated resident requests.”
https://cointelegraph.com/news/oklahoma-gets-first-bitcoin-atm-as-coinsource-targets-underbanked
October 29, 2017, 05:51:43 AM
https://gigaom.com/2013/11/07/first-bitcoin-atm-gets-348-transactions-in-first-8-days-now-comes-the-hard-part/
http://www.newsbtc.com/2014/02/09/bitaccess-bitcoin-atms-10k-transactions-daily/
http://www.prweb.com/releases/2014/11/prweb12342558.htm
https://www.atmmarketplace.com/articles/bitcoin-and-cash-like-peanut-butter-and-jelly/
Coinme reports that their ATM's average $100,000 monthly. The statistics are out there online that existing ATMs are generally successful, especially in the first few months at new locations furthest away from any current machines. We took these figures based on average operator reports from existing machines across various websites. The estimates we gave in the above post were using less than $100k monthly, only based on $75k, and overestimating costs to be conservative. (Also this was $100k transaction volume not profit to clarify). Realistically, even at the lowest reported average online of $30k monthly transaction volume, our fee rates would still be profitable (we took this all into account when structuring the concept). Uptoken has no set distribution plan - and they are on the west coast, we are on the east coast so we both would have good starting points. Competition in this market is good anyways because there is no large nationwide provider at all (the biggest single company in the United States is Coinsource and they have around 120 machines) - any company could easily expand the difficulty is in funding the high cost of initial machine purchases, hence the need for an ICO.
http://www.newsbtc.com/2014/02/09/bitaccess-bitcoin-atms-10k-transactions-daily/
http://www.prweb.com/releases/2014/11/prweb12342558.htm
https://www.atmmarketplace.com/articles/bitcoin-and-cash-like-peanut-butter-and-jelly/
Coinme reports that their ATM's average $100,000 monthly. The statistics are out there online that existing ATMs are generally successful, especially in the first few months at new locations furthest away from any current machines. We took these figures based on average operator reports from existing machines across various websites. The estimates we gave in the above post were using less than $100k monthly, only based on $75k, and overestimating costs to be conservative. (Also this was $100k transaction volume not profit to clarify). Realistically, even at the lowest reported average online of $30k monthly transaction volume, our fee rates would still be profitable (we took this all into account when structuring the concept). Uptoken has no set distribution plan - and they are on the west coast, we are on the east coast so we both would have good starting points. Competition in this market is good anyways because there is no large nationwide provider at all (the biggest single company in the United States is Coinsource and they have around 120 machines) - any company could easily expand the difficulty is in funding the high cost of initial machine purchases, hence the need for an ICO.
October 29, 2017, 05:37:59 AM
The ATM transaction fees are projected to be 3.5% to buy and 4.5% to sell, with 1% out of this being given to investors. (So the company would get 2.5% for buys and 3.5% for sales). If an ATM makes $100,000 in a month, the investors would get $1000 and we would get ~$3000. Average monthly costs can range from $500 to $1500 per machine, depending on location (rent, cash collection/distribution, maintenance, insurance, staff, etc). The ICO budget allows for purchase of machines plus covering the initial/on-going costs until each machine has made enough revenue to be turning a profit each month (estimating this would take 6-12 months max).
In the start-up period, I don't think an such an ATM will make $100,000 a month. Probably $7,500 will be a more realistic figure.
October 29, 2017, 05:33:07 AM
Thanks for more details about the business plan.
White paper is not great in detail.
I don't know how you can predict crypto coin value nor profit from ATM.
I will invest in this project more I found details to not be great.
You have uptoken icon which frankly has more details about their business plan.
How do you plan to compete with their distribution plan of ATM machine?
White paper is not great in detail.
I don't know how you can predict crypto coin value nor profit from ATM.
I will invest in this project more I found details to not be great.
You have uptoken icon which frankly has more details about their business plan.
How do you plan to compete with their distribution plan of ATM machine?
October 29, 2017, 01:33:55 AM
Note those numbers are conservative and the actual estimates could be much, much higher. Especially because we are opening machine locations in new areas furthest away from any existing ATMs - and those generally have very high transaction volume at least in the first few months (sometimes $1million or more per machine). As we are hitting new locations we will also go to the highest populated areas that currently have machines, where we can take over the market by having the lowest fees. Many of the major cities the lowest fee on any machine is over 10%! Having lower fees -anywhere- would also generate much higher transaction volume on our machines. This is all very good for potential investors!
October 28, 2017, 09:30:05 PM
The ATM transaction fees are projected to be 3.5% to buy and 4.5% to sell, with 1% out of this being given to investors. (So the company would get 2.5% for buys and 3.5% for sales). If an ATM makes $100,000 in a month, the investors would get $1000 and we would get ~$3000. Average monthly costs can range from $500 to $1500 per machine, depending on location (rent, cash collection/distribution, maintenance, insurance, staff, etc). The ICO budget allows for purchase of machines plus covering the initial/on-going costs until each machine has made enough revenue to be turning a profit each month (estimating this would take 6-12 months max).
The cheapest 2-way Genesis model is $8900 to purchase, and we figured the average startup costs to be an additional $2000 to $5000 per machine, depending on location. Different states and jurisdictions vary widely in their fees for licensing, compliance policies, required insurance bond amounts, etc. Some areas have regional services for cash management and machine maintenance/repair, such as armored car companies like Brinks doing the cash collection from various bank's fiat ATM machines in a particular area, or Diebold having repair technicians that service ATMs for various banks in an area. If these services are not available, we would have to commission employees for those areas, again affecting average costs.
To be conservative and say the startup cost for a machine is $14,000 - and a machine only made $75,000 monthly revenue (split between buys and sells - current 2way machine averages show that less customers sell, but the sale transactions are larger, so it comes out about even). With these figures each machine would produce $750 for investors and $2250 for us. Say out of that we only made $750 profit after monthly costs - then we are making about the same as investors, which is fair. Our soft cap is $1million, and if we made this all at the pre-ico rate ($0.75 a token) that would be ~1.3 million tokens. At this cap, if 85% went towards machine purchase and initial costs (as stated in our current budget) - we could initially purchase 61 machines. The remaining 15% funding is for hiring initial employees (need to build a large team for nationwide operation - programming and other initial design, customer service department, delivery and maintenance staff, etc), as well as pay for any needed on-going ATM operating costs until the machines are turning a profit on their own.
These machines could all be installed in the first month and begin operating (there is no wait time because yes we are going to add additional currency support and integrate the debit card platform, but the machines could begin operating as-is and we update them later - allowing investors to receive a return at the first quarter after the ICO ends). The Genesis models already support buy/sell of Bitcoin, Lite Coin, and Dogecoin.
61 machines at the above stated conservative rates would net $549,000 yearly, and $549,000 for us. At this rate, and if we didn't expand, it would take less than 2 years for investors to be paid back. However, without having to worry about recovering any costs before expanding, after the first month of operation we could begin buying additional machines, with close to zero wait time because all the programming and design work would be done - only work needed would be akin to installing a software update and applying a decal/painting for the cover art on the machine casing.
As we do expand, total on-going expenses would rise (because there are more machines), but since most costs are shared among machines, the per machine average expense would go down - and the profit ratio would go up. Initial expenses would go down too, once licenses and insurance bonds etc. are already paid, for machines in a particular state.
Using these figures, after the first month we could purchase 3 machines, and adding these new machines' profits in (say we release new machines once a month) by the end of the first year we would be able to add 6 machines a month. Because of the ICO funding we can put all profits towards expansion, which is great! Calculating monthly expansion in - investors would see a $745,000 return by the end of the first year. So in a little over a year their investment would be returned. If you figure future gains in with continual expansion, the numbers become tremendous. If 1,000 machines were in operation, it would be $9 million a year (still using these conservative figures). We will add more of this information to the website (with graphs and charts) so it's easier for investors to understand. But you're investing in crypto (so CryptoCoins will have a value themselves that is going up over time) and getting paid a return in crypto (which has value that will go up if you hang on to it) - so all you have to do is buy some CryptoCoins now, and hang on to them and you'll be getting paid in Bitcoin, Ether, and the other currencies offered at the machines and on the debit card. And the returns from CryptoCoins go on forever, even if the market value crashes, CryptoCoins will still be making money - people will still be using the Bitcoin ATMs even if it's to sell off all their coins because of a crash! This really truly is a profitable idea for both investors and the company (one of the best ICO investment opportunities out there today). If anyone else has any questions please let us know!
The cheapest 2-way Genesis model is $8900 to purchase, and we figured the average startup costs to be an additional $2000 to $5000 per machine, depending on location. Different states and jurisdictions vary widely in their fees for licensing, compliance policies, required insurance bond amounts, etc. Some areas have regional services for cash management and machine maintenance/repair, such as armored car companies like Brinks doing the cash collection from various bank's fiat ATM machines in a particular area, or Diebold having repair technicians that service ATMs for various banks in an area. If these services are not available, we would have to commission employees for those areas, again affecting average costs.
To be conservative and say the startup cost for a machine is $14,000 - and a machine only made $75,000 monthly revenue (split between buys and sells - current 2way machine averages show that less customers sell, but the sale transactions are larger, so it comes out about even). With these figures each machine would produce $750 for investors and $2250 for us. Say out of that we only made $750 profit after monthly costs - then we are making about the same as investors, which is fair. Our soft cap is $1million, and if we made this all at the pre-ico rate ($0.75 a token) that would be ~1.3 million tokens. At this cap, if 85% went towards machine purchase and initial costs (as stated in our current budget) - we could initially purchase 61 machines. The remaining 15% funding is for hiring initial employees (need to build a large team for nationwide operation - programming and other initial design, customer service department, delivery and maintenance staff, etc), as well as pay for any needed on-going ATM operating costs until the machines are turning a profit on their own.
These machines could all be installed in the first month and begin operating (there is no wait time because yes we are going to add additional currency support and integrate the debit card platform, but the machines could begin operating as-is and we update them later - allowing investors to receive a return at the first quarter after the ICO ends). The Genesis models already support buy/sell of Bitcoin, Lite Coin, and Dogecoin.
61 machines at the above stated conservative rates would net $549,000 yearly, and $549,000 for us. At this rate, and if we didn't expand, it would take less than 2 years for investors to be paid back. However, without having to worry about recovering any costs before expanding, after the first month of operation we could begin buying additional machines, with close to zero wait time because all the programming and design work would be done - only work needed would be akin to installing a software update and applying a decal/painting for the cover art on the machine casing.
As we do expand, total on-going expenses would rise (because there are more machines), but since most costs are shared among machines, the per machine average expense would go down - and the profit ratio would go up. Initial expenses would go down too, once licenses and insurance bonds etc. are already paid, for machines in a particular state.
Using these figures, after the first month we could purchase 3 machines, and adding these new machines' profits in (say we release new machines once a month) by the end of the first year we would be able to add 6 machines a month. Because of the ICO funding we can put all profits towards expansion, which is great! Calculating monthly expansion in - investors would see a $745,000 return by the end of the first year. So in a little over a year their investment would be returned. If you figure future gains in with continual expansion, the numbers become tremendous. If 1,000 machines were in operation, it would be $9 million a year (still using these conservative figures). We will add more of this information to the website (with graphs and charts) so it's easier for investors to understand. But you're investing in crypto (so CryptoCoins will have a value themselves that is going up over time) and getting paid a return in crypto (which has value that will go up if you hang on to it) - so all you have to do is buy some CryptoCoins now, and hang on to them and you'll be getting paid in Bitcoin, Ether, and the other currencies offered at the machines and on the debit card. And the returns from CryptoCoins go on forever, even if the market value crashes, CryptoCoins will still be making money - people will still be using the Bitcoin ATMs even if it's to sell off all their coins because of a crash! This really truly is a profitable idea for both investors and the company (one of the best ICO investment opportunities out there today). If anyone else has any questions please let us know!
October 27, 2017, 01:49:01 PM
So, your coinspeaker article mentioned ATM makes $100k revenue. If the fee is 1% to purchase, your net is $1k per machine per month? What about your other expenses of operating ATM, payroll, fixed costs, etc? It wasn't clear if you are profitable and whether you are in a positive cash flow each month. When you expand your operations, how will your expenses rise and will the ratio remain the same or will you have higher expense to revenue ratio?
October 27, 2017, 09:16:40 AM
187 Elite cards claimed so far, out of the first 500 purchases of 25 CCO or more. Most purchases have been made by credit card so far. Also to maintain SEC compliance and be able to sell to anyone (not just accredited investors like before) we have lowered our soft and hard caps, and the pricing rate is now in USD - during the Pre-Sale CryptoCoins are $0.75 each. Thanks for all the support!
October 24, 2017, 10:02:42 PM
https://www.coinspeaker.com/2017/10/24/bitcoin-atm-project-token-pre-sale-now-open/
Great article it explains things well, and yes there is a whitepaper (http://www.bitcoinatmproject.com/s/whitepaper.pdf)
Great article it explains things well, and yes there is a whitepaper (http://www.bitcoinatmproject.com/s/whitepaper.pdf)
October 24, 2017, 09:57:41 AM
The idea of the project is very good. Nationwide crypto ATM´s can bring crypto to a whole new level of usage and a bigger userbase will join for sure. But it will be very difficult to realise i think. I need a lot of more informations. Is there a whitepaper coming?
October 24, 2017, 09:53:57 AM
sound good project i need more information this project , reality .
October 24, 2017, 09:49:38 AM
Thanks we are hoping for CryptoCoins to be a long term stable investment as well as our company expands until everyone in the United States has nearby access to a cryptoATM with a competitive fee! The revenue sharing model makes this project unique among others and allows participants worldwide to benefit in the success of a United States company. Plus you get paid out of whatever crypto was used for the transactions (may be mostly Bitcoin at first until other altcoins gain popularity at the ATMs) - and you'll be able to build a diverse portfolio of the most popular cryptocurrencies of the current time, simply by holding on to your CryptoCoins!
Someone mentioned placing machines in college campuses - we have alumni on our team from WVU in Morgantown, WV. as well as Cal U in California, PA (southwest PA) - and have already been in contact with the universities and they have both approved us in placing Bitcoin ATMs on campus if we wish, rent-free. The younger college town audience would be one of the ideal demographics to encourage into investing in Bitcoin and other crypto.
Someone mentioned placing machines in college campuses - we have alumni on our team from WVU in Morgantown, WV. as well as Cal U in California, PA (southwest PA) - and have already been in contact with the universities and they have both approved us in placing Bitcoin ATMs on campus if we wish, rent-free. The younger college town audience would be one of the ideal demographics to encourage into investing in Bitcoin and other crypto.
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