Topic: Anyone in the Bitcoin ATM business? - page 2. (Read 762 times)

Since it is ATM you will be needing to touch it also things that can be acquired the virus right?
though yeah it is more safer using online money than Physical.

But this is depend in which country we are living because like in my place we have only 2 ATMs for Bitcoin and it is not being used by crypto users because we can top up using 7/11 and other money order company so there is no need of using ATM.

Yes, I think that business was doing very well with Bitcoin ATMs during the spread of the Corona virus, as it is known that the virus is transmitted through paper money, so I think that many people have gone to use cryptocurrencies instead. This helped the spread of cryptocurrencies.
Also, another matter, due to the spread of the virus, many people stopped going to their work, so working from home, especially in cryptocurrencies, has become a very good solution for these unemployed.
So I think it has been a good year full of business for Bitcoin ATMs and cryptocurrencies in general.

clearly there are differences in bitcoin atm and banking atm, because their use is clearly more familiar atm banking because it was first. and bitcoin atm is only in certain places that can be provided and also not many use it because it seems that bitcoin atm is not very effective. many people actually replace bitcoin to fiat and just use atm banking to carry out transactions.
In my country, many Bitcoin ATMs must be closed because there are no benefits that can be used, because all are used to making regular transactions with Fiat first to be placed in their bank.

I don't think so, it's just that the ATM owner has put the machines in the wrong place or environment. People who use Bitcoin are people who have serious concerns about their privacy in transactions. Bitcoin is only a support option, in no way against banking.

The bitcoin ATM business is also against banks. There are more bank ATMs than bitcoin ATMs. Bitcoin should only own and hold them, not be paid or exchanged for continuous cash. I found the bitcoin ATM to be good, but never popular. And want to popularize Bitcoin ATMs should be issued by financial companies or banks and countries that do not have regulations on this currency, it is best not to trade bitcoin ATMs.

Especially if the bitcoin owner is responsible and dedicated to a bitcoin investments, then it will not have any problem manipulating in a certain country.

As long as it operates legally, it has a licensed, and it doesn't violate and rules and regulations in a certain country, then it is good.

The only thing that really matters right now during this Covid-19 is health and businesses. If you own one, good luck to you because I know that you will experience struggle and hardships but don't let them make you down. For those who own a Bitcoin ATM, hopefully you are doing it right.

A friend of mine  ( tread93 who's a user here ) is in the bitcoin ATM business and he's been reporting back to me that it's been on fire as well.  He's been getting a lot of new orders/customers of late.  I also recently read how CVS and Walgreens are going to be bringing in new types of ATM machines so that cryptocurrency can be sold.  That's a big deal.

One thing I had to add as so many people were focusing on the location, as long as it is still in the city and you can access it quickly it makes no real difference.

For example, I have 6 Btams from a certain company around me, pretty easy to guess since it's one that lists the balance available on their website, and I have a habit of looking at them as sometimes they change the fee they have and when they drop it to 1%-2% I go and pick some cash to avoid bank transfers. To some of my surprise, the one machine that gets emptied and refilled more commonly is not the one in the city center but one in a shopping center which hasn't that much traffic compared to the center mall for example.

As for the fees
7.5%? I would never exchange a penny.
You have to choose your path carefully, take a huge percent and you will end up only with one time customers or desperate ones that are trying to avoid KYC and banks at all costs or lower your fee and present yourself as a real alternative.
I've seen BATM's with 50k euros getting emptied in a day of low fees, if 1k a day isn't covering expenses then I don't know what would do.



Just an opinion, I don't have facts to back it up, but I think that's where the money is.
I can't envision somebody putting hundreds of banknotes after banknotes in a vending machine, but I've seen people withdrawing over 10k euros from one more than once.

Not that easy. If you want to register a bitcoin ATM business you need to have a company and register them with the government. There will be a lot of procedure and a lot of cost for installation. I think you'll go bankrupt before you book your first ATM. Recently a few illegal ATMs have been dismantled in the US and France.

Thanks! Good feedback. We were aiming for 7.5% but have not implemented yet so it is very hard to find a minimum margin to stay profitable (7.5% just based on getting in under the average).

Does 5% seem fair? Comparable to off-market alternatives?

It would be great to hear from someone who has a machine!

Like most people here, I'm not in the business of Bitcoin ATMs, but I can tell you what would incline me to use one (it's simple stuff, but it seems like ATM providers just fail to grasp it):
1. Good location (center of the city is usually optimal), which is not uncommon, but still.
2. This is a very important one: LOW fees. The most common reason I've heard why people avoid BTC ATMs is because of ridiculous 10-20% fees! Make it 5% and suddenly your ATM is the best. 5% profit is still profit, definitely better than if it's 15% but nobody uses it.
3. Reasonable and clear KYC requirements. Say, up to $1k with no KYC or something like this. And a clear warning PRIOR to the transaction that KYC will be required under such and such circumstances.

Through an article came to know more than 70% of bitcoin ATM is located in USA. Rest were distributed on the rest of the countries. This means the business isn't diversified around the globe. It takes time, as people are not that aware as well as governments weren't that welcoming for the cryptocurrency and related businesses.

In my personal view it depends on the countries you belong if cryprocyrrency is already more popular. Just like in my country people are still into fiat use and some don't know this crypto. Although this bitcoin as business is good and can provide ease of use to the users. Still, some people have a lack of knowledge about bitcoin so it's best also to do some proper research before building a business like this.

Also adding to this concern, the pandemic virus that still at large are avoiding people
to go out and use this machine
Though, less this crisis and you place this machine to the right place, you'll be able to
benefits from this business.
There are already lots of people around the world that have knowledge about this investment
currency, so probably they'll be patronizing this machine.

It's hard to tell but the numbers suggest it must be profitable. Why else would people keep installing so many machines? The machines have grown 2,100% over the last 5 years. They predict an annual cumulative average growth rate (CAGR) of 55% over the next 5 years which makes them one of the fastest growing industries in the market (by far). I plan on getting in the business and it would be great to get some feedback. I think testing the waters is the only way to really know.

As far as regulation, it is definitely wise to do proper research. I know where I am the one-way machines have the same regulation as a vending machine. Two-way are a little more complicated but not much more difficult.

Even if i will get the opportunity to have bitcoin ATM business i'd rather not because there are post here of a bitcoin atm owner that has been establish at mall and other areas to where he admitted that he put up an atm bitcoin to the authority where had told him that he is doing it illegal. He will probably gone to prison for that or it could be settle within the authority level. I hope that guy can still recover the losses that had been made after the arrest. So, if you are planning to have a bitcoin then be sure to register it to proper authority so one will not have problems when it comes to legal. It may cost you for the processing but at least you will be safe from getting arrested of illegal operating on bitcoin atm.

ive seen a  few , was going to use one but the price difference was $600 

i,d say if you have a shop in a town or city then it could be a good move as you can get listed on coin atm rador website and people will come and use it.

Never heard about it so far, but im interested about BTC ATM. However, it still depends on the Government of each country if they already legalized Bitcoin as a currency. And if ever there is really a Bitcoin ATM, i dont think i am capable of using it no matter how i really wanted to. Because, my country is still not recognizing bitcoin and refuse to accept it legally here.

Just based off installations... up around 38% since January...

https://coinatmradar.com/charts/growth/

Not it actually makes a huge difference in our country, people are still using fiat money than having this ATM or even using more Bitcoin. I'd never see its fast development and for sure, it is the same as what it happens in the other country.

People at this time aren't much looking good to use BATM's but instead to go directly with their online wallet and make use of it. It saves them from being affected by the virus and time. Maybe we could see a continuous development for this if the pandemic is over and the health safety is secured, not probably this year is the best time for this.