Anyone in the Bitcoin ATM business? - page 3.

olamidey

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Quote from: BtcATMs on August 02, 2020, 01:24:59 PM

How is going? Seems like machines continued fast growth during Covid... has it been a good year for the BATM owners?

Usually, banks own ATM machines except for those investing in off bank premises. As much as ATM are a big part of our banking system, bitcoin ATM are not popular as portrayed.

You can only see ATM machine in country with wide acceptance of bitcoin. Now, these countries are not much so ATM machine will.probably be less than 100. For other countries where Crypto has been banned or limited, there's no ATM in those places
It will be interesting to withdraw fiat or local currency from bitcoin ATM. Look forward to that experience.

The Sceptical Chymist

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Quote from: coupable on August 02, 2020, 03:50:05 PM

However, it's not that easy to garante the profit as the operator has to target several factors like the location, the legislation,the bank relationships,...and many other factors.

Yeah, I would imagine it would be extremely hard to try to estimate how much profit you're going to make by running a BTC ATM. I'd really like to know how much use they get--I know the US has a ton of them spread all over, but that doesn't mean people are actually using them. And even if someone wanted to buy bitcoin and had easy access to a BTC ATM, it would cost much less to use Coinbase or LBC or some other service. The premium you pay for bitcoin over the spot price by buying it at an ATM is mind-boggling, and I'm not sure there are that many folks who need bitcoin badly enough to continue buying it that way.

And I'll tell you, if the fees they charge came down to a reasonable amount I'd be buying bitcoin at the ATM that's about 15 miles away from me every chance I could get--but as it stands, I could just buy it on the Currency Exchange section and get it at preev 1:1. So to me it's just not worth it.

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Quote from: cheezcarls on August 04, 2020, 06:31:38 AM

Quote from: BtcATMs on August 02, 2020, 01:24:59 PM

How is going? Seems like machines continued fast growth during Covid... has it been a good year for the BATM owners?

I was thinking the same thing, but may need a lot of money to invest for having my own BTC ATM machine. However, it also needs me to pay a huge amount of money to legalize and regulate it to be operational in my country.

One of my friends invited me to come with her in an office of her business contact. I see that he had like 10 Bitcoin ATMs, but wasn’t ready yet to be deployed due to legal and regulatory requirements needed to be processed.

I would really want my own Bitcoin ATM, but need more funds to invest for it.

And in addition to that, it may not really be a profitable since, it will depend on the location and the people's awareness to the cryptocurrency or bitcoin itself. On what I see is, after you pay all of those fees the renting fee will be there too, to take an awesome spot for you bitcoin ATM. It will be a risky business since you need a lot of money to buy one of those and a lot of legalities and after that, the profit is not sure. And in our current situation right now, with this virus, it will really be hard enough to make Bitcoin ATM into a profiting business. (just for me)

Rengga Jati

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Probably, many more people like to know and also own BTC during this pandemic because they know the advantages of using this for payment, investment, and also other benefits. But for such an ATM, it is probably only in several countries. Not all of the countries may welcome the BATM. That is why it will depend on where you live. Probably you know about it because it is around you or from any source on the internet. But so far, the growth of BTC ATM is increasing. We can check on the https://coinatmradar.com/ and we can see from the general map of BTC ATM below:

Quote from: Fatemablabla on August 02, 2020, 02:11:26 PM

Do you own an ATM? If yes where did you got that? Can anyone get in to this business? I am interested in this. can you help me by providing any link?

You can check it here:
https://coinatmradar.com/how-to-start-bitcoin-atm-business/

cheezcarls

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Quote from: BtcATMs on August 02, 2020, 01:24:59 PM

How is going? Seems like machines continued fast growth during Covid... has it been a good year for the BATM owners?

I was thinking the same thing, but may need a lot of money to invest for having my own BTC ATM machine. However, it also needs me to pay a huge amount of money to legalize and regulate it to be operational in my country.

One of my friends invited me to come with her in an office of her business contact. I see that he had like 10 Bitcoin ATMs, but wasn’t ready yet to be deployed due to legal and regulatory requirements needed to be processed.

I would really want my own Bitcoin ATM, but need more funds to invest for it.

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Quote from: Fatemablabla on August 02, 2020, 02:11:26 PM

Quote from: BtcATMs on August 02, 2020, 01:24:59 PM

How is going? Seems like machines continued fast growth during Covid... has it been a good year for the BATM owners?

Do you own any ATM? If yes where did you got that? Can anyone get in to this business? I am interested in this. can you help me by providing any link?

You can buy one for yourself and start a business. But you will need license and other stuffs. Restrictions are going to be based on the countries law.
But I can imagine based on the number of new atms popping up daily the afford you will be giving to set up a business is going to be well worth. You can use the coinatmradar app on your phone to look for bitcoin atms near you. Go to manufacture section, look at the brand names and google it. You will get all the information over there.

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Quote from: sheenshane on August 03, 2020, 11:55:11 AM

I think we can give accurate advice if OP will give a specific place where OP lives and for the ATM business, he wants.

This is very important information, readers who knows about it will able to guide OP and answers those queries if this informations has been supplied properly / completely.

Quote from: sheenshane on August 03, 2020, 11:55:11 AM

Bitcoin ATM is a good business but this depends on where the place you want to build and put your ATM machine, renting in mall, market, etc. as long as public places are a good point. But, I think you must consider the users too. Probably it is good if you have a survey on such a place where you planning to have your Bitcoin ATM.

In every business, planning ahead is very important surveying the place checking
if there's active people that will patronized your business needs to consider first.
You'll be able to make a good outcome if you do this task before starting.

Quote from: sheenshane on August 03, 2020, 11:55:11 AM

A small tip, just do the math all of your cost and compare it to the small merchant. Just like compute the total revenue – total expenses = profit. The profit is calculated by deducting direct and indirect total costs.

Perfect to start up a business, all those inputs are important while you are assessing things up , knowing that there's a good

benefits after summing it up will gives you a go signal to proceed into your plan.

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Quote from: Fatemablabla on August 02, 2020, 02:11:26 PM

Quote from: BtcATMs on August 02, 2020, 01:24:59 PM

How is going? Seems like machines continued fast growth during Covid... has it been a good year for the BATM owners?

Do you own any ATM? If yes where did you got that? Can anyone get in to this business? I am interested in this. can you help me by providing any link?

First, you need to know the stance of bitcoin trading by your government in your country. Also, you have to register your business with the government. If you are a registered local exchanger, then it could be a new adoption to the list of your services. you need to get the list of BTC ATM makers and assess which one will be the best for you. There are many manufacturers but the most common ones are Genesis coin, General byte, Bitaccess, coinsource.
you can find the comprehensive list here https://coinatmradar.com/manufacturers/
The price of the ATM varies depending on the transaction charges and sizes

fiulpro

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Quote from: BtcATMs on August 02, 2020, 01:24:59 PM

How is going? Seems like machines continued fast growth during Covid... has it been a good year for the BATM owners?

Quote

United States. According to Coin ATM Radar, there are more than 2,342 Bitcoin ATMs in the United States as of January, 2018, with small shop owners earning a reported $300 a month for rental space. Transactions fees for ATM use are approximately 16 percent, while online transaction fees run about 7.5 percent.

Okay , this statement i found from Google is honestly very accurate. With approximately 2000 ATM's in the US alone , I do think there would be a lot of companies and individuals involved in this business.
But then comes the completion , competition from 2 sides :-
1. Competition with the various ATMs already in existence
2. Competition with the online exchanges which are giving much better deal

With the prevalent , internet , online banking, instant buy/sell programs , one can very easily opt out of the ATM system , before you go into this business you should ask yourself one question:

- What would you offer in the ATM you own that will make it different and more attractive to the users.

_*_

I want to address one idea I had when I thought about asking my family to Invest in this business:-

ATM + slot machine , maybe everyone who uses the ATM gets a free spin in the slot machine which will be along with the ATM, you have to make sure your ATM is situated in a crowded place.

( Might be a weird idea but I think it has some scope )

sheenshane

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I think we can give accurate advice if OP will give a specific place where OP lives and for the ATM business, he wants.

Bitcoin ATM is a good business but this depends on where the place you want to build and put your ATM machine, renting in mall, market, etc. as long as public places are a good point. But, I think you must consider the users too. Probably it is good if you have a survey on such a place where you planning to have your Bitcoin ATM.

A small tip, just do the math all of your cost and compare it to the small merchat. Just like compute the total revenue – total expenses = profit. The profit is calculated by deducting direct and indirect total costs.

plvbob0070

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I'm not really sure it bitcoin ATMs are growing despite the COVID issues since I can't feel it. But l think it depends on the country and the adoption they have when it comes to bitcoin. In my country, I have not recently heard any news about the growing number of bitcoin ATMs, as well as the number of people actually using it. And as far as I know, we only have like 4?

But generally, some articles said that it's indeed growing but mostly in North America. Perhaps people there find it helpful during the pandemic.

Code:

https://www.companynewshq.com/coronavirus-news/bitcoin-atms-hit-7500-across-the-globe-amid-covid-19-pandemic-btcmanager/
https://tokenpost.com/Bitcoin-ATM-transactions-increase-amid-coronavirus-pandemic-5478

DdmrDdmr

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Quote from: BtcATMs on August 02, 2020, 01:24:59 PM

<...>

Not that fast, and it's pretty much in the US.

It seems that your prime ATM area of interest is Spain. According to CoinATMRadar, 2020 is practically flat in terms of Bitcoin ATM growth during 2020 (70 currently listed, whilst there were 71 at the beginning of 2020): https://coinatmradar.com/charts/growth/spain/

Unfortunately, it will probably be extremely difficult to get some business-like numbers here to understand the ROI behind this type of investment (it’s not very likely that those ATM owners are going to open-up and tell us much about their numbers, unless a franchise is willing to throw some information around to pitch their business case upon direct query).

Twentyonepaylots

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It seems to me that the OP isn't that active here in the forum, I assume he has different things to do with crypto space coz he hasn't posted anything on the past 5 months, not until this. If I were him I'll just search 'bitcoin atm' or ' BATMs' and read those thread so he'll know something out of it. You should read @Pharmacist ( If I'm not mistaken lol ) post about his experience using the bitcoin machine which he drove for like a mile just to get there.

Everyone is still skeptical about it, having it for a business is quite risky and expensive as much as I think of all the things you need, plus the maintenance.

Harlot

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I don't think any real Bitcoin/Crypto ATM users will be able to answer you here in the forum since they are not here. Most Bitcoin ATMs before they are able to operate should need some kind of special license and permit for them to be able to operate I don't even think that single proprietorship is an option here since they will be dealing with assets/securities depending on what classification their country brings to them. Also there is an issue with KYCs that some countries also require before a client will be able to access their Bitcoin ATMs. At least you get a general idea that Bitcoin ATMs are not some kind of franchise you just need to buy in order to start earning there is a lot of process you need to do.

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Quote from: bakasabo on August 03, 2020, 06:55:49 AM

What about the laws or license? I think a person can't just install a device in a public place, that will collect money on exchange into something

Of course you can't just install BTC ATM, fill it with money and start buying/selling . You have to register the business, pay the taxes etc. And it's probably even more complicated to open such business, as you are dealing with crypto.

Quote from: bakasabo on August 03, 2020, 06:55:49 AM

And what about the security? It might sound silly, but with enough effort, ATM can be simply stolen. Of course thieves wont get bitcoins, but they will sure try to get cash.

ATMs that I'm using are either inside a mall, or they are inside some other shop, so that offers them some kind of protection as its not just in the middle of the street working 24/7.

It's a risky business, and I think it only works if you have your own space, or if you can set bunch of them across frequent spots.

andriyana

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if in a country there are a lot of bitcoin user then I think it's good to open a bitcoin ATM, but there are some country that don't legalize bitcoin as a legal payment tool I think it's an obstacle to open an ATM machine in a country

bakasabo

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What about the laws or license? I think a person can't just install a device in a public place, that will collect money on exchange into something. Also how to you imagine depositing funds into your ATM's bitcoin address? As I understand, you want to operate just an intermediary, but your fiat>crypto exchange sure have limits.

And what about the security? It might sound silly, but with enough effort, ATM can be simply stolen. Of course thieves wont get bitcoins, but they will sure try to get cash.

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In some countries it's surely profitable but I wouldn't do it in mine for sure.

It costs from $5k to $10k to buy a Bitcoin ATM depending from which company you buy it from, + a percentage commission that goes to the company. Without the shipping fees, otherwise, you can probably add a $1,000 fee and another $1,000 to install it.
That's a total of $7k-$12k.

Renting a place to put your machine if you don't own a business/shop, it's therefore in your best interest to pick the right location to make it profitable. You can imagine that setting it up in the ghetto will not be profitable. Roll Eyes

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Quote from: BtcATMs on August 02, 2020, 01:24:59 PM

How is going? Seems like machines continued fast growth during Covid... has it been a good year for the BATM owners?

Honestly I didn't notice any increase in popularity of BTC ATM during this period, at least at my local ATM where I usually do the business. No queues or anything.
For example, it was much busier during summer 2018, when it was normal to have at least 3-4 people waiting in a queue, and quite a few times owner had to come to bring more money, people were cashing out massively.

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Hey OP. I remember you from past discussions, did you ever get in touch with the owners of the ATM projects in Vietnam? I'd also look at this recent post updating the ATM locations in Africa (the next emerging place for BTC I tell ya!).

How did your plans in Spain go?

Topic: Anyone in the Bitcoin ATM business? - page 3. (Read 762 times)