Topic: Has anyone setup a Bitcoin ATM? - page 3. (Read 3529 times)
Am i right in sayinf that the machines themselves cost aroud 100k? Im sure i saw that in a thread somewhere. if so it would be pretty tricky to get hold of one unless you have the backing.
No, I didn't, but this is a possibility I'm considering more and more to set up one. There is two big cities just near where I live, so this could be really interesting. Also, I live in an average city (but this the biggest city of my department, or county if you prefer), so setting up an ATM there could be also interesting. I don't have any idea if this would be easy to deal with the government.
Check out these guys: http://projectskyhook.com/
Thanks for the link! It looks affordable. But the links on the top (Top Features Order Subscribe Blog About us Contact) do not respond or go to other parts of the sites after I click on them.
I am also very curious regarding OP's questions, and I'd also like to add follow up questions to anyone that can answer: Have you had ROI? If not, how much do you estimate that it will take to make ROI? How much do you charge from fees?
Also, If you ROI, what was the average transaction volume per day that you had?
Also, If you ROI, what was the average transaction volume per day that you had?
Hey, that was supposed to be the next question I wanna ask.
But yes, thanks for asking. I want to know too. 
I am wondering what is the cost and procedure of setting up a bitcoin ATM machine.
I am guessing it involves:
(1) Buying the physical machine (One time cost).
(2) Calibrating the machine to accept currency notes of your country (One time setup).
(3) Getting an internet line (Monthly recurring fees).
(4) Hook to a central exchange (Probably a recurring fee)
This sounds like an overly simplistic model. Am I missing out anything?
You also need permission of your local government if you dont want to get in legal problems later and if you are residing in some developing country, it is highly unlikely that you will get permission from your governmentI am guessing it involves:
(1) Buying the physical machine (One time cost).
(2) Calibrating the machine to accept currency notes of your country (One time setup).
(3) Getting an internet line (Monthly recurring fees).
(4) Hook to a central exchange (Probably a recurring fee)
This sounds like an overly simplistic model. Am I missing out anything?
Nailed it , that's exactly the issue and I am 100% sure that the government of any country never give permission for this as their own cheater banks will occur a huge loss if they allow this but it is possible if a new country is created by getting independence.
I think there's a post here that said there's a ATM Machine in Deli. I'm not sure if that's photoshopped or real tho.
But it looks promising
But it looks promising
Check out these guys: http://projectskyhook.com/
I am wondering what is the cost and procedure of setting up a bitcoin ATM machine.
I am guessing it involves:
(1) Buying the physical machine (One time cost).
(2) Calibrating the machine to accept currency notes of your country (One time setup).
(3) Getting an internet line (Monthly recurring fees).
(4) Hook to a central exchange (Probably a recurring fee)
This sounds like an overly simplistic model. Am I missing out anything?
You also need permission of your local government if you dont want to get in legal problems later and if you are residing in some developing country, it is highly unlikely that you will get permission from your government I am guessing it involves:
(1) Buying the physical machine (One time cost).
(2) Calibrating the machine to accept currency notes of your country (One time setup).
(3) Getting an internet line (Monthly recurring fees).
(4) Hook to a central exchange (Probably a recurring fee)
This sounds like an overly simplistic model. Am I missing out anything?
It also depends on the model you get. Some have a wallet of their own that you have to manually fill with coins while others can be tied to an exchange. Otherwise Id say you are correct.
I am also very curious regarding OP's questions, and I'd also like to add follow up questions to anyone that can answer: Have you had ROI? If not, how much do you estimate that it will take to make ROI? How much do you charge from fees?
Also, If you ROI, what was the average transaction volume per day that you had?
Also, If you ROI, what was the average transaction volume per day that you had?
I have never set up an ATM that will be used to make the transactions of bitcoin currency. I however believe that the procedure you have outlined above is the best and correct one. I do believe that if you are able to make the local currency available to the people, then it will be an easier task having the ATM rolled. It the advancement of the bitcoin, i am sure there will be high demand for the ATMs. It is a good move.
Jump to: