Topic: Interest in Bitcoin ATMs (Read 1595 times)

Is this true?!  Mintcoin is a Scamcoin!!!  wtf?  Thanks for telling me.  I was just about to make a major investment in Mintcoin.  They said it is the next supercoin going to take over all other alts.  Are you sure this is not true?

What are you exacty interested about in developing a new Bitcoin ATM?

wish each post here had your location next to it.. im in the UK and I know its gonna be tough.

Years ago we had to quote for manufacturing part of a ATM frontage, but we never got the job after spending weeks on prototypes.

It is not easy task, if anything I have no real interest in 'cash' coming out of a machine, just a way of transaction that isnt covered in lots of red-tape.  However in the UK we have "LINQ" network that is independent cash machines, they should consider it as that would be big and bold here.  Some of these are small ATM machines that end up in little shops, Burger Kings and so forth, they make money on usage fee.

The other source is all the shops that "top up" for electric/gas/mobile services, I think UKASH is involved there but not yet used them but it is mainly a TOP UP not TAKE OUT service from what I know.

In Petrol stations thoughtout the UK now we have Parcel collection points (like myHermes) and makes you wonder if they would want to do it as it get you through the door, they would be an interesting target.  Bitcoins via petrol stations

Im writing the code for the diamond circle atms.  I myself don't see the appeal, its like trying to implement a blockbuster business model in an iTunes world.

The kind that would interest me is one capable of both deposit and withdrawal. The ability to redeem or buy in one place for fiat would exponentially raise adoption since it becomes user friendly, you simply go to an ATM, deposit funds and buy coins at the going rate or if you have an account with the institution running the ATM you can just withdraw/deposit as you wish. If you don't have an account, we''l charge you 10% of your tx to buy coins/withdraw fiat.

Know anyone with an ATM capable of withdrawals and deposits? If you do, please connect us, i want a few.

Theres a real need for Bitcoin ATMs in California.

If you need help with a backend let me know. Since we live pretty close to each other, I think in our area we need an ATM. It would really do business because we live at the best cross of cultures. We have access to the extremely wealthy and the extreme poor. I think introducing bitcoins to both sectors would greatly benefit our area.

there are open source bitcoin ATMs
you should start there

They are much needed to buy and use btc however they are able to be regulated.  I thought about getting a couple and placing them in nyc - $5k each not a bad investment - but they are considering it a financial institution and it needs to be licensed and regulated etc etc.  It could take years before they roll them out ... or most likely until a big financial institution adapts them and simply places them in their existing branches

It's definitely the easiest way to get some coin, but they're a niche item and you need to live close to one really.

IMO the ATMs have the power to propel BTC into the mainstream a lot because it's the only easy access point into the BTC world for the guy on the street (literally). Most ppl dont care or are misinformed about BTC so an ATM alone probably won't achieve much without some marketing to go with it (and of course the ATM should be easy to use so ppl don't get discouraged; not requiring passport, psychological analysis and traces of DNA to get some BTC).

Yes, I have quite the same opinion, going to buy one to place in my city

Sure there is a demand. We are currently in a "quiet" phase where there are not many positive news about BTC, mainly due to Mtgox disaster, but this is going to change in a few weeks after people forget about it. I also expect the price to go back to over $1k. As soon this happens, there will be a usual BTC fuzz, bunch of people wanting piece of BTC economy and searching how to buy BTC. Do not forget this is still very, very young economy and there is still a lot of place to get it. Look at the statistics, BTC often compare to gold right, due to its store of value function.  Current value of all gold used is about $7.5 trillion. If BTC could take only 5% of that in the future, every single BTC would be worth almost $50k. So yes, there is demand, there will be demand, this is just how the economy operates.

A while back I started to track bitcoin ATM's news and finally launched a small site with map of bitcoin ATMs - http://coinatmradar.com

Answering your question - there is for sure a demand, and many bitcoin ATMs (actually mostly vending machines) are appearing here and there.
And there are many planned to be launched, probably you've heard about 400 machines in Dubai (not sure that it would appear like this - doesn't make sense to have so many machines in small area in my opinion), anyway I would say that 2014 could be the year of "bitcoin ATMs". And definitely we are standing at only the beginning, so it would probably be a good time to jump in, although there are many manufaturers already - see on my site there are 12 different listed.

But as mentioned above - there are some problems with regulation, and I think many people who initially bought it to install, later found out that they have to comply with so many things and finally didn't launch it.
E.g. in public sources I found that there 16 lamassu machines are working (see on my map), but if you look at map of lamassu produced and sent machines   https://lamassu.is/maps/ - there are about 60 locations mentioned on their map, but you can not find those machines actually working.
Also in the past there were several threads that people basically wanted to sell bitcoin machines they received previously, because due to legal restrictions they could not utilize those.

Of course there's demand, but why would you need to design one when there are several other companies already making them?

How much would it cost to buy the cash machine and also the running costs

such as Mintcoin right 

Go to hell with your scamcoin idiot. GTFO.

It would be good, but what would be nice would be one for altcoins.

Is there a demand, first depends on the country and the laws there. I was going to buy one and deploy it here in the U.S., it's entirely too much paperwork to be legal with it however so I passed. I actually wanted to buy a few, less to make a profit (sure I would like to have made my money back) but more because where bitcoin ATM's pop up, local businesses tend to start accepting bitcoin and I, as a business owner, have an interest in seeing bitcoin become common place to save me dearly on merchant fees.

I've seen two people, I think, trying to sell Bitcoin ATMs in the past week. I'm sure they'd go over pretty well in some areas, but I would wait until Bitcoin gains more of an audience before investing in one.