My experience with BTC ATM | Bitcointalksearch.org

JLynn171

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Quote from: WhatTheGox on May 18, 2015, 03:48:57 AM

Quote from: JLynn171 on May 17, 2015, 01:25:35 PM

So far i've only used 3 times the ease of use is AWESOME takes less than 20 seconds from start to end of transaction i have no sold btc to it yet even though it is a 2 way atm, ive only purchased....
the ATM Type: BitXatm. located at BuzzBrews in Deep Ellum Dallas, TX If you are curious about using btc atms i would say try it def alot of hassle going "offline" for btc use

Seems like they have improved a ton to keep it quicker for the user vs back when we saw these guys make it look really bad for everyone lol https://www.youtube.com/watch?v=vnm4xFC2xNo

ohh yeah, the one i use is sooo simple, and its like a 5 min drive one of these Robocoin ATMs the ones that require your basic DNA sample before purchase, this all ya need is $ and a QR code, they do have option when purchases "i need a btc wallet" but i just have it scan my phone, not sure what the atm does if ya dont already have a btc wallet, maybe i should check that option out just to see for further review

chopstick

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Quote from: CoinATMRadar on May 18, 2015, 05:57:23 AM

Quote from: doof on May 17, 2015, 10:11:27 PM

I looked it. Rent in a shopping mall (here) is $30,000 year for an ATM. Charge 5% and you'd have to sell $600K of coins to break even Sad

600K per year is quite high (and this is only brek-even btw). On average bitcoin ATMs now do 25-35K per month in a good location.
So it will result in 360K per year and would be not enough even to cover rent, unless you charge substantially more than average fee.

Here are two good links:
Real cases for how much bitcoin ATM turnover might be: http://coinatmradar.com/blog/bitcoin-atm-profitability-part-2-real-examples/
And also an easy ROI calculator: http://coinatmradar.com/roi/bitcoin_atm_business_return_on_investment/

Thank you for that information.

I was thinking of putting a bitcoin ATM up in Colorado, but it very well may not be profitable the first 1-2 years.

CoinATMRadar

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Quote from: doof on May 17, 2015, 10:11:27 PM

I looked it. Rent in a shopping mall (here) is $30,000 year for an ATM. Charge 5% and you'd have to sell $600K of coins to break even Sad

600K per year is quite high (and this is only brek-even btw). On average bitcoin ATMs now do 25-35K per month in a good location.
So it will result in 360K per year and would be not enough even to cover rent, unless you charge substantially more than average fee.

Here are two good links:
Real cases for how much bitcoin ATM turnover might be: http://coinatmradar.com/blog/bitcoin-atm-profitability-part-2-real-examples/
And also an easy ROI calculator: http://coinatmradar.com/roi/bitcoin_atm_business_return_on_investment/

LFC_Bitcoin

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I've never used one, I've always just bought online from home & hodl'd since my introduction to the world of bitcoin.
I believe there's a map system on CoinDesk that shows the location of all bitcoin ATM's in your country (area).
I don't have a need to use bitcoin ATM's right now so I don't suppose I'll use one until it becomes essential, maybe if we go mainstream & they're popping up all over the place.

shulio

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Quote from: Troonetpt on May 17, 2015, 11:20:13 PM

I concerned is that can the ATM help people buy bitcoin with anonymous?
Lots of people would like this.

If you are saying that you dont want people to know that you purchase bitcoin than it is no because people will know that you purchase a bitcoin but if you say that will your address be shown on the screen because you dont want people to know your bitcoin address than the asnwer is no and your bitcoin wallet will not be known by other people

WhatTheGox

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Quote from: JLynn171 on May 17, 2015, 01:25:35 PM

So far i've only used 3 times the ease of use is AWESOME takes less than 20 seconds from start to end of transaction i have no sold btc to it yet even though it is a 2 way atm, ive only purchased....
the ATM Type: BitXatm. located at BuzzBrews in Deep Ellum Dallas, TX If you are curious about using btc atms i would say try it def alot of hassle going "offline" for btc use

Seems like they have improved a ton to keep it quicker for the user vs back when we saw these guys make it look really bad for everyone lol https://www.youtube.com/watch?v=vnm4xFC2xNo

chopstick

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Quote from: goosoodude on May 17, 2015, 10:23:14 PM

Quote from: doof on May 17, 2015, 10:11:27 PM

Quote from: chopstick on May 17, 2015, 08:04:23 PM

I CAN't WAIT TO OWN MY FIRST BITCOIN ATM OMGDFGDFMKGJDFG

I looked it. Rent in a shopping mall (here) is $30,000 year for an ATM. Charge 5% and you'd have to sell $600K of coins to break even Sad

I don't think $600,000 would be an unreasonable amount to sell for a bitcoin ATM in a high traffic area. If you were to assume that the ATM does zero business (this is a false assumption, however it will also make the numbers more conservative) during the week, and that for two weeks out of the year it will see zero traffic/business (another false, but conservative assumption), then it would receive traffic over 50 weekends per year, or 100 days. This means it would need to sell at least $12,000 per weekend, or $6,000 per weekend day. Assuming an average transaction size of only $200, then it would only need to sell to, on average 30 people per day, which works out to 1 person every 24 minutes over a 12 hour day. I don't think this would be unreasonable.

Nah, that is too high. You would need to put it somewhere with cheaper rent or charge a higher rate.

One person every 24 minutes... BTC ain't that popular yet.

Kyraishi

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Quote from: Amph on May 17, 2015, 01:29:54 PM

less than 20 seconds is really fast, nothing to compare with all the hassle with a fiat atm

they should come up with altcoin atm too, yeah bitcoin is the king ecc, but something like monero added to an atm would be cool

It is fast actually.
And I am guessing (as I have never used a BTC ATM before) it's fast because it just issues the address with the funds without necessarily waiting for confirmations.

Amph

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Quote from: Troonetpt on May 17, 2015, 11:20:13 PM

I concerned is that can the ATM help people buy bitcoin with anonymous?
Lots of people would like this.

i think your anonymous status is even more screwed when using an atm, because they work with visa mastercard circuit, the movments are all clear at the bank

Kprawn

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A Bitcoin vending machine is even better... You scan the QR code for your Bitcoin address and insert the fiat cash.... It converts the fiat to BTC and it adds it to your Bitcoin address. Viola DONE!

Some of the ATM's have very invasive privacy intrusion requirements... I would rather use LocalBitcoin and 1-on-1 interaction.

For first time users, who are used to fiat ATM's this must be CRAZY. {Hopefully this experience would not put them off from using Bitcoin in future}

JLynn171

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Quote from: iram91445 on May 17, 2015, 01:47:53 PM

wait dont you have to prove your identity to use them to change your cash to bitcoins or im getting something wrong here?

I think some models to but this one that i stated in OP does not its click BTC buy insert $ out QR code up next to window beep prints receipt and done....

Troonetpt

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I concerned is that can the ATM help people buy bitcoin with anonymous?
Lots of people would like this.

goosoodude

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Quote from: doof on May 17, 2015, 10:11:27 PM

Quote from: chopstick on May 17, 2015, 08:04:23 PM

I CAN't WAIT TO OWN MY FIRST BITCOIN ATM OMGDFGDFMKGJDFG

I looked it. Rent in a shopping mall (here) is $30,000 year for an ATM. Charge 5% and you'd have to sell $600K of coins to break even Sad

I don't think $600,000 would be an unreasonable amount to sell for a bitcoin ATM in a high traffic area. If you were to assume that the ATM does zero business (this is a false assumption, however it will also make the numbers more conservative) during the week, and that for two weeks out of the year it will see zero traffic/business (another false, but conservative assumption), then it would receive traffic over 50 weekends per year, or 100 days. This means it would need to sell at least $12,000 per weekend, or $6,000 per weekend day. Assuming an average transaction size of only $200, then it would only need to sell to, on average 30 people per day, which works out to 1 person every 24 minutes over a 12 hour day. I don't think this would be unreasonable.

goosoodude

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I have used a robocoin ATM in LasVegas, NV once. The process to sign up was relatively easy, although it did seem somewhat invasive on a privacy level. I needed to wait 3 confirmations in order for me to be able to withdraw my cash after I sent bitcoin which just so happened to take ~1.5 hours, however once the transaction was confirmed (per their policy) it was very hassle free to withdraw cash

doof

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Quote from: chopstick on May 17, 2015, 08:04:23 PM

I CAN't WAIT TO OWN MY FIRST BITCOIN ATM OMGDFGDFMKGJDFG

I looked it. Rent in a shopping mall (here) is $30,000 year for an ATM. Charge 5% and you'd have to sell $600K of coins to break even Sad

MicroGuy

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Quote from: Jeremycoin on May 17, 2015, 04:21:57 PM

How is the step to but the Bitcoin? scan your wallet first and then just put your cash in the atm?

OK, listen to me carefully. I’m telling you where the road is out. I’m telling you where, as you drive, you are going to go into the water. Now, you want to go here or you want to be concerned about who is giving you the message?

chopstick

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I CAN't WAIT TO OWN MY FIRST BITCOIN ATM OMGDFGDFMKGJDFG

PolarPoint

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I bought from an ATM twice, just for the fun of it. The screen quotes then current price, you press buy, scans your QR code of your address from a camera, feed your cash and press finish. Seconds later an unconfirmed transaction appears in your address. It is that quick.

Jeremycoin

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𝓗𝓞𝓓𝓛

How is the step to but the Bitcoin? scan your wallet first and then just put your cash in the atm?

ronald98

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Did you need to give them identification documents or sign anything? I thought some ATMs were easy going and some required extensive KYC form filling depending on what rules a particular country or state has.

What are the fees you pay to use it? I like the thought of fast transactions without bank wire fees.

Topic: My experience with BTC ATM (Read 1291 times)