Bitcoin Forum

Hi all,

I feel I have convinced a business in Wellington NZ to start accepting Bitcoin.
It a fairly busy CBD Bar Restaurant. I might also suggest a Bitcoin ATM.
But I have no experience of this sort of business.
A few questions. How do I secure a supply of BTC in NZ?
How secure are Bitcoin ATM's?
Do they run of wifi?

I have a load more questions.


I would love to hear you suggestions and experiences.

Thanks

First, you need to register as FSP with the The Financial Service Providers Register from NZ.. start with this and then you will think twice if you really want a business as this  :)

http://www.business.govt.nz/laws-and-regulations/consumer-laws/financial-service-providers

Hey,

I live in Wellington and am keen to use bitcoin at the restaurant. Which one is it? The best exchange in NZ so far is https://nzbcx.com/. You can buy and sell a reasonable volume of BTC from there. There are a few other exchanges and localbitcoins. I am not sure the market is big enough for an ATM at this stage but who knows. I am happy to help in any way I can.

Cheers

Nick

just like in USA I would never do a large transaction especially to stock an
atm machine online.

Use localbitcoin and meet somewhere public and bring a friend with you as a
witness. I have heard some people record the conversation for safety when over
2 grand just in case.

Hi Nick,
Thanks for that.I have just set up an account with NZBCX.com.
I have been away for a while so happy to see a new exchange open in New Zealand.
Regarding the Wellington business.
Once I've got the guy set up.
I'll let you know where it is.

I would hope to be operating at more efficient level than that though.
Going out to meet people on Localbitcoin.com would be a real inconvenience. 

Thanks

I remember the days of great euphoria because of the advent of Bitcoin ATMs. Back then, it was predicted, that ATMs would be the breakthrough for Bitcoin and quickly lead to mass adoption. That euphoria has faded quickly: The KYC/AML terror from statist control and surveillance freaks has turned compliance and usage into a nightmare. Manufacturers overestimated the demand for these Bitcoin-ATMs and some of them went out of business because of it.

Operating a Bitcoin ATM is not easy in most locations and the associated costs are high. In my opinion, the only type of ATM that could make sense are those that offer only one-way Bitcoin purchases.

Currently online exchanges and p2p-exchange remain the preferred methods for Bitcoin purchases.

ya.ya.yo!

Always happy being able 2 use Bitcoin ATMs in the world. Put up more of these things, people! :)

Greetings from the Ukraine

~CfA~

the atm thing seems to have got very quiet these days. i think there's a reason for that. it has to be secured, kept supplied and there's a world of legal crap to fulfill too. throw in the fact that not many people buy it that way or buy it regularly and i dunno if the idea's a goer.

I feel that too. I was hyped about BTMs and when I realized how hard and how problematic it is to use this machine I gave up. Potential Fees and KYC/AML policies are killing this idea of BTM.
Op, accepting bitcoin as payment method is amazing, you should force it and stick with it, it is easy to manage and risk free, but keeping BTM is problematic and you most likely won't profit from it.

The only reason to keep BTM is for promotional purposes.

wow interesting what a great news. it it a fact that there is a  bitcoin ATM in New Zealand. does it mean that New Zealand legalize bitcoin in their country. or at least they give permission for ATM only,

Great job  ;D well done man the more merchants and people that we can get on board the better for all of us who use bitcoin in the long run.