Bitcoin Forum

Hello,

Today I found a shop, an off-licence shop that during the day also sells fruit at the entrance, just out of the tube/subway station of Clapham North.
I thouth: this would be one of the best places I can think of in Lambeth/SouthLondon.
So I walked in and started talking about Bitcoin and Lamassu ATMS.
When I told the guy that each machine inestment was only $6k and that he got very interested and started asking me which margin could he have.

If anyone in London wants his address/postcode please private message me.

There are many of these shops like this one in London but this one sounded quite interested and seems to me a particularly good location.

Here is a map with other similar shops: https://www.24houralcohol.co.uk/lambeth-off-licences (https://www.24houralcohol.co.uk/lambeth-off-licences)

Most popular ATM brand in the UK is www.GENERALBYTES.com It used to be Lamassu back in the days but nowadays the GB machines have taken over. Less maintenance, higher uptime and more competitive pricing. Also continuous development as Lamassu has not made any noticable upgrades to their github repo in months.

This is the shop, just out of Clapham North tube station:

Corner Food & Wine
1  Bedford Road
Clapham
London
SW4 7SH  

T: +44 (0)20 7207 1597

http://statics.192.com/estreet/original/large/2285/22850516.jpg

Do people use these BTC ATM's enough to make maintaining them worthwhile? It seems like it is a waste of time and a lost cause. What the whole community should be aiming for is a circular economy for BTC so that we would not need to make conversions to fiat anymore.

I have a feeling these off license shops all over europe (also the so-called evening stores) could be a good launch pad if you can convince its regulars to use bitcoin.

Crypto users aren't part of that demographic though... could you explain why the owner was interested? curious

For those who are not familiar with the term 'off-licence' shop, it is a shop licensed to sell alcoholic beverages for consumption off the premises (as opposed to a bar).
Is he interested in accepting bitcoins as well? He could make a tidy amount by accepting bitcoins and then selling them through his ATM.

If the shop owner is interested in selling his goods in Bitcoins then having a Bitcoin ATM at his shop that could be a great opportunity for Bitcoins to be advertised. I mean, if people who buy from the store, see that ATM and gets curious about it then there could be worlds of opportunities to promote Bitcoins to those people that get interested. He can also offer discounts to people coming to his shop that will use Bitcoin. Now he will earn from Bitcoins by selling physical products as well as from the ATM. Hope this project pushes through!

OP. we need more people like you.... I did the same with one of our local pubs and they started accepting Bitcoin. To reward his gesture, I

made this pub our weekly Bitcoin meetup location, so this keeps customers with Bitcoin coming to his pub. We should always follow up on

things like this, to keep them interested. While they make money, we make money... You would have used that Fiat money on booze in any

way, so why not convert it to Bitcoin and then use it at these locations.  ;D

Kind of a cool idea, might be a decent thing to get for this guy or help him to have extra money, but he's going to need some decent margins if it's going to be beneficial for him. I don't know what the interest rate for Bitcoin in London is, but if it is high enough and this guy can be popularized a bit, it could be a very good thing for him.

I don't know the internals of business in London, so take what I say with a grain of salt.

That sounds expensive, the initial investment would be much less if they sold coins face-to-face at the checkout.
They could use one public list of addresses to pay to prove they are not double-spending transactions.

It's important to point out that owning a Bitcoin ATM has multiple benefits aside from the 5%-10% fee you receive on all transactions.

For one, you are building a savings account of Bitcoins that could multiply in value

Two, you will get listed on Bitcoin ATM Maps (http://bitcoinbarrel.com/bitcoin-atm-map/)

Three, people will come visit your shop to Buy Bitcoins and hopefully buy something else.

On top of all that, you can sell the Bitcoin ATM later and recover much of your initial investment.

It's pretty much a win/win for any shop in a decent location. I drove 20 minutes to a gas station to Buy Bitcoins from their ATM.

That does not really matter because there are way more regular ATM's of the banks around the world. Bitcoiners will not use these BTC ATM's simply because the fees are too high and the price they get for converting is not that good. If they have an emergency then maybe but it would be better for them to borrow money elsewhere than convert their BTC in those ATM's.