Bitcoin Forum

Hello everybody! I am thinking to start my own business and I though that maybe an installation of the first Bitcoin ATM in my city would be good idea which can bring me good income. But I have no idea from where to start, so I am here to hear all ideas, experience and advices.
Thank you!

I think it depends on where are you located. A simple google search will give this results:

https://coinatmradar.com/blog/how-to-start-a-bitcoin-atm-business/

https://news.bitcoin.com/start-bitcoin-atm-business/

I guess you need to go through that articles and see how it applies to you. If would definitely a win-win situation for you. Your country will know bitcoin and probably gain acceptance, and you will get a good ROI. Goodluck.

That would be great idea!
As I can see you are from Serbia, i can only suggest you to contact this guy https://bitcointalk.org/index.php?action=profile;u=898569 or call him at this number https://bitcointalk.org/index.php?topic=1614895.msg20169320#msg20169320 (don't forget +385   :P)
He is in ATM business very long.

Yes, I am from Serbia and those links you sent to me are from Croatian local board. Thanks God I understand their language and can read something about their experience with bitcoin ATM in Zagreb. Thank you!
Thank you mate! I didn't even expect that I will get replies and necessary links so fast! You are real pro!

I would do a quick google search on some already established bitcoin atm companys. I am lucky enough to have 2 bitcoin ATMs within 10 miles of my house, so it is possible to to. Contact some of these companys and I'm sure they can point you in the right direction on what you need to do. Good luck!

We should put this in consideration, this might become big in the near future as crypto community is getting larger. Why not make a thread regarding this issue. People who are expert in installing BTC ATM should be encorage to make a thread.
Me myself is interested in investing in this kind of business, there's still no Atm for BTC in my city and I am thinking also where I could get it. Trusted escrow agents will mediate the transactions.

It's a good thing you want to build Bitcoin ATM, but I do not think it can be done by one person. Perhaps you can work with a bank and government, frankly you're in a diffucult situation. You will also need a cards. I hope you can build the Bitcoin Atm.

Does anyone know the economics of running a Bitcoin ATM?

In my country there is so called bitcoin ATM personally I don't know what is the convenience of that I've seen one but never did a transaction with it.

But I think it is profitable if you have funds to established it.

I don't think bitcoin ATM is a good idea because we all have bitcoins in our mobile phones then why we need to go to ATM?
If we want to buy bitcoins also it can be done in the internet by just sitting in the home,bitcoin machine is very expensive equipment so you need huge investment for it.

this is a good idea.
but to get started, you have to join a bitcoin exchange company where you live,
because it will be very inconvenient if you will move yourself.
it is certain you will be able to earn substantial income

Better check out the leading bitcoin ATMs around, but I would be careful with these as a lot of these bitcoin ATMs are just made by small companies and security wise that's not really good. A lot of these are just some kind of garage manufactured type of things and if you want to secure yourself from hackers then you should reconsider. Another thing is that a lot of these bitcoin ATMs are sold in the US and some parts of Europe, and they are huge! You better be prepared for the shipping cost of these.

in my opinion first you need to ask permission from local authorities ;)

Running a Bitcoin ATM machine is a good business idea. However, you need to figure some core issues such as regulations in your city or state. In many jurisdictions you need to get special licenses like MSB or others in order to conduct such a business. The location of the ATM machine will also be critical to your success. the list of top 5 bitcoin ATM location types according to the stats we collect on the site: Restaurant/pizzeria, Cafe/coffeeshop/gelateria, BTC embassy / company office, Shopping mall, Supermarket / food store / Deli.

Is there any updates regarding into this if op did able to make his plans on putting or installing bitcoin atm in the city? Actually no one would really stop you to do such thing as long bitcoin isn't prohibited on your country then you should be fine no matter how many bitcoin atm machines you would install and the most important thing you are the first one to install then roi would really depend on how many bitcoin users residing on that place or on how adoption would grow.

i used youtube and found 0 final results best things is to pay for developer and they will made it for you.
It is easy to do this, so it is better to buy a device and then set up those devices in a good location near well known place.
people dont like ATM because it costs  too much fees and i is better to make 5% of fees or less than it.
bitcoin ATM is good place to make money.

It actually isn't. BATM's are only viable if you have plenty of them in various crowded locations that are experiencing a constant level of usage. As you mentioned in your post, it requires you to comply with so many rules/regulations, where you need to obtain the proper licenses, etc, which all costs a massive amount of money. I remember having read how just getting the right licenses could cost up to millions, which is something the far majority of the people don't even have. In case you managed to obtain everything needed, you have invested millions of dollars that might take years and years (if ever) for you to gain back. Instead of pumping money into this non viable 'idea', you are far better off putting that money straight into Bitcoin.

I don't know if you have already checked or not, I would like to inform you that localbitcoins also offers bitcoin atm system.
You can check it here > https://localbitcoins.com/atm/order-your-own-bitcoin-atm


Atm can be very useful for fast cash if someone needs it urgently.
So I think its a better option to have atm facility in your city, in your area, near you.  ::)

I’ll admit that i don’t totally know anything about this kind of businesses can exist or be manage by just an individual without big company backing it up and the central banks permission.. This is a huge gamble especially considering the risk of unknown effect of bitcoin unstable price and how does it should be updated every minute for it.. So take time to think a hundred times and gather information regarding this before doing such action..

It's good to find an ATM Service provider, make an enquiry and then do the necessary process. Because I don't think it is that easy to implement an bitcoin atm independently without any support system. It's better to contact BCM ATM or some services similar to that which will provide the ease of implementing.

In order to set-up a Bitcoin ATM in your city, the very first thing you got to make sure is that Bitcoin is legally recongnized in your country to avoid any legal prosecutions in future.

Next, You can check out https://localbitcoins.com/atm/order-your-own-bitcoin-atm
Localbitcoins offer Bitcoin ATM which will cost some initial investments.

Goodluck with the project :)

As far as I know before you can install Bitcoin ATM it must recognize first by the government. Yes there is a process and documents to be signed by the government in order to approve the request. So once you have followed the process it can be installed.

Countries like Japan and UK you will find bitcoin ATM already out up there. If you do not find any legal issues with concern location you need to have the ATM means you should be investors who is affordable for machine in the ATM.
LBC and some other providers in online are always available to help you make this.
You cannot able to invest for setup go for the bitcoin debit card service which can be useful on the regular ATM machines too.

I dont know also how insta bitcoin atm because it's hard. I think it's only bank can install bitcoin atm. In my country they have bitcoin atm machine. But the transaction ia fee is very high and that's not good so if you want to install you can lower the fee so many user of bitcoin will use your bitcoin atm. Goodlucm sir I hope you install your bitcoin atm.

Most of the governments are reluctant in providing these facilities to the people. Even if see towards china, which is a super power and has a very strong hold on the economy of the world, is not letting its people to have these facilities, but the best thing is that despite all the bans and restrictions, the people who want to invest can do the investments from any part of the world. The crypto part is really providing security to everyone involved.

Bitcoin ATM is not prevailing all over the world because many people still do not have bitcoin or they even do not know about bitcoin. When all the people have bitcoin then ATM is not a problem. The controllers and management of bitcoin will provide you this service in your home city, because ATM is for withdrawing bitcoin and if you do not have bitcoin then why they should install ATM?

There is no place in my country where I can use my bitcoin because most of the people are still unaware of bitcoin and it will take some more time for them to invest are use bitcoin as their regular currency and for their shopping. Then it may possible that the management also installs ATM machines in my country and the big markets start accepting bitcoin as their payments. I will have to wait for some more time for ATM to be installed in my locality.

It is really hard to start if you have any idea at all, first you also need some research on your own. Make a lot of research and read a lot to know more how to start that kind of business.

That's part of the reality which there are really country which would really be totally disagree with this kind of actions or investment of some individual this is why its really important for you to ask on local lawyers if its not prohibited or not before you would put up those ATM and also consider the  level of adoption into your place so that your atm would generate some good profits as an owner.Installing isn't really bad as long you do have the money to buy on and your country doesn't really have any restrictions towards it.

I think this idea or plan will surely be accepted in a specific place where bitcoin is not prohibited (legal). AND THIS WILL SURELY be take time. It's not as easy thou, but. I can suggest a little bit. First get a lawyer and talk to him/her about your plan and then second make a platform, and then if it get accepted by your country then you're good to go. Let me know when will it be so I'll be your first customer. :D

is bitcoin an accepted payment on amazon?

Only need for a bitcoin ATM is when you have Bitcoin and need to readily convert it to fiat

You are trying to get into a quite complex business. I don´t think there are any franchises for Bitcoin ATMs where I live, but your best chance would be trying to find one in your place.

Any updates from OP if he already did installing bitcoin ATM in their city? i want to read a feedback because i am planning to build my own bitcoin atm too in my area since i already have a survey of how many users of bitcoin can able to used atm here in my area and near cities.
Of course i want to know first if it is profitable or what set up is the best.

First you must if it will in legal in your country before you start a business of ATM bitcoin in your place.But that was a good idea of building a business like that ,in spite of being a profitable and sources of income our life was easier if we have that.

Contacting related bitcoin companies in your area would be a good start. Also doing research on the existing regulations of running the btc atm in your location will help.

First of all if your county government does not accept it you can not open ATM of BItcoin. If government accept it i think any Bank will accepted to open it . Personally you can not open it or government can not accept it as it is involved in currency.

The very first step is to check the rules and regulation because without which nothing going to help it. Even if you do all the research but if government does not support this then it will be totally failure. Thus along with the regulation then you will need to have the survey in your area which will help you with the required details like who all uses the cypto currency, their age group , footfalls etc.

What survey and all you are say buddy, I think you do not know about it lol. There are many Bitcoin ATM Manufacturer through out the world so you have to check the place and approval government you can get for this.
If your Government accepts for this you can have the bitcoin ATM in your city as well. Please check the list below.
https://www.bitcoin.com/bitcoin-atm-manufacturers

This is not on our hands it is based on where we live and how many use bitcoin daily if all are fit in one place they put an ATM at your city , bitcoin ATM are very useful for daily user's of bitcoin there are many bitcoin ATM are available in today economic situation soon it will be possible in all countries .

This is where you need to contact the local government where you live and make sure your country government accepts bitcon transactions in the community, because if the government does not accept it, legally you This can not be done. There are already a few bitcoin countries that have installed a lot of bitcoin ATMs to facilitate their transactions.

In  my own opinion you cannot ,starting your own business of installing bitcoin atm without legal consent by the government,because you need first legalize bitcoin in your country.should i asking you which country did you from?is its oke in your country to install a bitcoin atm business?.will in my country thats things would not been happen because its a long process,unlike japan that they are open up the bitcoin as legal and part of there economy growth.If in your country bitcoin is legalized will go on,stick to your  plan,and if you thinks thats its a long process of investment avoid that and change your plan.will why you should not  try an platform trading site investment maybe its suits for you.

Yep, it’s really not easy for you to do this plan by yourself. You are an active person, you can do your proactively by sharing this with your friends or other. It will depend much on your situation, your country. Whether your government accept with your idea ? With the popular of  bitcoin, it trends to make your idea come true easily. I guess that most of us all hope and habour dream to build a bitcoin ATM for us country
I hope that you can complete your plan early.

I really want to install ATM bitcoin in my city to facilitate my transactions so I do not need transactions through other countries then newly disbursed into Rupiah currency.
However, unfortunately, bitcoin in Indonesia is forbidden even I hear the problem that bitcoin in Indonesia will be strictly prohibited and Indonesians who use bitcoin as a business or investment can not transact with bitcoin anymore. Is there a solution to this problem that I experienced?

It is not all a easy thing to install ATM in your city. You have to get the proper authorisation from the government department to install the ATM for bitcoin in your location. Have to check the BTC ATM providers available in your location to help you do all prospects for that.
Then only you can have bitcoin ATMs in your city. Check the provider facilate in surf to check in Google itself.

a very good idea, but in any case you need a development team, an investor, and connections with the ATM BCM!

Wow it's a great idea. Actually it's depends in your local area. If your local area many bitcoin user you can success and You will be profitable.

Omg  :-\ :-\ :-\ :-\

If you really love to make that kind of business then you should try for it. That sounds great.But i don't have any ideas but all I can say is you must be smart in doing this and consider the coins value.

Bitcoin is decentralized and the government has nothing to do with bitcoin and they may not allow you to install ATM in your city. The big problem is the users if there is no user in your city then installing ATM will not be a good idea. Users are mandatory to use ATM for their transactions. I would like to advise you to invest in bitcoin besides installing an ATM in your city. You will make more money from your investment.

This would be on case to case basis only.If his country or place do have some good significant amount of bitcoin users then its ideal to put some ATM but should really set some reasonable interest on each bitcoin being bought by them because if they would find out its way more expensive than on buying on exchange then this thing wont really be worth of since people will surely neglect.Just only set reasonable price and also adoption and awareness will be there also which would really potentially increase even more bitcoin users on the place.

ATMs are possible only with the permission of the state. Legally they are installed only in Japan

Installing ATM is a good idea but I think that you will find no supporter in your city specially in such places were the bitcoin users are few because it is a new thing and people will not welcome it because if they have no bitcoins such ATM will be of no use for them. If you have users then you try to install a Bitcoin ATM. But the government recognition is also mandatory. It is not so easy to install bitcoin ATM in your city.

it is very interesting if its in my city bitcoin ATM. this is very good idea until now how much bitcoin holders capacity in this country is it possible the government let it ..? this can be a big market for bitcoin.dan facilitate to transact ...

It is also necessary to raise the issue of taxing this business, as well as any transaction in this ATM. And this will already affect the user himself, because he will need to pay a large percentage for transactions. In general, legalization in many countries is difficult, because some officials consider the crypto currency to be a threat to their national security.

If you're planning to expand more your business and make an ATM in your city, that might be a good idea. But, before you will install the ATM machine make sure that the government of yours allows it because as you can see, many countries banned bitcoin and it sounds good if your country is open for bitcoin especially your government.

I just saw the weirdest place to have an ATM where you would never expect to see one ever in your life! :o
Out in the jungle....
https://s14.postimg.org/gu629xrbl/DW7_BVB1_W4_AAF7wb.jpg (https://postimg.org/image/jbhth7b7x/)
In the middle of nowhere!
 ;D

Months back due to the increased transaction fee collected on atm units, people started to avoid ATM usage completely. In this regard large number of atm's were taken back by the company. By this time implementation of bitcoin atm won't be that profitable. Better is to think of something unique.

Very Good info shared by forum friends thanks ATM is one of the best way to get profit but in my opinion you will need dealing with good exchange and also prior permission from your state authorities.

Wow you made my dawn, it's a province I guess. That place province / jungle is even luckier than mine in the city because I haven't seen that there's any near bitcoin ATM here. Though I know that there's one existing in other place in my country but I can't travel that long. You may contact the exchanges locally that are operating in your country and ask them to create one but for a country that prohibits bitcoin? this is tough.

I don’t know if it is easy to do such a thing, cause I think you will need a lot of money to carry out such a thing. It’s very risky from the way I see it, if an individual like you is going to be the one to do it. Maybe you should get a group that will assist you in doing so. But you need a lot of capital..

In my country, I don't ever see any bitcoin atm machine that own by a bitcoin enthusiasts or any bitcoin atm machine that directly operated by the bitcoin management. There's a possibilities of bitcoin machine once a certain country accept bitcoin business and used as a legal tender or assets. But so far in my country, the government remain silence about the circulation of bitcoin. I don't ever heard any bad reactions of my loving president about bitcoin business, so let us wait if the bitcoin ATM will be soon implemented in different places all over the world. For me, ATM machine of bitcoin is too much risky, because criminals are too much attracted on that particular business, they can easily attack to their targets.

If it is not a fulltime business where you rely solely on it, then you can experiment. The tech, I am not sure where you can find or buy an ATM. We have one near my city which also has ETH and LTC. Don't forget the volatility when you compute for profitability.

This kind of business may seem profitable and unique because of not so much people got involved in it. From first few comments you have got some necessary links to see what and how, as I see. But I think you need to creat a whole business plan to count all variants, cause of if you are from a small country with small population, like from jungle picture, your costs for installing on ATM will probably will never get return. Good luck!

WoW I didn't knew that my thread is still actual here and I thank all of you for your suggestions and opinions. I have got necessary info about the point and I will gladly inform you guys in nearly future about my final decision.

First of all there should be proper legislation for such activities. And when it would be allowed in this or that country, banks will be the leading players in such business.

Proper registration and licenses are obviously needed, but banks currently by far aren't the leader in this segment. I only know of a Slovenian bank that made it possible to also buy Bitcoin through their regular ATMs.

Eventually, this will be the way to go for banks, where by that time they will completely demolish the third party ATM market. It's an ultimate form of convenience to buy Bitcoin from your own local bank ATM.

If the bank works with its own reserves, it will even be able to dramatically decrease the fees involved, which is something regular ATMs can't and won't be doing. Why else would they run an ATM, just for fun? ::)

This problem actually involved with many things related to the goverments then technology at all, first you have to ask the permission of your goverment first then things will be very easy like setting up a normal fiats ATM.

As for Russia, Sberbank and Alfabank (they are the largest banks) are very interested in penetration blockchain technologies into everyday life. I think they will start this business direction, including ATM, in the near future.

you have a very good idea in terms of making a crypto ATM facility and I think if it can be realized of course it will be a profitable business field. but in my opinion you will not be able to realize it yourself because of course you have to have a manpower who is expert in the design of ATM crypto. so I think start by opening a list of job openings for people who are experts in their field and it seems like this will take a long time.

maybe the reason OP is the thing we do that related to the internet will allow loss of signal from the internet which can happen anytime and of course it will be very disturbing in terms of bitcoin transactions. and that I know as usual in making transfers or withdrawals we do by using ATMs it does not have to use the internet network, and that's just my opinion if there is a mistake I say please you can straighten it.

You are so intelligent for this ideal you just think of go ahead and do it i wish you goodluck kudos to you Bro.

You know what I was thinking the exact same thing. There is only one in my whole city and I live in a major UK city. I cant imagine it being to hard. I would look into to what bithumb are doing at the moment with all the infrastructure they are building in South Korea at the moment. They may even franchise out some atm's I think it would be worth contacting them about it.

I think the first thing that needs to do is legalize bitcoin as your currency in your country tho,  and after you will looking for any information of how to make it than the last thing you need to do is find the way how you can make the people also interest to use bitcoin ATM,  I mean you really need to do hardwork like making bitcoin ATM was better than any other ATM.

That is a very interesting question and you use the various means to do it.

There are some very useful links that has been posted in the thread. Use them.

Installing bitcoin ATM in your city for sure need big capital because you buy machine , you need permit and you need to places for the ATM machine. For me maybe it some user only use that because if we compared the price on the wallet and ATM is very big difference like buy bitcoin in ATM is more expensive if the selling price is more cheaper.

There are many websites and articles that will help you with this.

Use the important links and try to follow it step by step to install it.

isnt the point of ATM to withdraw cash or make transactions?
How is that relevant in bitcoins?
i have seen many ico's try to do that, i have been wondering for a long while now

You must google the main things and be sure if it is even allowed before installing.

There are plenty services available for this bro. If you really want to install you can just Google it find whoever doing this service in your country. Please refer the below to get the more information about the ATM Installation.

https://coinatmradar.com/blog/how-to-start-a-bitcoin-atm-business/

You must have the bank relationship to operate the Bitcoin ATM in your location. You may check the Bitaccess they are providing the service called BTM.
https://www.bitaccess.co/buy-a-bitcoin-atm

Putting up  your own Btc ATM in your area is in fact a good idea to start a business, but I think you have to take considerations any legal issues before doing so. This is not a simple business and I guess there are lots of paper works, certications, business license that you need to go through your Btc ATM to legally operate in your City.  Proper research is what you can do before you start putting up a business like that.

Installing a bitcoin ATM is a great idea but I think it 's not easy to carry out. Because if you want to install them, you have to ask for permission of government; one more things, bitcoin have to be accepted and commonly used in your country.

Wow, that would be quite a good business, but you first have to consider the government and their laws and whether Bitcoin is considered as illegal wherever you’re living. I once read a news article about how the FBI seized a Bitcoin ATM Machine in New York. I can’t remember how it really happened cause it has been a long time since I read it.

The Bitcoin ATM Machine is used in withdrawing Bitcoin as cash, that’s the only thing I know it can be used for– just to withdraw your Bitcoin into cash (fiat). It’s not available in my country, cause no one is interested in it yet, so I just sell to exchangers and get paid to my bank. The Bitcoin ATM has some. Heavy fees that are attached to it and you might like making use of it, but it’s still good.

I think bitcoin ATM's will be provided only if a government approves legal usage for bitcoin then bitcoin ATM's will definitely be installed on that place quickly.

that's what I wanted all this time, there was an ATM bitcoin machine, if you want to buy or sell bitcoin, you can live in the ATM, surely it will happen, hopefully 2 to 3 years can be a bitcoin ATM.

Is it even profitable? Don't know much about the ATM business, and I'd imagine its the same for most people involved in crypto. What is the whole purpose of the ATM, and how exactly should it work? You keep BTC in your wallet and then people can buy it with fiat with a fee you keep for yourself or what?