Bitcoin Forum

Maybe I'm a little late to the game in trying to get a Bitcoin ATM business started, but I've started to see a few buy-only ATMs popping up in my area so I figure there's plenty of room for growth. But as I've been searching for Bitcoin ATM manufacturers, I've found only a few that look like they have good products and a customer service desk that's worth anything. I've already crossed one company off of my list because their customer service number has a perpetual busy signal even in the middle of the night, and it took three or four days to get even a basic response from them by e-mail about ATM details and operation. When I asked if they had any ATMs that allowed crypto purchase via credit or debit card, I got a one-word reply, "no", and when I replied that I thought they were being very shortsighted by not offering a credit/debit card option for customers, they said "thank you for your feedback" and that was the end of the e-mail. Not the level of responsiveness I'm looking for in a company that wants my money.

So now I'm paring down the list of ATM manufacturers that seem to have a good product and seem to give a rip about customer service, and I'm hoping to purchase my first Bitcoin ATM by early in the new year. Of the two current ATMs I've seen in my town so far, one (CoinFlip) doesn't sell their ATMs to outside parties, and the other is a Genesis Coin model that looks like it's in the $11K retail range, which is a bit more than I can afford to shell out just starting out. Any advice on what I should do (or not do) and things to consider starting off would be greatly appreciated.

I heard that running an ATM for Bitcoin or cryptocurrency can be a good business proposition especially if one can achieve a good traffic or customers. Someone said to me that this can be a booming business and in fact there had been some crowdfunded projects that focused on this business and when I just checked one which I supported early this year I think they are doing fine. As more and more people can be adopting cryptocurrency, this industry can be booming just like the traditional ATM business which is already a permanent option for the many. Lat year, in one of the other forums where I was a member of, someone PMed me about ATM machines and he shared that he was doing business with this ATM-focused platform (https://lamassu.is). Maybe you can get over with them and who knows you might like what they are offering. I don't have any personal knowledge nor any relationship with that site and I am sharing it to you here as one of your possible choices.

1) It sounds like a bot to me.

2) I was going to say, "give it a little time" but I'm not sure, because what if this kind of "business" resulted in positive feedback, you're going to be too late, and if this resulted in negative feedback, you're going to have extreme losses. But what the heck, every business is a risk. As of now, as you stated, that 2 Bitcoin ATMs don't sell very well, only means that it's either doesn't have that much "exposure" to the public or the company doesn't do any advertisement on their business at all. Try it and give it a shot, maybe you can make a difference.

Before thinking about starting your own Bitcoin ATM business it is good to find what all the consequences needs to be faced. It requires lot of licensing process and those are not much used now because of the increased transaction fee. Recently came across an article from which understood very few are using bitcoin ATM. This is from an author who has shared his experience in Japan where it is believed to have the largest number of bitcoin ATMs in use.  Bitcoin ATMs in Tokyo — There Aren’t Any (https://medium.com/@mishablog/bitcoin-atms-in-tokyo-there-arent-any-f544fb51ac04)

I do not like to work with bitcoin ATM so I can not give good advice

This is expected as the government is making sure that the industry will not be run by scammers and frauds. This is money involving here so either the ATM has to pass the regulatory requirements of a money exchanger or as a pseudo-bank which can be stricter and tighter to pass. Implementing the legal guidelines is for the sake of the consumers so they will not be hoodwinked into money scams or similar schemes which might use the ATM business as just a front or as a magnet to attract victims. However, no matter how strict, there will be some that will really qualify to do business. A good idea is for the government to approve a franchising scheme where those who are interested to be in the Bitcoin ATM business can be under a big operator but as always strict implementation of the rules must be observed. There is actually a big potential of this business and years from now there is a big possibility that some banks are already leading this industry.

Lamassu is a little out of my price range at the moment. If I can get a two-way ATM for under $3,000, I will be very happy.

I'd rather get in on the front end of an industry with huge potential and not make much of a profit starting off than miss the boat once it does start to boom. Early adopters in industries such as this need to have lots of patience, and thankfully I have lots of patience. And a day job to pay the bills in the meantime.

A close friend of mine is a CPA and she is fully aware of what I'm doing and she has offered to do the required paperwork for this venture. She is well-versed in AML requirements.

Some of you will think I'm crazy for what really sparked the idea to start my own Bitcoin ATM business, but in a way it makes perfect sense. My wife and I have been self-employed for several years and unfortunately have fallen a bit behind on our federal taxes, currently approaching $30,000 that we owe Uncle Sam. AML issues notwithstanding, I'm willing to go through the steps in getting this ATM business up and running and give most of my business income to the government for now to help pay off what I owe the IRS. Call me crazy, but I'm willing to try this to keep the IRS from escalating collection efforts.

Bitcoin ATM isn't that easy to build as a business. You need to conduct a study on how many bitcoin/crypto users are around your area where you'll be placing your machine. Without knowing this kind of stuff you're not to fit to stand a bitcoin ATM machine not until you gather enough information that your business may bloom. It doesn't work like there's only few machines out there If I place one I can profit.

I realize it's not easy trying to build a business like this, but given the fact that a lot of crypto buyers don't want people to know they're buying crypto, surveying potential users isn't a cut-and-dry thing. And I've read news articles stating that some people who are buying crypto haven't even told their significant other that they're buying crypto...so what makes me think they'd tell a total stranger whose motives they don't know whether they have crypto or not?

I've talked to people in the two stores locally with Bitcoin ATMs (a vape shop and a 24-hour convenience store), and they have told me they get a small but steady stream of people using the ATMs.

I'm personally not a BTC ATM owner or am that experienced with them to be honest, but I've had quite a lot of experience with crypto businesses, and I'll personally never buy or use a product if the support team behind it was only able to be reached via email.

Go for the Genesis one, and talk things through with them, make sure they are helpful and will deal with issues the ATM's might end up having.

Where are you thinking about putting these ATMS? It might be risky putting it in some areas.

I figure you’ve done your base groundwork, but just in case, I’d also run through all available information at https://coinatmradar.com/how-to-start-bitcoin-atm-business (not all reports are recent though), and since you are in the USA I presume, I’d go through the lists of operators in your area (and others that are willing to expand). For example, there are currently around 10 operators in Chicago behind 263 BATMs. There’s also a section on the site with first and second hand ATMs, but it looks pretty outdated and scarce on the ATMs from manufacturers list.

Looking over some published prices, finding a new two way BATM for under 3K$ may be a feat, and perhaps a second hand one may comply. Even so, one would need to match the price against features and support.

This week I stumbled upon a different sort of device, a BTM, that is being sold at least in some South American countries (see re: First Bitcoin ATM in Venezuela (https://bitcointalk.org/index.php?topic=5099580.msg52681531#msg52681531)). A BTM has a different business model though, since it requires a shop assistant to perform the TX, thus part losing the anonymity that you get using a BATM as a customer.

I can't help you with the ATM thingy since I haven't even seen one personally nor tried it. And I also have no plan of it as a business but you should also consider the popularity of bitcoin in your place. Whether there are a lot of users that might use your ATM or not. Start your planning before purchasing one. It's always better to start with a plan. Estimate if you'll be able to gain profit from it, how big is the possible profit, and the time.

We have a nice Bitcoin ATM in my hometown of Asheville, NC at Firestorm Books!

In the country where I live, I have not yet found a bitcoin ATM and I hope that with the development of bitcoin that is increasingly popular there will be a bitcoin ATM as soon as possible in the country where I live.
but it all depends on how many bitcoin users are in my country.

I wanted to research the topic a bit, and I saw this (https://decrypt.co/10046/ightningatm-how-to-make-your-own-bitcoin-atm) article I think might be interesting for you. It has some ideas on making one's own ATM, but apart from that it's about the possibility of making an ATM that supports the Lightning Network, which is something to consider in the long-term perspective because for now, it seems to be the best solution for micro-transactions. I also found this (https://coinatmradar.com/how-to-start-bitcoin-atm-business/) website which you might have come across, but if you haven't, I think you'll find it very useful since it has lots of data on Bitcoin ATM business in one place. It even has the whole page dedicated to buying ATMs which you can find here (https://coinatmradar.com/shop/buy-bitcoin-atm/).
Good luck with the business, and please charge less than they usually do  :) The fees in ATMs is the main reason I never use them and prefer local exchanges. If the fee was less than 5%, I would. Perhaps, there are many more people like me, so think about it if it's something you can regulate.

I  am not running ATM business now but have doing some search about it on how  we can start  this bitcoin ATM Machine.  I spoke with some expert and he recommended me to  go  for legal  advice  first  and the least cost  to  get  1 Machine was $6000.  I am still working out to get details by 2020  i might  install my first bitcoin ATM  machine too .

The thought ran through my head for a moment about trying to become a business partner with an existing Bitcoin ATM business, but given the legal implications of working with someone I don't know in a business under intense government scrutiny, I've abandoned that idea. I've chatted with a couple close friends about whether they want to join me in some aspect of this business, but they're not to that point yet.

As I mentioned above, any profits I make from the ATM will be going directly to the IRS for the foreseeable future because my wife and I are trying to pay down a not-insubstantial amount that we owe in taxes. Maybe I'm crazy for thinking this will be an easy business venture by which to pay our personal tax debt, but we're willing to try it. If we have crazy success beyond paying our tax debt by this means, that's just icing on the cake.

Genesis is at the top of my list. I'm hoping to have about $4K or so set aside by early in the new year, plus bitcoin I am stocking up on for my sales inventory.

As far as ATM locations, there are a couple 24-hour convenience stores at the intersection of major north-south and east-west highways just a few miles from my residence. I'm also looking at convenience stores right across from the two largest colleges here.

Sounds like a good business and it made me feel interested in this kind of business as well. We still got no Bitcoin Atm in our country and the first person who will purchase one would be lucky because there are really plenty of users who want to buy and do Bitcoin transactions. It would be better if it would be placed in business establishments.

I mean, it's worth a try isn't it? I'm pretty sure large amount of people who have a lot money in the crypto industry are likely under a lot of eyes from the government anyway.

If they like your ideas and eveything, you might find yourself a good buisness partner.

I doubt you'll be able to make enough profit in a short enough time to justify such a huge investment to be honest. There's a lot of factors and sometimes it just not worth the headache.

Good luck though!

maybe hearing about bitcoin ATMs or other ATMs about coins is certainly interesting news but unfortunately in my area there is no bitcoin ATM because I live in a rural area, unlike you who live in urban areas, you might be able to easily access various bitcoin ATMs and the other, actually I really like to have a bitcoin ATM and if I live in an urban area I would definitely buy one of these ATMs.

Bitcoin ATMs are placed on an urban area to purposely have many users. The more crowd, The more costumer to serve. especially that bitcoin atm is one of the influencers that can attract regular people to use bitcoin. It's just sad that there is only few bitcoin atm that are existing in the world. It is so much less if we compare it into banks atm.

Stolen credit cards would be used to buy bitcoins at your ATM, and then you would get hit with chargebacks, and now you are out of bitcoins and out of money, potentially facing legal problems, too. KYC could (maybe) curtail it which makes your ATM business more expensive to run and less attractive to potential users.

There are KYC and AML safeguards that can be put in place, and keeping meticulous records of who buys or tries to buy crypto with the ATM will keep us out of trouble. I am well aware that there will be costs incurred by putting KYC and AML procedures in place, but that's just a cost of doing business and we will incorporate that in our business plan.

I live in country still not legal using bitcoin as payment way and my country still not have bitcoin ATM's, we only use local exchange market convert bitcoin or altcoin to the bank without use bitcoin ATM's, one day I will go to some country have bitcoin ATM's and I want to see how to cash out bitcoin become cash money with ATM's bitcoin.

One way or another, in order to use cryptocurrency in everyday life, you need to have a good infrastructure for this.  Otherwise, why do you need Bitcoin ATMs, if you can not really use cryptocurrency.  But judging by the reviews of some users who say that there are Bitcoin ATMs in the United States of America, their use is quite convenient, but only the fees are very large.

That's great to hear mate, from doing some of my own research they do seem like they are the best options out there, and it's pretty clear they are a great company :).

Convenience stores are 100 percent the best locations that you can have, the problem is getting it there. Do those stores charge you fees if you wanted to put the ATM there, or are they happy to let it sit there and bring in customers?

Exactly. Big businesses don't just pop-up in an instant. Like Bitcoin, it wasn't really mainstream back then. Actually, there's a lot of doubt when it came about. Making fun of it and judging that it won't go far and would just melt in just about weeks after its release. But look at it now, most of the investors/traders are indulge in this cryptocurrency. And by incorporating a "business" into the fray would give it even more exposure, and the adoption would be much easier. Talk about convenience, right?

I don't running with bitcoin ATM's now because in my country still not available for bitcoin ATM's, I want to try using bitcoin ATM's if go some country have available with using bitcoin ATM's its the same with using usually money ATM's nor not, how to make cash out using bitcoin ATM's and how easy if using money ATM's for check bitcoin balance and cash out bitcoin to money.

Have you tried to contact Mike Tyson. Mike Tyson have a lot of atms placed in Las Vegas since 2017.  Also if you want to purchase online try checking it out on alibaba since there are bitcoin atm machines being sold there. But if you want to really purchase atm machines from company then try these bitcoin atm manufacturers: BitAccess, Coinsource, General Bytes and Genesis Coin.

I have lost the link for other bitcoin atm producers and I have only left with Genesis Coin. Here is the link and try reading and possibly you will like their company. https://coinatmradar.com/manufacturer/3/genesis-coin-bitcoin-atm-producer/

I've seen them on alibaba as early as early 2014. Not sure if I'd want to buy them instead of something tried and tested where at least I wouldn't be worried as much about a backdoor or an exploit leading to the loss of funds.

BTW, didn't know Mike Tyson was so much into Bitcoin.

Can you share the name of the company so that we know which Bitcoin ATMs are most comfortable making a purchase?

Have you already scouted out a place to park your ATM? I recently looked into opening up a Bitcoin ATM here in Singapore but came across two major issues.

First, some of the ATM suppliers have stipulations about how the Bitcoin ATM needs to be from other ATMs of the same time. Second, I found that practically all the major hotspots in my city were already covered with ATMs, meaning it would be slim pickins if I had to plant it outside of these areas.

Unless you can grab yourself some prime real estate for your BATM, you might struggle more than you think.

Maybe because Singapore is essentially a city-state, so it's easier for the market to get saturated? But to be fair it can happen with cities in other countries too, maybe it's better to compare cities with cities, especially in a bear market, when it takes longer to ROI.

I think the market for doing business with Bitcoin ATMs will one day be similar to that of vending machines - if there aren't any around, it probably means it's not profitable to run one in a given location.

I was in Kraków Główny about a month and a half ago - that is, Kraków central train station - and they had a Bitcoin ATM there! The brand is Bitcoin Embassy and while I didn't take a picture of it, I found a picture of it online:

https://i.gyazo.com/0dadb4b0e78665ac18bb3ec3cfaed047.png

So keep an eye out in any train stations you go to, I think these ones are just dotted around in popular areas around the world. Convenient ATM as a few places in Kraków do accept Bitcoin, I didn't use it myself though. Obviously I don't run that ATM but I noted it's a brand you didn't mention in the OP so hope this helps with your research.

Or just zoom in on the map on coinatmaradar.com. The ones whose picture you posted are produced and operated by shitcoins.club but sometimes they call themselves 'Bitcoin Embassy' for one reason or another. Their fees are the lowest on the market if you want to sell, right now it's at only 0.016%. OTOH it's currently ~6% if you want to buy, so it's better to use a different ATM for that such as flyingatom which has lower fees (~3%). I don't think they sell their ATMs for 3rd parties to operate by themselves though.

at this time in my country few are providing Bitcoin ATM and few are accepting payments using Bitcoin so that I have never used Bitcoin ATM yet because there are not many who accept bitcoin as one of the payments, hopefully the Bitcoin ATM reach will be wider and more will accept payment using bitcoin.

I am just wondering, where could this bitcoin ATM get the funds from? Because if a person or single business owner will start to implement their own bitcoin ATM, it should be funded in such a way that, people could deposit and at the same time, withdraw fiats out of it. In this case, it is so hard to implement it without the guidance of legal jurisdiction to support and provide some regulation with regards on this project.

The best 'guidance and regulation ' a government can provide is not do anything at all - live and let live. So far it's been working in countries with less oppressive laws. More oppressive countries have the police steal ATMs and arrest the operators, less oppressive ones have ATMs with lower fees.

It is a goodnews and from that small counts they can surely earn a little but sufficient profit from that. Bitcoin atms has alot of.potential if you can pick the right place and population to place your bitcoin ATM.
Having a steady stream of people using customer at the current stage of bitcoins popularity is good considerding that bitcoin is still not widely accepted and once the day it came true those businesses will surely boom.

if you have in your territory the legality of Bitcoin then you can process in this way, I think it would be a good initiative for flourishing and availability of Bitcoin. when people avail of the easy-going process regarding Bitcoin then they will get interested in using Bitcoin, so I think this type of initiative is looking healthy for this platform. so you have to collect all the legal documentation, license, so other related things, In ATM, people will feel safe because, in a regulatory process, Nowadays Bitcoin ATM has been launched in a couple of countries, recently, I have read an article on this context, maybe Singapore is one of them so far I remember. so it might be a great opportunity if you are legally clear.