Bitcoin Forum

As we all know, almost every country is working on giving legal status to bitcoin, and it is certain that very soon the whole world will give legal status to it. But more important is how we take advantage of this opportunity. I mean, we already buy and sell bitcoin, but if we want to make a permanent investment, it could be bitcoin ATM.

If the bitcoin in your country has got the legal status, you can set up a bitcoin machine in your area, or you can also select a place where you feel that people need a bitcoin ATM. From the list below you can choose the Bitcoin machine of your choice.

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This Genesis1 ATM is two-way, ie bitcoin to fiat. Fiat to bitcoin. Not only this, Genesis1 also accepts litecoin and Dogecoin.

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General Bytes is a one-way ATM it can only be used to buy Bitcoin or other cryptocurrencies with fiat

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Bitaccess is a two way ATM. It can be used to buy or sell bitcoin. I don't know if this machine accepts any currency other than bitcoin.

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The Coinsource company manufactures two types of ATM machines, one that can only be used to buy bitcoins. While its second version is used to buy or sell bitcoins.

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Lamassu also manufactures two types of ATM machines like Coinsource, one only for buying bitcoin and the other one for both (buy and sell).

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The LightningXchange currently manufactures one-way ATMs, from which bitcoin can only be purchased. There is no two-way automated teller machine yet.

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Bitstop company also manufactures one-way automated teller machine, That is, you can only buy bitcoins with this machine and cannot sell.

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The Covault ATM is two-way,  You can buy or sell bitcoins with it. I do not know if it supports any cryptocurrency other than bitcoin.

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Bytefederal is a one-way ATM and more than one crypto currency can be purchased. ( It currently supports BTC, BCH, ETH, LTC and dash )

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BitXatm is a German company that manufacturers two-way ATMs, you can buy or sell bitcoin with it, But it does not support any other cryptocurrency except bitcoin.

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More will be added soon..

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Disclaimer:
My goal is not to promote these machines at all, but to give people an idea, and to show them the way to invest. And I also want to tell you that if your machine gets failed or can't run for any other reason, you may face a huge loss.

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Useful links:
How to start a bitcoin ATM business : https://coinatmradar.com/blog/how-to-start-a-bitcoin-atm-business/
Revenue and costs of running a bitcoin ATM: https://coinatmradar.com/blog/how-to-start-a-bitcoin-atm-business/
Bitcoin ATM business profitability calculator:
https://coinatmradar.com/roi/bitcoin_atm_business_return_on_investment/

Sources

Reacting with the note you add in the "Disclaimer", the installation itself is a problem for an ordinary investor. In addition to the cost of the atm price + shipping fees, someone should be hired to install and maintain the machine.
ATM providers can't assist their machines all over the world. It's so risky to just start an investment with big money without having the right tools to maintain it for long run .

Although we see it flourishing all over the place, I don't think it's a viable project in the long term. Only in the short/medium term.

Because with the accessibility we will have to buy/sell bitcoins for the mass, we will no longer need this type of machine. Especially when you pay a premium price compared to the rest of the methods. With time, it will become so easy that the average Joe won't bother to visit a BTC Atm.

Not to mention that some countries could, despite legal status, act in the same way as Germany did a few weeks ago when the country decided to ban the machines on their territory if they don't have an approval from a financial regulator. Something that could be difficult to get, depending how selective they're distributing license.

This adds a 'not to be neglected' problem to open a business in this niche. You can't know if the country decides later to change its mind regarding such business.

Shitcoins.club ATMs are two-way. You also can't buy them, the company behind them makes them and operates them by themselves.


Not all ATMs have huge fees and not all of them require KYC (yet). But yeah, it's a business that is easy to kill with burdensome red tape.

I'd be slapping these things up all over the country if it wasn't for pesky money transmitter laws.  Operating one of these things now without the proper license could at best make you some extra money, and at worst land you with a fine that will bankrupt you for life.  The risk/reward just isn't there without some clarification from lawmakers about what they are and aren't willing to turn a blind eye to.

It is inviting in the eye, and would certainly be an eye-catcher, but it's not really going to catch traction if the fees are ridiculously high in order to breakeven or to get some profit off of it. The operating costs would be high, and there is the danger of theft in which the machine could be taken in broad daylight, as to what happened to some bitcoin ATMs in the US.

You are also subject to licensing and financial regulations surrounding the operation of such machines. It's a long and arduous process to get the legal things right, and most certainly an expensive one too. I wouldn't recommend investing on a bitcoin ATM as a means of passive income for small-time businessmen, but if you have the means, connections, and deep pockets for affording and operating one, go for it.

Or worst land you in jail, regulators and law makers are also looking at those bitcoin's ATM as of late. Like what happened in Germany Begins Closing Down All Unlicensed Bitcoin ATMs (https://news.bitcoin.com/germany-closing-down-all-unlicensed-bitcoin-atms/). And one drawback is the fees itself, if somewhat those operators can offer competitive fees then why not? But as of this time the fees are so high that we are going to use those ATM's in extreme situations.

That's the first thing that watched my attention in the list, and they also support beam right now, of all the ATMs I've come across they are probably in the top 3, not just a box with a bill validator.

Also OP you have a problem with your list, you might have added one extra value in the table:


Further Notes:

Genesis makes three types of ATMs, 2way and one way models (https://bitcoinatm.com/#genesis1box).
Same for Trovomat, it has 4 models (https://shop.trovemat.com/index.php?route=product/category&path=59) , but I dislike their interface

Bitaccess ATM accept LTC, ETH an the BTC clone, also they offer customizable interface with multiple coins suport.

I would really like to see an anonymous ATM operator turn up and give us a breakdown of their costs and profits. Since there are so many someone must be making money, or then again it could be the classic crypto shit throwing at the wall and finding nothing sticks which is the fate of most of these things.

I don't understand who chooses to use them so I don't understand who chooses to run them.

Bitcoin ATM usage around the globe isn't high to start a business. Majority of the ATMs were within a specific country, which means the usage and acceptance is quite high. I haven't seen any of the ATMs installed on third world countries. In an article saw about bitcoin ATM installed on India and the same being taken on government pressure. Bitcoin ATM Seized (https://www.thenewsminute.com/article/week-after-installation-india-s-first-bitcoin-atm-b-luru-seized-co-founder-held-90465)

I think it's obvious, anyone who doesn't want to or can't divulge their identity like they would ordinarily have to when dealing with BTC exchanges, is a potential user.

It's not hard to guess who would want to regularly use those ATMs which have high(er) fees, same as it's not hard to guess why in some countries all/almost all ATMs have universally high fees.

There's a lot of hindrances when installing or starting this kind of business especially on third world country. Most of the people is on poverty and its very rare to see people know or using bitcoin. And also the company that provides this ATM doesn't have local technicians in case the machine malfunction. It will be very hassle to purchase and start this kind of business while the resources is very limited.

The existence of this ATM, it seems, only helps about 30% of Bitcoin users.

Why can I say that?

As we know, Bitcoin is a digital currency, so the Bitcoin transaction mechanism will be more inclined towards online transactions. I think the existence of a smartphone is sufficient to make any transaction, including to withdraw Bitcoin into FIAT currency.
Their exchange company continues to innovate to expand its network with a variety of features. One of them is the ease of making withdrawals and transfers.

But this ATM is very useful for those of us who need money instantly, while our balance is in the form of BTC, correct me if I'm wrong

Before you can install your own bitcoin ATM, you need to ask your local authority if they allow you to install that ATM, or you need to provide something. But I am sure that you need to provide a document or something like that, and you should follow their instruction to install that machine. Perhaps, you need to explain to them about bitcoin first to understand the basic thing of bitcoin and how they can use it.

It is not difficult to install the bitcoin ATM in the country, which allows bitcoin because they will see that it is the chance for people to have another payment transaction. But in the country that is prohibited bitcoin or that country has a grey status about bitcoin, you need to do many things before installing the bitcoin ATM. Well, I think that is a good opportunity to have bitcoin ATM in all countries (if all countries allow bitcoin).

That is what I have thought too. Mainstream adoption is still a far away dream for many countries, either because of bureacratic red tape along the way or the government does not care. In my country's case, they do not have a clear stand on what to do with cryptocurrency, there are some regulations but will be heavily enforced for a day then everything goes back to normal.

Even majority of countries has legalized bitcoin in their domain, so bitcoin is no longer hidden to people who are really interested and wants to invest in it.looking at the Btc ATM's any country who adopts and approved use of bitcoin are entitled to have Btc ATM because it has legal status, the most important place the machine is needed to provide is a place users are in needs of it in order to make some certain transactions of cryptocurrency especially bitcoin so easier to users using bitcoin, because buying and selling of bitcoin will definitely done with help of the machine without no stress.

The price difference of each ATM is too high. I wonder what is the difference between a $20,000 and a $1,900 bitcoin ATM. Or is it just those two ways ATM that are more expensive?
And the ROI calculator seems to be a bit flawed. As far as I have seen some ATMs have insane price spread. They make extra profits from those spread and on top of that, they add the extra fees! So, they make additional profits from the spread. Looks like bitcoin ATMs are good business currently.
Weren't they all taken down by the German government for operating illegally or something?

Hello all. This is a very good thread thank you for taking the initiative.

I have been working as Ops Manager for a large Bitcoin ATM Network for 2 years. My background is in Business Development for Brokers & Exchanges and have recently started a small start up (the profile of which I am writing from).

I have summed up some pros and cons for the users of this chat that I hope you can find useful.

If anyone is looking to seriously start a Bitcoin ATM business, by all means, go for it. If done preperly, chances are you will expand and someone will buy you out. Have heard quite a few such stories. BATM networks are not that many.

PROS:
1: It is a business that can run 24h (if you find 24h shops).
2: You can automate it with cash collection agencies while you handle only the finance part of it and other hardware bugs that might occur.
3: You can earn a good commission out of each transaction.
4: There is not so much competition compared to online brokers.
5: There is always going to be demand for cash and especially some remote locations with no competition such as large villages (not big cities) can be very successful as usually there is no competitor around.
6: You do not need to develop anything in terms of software.
7: Broken parts can be replaced quite easily and cheapily.

CONS:
1: Money laundering -> you need to have a solid KYC system otherwise your risk your business and quite high fines potentially jail.
2: Small Bitcoin ATM's are cheap BUT are small in size and can not hold much cash (you need to empty them quite often) AND can "easily" be broken into. Unless we are talking about a 20k Bitcoin ATM or a very secure location (cameras central location etc).
3: Expensive fees. You need to buy from an online broker, transfer to your hot wallet, and sell with a commission usually quite high as you need to cover:
  a: cash collectors / gas if you collect yourself.
  b: partner merchant that is renting you the space for the atm (idea -> pay them commission not fixed price unless the location is super central with no competitor, then monthly fee)
  c: other operational costs get SUPER expensive -> compliance and cash collection mainly NOT customer support.
  d: if someone damages the whole ATM when trying to brake in.
4: Installation process, you need to find solid workers that do nice job + you need to be careful as they might do some dodgy things (install it badly and then brake in it).
5: Small ATM's such as General Bytes do not hold many banknodes. If a location is busy you want a large ATM that holds quite a few nodes.
6: There is always going to be a big portion of cash spreaded in the ATM's, meaning that in high volatility periods you need to manage your reserves quite well or you risk losing from the price swing.


There might be more PROS and CONS that I can not think of, but pretty much this is all I can say....

RECOMMENDATION:
I would suggest that you get in touch with a few established BATM networks, OR small ones that are shutting down in order to either buy used equipment or even better offer your funds as an investement in order to save costs and expand the network as a partner. The Money Lisence and compliance is VERY expensive and time consuming. If 2 businesses are going to pay 2 times, it is best to merge and pay one fee (ofc you will need to be careful who you are partnering with).

The regulations for BATM's at the moment are very tight. A few years ago you wouldn't need a money lisence... today its jail time if you do not have it. I know many small operators that invested quite enough funds and are now out of business. You can perhaps buy used equipement from them.

Another idea, is to  get in touch with established operators and offer to install an ATM in your location and handle the cash collection part of it for them. Then keep a commission as a partner. They will put their brand and everything that comes with it (lisence, customer service, marketing etc. while you will handle the cash collection part).


That being said, good luck to everyone. Feel free to DM me if you have questions.

 

Very well noted excepts. Maintenance is key to sustaining this investment in the long run. However, it is a good investment to look into.

Nah, only in Germany, they're a Polish company and are active in multiple European countries. They also said they had plans on resuming their presence in Germany.


You might want to mention in which country you're operating.

Don't know if this list ever existed anywhere else but yeah, this is probably the most comprehensive list I've seen in a long time. I have een following other threads of people trying to start up in Spain and in Vietnam (you can hunt them on this forum, I believe in the Investment sub-forum). It's surprisingly not easy to get hold of this info. How'd you source the list?

Probably from here?

https://coinatmradar.com/manufacturers/

A couple more are missing, excluding those with 0 locations (assuming the website is up-to-date).

what are two way atm's? btc to fiat and fiat to crypto? if that is then they can add a price on it because this was still an extra feature and its useful . operators can more of it compare to a normal atm because people are gonna use it more to withdraw to and to cash in fiat to btc . quality of the atm is also behind of the price difference . good quality is equals to high price and low to mid quality are more cheaper .

there name looks like a joke and untrusted , no wonder why they are illegal . if the name is shitcoin , does it mean they also sell shitcoin inside this atm ?

I want to look more into doing this. It could be very helpful in third world countries to increase adoption.

I guess I should have said about the pricing. That's actually not easy to find, unless you make direct contact for a sales request or quotation. At least, that was my experience when I last checked. Manufacturers weren't actually very transparent with pricing, setup and commission rates.

I don't understand what kind of KYC verification users will have to pass when using Bitcoin ATM? Can anyone enlighten me in this case?

Btw thank you for this thread, very beneficial. Will be glad if anyone decides to write a detailed review of each service provider and write it's pros and cons.
GENERAL BYTES sounds pretty amazing with it's features and price.

Btw as I see in my country, people rarely use Bitcoin ATMs, if they get near to it, it's because they just see a new thing and are a little bit interested in it, saying: WTF is this? Otherwise, days pass and no one uses ATM. It's in my friend's cafe in a prestigious place.

It depends on country. Personally I don't think it's a good business to start right now. You have to pay for equipment, pay for rent, internet, while you have to keep low fees and gain enough customers to withdraw a lot of bitcoins in order to cover fees/taxes and get some profit, so, I think in some places ROI is non existant and in other ones - bad. It's better choice to buy car with that money and rent daily on taxi drivers.
Maybe we need to wait for higher demand on bitcoin and cryptocurrencies?

Surely this is very helpful but now we have many problems even in developed countries for going with this business so third world countries cannot think about this as they already not accepting bitcoin and cryptocurrency and as @shield132 already mentioning many other things also involve so its not easy for all just some big investors can take some risk but ROI is still on risk because you need some good number of users for bitcoins.

If they aren't it's often because the final cost depends on many factors, the major one being order quantity.


Depends on the country, laws in place, operator's risk profile, etc. Can involve anything from providing a phone number to showing documents and scanning fingerprints.

For the time being, investing in a Bitcoin ATM carries more risks than it can pay off. Cryptocurrency is still considered only as an investment tool rather than a currency, so its demand is not great. Besides, people wishing to use Bitcoin ATMs are not much and scattered in many places, it is difficult to locate ATMs.

This kind of business is too much costly and really needs a huge capital for start up and maintenance while the business is running. However, it do brought an excitement in me to realize that this business gives more profits and can definitely help the country's economy to grow. How I wish that soonest our Government will come to realize it and will legalize the usage of bitcoin and other crypto currencies here. After all, its for the economy's growth and the country's improvement as a whole. In this modern time, where bitcoin's trend and popularity are getting wider in the market, it is just wise for the Government to take part of bitcoin's success and popularity.

Judging by the (increasing) rates of growth (93% in the past 12 months), it must be paying off to some: https://coinatmradar.com/charts/growth/

Locating an ATM isn't difficult, just click on the country and zoom in: https://coinatmradar.com/countries/

Correct. There are some ATMs that are two way, which means you can buy and sell crypto currencies.

Not really. I doubt any ATMs would sell shit coins. Too risky for them. As far as I have heard, shitcoinclub were one of the ATMs with a very low and a reasonable fee. Too bad none of them operates where I live. And their name has nothing to do with shitcoins. There are actually very popular in Europe because of their fees and very low KYC requirements.

Like malevolent said, depends from country to country and the amount you want to withdraw. So far I just had to do phone verification and ID scanning (for high withdrawals). Used ATMs that had fingerprints, but never had to provide any.

There are few bitcoin users in my country, I wonder how it will favour me and, help me to make a good profit from the business because our government just newly legalized bitcoin in our country.
I think I will open the school of Bitcoin where people can learn more about bitcoin before switching to Bitcoin ATM business by then there will be more Population of bitcoin users which will help me to make a good profit from the business. With that strategies all the citizens they will like to join the business where you can use your bitcoin ATM card to do transaction .

Thanks for the information, I have removed the shitcoin ATM from this list.

Of course it is, I agree with you. But I want to know if there is a business that does not suffer losses.

Believe me it is not too difficult. If you watch the videos, you will know yourself.

[1] https://youtu.be/bJVbf3GcAvA
[2] https://youtu.be/BBEgK6DTPMA
[3] https://youtu.be/sqASvrZCLtU

Thanks,you are right....

I worked in UK as an Ops Manager for SatoshiPoint UK.

How much these bitcoin machines will cost. It would be better if you can provide the price comparison for all the machines. Secondly even if the crypto is legal in our country, we can't just put the bitcoin ATM machine anywhere and start the business. Permission from the government and NOC certificate is required before implementing this business.

Yes this is true. You need a money license (on top of KYC structure and compliance department), which costs A LOT OF money... This is the reason that I said that perhaps the best option is to partner with someone so that the costs drop.

CoinATMradar.com has all companies that provide ATM's I think its best to visit their website.