Bitcoin Forum

My name is Keith Smith aka @SmileyGnome on Twitter.

I have been involved in the BTM business selling Bitcoin ATMs, teaching people how the business works, and securing them compliance in the USA.

I have come to the understanding that there is just no information out there about this business.

Completely understandable since this business varies in operation worldwide.

I have found its best to explain everything in detail over the phone.

If you are interested in getting into a cash business that helps build the on-ramp from fiat to Bitcoin, reach out to me. I can help explain everything there is to know about being in the BTM Business.

To The MOOOON!

-Keith Smith

https://pbs.twimg.com/media/Eu8yOLBXMAcHVmp?format=png&name=small

Honestly just a question but how beneficial it is to open just one ATM I do feel like if someone does want to actually go and get into this business being owner of just one ATM would mean one has to take care of extremely unfair governmental business and at the same time they would have to wait a lot , they profit will not be that much and the individual ATM owners usually do get taken over by the big companies much like mining farms. What's your take on this ?

At the same time there is just USA as listed here therefore this might now be relevant for most people at the same time you can also post this into services section. But at the same time how cutting edge are the rates provided by the ATM's , since now the offline wallets have started instant transactions. Therefore their rates are really competitive. Can the rates of bitcoin ATM's cope up with it?

I've never seen a more worse fake than that picture. Please provide a real picture with you including ATMS.

And please provide legal information on your website. You can't just run a ATM business in the US, you need a license for them.

It's also not optional to post very private videos on the youtube channel where your post videos related to your business. The same with your profile pictures and usernames.

It gives the impression its more a hobby to you than real business.

The person on the website and videos is clearly you, that's good.

If your business is legit then I wish you all of best for your business.

Honestly just a question but how beneficial it is to open just one ATM


A:The answer varies. It is 100% dependent on the person operating the machine. If a person run the machine like a business, markets location, maintains Bicoin for sale and empties cash regularly... It can be wildly successful. Just like in real estate, location, location, location. If you install a machine at a location no one can easily find, or the foot traffic is really low, the machine wont get business. But if you install in a high foot traffic store on a main drag, it can have an overwhelming amount of business.

I do feel like if someone does want to actually go and get into this business being owner of just one ATM would mean one has to take care of extremely unfair governmental business and at the same time they would have to wait a lot , they profit will not be that much and the individual ATM owners usually do get taken over by the big companies much like mining farms. What's your take on this ?

A:Compliance varies worldwide. In most countries, there is no compliance when it comes to Bitcoin ATMs. In the USA, location of the most Bitcoin ATMS in world, compliance is strict, but it is now established. Gone are the early days of not knowing what to do to operate legally in the USA. The cost to entry is minimal to become compliant. A single machine operator has just as much opportunity as a large fleet operator. Smaller operations see the same profit percentages that large fleets do. Obviously, the more machines you operate, the more revenue you get.

At the same time there is just USA as listed here therefore this might now be relevant for most people at the same time you can also post this into services section. But at the same time how cutting edge are the rates provided by the ATM's , since now the offline wallets have started instant transactions. Therefore their rates are really competitive. Can the rates of bitcoin ATM's cope up with it?

A:Not entirely sure what you are talking about here but im assuming you are talking about ATMS vs exchanges etc. Bitcoin ATMS are the easiest and safest way to attain BTC. When it comes to new users to Bitcoin, there is a large demographic that is nervous about doing ACH and Bank wires to exchanges. They also do not know how to operate exchanges. BTMS are so easy that the most technologically illiterate can attain Bitcoin.

As for fee averages, we see 10-17% for most of our operators and their fleets. There are operators (not any of our customers) out there that charge as low as 7%, but the devil is in the details with them. They will inflate the cost of Bitcoin, charge a flat fee on top of the 7%, so it gives illusion that its under 10-17%... I recommend against such dishonest practices.

Operating a BTC ATM is a business and it has costs. Its not something people should do for a hobby. Lots of people scoff at the idea of paying 10% fees. Yet they have no clue the work involved managing cash from the machines and turning that cash back into Bitcoin. They usually think that you just plug in the machine and the business runs it self. Bitcoin is very rare. Physical Silver is getting 20-30% premium over spot... why wouldn’t cash for Bitcoin get premium over spot? Many would argue, Bitcoin is far more rare than Silver...

Ultimately, what we see is a constant growth in this industry, even during market downturns. It is 99% people buying BTC. 1% selling. And when Bitcoin machines are coupled with altcoins, Bitcoins Volume is 99% of all transactions. This is probably due to fact that people who want altcoins know how to get them. Thats why I suggest just operating BTC ATMS and avoiding the headche of customer support with those who send Bitcoin to Litecoin wallets thinking that Litecoin is a lighter version of Bitcoin :-)

*sorry before but the image looks like an edit 'lol'...
The Bitcoin ATM business is still very rare and definitely has the potential for big profits in the future. the problem is whether the machine can be trusted and get a license because until now I have not seen it in my country.

Very interesting idea and congratulations for it.

But I think anyone who wants to buy / sell Bitcoins would do it from home, and since Bitcoin is not distributed as a means of payment, I think few people would take advantage of such a service in a Mall, for example. But still I wish you luck, sometimes exactly endeavors that seem strange turn out to be the best.

I am account executive at ChainBytes https://www.chainbytes.com/

 I didnt realize my BCT profile had link to my old sales account portal (I was independent sales rep working off my own leads).

Yes that video is on my personal YT, but its also on our business youtube here: https://www.youtube.com/watch?v=WG68Y8GE0qw  I filmed it to show how you can purchase Bitcoin in under 30 seconds.

Yes, you need a license to operate in the USA. We assist operators in attaining licensing and compliance in USA.

I can assure you it is not a hobby, it is a passion. I truly believe that BTC ATMS are important for on ramping new people into Bitcoin. Its why in the last year I have refocused all my energy into this business.

Our business is legit and I appriciate your best of wishes   ;D

Heres unedited photo of me lmfao https://pbs.twimg.com/media/Ell9lIRW0AAbN85?format=jpg&name=small


repping the Rona Beard and haircut  :D

You would be surprised. BTC ATMS are doing better than ever.

^ Interesting -Keith Smith, such a good idea.
I think it is good if you move this into the service section and accept BTC as payment upon purchasing an ATM machine.
Do you accept orders even not in reside from the US? Announcement thread (ANN thread) or make your own thread about this will also a better to up to date when there are more queries.

We prefer Bitcoin for payment. We ship world wide. We only have partnership with USA Compliance company since USA is the most strict in the world when it comes to compliance. Over seas customers handle their own compliance.

Good idea about making announcement thread.

Locking this thread and moving it to the service section...

https://bitcointalk.org/index.php?topic=5321930.new#new