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It looks like they took the insides out of a lamassu, slapped them in a cheap case, and run the lamassu open source code on it.
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Who do I need to develop a bitcoin ATM machine?
- An app developer to develop the App right?
-A computer programmer to make the tablet talk to the computer that relays it to the coin dispenser?
Or Technical Engineer to plan the flow of everything? Any ideas? Anyone know? Thanks
Since you didn't mention the obvious of a hardware person and you mentioned tablet, it sounds like you may be writing some code for an existing Bitcoin ATM. I would suggest a usability expert if you want to make sure the user experience is top notch. |
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Do you have anyone advising you on regulatory compliance?
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hi!
i am looking to make a bitcoin related website to earn some bitcoins.I really don't want to make dice or exchange.I have considered a bitcoin bomberman game,but i am not totally sure that will he get the attentions of users? will people play it? also its not handy.
do you know anything better than that? as i said i am not really interested in making dice or exchange.Please tell me something different that will gain maximum bitcoin users.
If someone brings an idea to the table, what do you have to contribute? Are you a developer? |
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I am 99.99% sure one would need a money transmitter license in the US to exchange bitcoin. Running a bitcoin ATM can also be classified as an exchange by Fincen
Just to clarify the terminology, FinCEN does not license money transmitters. It's the money transmitters who register with FinCEN. Licensing happens at the state level where many have not taken any position on Bitcoin yet. So yes, you must be registered with FinCEN, but do you have to be licensed as a money transmitter in your state? It depends... More detail on my blog here... http://blog.atlantabitcoin.com/us-bitcoin-atm-regulation-101/ |
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Why do some ATM machines require that you do ridiculous proof of identity tests such as: ID scan, fingerprint scan.. what the hell?
Why others only require SMS?
If you put too much hassle in the machines to do the transactions, it will all fail.
It depends on what country the ATMs are in. I've blogged about it at the link below... http://blog.atlantabitcoin.com/us-bitcoin-atm-regulation-102/Some operators don’t require full ID at small purchase levels.
If an operator wants to risk it and go with a low friction AML strategy, they are likely to do so without being banked. Banks are going to want to see an operator’s AML policy before choosing to do business with them. If they see your policy as weak, you don’t get a bank account. Without a bank account, you can’t wire dollars to the exchange where you replenish your inventory of bitcoins. That means you’re limiting your access to bitcoin inventory which usually means higher prices. |
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http://blog.atlantabitcoin.com/a-response-to-atmia/The ATM Industry Association (ATMIA) recently released a position paper on Bitcoin ATMs. In the paper they outlined their concerns and recommendations for the Bitcoin ATM industry sector. They made good points with regard to organizing the sector around best practices and self regulation, however, some of the recommendations demonstrate that they are still learning about Bitcoin as a whole. More...
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As far as the US goes, operators don't talk about it much but I think most of them are operating without a MT license at the state level, but registered as a MT at the federal level. Then there are what I call "gorilla" operators who operate low key skyhook machines that have not been publicly advertised. ...does that mean you will need a money transmitter license because FinCen says so? Yes, you must comply with the FinCEN guidance if you intend to operate legally. Wouldn't 1 way bitcoin atm's (dispensing bitcoins for cash but not giving out cash) be more like a prepaid card or vending machine? Since technically you are putting money in to get say a printed paper copy of bitcoin or transferred to your bitcoin address much like a gift card? A common argument that operators make is that Bitcoin ATMs do not meet the definition of money transmission at the state level. Prepaid cards have their own set of AML requirements so that comparison is not ideal. Regardless of what you call it, the details of how it operates will determine if it is in or out of scope of a given states MT laws. I have not heard of any arrests of operators either. (this is not legal advise but I can recommend an attorney!) |
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No matter what the security features of the paper wallet, the fact will remain that the ATM owner will always know the private key associated with the paper wallet... Not necessarily. The paper wallet code could generate the key in memory and delete it after being printed. That code could be open sourced to demonstrate that detail to all who wish to verify. |
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A related idea would be how profitable these ATMs are, and whether or not there are onerous regulations ("Know Your Customer", etc.) on Bitcoin ATMs.
If these ATMs are making money (and I read today that an ATM in London did some 38,000 British Pounds of business), that might jump-start entrepreneurial interest.
Here are some things to help you on your way if you start down the entrepreneurial path. Bitcoin ATM comparisons http://bitcoinatmsales.com/#compareA jump start into US Bitcoin ATM regulations. http://blog.atlantabitcoin.com/us-bitcoin-atm-regulation-101/ |
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Alex,
I think you've done some great work and I am actually very curious about your findings.
-Aaron
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Cash recycling is the next gen of all ATMs.
When the dust on the Bitcoin ATM industry settles, it will be industrial grade ATMs with barcode scanners and high capacity cash recycling that will prevail. IMO purpose built bitcoin ATMs will fall out of favor. The winners will be writing software that operates on standard ATM industry devices. The companies who manufacture them (and have been for years) will offer better support, warranties, and higher quality products as they are able to manufacture at scale.
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I've put together the most conclusive comparison of the top Bitcoin ATMs on the market here... http://bitcoinatmsales.com/Feedback and corrections are welcome! |
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Bitcoin ATMs and the regulations that impact them are getting a lot of attention lately. In effort to try and educate Bitcoin ATM operator hopefuls, I’ve compiled a knowledge dump of what I have learned since I began looking into this (August 2013). I wish I could have understood all this from the beginning. It would have saved me months and thousands of dollars.
Federal:
The main objective of regulation at the Federal level is to prevent money laundering. The Financial Crimes Enforcement Network (FinCEN) defined Bitcoin exchanges as Money Services Businesses (MSBs), further, they are defined as a Money Transmitter which is a type of MSB. As such, they are subject to the requirements of the Bank Secrecy Act (BSA). The BSA requires MSBs and other forms of money transmitters to create, maintain, and follow an Anti-money laundering (AML) program. The MSB also must appoint an AML compliance officer. The AML program defines how the MSB will, by way of business rules and processes, comply with the BSA. That typically includes how they identify their customers and record the activity of each one within the scope of the business. If that activity crosses certain thresholds (as defined by the AML program), reports such as Suspicious Activity Reports (SARs) must be submitted to FinCEN. Registration is required at the Federal level (unlike the state level in which operators must apply for a license) and is pretty simple. You simply sign up on the website. Done. They don’t worry about you unless an issue comes up. Read the rest at... http://blog.atlantabitcoin.com/us-bitcoin-atm-regulation-101/Sorry for the slow load. Effing wordpress...Questions, corrections, and comments are welcome. This is not legal advise. |
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There are pumps in service that are intelligent enough to accept QR codes (like Dresser Wayne & Gilbarco)... Mobile uses this type of technology for their speed pass system... several offer loyalty programs that are fairly sophisticated...there are also pumps that can be retrofitted with a side box for passing payment codes to the POS system.
QR displays and NFC would be great ways to initiate a bitcoin transaction at the dispenser. Too bad newer models with those capabilities are very rare to find in the wild. In US markets anyway. Perhaps with all the changes we'll no doubt see with the conversion to EMV will be a catalyst for dispenser upgrades across the nation. |
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