Bitcoin ATMs are the future. The key is having low enough fees so that current experienced Bitcoin users will want to use ATMs instead, and to be in enough locations that mainstream awareness of Bitcoin and other cryptocurrencies grows enough that the average user is drawn in to the Bitcoin world. If everyone started using these ATMs as a bank account alternative (one with much higher interest rates) then it would benefit us all.
Or if you need to withdraw a larger amount of money than a normal ATM card would allow in a day. Or send money across the country to someone instantly at 2 am without having to pay a heavy fee like Western Union.

These machines are more than just marketing (even though they do help bring awareness); its just the potential uses grow according to how common the ATMs are. Bitcoin itself can be much more useful than fiat cash, again its uses grow the more people are aware of it, more people that have it, and more that are willing to pay for or accept transactions with it. You can't pay your buddy back the $20 you owe him in Bitcoin if he doesn't know what it is, at least he probably won't want it.

The big complaints about Bitcoin ATMs aside from not enough locations is lack of altcoin support, inability to sell Bitcoin at most machines, and the biggest the high fees (up to 25%)! If Bitcoin was more mainstream, ATM companies could afford lower fees because their machines would have more users. If there were more machines (more competition among ATM companies) then the fees would also go down - one day there could be several ATMs in every town, run by separate operators competing with each other on prices. Like say gas stations across the street from each other each trying to have the best price on gas.

We are now on reddit - https://www.reddit.com/r/bitcoinatmproject/
Subscribe if you wish, and there are links on there for 4 articles about us so far. Thanks for the support!

Yes just needed the subreddit itself created, sorry

Sorry it was completed already?

Ah nvm got the invite. Thank you very much!

payment sent:  https://blockchain.info/tx/255266b5e94ed9839d47cba60c012d57fc4ef9b947f3823f6dc74533c4c9e1fc

Thanks! Sending payment now - can you add us as a moderator/admin  (user bitcoinatmproject) ?

Need a subreddit created:  /r/bitcoinatmproject    and   make user: bitcoinatmproject a moderator
First person to claim and complete the task gets paid $10 in bitcoin
To create a subreddit you need to have a reddit account over 10 days old and at least 20 positive comment karma (I believe that is all that is needed)
If you complete, post your btc wallet address here or on a PM and you will be paid today (email contact@bitcoinatmproject.com if you wish and we will see it sooner). Thanks!

This is for the Bitcoin ATM Project (www.bitcoinatmproject.com)



also posted on:   https://bitcointalk.org/index.php?topic=2356296
Sorry I think this was better topic to post under   (mods can delete whichever one is wrong)


You can also reserve here (if you can really do it right away) and I will mark the request as reserved.

Need a subreddit created:  /r/bitcoinatmproject    and   make user: bitcoinatmproject a moderator
First person to claim and complete the task gets paid $10 in bitcoin
To create a subreddit you need to have a reddit account over 10 days old and at least 20 positive comment karma (I believe that is all that is needed)
If you complete, post your btc wallet address here or on a PM and you will be paid today (email contact@bitcoinatmproject.com if you wish and we will see it sooner). Thanks!

This is for the Bitcoin ATM Project (www.bitcoinatmproject.com)


also posted on:
https://bitcointalk.org/index.php?topic=2356297.msg

Sorry maybe that topic was better to post under (mods can delete whichever one was wrong)

You can also reserve here (if you can really do it right away) and I will mark the request as reserved.




[DONE - please disregard this post]

In the United States Bitcoin ATMs are allowed as long as they are capable of AML/KYC verification and other means of compliance depending on the jurisdiction (early machines were not all able to do this). There are about 1,000 ATMs in operation in the US today out of a little over 1600 worldwide.

ICO is currently running - stage 2 of the pre-sale is open until November 11, and the ICO runs until December 10, 2017.

ICO isn't over yet 

To join the campaigns its currently setup that after you complete a task (like following us, liking or retweeting posts etc) you submit the form on our bounty page  - www.bitcoinatmproject.com/bounty/

Also the ICO is still going on - the Stage 2 Pre-Sale is currently active until November 11 and the ICO sale runs until December 10, 2017.

Restructuring the Bounty program into a stakes format - so that 2% of the funds raised gets devoted to Bounty participants. (It will follow similar format to other successful and generous Bounty campaigns). Adding a signature campaign and possibly an airdrop. If you have any other ideas for tasks please post here and let us know.

Oklahoma is set to receive its first ever Bitcoin ATM as Coinsource installs its 121st machine in the capital Oklahoma City.

The Sooner State, which ranks among the bottom areas of the US in terms of median household income, will benefit residents struggling with extant forms of financial support, the company said in a press release.

Although the only machine available for the time being, the BTM will provide an “alternative form of value and way to pay for goods and services,” the release explains, “particularly for those that have difficulty gaining support from a bank or financial institution.”

“Coinsource will always find ways to service the underbanked and unbanked; it's a major part of our business culture, our beliefs, and why we started the company in the first place,” CEO Sheffield Clark said continuing the sentiment.

“It gives us a deep sense of personal pride knowing we can provide a valuable service to people in the lower income bracket, and let them invest in an industry on the rise.”

The move came about in response to “repeated resident requests.”

https://cointelegraph.com/news/oklahoma-gets-first-bitcoin-atm-as-coinsource-targets-underbanked

https://gigaom.com/2013/11/07/first-bitcoin-atm-gets-348-transactions-in-first-8-days-now-comes-the-hard-part/
http://www.newsbtc.com/2014/02/09/bitaccess-bitcoin-atms-10k-transactions-daily/
http://www.prweb.com/releases/2014/11/prweb12342558.htm
https://www.atmmarketplace.com/articles/bitcoin-and-cash-like-peanut-butter-and-jelly/

Coinme reports that their ATM's average $100,000 monthly. The statistics are out there online that existing ATMs are generally successful, especially in the first few months at new locations furthest away from any current machines. We took these figures based on average operator reports from existing machines across various websites. The estimates we gave in the above post were using less than $100k monthly, only based on $75k, and overestimating costs to be conservative. (Also this was $100k transaction volume not profit to clarify). Realistically, even at the lowest reported average online of $30k monthly transaction volume, our fee rates would still be profitable (we took this all into account when structuring the concept). Uptoken has no set distribution plan - and they are on the west coast, we are on the east coast so we both would have good starting points. Competition in this market is good anyways because there is no large nationwide provider at all (the biggest single company in the United States is Coinsource and they have around 120 machines) - any company could easily expand the difficulty is in funding the high cost of initial machine purchases, hence the need for an ICO.

Note those numbers are conservative and the actual estimates could be much, much higher. Especially because we are opening machine locations in new areas furthest away from any existing ATMs - and those generally have very high transaction volume at least in the first few months (sometimes $1million or more per machine). As we are hitting new locations we will also go to the highest populated areas that currently have machines, where we can take over the market by having the lowest fees. Many of the major cities the lowest fee on any machine is over 10%! Having lower fees -anywhere- would also generate much higher transaction volume on our machines. This is all very good for potential investors!

The ATM transaction fees are projected to be 3.5% to buy and 4.5% to sell, with 1% out of this being given to investors. (So the company would get 2.5% for buys and 3.5% for sales). If an ATM makes $100,000 in a month, the investors would get $1000 and we would get ~$3000. Average monthly costs can range from $500 to $1500 per machine, depending on location (rent, cash collection/distribution, maintenance, insurance, staff, etc). The ICO budget allows for purchase of machines plus covering the initial/on-going costs until each machine has made enough revenue to be turning a profit each month (estimating this would take 6-12 months max).

The cheapest 2-way Genesis model is $8900 to purchase, and we figured the average startup costs to be an additional $2000 to $5000 per machine, depending on location. Different states and jurisdictions vary widely in their fees for licensing, compliance policies, required insurance bond amounts, etc. Some areas have regional services for cash management and machine maintenance/repair, such as armored car companies like Brinks doing the cash collection from various bank's fiat ATM machines in a particular area, or Diebold having repair technicians that service ATMs for various banks in an area. If these services are not available, we would have to commission employees for those areas, again affecting average costs.

To be conservative and say the startup cost for a machine is $14,000 - and a machine only made $75,000 monthly revenue (split between buys and sells - current 2way machine averages show that less customers sell, but the sale transactions are larger, so it comes out about even). With these figures each machine would produce $750 for investors and $2250 for us. Say out of that we only made $750 profit after monthly costs - then we are making about the same as investors, which is fair. Our soft cap is $1million, and if we made this all at the pre-ico rate ($0.75 a token) that would be ~1.3 million tokens. At this cap, if 85% went towards machine purchase and initial costs (as stated in our current budget) - we could initially purchase 61 machines. The remaining 15% funding is for hiring initial employees (need to build a large team for nationwide operation - programming and other initial design, customer service department, delivery and maintenance staff, etc), as well as pay for any needed on-going ATM operating costs until the machines are turning a profit on their own.  

These machines could all be installed in the first month and begin operating (there is no wait time because yes we are going to add additional currency support and integrate the debit card platform, but the machines could begin operating as-is and we update them later - allowing investors to receive a return at the first quarter after the ICO ends). The Genesis models already support buy/sell of Bitcoin, Lite Coin, and Dogecoin.

61 machines at the above stated conservative rates would net $549,000 yearly, and $549,000 for us. At this rate, and if we didn't expand, it would take less than 2 years for investors to be paid back. However, without having to worry about recovering any costs before expanding, after the first month of operation we could begin buying additional machines, with close to zero wait time because all the programming and design work would be done - only work needed would be akin to installing a software update and applying a decal/painting for the cover art on the machine casing.

As we do expand, total on-going expenses would rise (because there are more machines), but since most costs are shared among machines, the per machine average expense would go down - and the profit ratio would go up. Initial expenses would go down too, once licenses and insurance bonds etc. are already paid, for machines in a particular state.

Using these figures, after the first month we could purchase 3 machines, and adding these new machines' profits in (say we release new machines once a month) by the end of the first year we would be able to add 6 machines a month. Because of the ICO funding we can put all profits towards expansion, which is great! Calculating monthly expansion in - investors would see a $745,000 return by the end of the first year. So in a little over a year their investment would be returned. If you figure future gains in with continual expansion, the numbers become tremendous. If 1,000 machines were in operation, it would be $9 million a year (still using these conservative figures). We will add more of this information to the website (with graphs and charts) so it's easier for investors to understand. But you're investing in crypto (so CryptoCoins will have a value themselves that is going up over time) and getting paid a return in crypto (which has value that will go up if you hang on to it) - so all you have to do is buy some CryptoCoins now, and hang on to them and you'll be getting paid in Bitcoin, Ether, and the other currencies offered at the machines and on the debit card. And the returns from CryptoCoins go on forever, even if the market value crashes, CryptoCoins will still be making money - people will still be using the Bitcoin ATMs even if it's to sell off all their coins because of a crash! This really truly is a profitable idea for both investors and the company (one of the best ICO investment opportunities out there today). If anyone else has any questions please let us know!

The Bounty program is currently being updated, to add a signature campaign and a scheduled Airdrop among other things. It will also be altered to a stake/share system, with 2% of the tokens being sold allotted to the Bounty campaign. Translations are still needed, and more promotion. We have had two youtube reviews but still need blog posts, etc; so the rewards for those tasks will be increased. Please post here and let us know if you have any suggestions for how our bounty campaign can be made to be more successful! Also looking for a Bounty campaign manager - someone who has had successful history on this forum managing other campaigns, and who can design a signature campaign. Willing to pay for this position!