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Bitcoin / Bitcoin Discussion / Re: Anyone here running any Bitcoin ATMs?
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on: October 10, 2019, 02:56:02 PM
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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. 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. |
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Bitcoin / Bitcoin Discussion / Re: Anyone here running any Bitcoin ATMs?
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on: October 10, 2019, 01:04:54 AM
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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'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. 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. |
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Bitcoin / Bitcoin Discussion / Re: Anyone here running any Bitcoin ATMs?
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on: October 10, 2019, 12:55:59 AM
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Any advice on what I should do (or not do) and things to consider starting off would be greatly appreciated.
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. 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. |
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Bitcoin / Bitcoin Discussion / Re: Anyone here running any Bitcoin ATMs?
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on: October 10, 2019, 12:46:59 AM
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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). 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. 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. |
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Bitcoin / Bitcoin Discussion / Re: Anyone here running any Bitcoin ATMs?
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on: October 09, 2019, 11:30:28 AM
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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. |
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Bitcoin / Bitcoin Discussion / Re: Anyone here running any Bitcoin ATMs?
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on: October 09, 2019, 11:02:08 AM
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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. 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. 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 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. |
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Bitcoin / Bitcoin Discussion / Re: Anyone here running any Bitcoin ATMs?
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on: October 09, 2019, 10:43:09 AM
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1) ~snip...I got a one-word reply, "no".....they said "thank you for your feedback"
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.
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. 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. |
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Bitcoin / Bitcoin Discussion / Re: Anyone here running any Bitcoin ATMs?
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on: October 09, 2019, 09:39:17 AM
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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. 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. 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. |
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Bitcoin / Bitcoin Discussion / Anyone here running any Bitcoin ATMs?
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on: October 08, 2019, 11:32:28 PM
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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.
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