Latest posts of: BtcATMs

How is going? Seems like machines continued fast growth during Covid... has it been a good year for the BATM owners?

Do you own any ATM? If yes where did you got that? Can anyone get in to this business? I am interested in this. can you help me by providing any link?

Hi, You can create your business proposal on the website.

https://cryptobuyer.io/en/atm/

Cryptobuyer offers its crypto payment gateway services for Venezuela and is a network of ATMs that has installed ATMs in Panama, Chile, Costa Rica and the USA.
They also have a channel on Telegram.

https://t.me/CryptobuyerEn

You can have more information with the administrator.
JP
https://t.me/EstuCrypto

I hope it is useful!

Hi, Thanks. Nice to see a working model.

Quote from: stompix on August 24, 2020, 10:16:31 AM

Maybe in your country, that's why it is so hard to make an estimation
For example:
https://coinatmradar.com/city/296/bitcoin-atm-valencia/

Quote

Buy: 5.3%
Sell: 2.6%

7.5% might sound lower than probably half of the BATMs in the US but it's highly likely is higher than almost all around here Grin

Not sure where you get those numbers. I went on the link and most BUY rates are at 8.5% or Fees N/A or "unknown" (Bitbase at 10.5%! Huh

) ... a couple in Madrid at 5-6% but no way an average of 5.3%?

Anyway, I understand the lower the better. It's a matter of finding a price equilibrium to stay both competitive and profitable. On the other hand, no need to compete with exchanges, only other BATMs.

Quote from: int03h on August 19, 2020, 08:37:07 AM

Not that easy. If you want to register a bitcoin ATM business you need to have a company and register them with the government. There will be a lot of procedure and a lot of cost for installation. I think you'll go bankrupt before you book your first ATM. Recently a few illegal ATMs have been dismantled in the US and France.

I guess it depends on your jurisdiction and one-way vs. two-way. Here, one-way machines are considered "vending" machines and they don't cost much in the way of legal/gov't fees to get up and running legally (although I think two-way is the better option).

"7.5%? I would never exchange a penny." - Thanks, also good to know and why we are still researching (it's been hard to get real-world user/owner feedback)... 7.5% is just a jumping in point based on being lower than any other BATM market but obviously better to know what users are really willing to pay.

Quote from: kryptqnick on August 07, 2020, 04:01:01 PM

Quote from: BtcATMs on August 02, 2020, 06:24:59 PM

How is going? Seems like machines continued fast growth during Covid... has it been a good year for the BATM owners?

Like most people here, I'm not in the business of Bitcoin ATMs, but I can tell you what would incline me to use one (it's simple stuff, but it seems like ATM providers just fail to grasp it):
1. Good location (center of the city is usually optimal), which is not uncommon, but still.
2. This is a very important one: LOW fees. The most common reason I've heard why people avoid BTC ATMs is because of ridiculous 10-20% fees! Make it 5% and suddenly your ATM is the best. 5% profit is still profit, definitely better than if it's 15% but nobody uses it.
3. Reasonable and clear KYC requirements. Say, up to $1k with no KYC or something like this. And a clear warning PRIOR to the transaction that KYC will be required under such and such circumstances.

Thanks! Good feedback. We were aiming for 7.5% but have not implemented yet so it is very hard to find a minimum margin to stay profitable (7.5% just based on getting in under the average).

Does 5% seem fair? Comparable to off-market alternatives?

It would be great to hear from someone who has a machine!

Quote from: Sircoss on August 06, 2020, 02:03:14 PM

Is this really a profitable business? For some reason I doubt it. I think crypto ATM is not popular enough.

It's hard to tell but the numbers suggest it must be profitable. Why else would people keep installing so many machines? The machines have grown 2,100% over the last 5 years. They predict an annual cumulative average growth rate (CAGR) of 55% over the next 5 years which makes them one of the fastest growing industries in the market (by far). I plan on getting in the business and it would be great to get some feedback. I think testing the waters is the only way to really know.

As far as regulation, it is definitely wise to do proper research. I know where I am the one-way machines have the same regulation as a vending machine. Two-way are a little more complicated but not much more difficult.

Quote from: Fatemablabla on August 02, 2020, 07:11:26 PM

Quote from: BtcATMs on August 02, 2020, 06:24:59 PM

How is going? Seems like machines continued fast growth during Covid... has it been a good year for the BATM owners?

Do you own any ATM? If yes where did you got that? Can anyone get in to this business? I am interested in this. can you help me by providing any link?

Just based off installations... up around 38% since January...

https://coinatmradar.com/charts/growth/

How is going? Seems like machines continued fast growth during Covid... has it been a good year for the BATM owners?

Thanks all. I understand nothing worth having comes easy!

Is there anything besides SEED PHRASE or PRIVATE KEYS to solve for? ANYTHING ELSE that could potentially unlock the crypto?

Quote from: White Christmas on March 02, 2020, 01:08:47 PM

How to explain bitcoin puzzles or artwork to a newbie? Simply by just seeing a artwork you can easily distinguish what the artwork says or means. The people even the newbies has the ability to know what the artwork means and what is the artist really means on his/her own artwork.
Artwork really explains the heart of the artists and what the artists wants to say about his artwork. The ability to understand an artwork especially in bitcoin even the newbie can distinguish this.

Hmmm... "Simply by just seeing a artwork you can easily distinguish what the artwork says or means"... many works of art are difficult, and often how to interpret them properly is far from obvious.

Anyway, I was asking HOW TO SOLVE these puzzles, which are quite DIFFICULT or there would not be $20,000 prizes to solve them Wink

But "where to start"... (ie. "what" am I looking for?) is the main question. From the other posts it helps to know to look for the SEED or for a PRIVATE KEY ... etc.

Quote from: DaveF on March 01, 2020, 06:48:10 PM

Would be an interesting study (and it's probably worth a discussion anyway) but are there fewer bitcoin ATMs in crypto friendly countries because they are just not needed as much.

Using the one I posted about.
If I could go to Vegas and go to the cage (or even buy in at the table) with my BTC then I would not need an ATM.
If I could pay for my coffee / drinks / whatever with crypto instead of cash then I would not need an ATM.

So in countries where many retail merchants / locations take BTC at the register do you really need cash?

-Dave

I have read a few articles saying that Bitcoin in general is not needed in developed nations with modern banking systems (although I would argue that point - see what happened to ePayments.com recently - an "FCA" regulated Roll Eyes

payment provider in the UK). But as far as the "need" for BATMs, you can do all those things you mention with your fiat bank debit card, yet there are still fiat ATMs on every corner. Even with all the digital payments available, Cash is still King. So IMHO, yes, you really still do need cash (or at least there is still a proven need for ATMs). But I am hoping in the future it goes the other way, where you really do need BTC and you really need BATMs Wink

Thanks for the responses and links.

I saw the Phemex puzzle was still active but I didn't see any info on what to solve for. I think "what" to solve for was my big question (words, numbers, do angles represent numbers?!?! etc.). So I guess typically you're looking for a Private key or Seed phrase?

It is still hard to wrap my head around understanding "where" the objects (numbers or letters) are hiding, especially when I see some puzzles that look like simple paintings (or drawings)!?! Anyway, thanks.

Can someone please explain in simple terms how these artwork puzzles work? Or where to begin to learn how they are solved? Or how to create such artwork?

I have seen various articles which show pictures/drawings/graphic art, etc. and they were solved, but I didn't see any step-by-step illustrations on "how" they were solved.

Like this Phemex puzzle - https://phemex.com/references/articles/try-to-solve-our-2-btc-puzzle

How do they work and where do you start? Or any examples of solved puzzles showing how they solved them?

Thanks.

Quote from: alonshvartsman on February 28, 2020, 11:01:01 PM

I'm building a brand new Bitcoin ATM map and maintaining the integrity of the information available with BTMs.
Many pop up overnight and then disappear months later. It's a tough task to map all of them but I've started with all the currently known and operating.

I'd love some feedback and help with maintaining this database if possible.
https://www.bitrawr.com/bitcoin-atms

Hi,

What is the process to add a machine to your map/network?
What are the costs?
What is the advantage over CoinATMRadar? (I realize you are just starting out, so will "accuracy" be the main competitive advantage?)

Will you be adding BUY/SELL or other criteria in the search functions? (ie. hours of operations, KYC, etc.)

Obviously a lot of comments on KYC so I think this is very important.

I am very interested in operating BATMs so I really hope your site works out and shows people are interested in using the machines. The number of installations has shown tremendous growth over the past 5 years and is growth has increased so it seems viable. Good luck to you and your project.

Quote from: Mbitr on February 29, 2020, 03:57:24 PM

I’ve used Lamassu and General Bytes and to be honest there’s very little difference in ease of use . They are both very easy to use. Hope this helps

Thank you. Yes, this helps. I guess it would boil down to LOCATION and FEES, if you had to choose, is that fair to say?

Quote from: OmegaStarScream on March 01, 2020, 03:26:07 PM

Quote from: BtcATMs on February 29, 2020, 04:30:12 PM

Thanks to all for any input. That is useful to know about the drivers license. I didn't know KYC would be required for BUY orders (BATMTwo description - A customer's identity can (optionally) be checked...). Maybe just here in Spain it is not required, but it is a point of interest for us (especially with cards like Bitnovo that do not require any information).

Thanks again.

This page (which I believe is where you took the information from) is meant for the people who are interested in buying and running an ATM. Not for the people who use the machine to buy/ sell.

KYC is required but you'll only be asked to verify your documents after buying/selling a certain amount. Take a look at CoinATMRadar, it will allow you to check the limits for the BTMs in your area.

Yes, the GB link is where I got the info. I am interested in both using and running machines so I want to get as much input from the BATM users as possible. Thanks.

Quote from: The Pharmacist on February 29, 2020, 03:51:56 PM

The only bitcoin ATM I ever tried to use was a General Bytes one, and I wasn't able to complete a buy because I kept getting an error message when I was attempting to scan my drivers license. It was very, very frustrating.

I do plan to try some others in the future, but getting to them is a problem for me--and I think the nearest ones are also of the General Bytes brand. I don't think they're all defective or anything like that, but my experience left a bad taste in my mouth about ATMs--and not to mention the fees were outrageous.

Quote from: alonshvartsman on February 28, 2020, 11:01:01 PM

Nice work.

Quote from: hulla on February 21, 2020, 12:07:15 AM

I supported what you said but I'm a crypto investor will be interested not even when halving is coming. However, i think the OP and his team need to prove their genuinely through getting a license because if they had licensed their previous fund won't have been frozen. Besides, it will boost some investors confidence. In the meantime, you can also make use of indiegogo maybe will be lucky.

Hi, I had some posts removed by answering consecutive posts (sorry mods - I didn't know the rule Embarrassed

)

OP and his team's funds were not frozen - ePayments bank's funds were frozen by the FCA (UK regulator) - apparently due to OneCoin - article here: https://news.bitcoin.com/fca-suspends-epayments-onecoin/

Also, RE; "you will have to sign contracts with them clarifying profit shares" - This is not a problem, an investor can also retain 100% ownership of the machines and we can provide a custom operating agreement to split profit for operating and maintenance. We are very flexible. Or a few owners could spread operating risk and each get a proportionate equity split, a traditional setup which is probably what we will end up doing.

Just surprised they have not worked this out through Bitcoin/blockchain to make it more transparent or automatic (smart contract purchase->operating->dividend).

What are the best Bitcoin ATMs (Crypto ATMs) to use? Which are the most preferred and why? Anyone who can share their experience? Thanks!

Quote from: layer1gfx on February 23, 2020, 03:47:50 AM

How about Lamassu BTMs? Did you look into their products and support packages?

Yes, at a surface level and we are still open and not fully decided. We may even go with different machines in different areas/regions.

Is there a specific reason you mention them? Any input and opinions from users is a big help. Thanks.