Bitcoin Forum
May 06, 2024, 11:20:47 PM *
News: Latest Bitcoin Core release: 27.0 [Torrent]
 
  Home Help Search Login Register More  
  Show Posts
Pages: [1] 2 »
1  Economy / Service Announcements / Re: Earn Bitcoin cashback when shopping online on: January 02, 2021, 07:13:14 PM
We wait for the merchant to confirm that the product you purchased has not been returned. Once we receive the confirmation we lock the price and reward you with the locked price.

Bitcoin price is always on the move. So how would you calculate the cash back when the price goes up and down?

Typical coin cashback apply after the order/book was successfully paid by the buyer. You can assume that they will use the current price of BTC by the time the order was confirmed. This is just a small percentage cashback so the variation of rate in a small timeframe is neglible for a small amount of BTC.

But I'm interested on when will the cashback apply on the user liquidate account after a successful order.



We are partnering with CHANGELLY as we do not have the capacity to do BTC sales ourselves.

Whenever I try to buy bitcoin from your site, it redirects me to a site called https://changelly.banxa.com/ Why is that?


We have had many users shopping from SHEIN, from what we know you do not need to create a new account. Simply use Liquigate to get redirected and use your existing account.


The 30% cashback in bitcoin is a good idea and a big bonus. The problem was I need to create again another account so that I can use your cashback program. I'm a regular buyer on SHEIN and I'm not comfortable on using new account because I have many vouchers that I get exclusive for my account due to the total amount that I already purchased. Is there's a way to connect the existing account to your cashback program?


Thanks for the feedback. We actually have +1500 online merchants... A way to browse them is from the "Categories" dropdown on the SHOP page or by searching the SEARCH box...

I have the same problem as Bitcoin_Arena, there are only a few shops is seen on the page and no next button is there. I think you should do a little work there.

We do not know what item you purchased... we only get a saleID and a total amount that was spent by the user as well as the amount we are to receive as a reward by the merchant.

Do you track also what product we purchased? Since you use our browser cookies, My desired product can be also tracked by you, isn't it?


It really depends on each merchant. Some of them give 30% rewards, others only 1-2% as they can not really give more than that....Cashback usually does not calculate VAT or Shipping amounts, but some merchants are OK with this and reward on the total amount.... Not all merchants give a full description on what they calculate...We rely on the amount that they declare us and there is no way for us to double-check unless you as a user that has a receipt contacts us to claim a check on that particular transaction (we then contact the merchant and wait for his reply)...



Upto 30% cash back in btc but you didn't mention 30% of what? Is it on total amount we spent or per purchase.


Upto 30% cash back in btc but you didn't mention 30% of what? Is it on total amount we spent or per purchase.


A very good point, I think it will be the percentage of the total amount we spent on the product. And it also mentioned up to 30% so it depends on the situation actually.

Absolutely, please send us an email at support@liquigate.com Smiley

I do online business, basically sells products in Asia. Can we collaborate for our own good? I think I can give you a good percentage of rewards.
2  Economy / Service Announcements / Re: Earn Bitcoin cashback when shopping online on: January 02, 2021, 07:00:02 PM

Amazon does not like cashback websites that work with cookies... To be more precise, there are 2 cashback solutions:

a: Cashback by linking your debit / visa card and that rewards you from the commission that the bank /institution keeps from the transaction.
b: Cashback directly from the merchant himself with cookies --- communication via API directly with the merchant.

We work with method B (cookis) and its a method that Amazon can block and DOES NOT allow....
Cashbacks working with method A there is nothing Amazon can do... Fold APP, MyCrypto.com and some other cashbacks work with method A and I suggest you register with them to get cashback linked directly through your debit card...

It IS POSSIBLE to combine cashback services that utilize A + B, for example, Liquigate and Fold APP. as the one rewards you with your debit card and the other via cookies.

Do you mind consider Amazon too? It would be awesome for us who trade in amazon.

Sorry about this... It is now possible to use our website without needing to verify your email. In addition to that, we have removed the name / last name fields and it is no longer mandatory to enter such fields. you only need to have a username and email (that way we minimize the data that we collect).

I tried to register on the site, it says to verify mail after submitting my information. But I didn't receive any link in my email. Can you help me?
3  Economy / Service Announcements / Re: Earn Bitcoin cashback when shopping online on: December 07, 2020, 06:13:20 PM
Hey Lucas! Yes this is correct.

We reward you in Bitcoin as soon as the merchant confirms to us that your tracked link made a purchase with them. If you share your referral code you can get up to 10% cashback from your friends rewards...

Liquigate is a Bitcoin cashback service that rewards users for their online shopping. They have partnered with 1200 shops globally and offer up to 30% cashback in Bitcoin. The reward app can be downloaded on iOS and Android devices or using the web version.

4  Economy / Service Announcements / Re: Earn Bitcoin cashback when shopping online on: November 01, 2020, 09:31:06 AM
ASOS as a merchant offers this possibility as they can track your redirection from the website to the mobile app when you click the ‘view in app’ link after landing.

We have noticed that big merchants have developed such software and are able to track regardless, but NOT all other merchants do so.

--- Thanks for the forum clarification, this is actually really good to know.


Thanks for the response.

I have another question;
Does one also get rewards when they are redirected to the app versions of the online websites like ASOS app? Because I am wondering how they will be able to link my account in Liquigate app to my account in ASOS app.



I am not really sure why moderators removed my previous post.
It is the second time they are doing that with no explanation whatsoever...If a mod sees this thread, I would appreciate a message or an explanation so that I can understand better how can I be aligned with the regulations. I would not like to cause extra work for them nor to negatively vibe the forums...
It's because you are breaking a forum of making more than one announcement in different boards yet you already have this one. My suggestion is you just concentrate on this to avoid further disappointments


5  Economy / Service Announcements / Re: Earn Bitcoin cashback when shopping online on: October 28, 2020, 02:20:31 PM
hey and thank you for getting in touch...

I will try to be as detailed as I can, and if you can find other challenging questions do let me know.

1: For starters, it really depends on the merchant. Other merchants reward us ONLY for new users but the majority of them reward us for ALL users, old and new ones. Some give lower commission if the user is old and some higher commission if the user is new... The majority of them give the same commission regardless if it's a new user or an old one....For example, eBAY gives commission only to new users, but Aliexpress gives different commissions based on the product that was purchased....

--- I appreciate your challenging question here, it just made us realize that we need to be more transparent with the rules per each merchant separately in order for our users to benefit more... This is a huge effort for us but we have already started the process of adding such rules, and for each merchant separately under the dropdown "See more" we will add more details that will help users understand what they are to receive....

2: The pending amount is a signup bonus that we give to all users. The bonus can be claimed once a user makes a successful purchase. You can see more in your "Ledger" page under Cashback History.

3: We have classified shops in categories, and at the bottom of the page we give the option to the user to "Show More" eshops. Alternatively, you can search for stores from the search box. If we support the store then you can shop.

That being said, we are creating a guide video and we will also add an index with the list of shops we support. At the moment we are working with 1164 merchants and we estimate that this time next year we will be supporting more than 3000 merchants...

I am not really sure why moderators removed my previous post.
It is the second time they are doing that with no explanation whatsoever...If a mod sees this thread, I would appreciate a message or an explanation so that I can understand better how can I be aligned with the regulations. I would not like to cause extra work for them nor to negatively vibe the forums...


Thank you for the so far support guys.


This is awesome. I have seen a number of other online stores I often use listed as well  such as SHEIN, Aliexpress, Gearbest:)

It appears you other post has probably been deleted by the mods so i bring my questions here
Short story:
We are simply redirecting you to ASOS and ASOS pays LiquiGate a cashback (essentially for sending them a customer). We then buy Bitcoin and reward you.
1. Does this also apply to old customers who are already registered to the different online stores or it's only for new registrants?

2. What's that pending BTC that I got in my account after registering about?


3.  You say there are over 1000 Merchants but the home page shows only a dozen of them with no option to press next button




I just saw this, so sorry for the delay in replying you... We can work with any type of merchant as long as they would be interested in giving cashback to users.... If you know of a eshop that would like to be integrated with our service, please do let us know and we will try our best to integrate them. Of course this demands their approval.

When it comes to defeating its purpose, I am surprised that you say that. We find getting a reward in bitcoin way better than getting nothing from your online shopping. It is a good way of stacking sats!
I didn't mean in general, only to an extent and in regards to the merchant list [everything else is great].
- I said that because some users, only have BTCitcoin option (no PayPal, Visa and etc...) as a means of online payment due to various reasons (depending on where they are).

Thanks for your feedback though @SFR10, much appreciated!
You're very welcome Smiley
6  Bitcoin / Bitcoin Discussion / Re: bitcoin and exchngers and others on: October 23, 2020, 03:46:44 PM
I agree with that... My non-financial advice would be to actually never trade... Though there might be some fundamental analysis that works, trading is very risky and the market is unpredictable.

But yes if you are to trade, use a reputable exchange but make sure that someone has performed an Audit... An exchange with no license is dodgy.



Before working on any exchange you have to have a good idea about that exchange. If you do not have a good idea about that exchange then you may face loss. You will invest money in the exchange all your life, if you do not have a good idea about that exchange  That would be the ultimate nonsense for you.  If you see anything suspicious on an exchange, be sure to discard it immediately.  Finally I have a suggestion for you to use the reputable exchange.  Such as Binance, Houbi Global, Coinbase, Bitrex etc.
7  Bitcoin / Bitcoin Discussion / Re: bitcoin and exchngers and others on: October 22, 2020, 04:51:33 PM
What the use meant is how do we know that the Bitcoin we are buying in the exchange actually exists....

For example, when you purchase Bitcoin in XXXXXXXX exchange, how do you know if you have been credited a number (a simple number in their database) OR a real Bitcoin (1.00000000 bits)...

Essentially who is to say that they are not faking the existence of Bitcoin in their exchange in order to increase the volume... And you make a point, we have block explorers for that, but with so many addresses an exchange has it is difficult to calculate if you do not have access to their ledger...

Short story, there is no way to be sure, UNLESS they are being Audited frequently....






Actually an exchange is a place of buying and selling bitcoin, so definitely there is no fake bitcoin in the market circulation, people might have earned it by trading or purchased it using their debit card from fiat currency, so there's no way a fake coin could be purchased on exchange. Moreover, if its actually fake, blockchain has an explorer that reveals all bitcoin balance shown on the address which makes every transactions to be transparent, easy and accessible.

And also beware of exchange that lied to investors, some provides fake volume and liquidity which were proven to be faked at last, so if you really want a good exchange that won't give a lie about them, you could consider binance, huobi, okex and other top exchange as directed by coinmarketcap.
8  Bitcoin / Bitcoin Discussion / Re: bitcoin and exchngers and others on: October 22, 2020, 01:36:59 PM
Exchanges list coins because they make a profit (and a good one) out of listing fees and because this listing will attract the community of that particular coin which "speculates" a potential for that particular... altcoin...

However, my not financial advice would be the following:

It is no coincidence that all institutions and hedge funds are actually paying attention to Bitcoin and consider the other altcoins as speculative assets that do not worth a thing...

The logic is the following (please correct me if I am wrong or you think there is something that I am missing)

The main thing altcoins are trying to compete with, is speed of delivering a transaction, believing that Bitcoin is slow so they are better... But Bitcoin is not even competing for the fastest transaction, it is competing with stores of value assets (such as gold).... This means, that altcoins are actually competing against VISA, Paypal, Maestro etc... and do you know why VISA Maestro etc laughed on the thread of cryptos? Because no user (including you and me) will use crypto for the day-to-day transactions and instead will prefer the current system which actually works just fine. It is FAST, reliable, protected from malware etc.

The problem with the current system, therefore, is not the speed, but the limitless supply of money. Bitcoin fixes this by having a fixed supply.

Why altcoins are considered shitcoins?

1: For a token to succeed in having value, there needs to be LIQUIDITY. (EXAMPLE: why there is not much trading on land? Because the market is IL-IQUID, meaning that though it has value, it is hard to sell land as there are not many buyers and it takes time....)

2: For a token to succeed, it needs to solve an actual problem... What problem are altcoins solving when:

SOV -> Bitcoin, Gold, Silver etc
TXSPEED -> VISA, MAESTRO, PayPal

So name it ICO, DeFI, IEO or whatever, unless they actually solve a REAL problem, I doubt we will see any of them succeeding.

PS: Blockchain is the next big thing, but it can be used without issuing a token.



why will they list that coin at the first place if that coin is fake or dont exist ? they inspect it first and they provide rules that those only the coins can enter on thier exchange . shitcoins do have a value to so i dont consider them a coin that dont exist .

for your second question , is that a volume your refering to ? even the top exchanges are also suspecte                                                                                                              d before to have a fake volume on some of the coins that they list . i think exchangers them selves cant monitor that easily . they dont lie because its not thier fault  but except maybe to the fake exchange because fake volume isnt the only thing that they can do  .
9  Local / Ελληνικά (Greek) / Re: Crypto αλά Ελληνικά (Κανάλι YouTube) on: October 22, 2020, 12:30:25 PM
Σου ευχομαι καλή επιτυχεία Bisona! Τα βίντεο ειναι καταπληκτικά Smiley
Μονο μήν σταματήσεις, θα υπάρξει επιβράβευση!



Στο website www.liquigate.com που έχουμε αναπτύξει, ανταμείβουμε τους χρήστες σε Bitcoin για τις διαδικτυακές τους αγορές.
Έχουμε συνεργαστεί με καταστήματα όπως Aliexpress, Booking.com, eDreams και +1000 άλλα ηλεκτρονικά μαγαζιά, και προσφέρουμε επιστροφή χρημάτων σε Bitcoin έως και 30%.

Θα εκτιμούσαμε να μας αναφέρεις σε ενα απο τα βίντεο σου Smiley

Για περισσότερες πληροφορίες ρίξε μια ματιά εδώ: https://bitcointalk.org/index.php?topic=5283697.0
10  Local / Ελληνικά (Greek) / Διαδικτυακές αγορές και επιστροφή χρημάτων σε Bitcoin. on: October 22, 2020, 12:06:00 PM
Καλησπέρα σας Ελληνική κοινωνία του Μπίτκοιν.

Απλώς θέλω να μοιραστώ τον ιστότοπο www.liquigate.com που έχουμε αναπτύξει, όπου ανταμείβουμε τους χρήστες σε Bitcoin για τις διαδικτυακές τους αγορές.
Έχουμε συνεργαστεί με καταστήματα όπως Aliexpress, Booking.com, eDreams και +1000 άλλα ηλεκτρονικά μαγαζιά, και προσφέρουμε επιστροφή χρημάτων σε Bitcoin έως και 30%.


Πώς λειτουργεί ο ιστότοπός μας;

Απλώς επισκέπτεστε το κατάστημα από το οποίο θέλετε να αγοράσετε προϊόντα κάνοντας κλικ στο "SHOP NOW".

Όταν εκτελείτε αυτήν την ενέργεια, δίνουμε τα δεδομένα στον έμπορο μέσω cookie. Στη συνέχεια, το eShop μας επιβραβεύει μια προμήθεια στον τραπεζικό μας λογαριασμό οπου αγοράζουμε Bitcoin και το πιστώνουμε στον λογαριασμό σας.

Για να χρησιμοποιήσετε τον ιστότοπό μας, πρέπει να θυμάστε μερικά βασικά πράγματα:

1: Μην χρησιμοποιείτε adblockers καθώς αποκλείουν τα cookie
2: Βεβαιωθείτε ότι επιβεβαιώνετε την αγορά από το ίδιο πρόγραμμα περιήγησης εντός 12 ωρών, διαφορετικά ο έμπορος δεν θα γνωρίζει ότι ανακατευθυνθήκατε από εμάς.


Θυμηθείτε ότι όταν κάνετε μια αγορά, το Βιτκοιν θα πιστωθεί εντός 0-48 ωρών και η συναλλαγή θα επιβεβαιωθεί μόλις βεβαιωθούμε ότι δεν θα επιστραφεί το προιον που αγορασατε.

Σας ευχαριστω για τον χρόνο σας και ευχομαι τα καλύτερα σε όλους σας!

Να υπενθυμήσω οτι μόνο 2.04% του πληθησμού έχει Μπίτκοιν και οτι είναι πολύ νωρίς ακόμη. Καθε SATOSHI... μετράει!

Τα καλύτερα
LiquiGate team!

11  Local / Ελληνικά (Greek) / Re: ΕΛΛΗΝΙΚΟΙ ΙΣΤΟΤΟΠΟΙ BITCOIN / BITCOIN GREEK WEB SITES on: October 22, 2020, 11:56:52 AM
Καλησπέρα σας Ελληνική κοινωνία του Μπίτκοιν.

Απλώς θέλω να μοιραστώ τον ιστότοπο www.liquigate.com που έχουμε αναπτύξει, όπου ανταμείβουμε τους χρήστες σε Bitcoin για τις διαδικτυακές τους αγορές.
Έχουμε συνεργαστεί με καταστήματα όπως Aliexpress, Booking.com, eDreams και +1000 άλλα ηλεκτρονικά μαγαζιά, και προσφέρουμε επιστροφή χρημάτων σε Bitcoin έως και 30%.


Πώς λειτουργεί ο ιστότοπός μας;

Απλώς επισκέπτεστε το κατάστημα από το οποίο θέλετε να αγοράσετε προϊόντα κάνοντας κλικ στο "SHOP NOW".

Όταν εκτελείτε αυτήν την ενέργεια, δίνουμε τα δεδομένα στον έμπορο μέσω cookie. Στη συνέχεια, το eShop μας επιβραβεύει μια προμήθεια στον τραπεζικό μας λογαριασμό οπου αγοράζουμε Bitcoin και το πιστώνουμε στον λογαριασμό σας.

Για να χρησιμοποιήσετε τον ιστότοπό μας, πρέπει να θυμάστε μερικά βασικά πράγματα:

1: Μην χρησιμοποιείτε adblockers καθώς αποκλείουν τα cookie
2: Βεβαιωθείτε ότι επιβεβαιώνετε την αγορά από το ίδιο πρόγραμμα περιήγησης εντός 12 ωρών, διαφορετικά ο έμπορος δεν θα γνωρίζει ότι ανακατευθυνθήκατε από εμάς.


Θυμηθείτε ότι όταν κάνετε μια αγορά, το Βιτκοιν θα πιστωθεί εντός 0-48 ωρών και η συναλλαγή θα επιβεβαιωθεί μόλις βεβαιωθούμε ότι δεν θα επιστραφεί το προιον που αγορασατε.

Σας ευχαριστω για τον χρόνο σας και ευχομαι τα καλύτερα σε όλους σας!

Να υπενθυμήσω οτι μόνο 2.04% του πληθησμού έχει Μπίτκοιν και οτι είναι πολύ νωρίς ακόμη. Καθε SATOSHI... μετράει!

Τα καλύτερα
LiquiGate team!
12  Bitcoin / Bitcoin Discussion / Re: bitcoin and exchngers and others on: October 22, 2020, 09:00:05 AM
I would say that you should make sure that the exchange you are about to trade has
1: a lisence to operate
2: auditors like Deloitte, PWC etc are actually auditing them regularly....
3: who their CTO also plays a huge role in terms of tech and how good they are....


13  Economy / Exchanges / Re: Start your own Bitcoin ATM business on: October 22, 2020, 08:32:49 AM
Yes this is true. You need a money license (on top of KYC structure and compliance department), which costs A LOT OF money... This is the reason that I said that perhaps the best option is to partner with someone so that the costs drop.

CoinATMradar.com has all companies that provide ATM's I think its best to visit their website.


How much these bitcoin machines will cost. It would be better if you can provide the price comparison for all the machines. Secondly even if the crypto is legal in our country, we can't just put the bitcoin ATM machine anywhere and start the business. Permission from the government and NOC certificate is required before implementing this business.
14  Other / Beginners & Help / Re: [General] How to earn Bitcoins on: October 21, 2020, 07:44:02 AM
Hey guys, just want to let you know that another way to earn Bitcoin is when you shop online.

We have partnered with Aliexpress, Booking.com, JetRadar, ZAFUL, SHEIN and +1000 online shops, and we reward you in Bitcoin every time you shop online with them.

Essentially this partnership with the above merchants works in the following way:

We send a user let's say to Booking.com
They reward us for sending a user that booked a hotel.
We purchase Bitcoin and reward you with it.

Booking.com as an example gives up to 4% cashback.

Would be nice to get some of your feedback and see you using our platform.

Regards
15  Economy / Gambling discussion / Re: Betting small amounts on a lot of matches or big amount on couple of matches? on: October 16, 2020, 06:28:48 AM
Good question.... buy many stocks or a few selected ones?

Buy Bitcoin or diversify with other altcoins?
Buy Tesla or diversify with other stocks?

I believe if you "know" what you are doing there is no reason to diversify.  

You could be wrong ofc...
16  Economy / Exchanges / Re: Start your own Bitcoin ATM business on: October 11, 2020, 08:11:04 AM
Thanks,you are right....

I worked in UK as an Ops Manager for SatoshiPoint UK.


Hello all. This is a very good thread thank you for taking the initiative.

I have been working as Ops Manager for a large Bitcoin ATM Network for 2 years. My background is in Business Development for Brokers & Exchanges and have recently started a small start up (the profile of which I am writing from).

I have summed up some pros and cons for the users of this chat that I hope you can find useful.

If anyone is looking to seriously start a Bitcoin ATM business, by all means, go for it. If done preperly, chances are you will expand and someone will buy you out. Have heard quite a few such stories. BATM networks are not that many.

PROS:
1: It is a business that can run 24h (if you find 24h shops).
2: You can automate it with cash collection agencies while you handle only the finance part of it and other hardware bugs that might occur.
3: You can earn a good commission out of each transaction.
4: There is not so much competition compared to online brokers.
5: There is always going to be demand for cash and especially some remote locations with no competition such as large villages (not big cities) can be very successful as usually there is no competitor around.
6: You do not need to develop anything in terms of software.
7: Broken parts can be replaced quite easily and cheapily.

CONS:
1: Money laundering -> you need to have a solid KYC system otherwise your risk your business and quite high fines potentially jail.
2: Small Bitcoin ATM's are cheap BUT are small in size and can not hold much cash (you need to empty them quite often) AND can "easily" be broken into. Unless we are talking about a 20k Bitcoin ATM or a very secure location (cameras central location etc).
3: Expensive fees. You need to buy from an online broker, transfer to your hot wallet, and sell with a commission usually quite high as you need to cover:
  a: cash collectors / gas if you collect yourself.
  b: partner merchant that is renting you the space for the atm (idea -> pay them commission not fixed price unless the location is super central with no competitor, then monthly fee)
  c: other operational costs get SUPER expensive -> compliance and cash collection mainly NOT customer support.
  d: if someone damages the whole ATM when trying to brake in.
4: Installation process, you need to find solid workers that do nice job + you need to be careful as they might do some dodgy things (install it badly and then brake in it).
5: Small ATM's such as General Bytes do not hold many banknodes. If a location is busy you want a large ATM that holds quite a few nodes.
6: There is always going to be a big portion of cash spreaded in the ATM's, meaning that in high volatility periods you need to manage your reserves quite well or you risk losing from the price swing.


There might be more PROS and CONS that I can not think of, but pretty much this is all I can say....

RECOMMENDATION:
I would suggest that you get in touch with a few established BATM networks, OR small ones that are shutting down in order to either buy used equipment or even better offer your funds as an investement in order to save costs and expand the network as a partner. The Money Lisence and compliance is VERY expensive and time consuming. If 2 businesses are going to pay 2 times, it is best to merge and pay one fee (ofc you will need to be careful who you are partnering with).

The regulations for BATM's at the moment are very tight. A few years ago you wouldn't need a money lisence... today its jail time if you do not have it. I know many small operators that invested quite enough funds and are now out of business. You can perhaps buy used equipement from them.

Another idea, is to  get in touch with established operators and offer to install an ATM in your location and handle the cash collection part of it for them. Then keep a commission as a partner. They will put their brand and everything that comes with it (lisence, customer service, marketing etc. while you will handle the cash collection part).


That being said, good luck to everyone. Feel free to DM me if you have questions.

 













Weren't they all taken down by the German government for operating illegally or something?

Nah, only in Germany, they're a Polish company and are active in multiple European countries. They also said they had plans on resuming their presence in Germany.

Hello all. This is a very good thread thank you for taking the initiative.

I have been working as Ops Manager for a large Bitcoin ATM Network for 2 years. My background is in Business Development for Brokers & Exchanges and have recently started a small start up (the profile of which I am writing from).

You might want to mention in which country you're operating.
17  Economy / Exchanges / Re: Start your own Bitcoin ATM business on: October 10, 2020, 07:18:57 AM
Hello all. This is a very good thread thank you for taking the initiative.

I have been working as Ops Manager for a large Bitcoin ATM Network for 2 years. My background is in Business Development for Brokers & Exchanges and have recently started a small start up (the profile of which I am writing from).

I have summed up some pros and cons for the users of this chat that I hope you can find useful.

If anyone is looking to seriously start a Bitcoin ATM business, by all means, go for it. If done preperly, chances are you will expand and someone will buy you out. Have heard quite a few such stories. BATM networks are not that many.

PROS:
1: It is a business that can run 24h (if you find 24h shops).
2: You can automate it with cash collection agencies while you handle only the finance part of it and other hardware bugs that might occur.
3: You can earn a good commission out of each transaction.
4: There is not so much competition compared to online brokers.
5: There is always going to be demand for cash and especially some remote locations with no competition such as large villages (not big cities) can be very successful as usually there is no competitor around.
6: You do not need to develop anything in terms of software.
7: Broken parts can be replaced quite easily and cheapily.

CONS:
1: Money laundering -> you need to have a solid KYC system otherwise your risk your business and quite high fines potentially jail.
2: Small Bitcoin ATM's are cheap BUT are small in size and can not hold much cash (you need to empty them quite often) AND can "easily" be broken into. Unless we are talking about a 20k Bitcoin ATM or a very secure location (cameras central location etc).
3: Expensive fees. You need to buy from an online broker, transfer to your hot wallet, and sell with a commission usually quite high as you need to cover:
  a: cash collectors / gas if you collect yourself.
  b: partner merchant that is renting you the space for the atm (idea -> pay them commission not fixed price unless the location is super central with no competitor, then monthly fee)
  c: other operational costs get SUPER expensive -> compliance and cash collection mainly NOT customer support.
  d: if someone damages the whole ATM when trying to brake in.
4: Installation process, you need to find solid workers that do nice job + you need to be careful as they might do some dodgy things (install it badly and then brake in it).
5: Small ATM's such as General Bytes do not hold many banknodes. If a location is busy you want a large ATM that holds quite a few nodes.
6: There is always going to be a big portion of cash spreaded in the ATM's, meaning that in high volatility periods you need to manage your reserves quite well or you risk losing from the price swing.


There might be more PROS and CONS that I can not think of, but pretty much this is all I can say....

RECOMMENDATION:
I would suggest that you get in touch with a few established BATM networks, OR small ones that are shutting down in order to either buy used equipment or even better offer your funds as an investement in order to save costs and expand the network as a partner. The Money Lisence and compliance is VERY expensive and time consuming. If 2 businesses are going to pay 2 times, it is best to merge and pay one fee (ofc you will need to be careful who you are partnering with).

The regulations for BATM's at the moment are very tight. A few years ago you wouldn't need a money lisence... today its jail time if you do not have it. I know many small operators that invested quite enough funds and are now out of business. You can perhaps buy used equipement from them.

Another idea, is to  get in touch with established operators and offer to install an ATM in your location and handle the cash collection part of it for them. Then keep a commission as a partner. They will put their brand and everything that comes with it (lisence, customer service, marketing etc. while you will handle the cash collection part).


That being said, good luck to everyone. Feel free to DM me if you have questions.

 








18  Bitcoin / Bitcoin Discussion / Re: bitcoin and exchngers and others on: October 09, 2020, 08:08:11 AM
Nicely said, +1 on this!

so how do we know that crypto exchngers dont sell us the coins what they dont exisit?

I think that the best indicator is that the exchange is old/established and nobody complained they cannot withdraw their coins from the exchange (to their own wallets).

and how do we know those big funds who bought or pretinding to buy or sell some big ammounts of cryptocurrency `?
how do we know they dont lie us ?

You cannot really know who is trading what amounts. There are plenty of exchanges and an entity can spread the orders between them.
If you buy/sell it doesn't matter if you use a reputable exchange, see your first question. Most exchanges match the funds between buyer and seller, so if they didn't deposit they cannot trade.

A much better question is who is holding how much. And there some are probably lying (like the story that USDT is properly backed) and some are probably telling the truth (Square), but only 3rd party proper audit can tell the truth.
19  Bitcoin / Bitcoin Discussion / Re: bitcoin and exchngers and others on: October 09, 2020, 07:54:43 AM
It is practically impossible to understand if the bitcoin you purchase exists in the first place as exchanges can replicate the orderbook with fake volume. However, large exchanges (Binance, Kraken, Coinbase etc) are using market makers, and market makers make sure that there is enough liquidity on a token / cryptocurrency. Exchanges must quite oftern perform Audits and they must keep an up to date bookeeping that makes it easy to find out what is happening (assuming someone would investigate an exchange)...

That being said, if an altcoin / cryptocurrency exchange has no market maker and reports high volume, quite possibly it is faking it. (yes, both a token and an exchange must have a liquidity provider.) CoinMarketCap and other such cryptocurrency data CAN NOT BE FULLY TRUSTED, because to some extend they are "trusting" the token owners and small exchanges which at some extend have no power to work with market makers for healthy orderbooks. Altcoins exchanges can manipulate their volume by faking their orderbook.

The best thing to do, is to search for "market makers/liquidity providers for cryptocurrencies" and which exchanges they are working with.

If an exchange or altcoin is not working with a market maker, then quite possibly it is faking its volume. Market makers exist in order to provide liquidity.

In the stock market, from what I know (please someone correct me if I am wrong) it is required by law to have a liquidity provider. This rule might have not yet applied to cryptocurrency exchanges, but it is a no brainer if you want a healthy orderbook. Otherwise you risk pump and dumps, big spreads etc. You can find out which token has no market maker by checking its spread. For example a token that has a buy order at 100 satoshi, and a sell order at 900 satoshi, quite possibly has no liquidity provider.

If you do not know what a liquidity provider / market maker does, I suggest you google it as it is quite interested topic in order to understand a bit more about how markets work.

PS: My background comes from Operations and Business Development with an exchange and an online broker. I have recently started a Bitcoin cashback service that rewards users for shopping online with well known brands such as Booking.com, Aliexpress, Zaful, Alibaba etc. I would appreciate a feedback on our website https://www.liquigate.com and mobile app, and if anyone is interested in helping out, do email me at support@liquigate.com

Thank you in advance
Denis
20  Economy / Service Announcements / Re: Earn Bitcoin cashback when shopping online on: June 30, 2020, 12:57:40 PM
Hi

Indeed, the majority of the merchants do not accept bitcoin as payment. The way it works, is that you make your online purchases as you would normally do (say for example you want to book a hotel from booking.com), and we receive some funds (reward) by the merchant. We then purchase bitcoin which we reward you with.

Unfortunately, merchants accepting bitcoin/crypto is not in our hand. We really wish that they would start accepting crypto, it will be better for them in terms of fees usability and user support (reminder that VISA and other credit card issuers charge high fees)...

When it comes to defeating its purpose, I am surprised that you say that. We find getting a reward in bitcoin way better than getting nothing from your online shopping. It is a good way of stacking sats!

Thanks for your feedback though @SFR10, much appreciated!
Pages: [1] 2 »
Powered by MySQL Powered by PHP Powered by SMF 1.1.19 | SMF © 2006-2009, Simple Machines Valid XHTML 1.0! Valid CSS!