[old] discussion thread (see new announcement)

[Bitcoin ATM Project]

Thank you all for the valuable feedback and input, our site design is complete and we have made a new service announcement post (moderators can delete this one if necessary)

Please see our new thread at:   https://bitcointalk.org/index.php?topic=2221228

[Retired]

Do you have plans to expand internationally?

[Bitcoin ATM Project]

Yes, after expanding and taking over the US market, moving internationally would be the next step.

[TimeTeller]

Yes, after expanding and taking over the US market, moving internationally would be the next step.

So after US, what are your target countries? And when do you think will it happen?

[classicneverdies]

Great idea. If this project went well, we bring crypto to another level.

[Retired]

Would ATM owners need to hold a MSB license?

[Bitcoin ATM Project]

After the US, the easiest countries to reach would be the neighboring ones - Canada, Mexico, and also the adjacent US states and territories (Alaska, Puerto Rico, Caribbean islands, etc.) and down into Central and South America as far as possible. Europe, Asia, and Australia would happen not long after - any countries where it would be possible to legally operate - international expansion could easily begin within a year or less. The licensing requirements for Bitcoin ATM operators widely vary from one jurisdiction to the next (US states all have different regulations as do foreign countries). Even how a machine operates can affect whether a money transmitter/service license is required or not - does the machine connect the user to an exchange to buy/sell Bitcoin/altcoin or are the funds directly purchased from/sold to the Bitcoin ATM operator's 'hot wallet'? (These settings can be configured in the machine.)

[Vaniaayu]

this is a very good idea, with the bitcoin ATM, bitcoin buying and exchange will be very easy to do, whenever and wherever the ATM is located, but will not it be a problem with the terms of each country?

[meccaflare0]

After the US, the easiest countries to reach would be the neighboring ones - Canada, Mexico, and also the adjacent US states and territories (Alaska, Puerto Rico, Caribbean islands, etc.) and down into Central and South America as far as possible. Europe, Asia, and Australia would happen not long after - any countries where it would be possible to legally operate - international expansion could easily begin within a year or less. The licensing requirements for Bitcoin ATM operators widely vary from one jurisdiction to the next (US states all have different regulations as do foreign countries). Even how a machine operates can affect whether a money transmitter/service license is required or not - does the machine connect the user to an exchange to buy/sell Bitcoin/altcoin or are the funds directly purchased from/sold to the Bitcoin ATM operator's 'hot wallet'? (These settings can be configured in the machine.)

I wonder what your fee structure for you ATMs will be like

[nicemycoin]

I don't think the fund of produce Btc ATM machines need to be raised by this way. It's a fast profitable product. If you have the technology, it can make you quick to make a profit by making similar products. BTW, identity authentication is very important.

[kollom]

The new payment system, new ATMs.
And with the old payment systems will it work?

[zalando95]

Your website looks very nooby. Also I am wondering, why does no team member say in their profile that they work at you?
Do you think that you can build this from scratch? It looks like you start with zero money.
And if I'm wrong, why don't you post ATM images?

Looks not really serious.

[Ano]

I didn't understand the concept of this ICO what benefit token holders will get for holding this token. What cryptocurrencies you will support on this ATM machine only BTC, ETH and ETH based tokens there is a lot of confusing about this project.

[ginobitcoiner]

Your website looks very nooby. Also I am wondering, why does no team member say in their profile that they work at you?
Do you think that you can build this from scratch? It looks like you start with zero money.
And if I'm wrong, why don't you post ATM images?

Looks not really serious.

yes I agree with you, a major project should be built with a high design seriousness and strong evidence of preparation for this project  

[kutangterbang]

wow, bitcoin ATM? the idea is very brilliant, I really like this idea, the development of this project will be very fast, ATM is the most needed in this rapid era, I hope this project soon realized

[Bitcoin ATM Project]

this is a very good idea, with the bitcoin ATM, bitcoin buying and exchange will be very easy to do, whenever and wherever the ATM is located, but will not it be a problem with the terms of each country?

Yes dealing with foreign countries can be difficult as many of them have complex licensing and taxation requirements, among other things. But starting in the US, where every state has feasible policies and the company can be built up into a major corporate entity profiting in millions of dollars a year, from that basis entry into the difficult international market would be made easier, and financially possible. But even so some countries because of their regulations sadly may not be able to have Bitcoin ATMs.

[Bitcoin ATM Project]

I wonder what your fee structure for you ATMs will be like

There are currently 1558 Bitcoin ATMs worldwide, with an average buy fee of 9.92% and an average sell fee of 6.50%. However, the largest operator only has 121 machines. We intend to have a national startup of 3,000 machines. Because the initial capital was raised through a crowdsale there are no costs or loans to pay back, so fees are only needed to pay for ongoing expenses. With these two factors our fees could be tremendously lower, while still allowing extra profit to be put towards future expansion.

[Bitcoin ATM Project]

I don't think the fund of produce Btc ATM machines need to be raised by this way. It's a fast profitable product. If you have the technology, it can make you quick to make a profit by making similar products. BTW, identity authentication is very important.

That's exactly why a crowdfund is needed. Yes the machines can make a lot of profit - the average machine has $30,000 monthly in total transaction volume, with some locations reporting up to $100,000 monthly. With a nationwide network in play reaching all the people currently out of range of any machines and also opening up an entirely new audience to the existence of Bitcoin and cryptocurrency because of the national presence, a whole new level of usage is expected. But the problem is the initial cost - to purchase, design, program, license, deliver, and install 3,000 machines the price is huge - which is why no one has done it yet. Our goal here isn't just to turn a profit, make a dollar and go home...we want to make our long time dream come true of Bitcoin ATMs to be everywhere because of all the benefits it would bring to the population and how it could change the global economy. A successful crowdfund is basically the only way this idea has a chance of happening any time soon, if not ever. Also, the ATMs we plan to use, the Genesis1 models, are fully capable of any necessary identity authentication (ID and fingeprint scanning, high definition camera) required by the regulations of any jurisdiction.

[kursigoyang]

I hope this project can run because I am very interested in this project also I hope the investors know that this project is one of the best projects

[Retired]

Do you currently own any Bitcoin ATMs?