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DevelopmentBank
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October 27, 2017, 01:47:46 AM
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My friends and I are considering building bitcoin ATMs. We're still doing the necessary research and planning and we've been looking at existing ATMs like Lamassu. Based on what they've been reporting online (and other sources), it seems to be a pretty profitable business.

We understand that there are lots of regulations involved depending on the country of residence, but we are considering just building and selling the machines, not operating them. Off the bat, are there any other important considerations we should know? Red flags? Any feedback will be appreciated.

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October 27, 2017, 01:52:11 AM
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You should probably hire a lawyer instead of random people on the internet. You also should really post your country and other pertinent information such as what you really want to develop as "bitcoin ATM" is pretty general. A lot depends on how the machine actually operates.


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DevelopmentBank
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October 27, 2017, 01:56:58 AM
 #3

You should probably hire a lawyer instead of random people on the internet. You also should really post your country and other pertinent information such as what you really want to develop as "bitcoin ATM" is pretty general. A lot depends on how the machine actually operates.

Thanks for your response. We are just actually gathering as much information as we can and we of course are going through local channels.

We want to avoid dealing with lawyers and government regulations and that is why we actually just want to build and sell, not operate. Selling hardware/software doesn't need much permits/licenses.

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October 27, 2017, 06:20:42 AM
 #4

My friends and I are considering building bitcoin ATMs. We're still doing the necessary research and planning and we've been looking at existing ATMs like Lamassu. Based on what they've been reporting online (and other sources), it seems to be a pretty profitable business.

We understand that there are lots of regulations involved depending on the country of residence, but we are considering just building and selling the machines, not operating them. Off the bat, are there any other important considerations we should know? Red flags? Any feedback will be appreciated.

Bulding ATMs isn`t cheap and you have to be sure that there is demand for bitcoin ATMs in your country.
I don`t think that the "build and sell" business model would work.Your cusomers will have to trust you about the quality of the ATMs.What if they don`t work properly?It`s very hard for a brand new business to build trust.
The "build and operate" business model is better for brand new companies in the bitcoin ATM business.
Good luck.
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October 27, 2017, 09:47:41 AM
 #5

My friends and I are considering building bitcoin ATMs. We're still doing the necessary research and planning and we've been looking at existing ATMs like Lamassu. Based on what they've been reporting online (and other sources), it seems to be a pretty profitable business.

We understand that there are lots of regulations involved depending on the country of residence, but we are considering just building and selling the machines, not operating them. Off the bat, are there any other important considerations we should know? Red flags? Any feedback will be appreciated.
I have been looking forward to this for a long time. Your intentions are very good and helpful. I regularly sell my BTC but it is quite difficult because there are so many scamers, high transaction fees and when I sell btc on Remitano I always lose 0.0005 btc fee for them.
Really hope your project will succeed, because bitcoin is becoming more and more popular, so the number of people trading bitcoin has increased tremendously.

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October 27, 2017, 10:50:06 AM
 #6

My friends and I are considering building bitcoin ATMs. We're still doing the necessary research and planning and we've been looking at existing ATMs like Lamassu. Based on what they've been reporting online (and other sources), it seems to be a pretty profitable business.

We understand that there are lots of regulations involved depending on the country of residence, but we are considering just building and selling the machines, not operating them. Off the bat, are there any other important considerations we should know? Red flags? Any feedback will be appreciated.

Why dont you go for it. I think bitcoin ATMs are being deployed in different states now already.
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October 27, 2017, 10:51:19 AM
 #7

You should probably hire a lawyer instead of random people on the internet. You also should really post your country and other pertinent information such as what you really want to develop as "bitcoin ATM" is pretty general. A lot depends on how the machine actually operates.

Thanks for your response. We are just actually gathering as much information as we can and we of course are going through local channels.

We want to avoid dealing with lawyers and government regulations and that is why we actually just want to build and sell, not operate. Selling hardware/software doesn't need much permits/licenses.

While technically true, keep in mind that whoever eventually operates your device, will have to adhere to certain rules and regulations themselves. And those will need to be reflected in your hardware and software, otherwise it's going to be hard to find operators. Potential buyers need to have reassurance that whatever product you are offering won't bring them into legal trouble. Otherwise they'll go buy somewhere else. It follows that although these rules and regulations arguably don't affect you as a hardware / software provider directly, it will still affect your business indirectly through your customers.

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October 27, 2017, 11:02:02 AM
 #8

there is no regulation for it and wont be a problem.
You can just open a shop in the country and put your own atm machines inside and this shop will be just claiming to selling online products.

Simple
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October 27, 2017, 11:46:24 AM
 #9

Min you need to register a company for building atm machines.I dont think you will get any other issue.
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October 27, 2017, 12:52:27 PM
 #10

It would be nice if I had a bitcoin ATM, but I wonder how it would be

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October 27, 2017, 12:58:24 PM
 #11

My friends and I are considering building bitcoin ATMs. We're still doing the necessary research and planning and we've been looking at existing ATMs like Lamassu. Based on what they've been reporting online (and other sources), it seems to be a pretty profitable business.

We understand that there are lots of regulations involved depending on the country of residence, but we are considering just building and selling the machines, not operating them. Off the bat, are there any other important considerations we should know? Red flags? Any feedback will be appreciated.
I haven't too much information and knowledge about Lamassu. But if those reports that are saying that it's profitable to start operating your own bitcoin ATM business there, go for the goal.

But don't just rely with those reports, keep n conducting your own research and it's the best way to believe on your reports because you did it by yourselves.

Why not give it a shot that you'll also operate those ATM's before selling to interested people or just have a business venture. Good luck with your business.

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October 27, 2017, 01:16:09 PM
 #12

This is a very good concept. While there is still no crypto ATM out there, you should be having a prototype now.

I wonder how this ATM will function.

Will it dispense physical currency when you withdraw coin?

What will be the deciding factor and will it support what currency?

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October 27, 2017, 01:20:49 PM
 #13

You should probably hire a lawyer instead of random people on the internet. You also should really post your country and other pertinent information such as what you really want to develop as "bitcoin ATM" is pretty general. A lot depends on how the machine actually operates.

Thanks for your response. We are just actually gathering as much information as we can and we of course are going through local channels.

We want to avoid dealing with lawyers and government regulations and that is why we actually just want to build and sell, not operate. Selling hardware/software doesn't need much permits/licenses.
It doesnt really need permits for you to sell out those atms but on the amount you would earn for sure you would be questioned knowing these bitcoin atms wont really be cheap for sure.Your motives are good since it can somehow fasten up the adoption and the progress of bitcoin awareness to people regarding on its existence.If you can able to find out the thing would fasten up on trust building then this business would really make you fortune.

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October 27, 2017, 01:24:14 PM
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This is interesting. Some points, among others, that I took into consideration when I read this post and started researching are the following:
1. Laws and Regulations - sharing this link - http://www.bsp.gov.ph/publications/media.asp?id=3377
2. Profitability -  I am optimistic this would be profitable but more research, aside from what your team has already done, would be really helpful. Please share references if possible.
3. Operating in the Philippines - operations, safety of machine, best location, etc.

Good luck and I hope it becomes succesful!

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October 27, 2017, 02:21:37 PM
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There is a big need for Bitcoin ATMs - they do currently exist but not enough. About 1600 worldwide, and 900 some in the United States. And out of these, barely any support additional crypto, or the ability to sell (they are mostly buy Bitcoin only) - and most have crazy high fees (10-25%). We already started a movement to change that (https://www.coinspeaker.com/2017/10/24/bitcoin-atm-project-token-pre-sale-now-open/). Building them is a great idea, most companies today sell them for a lot, and if you added additional currency support you would be way ahead of the game.

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October 27, 2017, 03:16:25 PM
 #16

My friends and I are considering building bitcoin ATMs. We're still doing the necessary research and planning and we've been looking at existing ATMs like Lamassu. Based on what they've been reporting online (and other sources), it seems to be a pretty profitable business.

We understand that there are lots of regulations involved depending on the country of residence, but we are considering just building and selling the machines, not operating them. Off the bat, are there any other important considerations we should know? Red flags? Any feedback will be appreciated.
Awesome to read that. You should also put Europe to your researches. There are many demands but only a few countries, that actually offer ATM's in Europe.
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October 27, 2017, 04:21:03 PM
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good idea. at least it should start and form the cities like Zug or kind of Crypto friendly cities , just my opinion
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October 27, 2017, 04:36:58 PM
 #18

My friends and I are considering building bitcoin ATMs. We're still doing the necessary research and planning and we've been looking at existing ATMs like Lamassu. Based on what they've been reporting online (and other sources), it seems to be a pretty profitable business.

We understand that there are lots of regulations involved depending on the country of residence, but we are considering just building and selling the machines, not operating them. Off the bat, are there any other important considerations we should know? Red flags? Any feedback will be appreciated.
Since you are building hardware and not operating them there probably won’t be much regulation on it (if any), but I can’t even take a clear guess if I don’t know what country your from; and it would be best if you check with a lawyer instead of people on the internet.

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October 27, 2017, 05:34:51 PM
 #19

The number of ATMS Bitcoin ( BTM) is growing every day, so does the number of ... Build a good relationship with the bank be important ...
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October 27, 2017, 08:05:08 PM
 #20

That's possible because we have already Bitcoin ATM around the world today but it is more convenient that ATMs will do cash out not only with Bitcoin but also with other Altcoins like Ethereum and hard forks.

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