Building Bitcoin ATMs

[ztalker]

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.

Back in 2013 we had a team and we tried to do excactly what you are thinking now.
Software for ATM and so on, we played with amny of them around and even designed our own - where we failed?

Back this time there was no ICOS and we sepend lots of our own bitcoins/money to research - results :-D, you need to really look out the box, if its profitable business today will it be when you are ready. Some mobile DEX maybe will be much better way to solve the problem you think to do - cheers.

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[imstillthebest]

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.

Bulding ATMs isn`t cheap and you have to be sure that there is demand for bitcoin ATMs in your country.

sure building atm's is not cheap but they can always use a low end brand of equipment and tools in order to build it cheaply yet quality must still always be prioritize and i think there always a demand for this kind of business because bitcoin today is mostly recognized all over the world and most people theses days are now using it as an alternative to fiat money for easy transactions online and offline.

I don`t think that the "build and sell" business model would work.

sure it would work and will be a succesful business today because of bitcoin trend.

your cusomers will have to trust you about the quality of the ATMs.What if they don`t work properly?

i guess they need to ensure that their product will have the best quality and will run for years or decades and they can always do a warranty for their costumers to get satisfied if the products wont work properly.

It`s very hard for a brand new business to build trust.

yes your right , its hard for a newbie business brand to build trust , but all good brands like apple are always come from newbies.  and i believe they can earn trust to the public as long as they can market thier product verry well and provide the best experience to thier costumers.

[blockman]

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 are you only considering to do build and sell those ATM machines. If you are one of the pioneers on Lamassu to have that type of business, the competition will not be tough to you. But expect that there will be competitors that are going to come out when they see that your business has no competitor. I'm curious about the current research that you are doing. Could you share us on what are your gathered information base on your plans and research?

[Kmrherradura05]

In my opinion.,you just cant owned an atm then sell it. There are so many steps and standard operating procedures before it can be done. So my opinion is why can’t you just make a system or program to link or merge with Visa,Bancnet etc. Because most of the atms are operated with Visa and bancnet...Im not sure with other country but if its that so it is more convinient. Because we can go on any atms and we just have to select a Bitcoin category. Its cool!

[carlfebz2]

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 are you only considering to do build and sell those ATM machines. If you are one of the pioneers on Lamassu to have that type of business, the competition will not be tough to you. But expect that there will be competitors that are going to come out when they see that your business has no competitor. I'm curious about the current research that you are doing. Could you share us on what are your gathered information base on your plans and research?

This is right if I do have the knowledge and the resources on bitcoin atm's then this would really give you some serious fortune and as being said you wont really have any competition knowing that bitcoin isn't known yet globally or on most countries on the world which if there are some several bitcoin users on your place then it would be an advantage.Later on selling out or exporting these atms will extent possible income.

[blockman]

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 are you only considering to do build and sell those ATM machines. If you are one of the pioneers on Lamassu to have that type of business, the competition will not be tough to you. But expect that there will be competitors that are going to come out when they see that your business has no competitor. I'm curious about the current research that you are doing. Could you share us on what are your gathered information base on your plans and research?

This is right if I do have the knowledge and the resources on bitcoin atm's then this would really give you some serious fortune and as being said you wont really have any competition knowing that bitcoin isn't known yet globally or on most countries on the world which if there are some several bitcoin users on your place then it would be an advantage.Later on selling out or exporting these atms will extent possible income.

There's no manipulation, no competition and why not take over the whole business industry of having an ATM all over Lamassu. But if they are a start up company, it's also good to take the risk for covering all ATM's on the places where they started to conduct researches. Profit for generating transactions of Bitcoin ATM + being a manufacturer itself of those ATM's that will also entertain international orders, why not give it a try right?

[kpcian]

Obviously,  Bitcoin ATM is a great initiative for this era. day by day Bitcoin is getting popular and established currency so that when the Bitcoin holders will find the ATM then they will be glad to take this opportunity. But I think Bitcoin ATM is not an easy task, it requires a lot of approval for establishing ATM method. But you have to consider many things in terms of this project.

[Lanatsa]

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 are you only considering to do build and sell those ATM machines. If you are one of the pioneers on Lamassu to have that type of business, the competition will not be tough to you. But expect that there will be competitors that are going to come out when they see that your business has no competitor. I'm curious about the current research that you are doing. Could you share us on what are your gathered information base on your plans and research?

This is right if I do have the knowledge and the resources on bitcoin atm's then this would really give you some serious fortune and as being said you wont really have any competition knowing that bitcoin isn't known yet globally or on most countries on the world which if there are some several bitcoin users on your place then it would be an advantage.Later on selling out or exporting these atms will extent possible income.

There's no manipulation, no competition and why not take over the whole business industry of having an ATM all over Lamassu. But if they are a start up company, it's also good to take the risk for covering all ATM's on the places where they started to conduct researches. Profit for generating transactions of Bitcoin ATM + being a manufacturer itself of those ATM's that will also entertain international orders, why not give it a try right?

No one can really stop them if they would really like to try on their business offline. Its always worth to face the risk since this is business after all.If you wont try you wont able to find out if it would have the potential to make it big.Covering all atms on the places will just really act as a test phase same as you said this will like conduct research if it do have some spark or not. If they do have the capability and resources. Why not? It really worth to try talking on bitcoin is already growing larger and larger as the years have passed and these business will really boom up.

[error08]

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.

You've planned to sell it in USA? and offering token pre-sale to build more ATM machines?
This Bitcoin's ATM machine comply with AML and KYC regulations? as every service relate to money, have to fulfill legal permit and licenses, even though it's not affected your business directly, but no one would buy this machine if they have to deal with legal authority.

[Coollikethat]

The competition in the Bitcoin ATM manufacturing business is extremely competitive. If you are building them for your own use is one thing. To sell on the open market is another.  Be prepared to go up against some very well financed competition.

[J. Cooper]

If you already have a quite successful business that attracts a reasonable amount of clients and you won't depend on revenue generated from the ATM. Then I would certainly take the plunge and go for it. But if your entire business model is built around the ATM or you would be dependent on the revenue it generates than I would be a little more cautious. Your revenue heavily depends on how many bitcoin enthousiast you have in your city, if it's a big city etc.

[SharenThayer556]

this is really interisting but so hard to do, good luck team

[KingScorpio]

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 BTC ATMS and not Crypto ATMS?

i mean BTC isnt great at all.

high transaction costs etc.

[olympuslabsbc]

I think a lot of people would be interested in using your product! Keep gathering info and good luck!

[donmiguello]

where i live anyone can get a ATM in their house , you will only pay a small tax.

[Rahar02]

I've seen such some similar threads which planned to build or sell bitcoin ATM machine.
Bitcoin ATMs are on high demand in US, Canada, and Russia. It's a good project if you can build a lot of ATM machines which comply with AML and KYC regulations, in order to prevent any problem for you and your customers in the future. Well, it's not easy to sell a machine outside the country, but I recommend to do so as you may find another market with high demand as well.
https://news.bitcoin.com/bitcoin-atms-rise-russia/

[Kakmakr]

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

You are wrong. There are loads of AML/KYC regulations to consider and this will even affect your design. If you live in a country where you have to adhere to these AML/KYC regulations, then you have to add certain features. A camera and scanner would be needed to collect the photo ID or social security documents or facial photos of the person, depending on what would be needed to adhere to these regulations.

So it is not as straight forward as most people would have thought. ^hmmmmm^

[madwica]

where i live anyone can get a ATM in their house , you will only pay a small tax.

Yes all people have freedom to build own ATM but me i do not like to build my own bitcoin ATM if there is ATM already in my area, but here in my country there is ATM but i do not know where is the location but the demand is to high in my area because lots of people now are earning and using bitcoin and some of them have no bank accounts that is why they are hardly to cash out their bitcoin that is why bitcoin ATM is more needed in my area.

[maydna]

where i live anyone can get a ATM in their house , you will only pay a small tax.

Yes all people have freedom to build own ATM but me i do not like to build my own bitcoin ATM if there is ATM already in my area, but here in my country there is ATM but i do not know where is the location but the demand is to high in my area because lots of people now are earning and using bitcoin and some of them have no bank accounts that is why they are hardly to cash out their bitcoin that is why bitcoin ATM is more needed in my area.

i think if people in your city have the bitcoin ATM then they will easy to deposit and withdraw their bitcoin into fiat and i think its a good news that in your country have the machine. i think if there is a high demand to using the machine, then maybe soon there will be more bitcoin ATM in your city and it helps your people to cash out their bitcoin. beside that, if in your city is success from using the machine, i think the other country will using the machine too and we can see bitcoin ATM will be available in every where.

[STRAKS]

Bitcoin only or will you consider other digital currencies?