Bitcoin ATM/ 2 Way

[oldschoolct]

I am considering getting about 5 Bitcoin ATMs. 
I need to find a bitcoin  supplier to work with.  I was hoping somebody running a pool  or mining would be interested trading with me for USD$/BTC on a regular basis.  We could set up some parameters for trade that could be profitable to us all.  I would be happy to work with a pool or individuals.  I live near Atlanta GA about an hour away.  I work at a Plumbing Company also.   i will be consistently available to talk with.   I will be happy to set up and run many BITCOIN ATMS if somebody wants to partner their pool. 

[squatz1]

Are you sure that you have the capital to be buying 5 machines? Those things aren't cheap in the least, plus the maintenance as you're not going to be handling the actual buying and selling of Bitcoin and you're just using another company. Most of the ATMS out there are more like middlemen, who take a small bit in fees and make a good amount of money throughout time.

Here's a posting online to see what these all costs and the companies which make them - https://coinatmradar.com/shop/buy-bitcoin-atm/

[imstillthebest]

I am considering getting about 5 Bitcoin ATMs. 
I need to find a bitcoin  supplier to work with.  I was hoping somebody running a pool  or mining would be interested trading with me for USD$/BTC on a regular basis.  We could set up some parameters for trade that could be profitable to us all.  I would be happy to work with a pool or individuals.  I live near Atlanta GA about an hour away.  I work at a Plumbing Company also.   i will be consistently available to talk with.   I will be happy to set up and run many BITCOIN ATMS if somebody wants to partner their pool. 

for sure that will be a good hit because today almost 80% of the population now are using bitcoin as a form of payment method and this will be verry convenient for us because we can now withdraw our coins easily when we do shopping and malling. you should be making about hundreds and thousands of them and distribute it worldwide because we are always wanted to have a bitcoin atm.

[oldschoolct]

I am considering getting about 5 Bitcoin ATMs. 
I need to find a bitcoin  supplier to work with.  I was hoping somebody running a pool  or mining would be interested trading with me for USD$/BTC on a regular basis.  We could set up some parameters for trade that could be profitable to us all.  I would be happy to work with a pool or individuals.  I live near Atlanta GA about an hour away.  I work at a Plumbing Company also.   I will be consistently available to talk with.   I will be happy to set up and run many BITCOIN ATMS if somebody wants to partner their pool. 

for sure that will be a good hit because today almost 80% of the population now are using bitcoin as a form of payment method and this will be verry convenient for us because we can now withdraw our coins easily when we do shopping and malling. you should be making about hundreds and thousands of them and distribute it worldwide because we are always wanted to have a bitcoin atm.

I will start with 1 and get down the logistics of it.  I've researched it some you can set up bitcoin distribution over multiple machines.  From what I've seen so far I would need to restock them with cash/cash withdrawals.  I am also responsible for getting the bitcoin to sell.  Depending on how my future "BITCOIN" seller wants to do it we could set it up multiple ways.  I can buy steady supply of BITCOIN for a discount or we could set up a profit sharing and I would be similar to a middle man except I would be part owner. 

Ideally I would set up distribution through bitcoin sells in some areas near ATLANTA. 
I have a friend that works for a Gas Company and has some Upscale Gas Stations near some very nice neighborhoods.
I also have a friend with a pawn shop.

One of the biggest issues is if the BITCOIN prices drops below my purchase price.  Also the price of the machines.  The 2 way machines cost double a buy only machine.  I would start with a buy only machine.  The best location I find would get a 2 way machine.  I would get probably 3 or 4 ONE WAY and 1 or 2 TWO WAY MACHINES.  The two way machines help to combat that.  You can charge higher fees for cashing out in a BITCOIN downturn.  I really need to work out a few more details too but securing a reliable, trustworthy, future business partners with BITCOIN is paramount to making this work.  I think it could be set up very nice as a vertical integration for BITCOIN MINERS.  They can use the ATM's and have to owner charge them 0% to cash out!!!

Anybody with BITCOIN interested let me know.  cthoams2006@icloud.com

[oldschoolct]

Are you sure that you have the capital to be buying 5 machines? Those things aren't cheap in the least, plus the maintenance as you're not going to be handling the actual buying and selling of Bitcoin and you're just using another company. Most of the ATMS out there are more like middlemen, who take a small bit in fees and make a good amount of money throughout time.

Here's a posting online to see what these all costs and the companies which make them - https://coinatmradar.com/shop/buy-bitcoin-atm/

Yes I've been all over those researching them already.  Thanks though that is a good post. 

I could get the capital to start maybe even with a nice 2 Way machine this month.

I don''t have the cash to buy a bunch of bitcoin.  This is where my thoughts on Vertical Integration with Miners come in.  They can mine and I can distribute.  We set up some type of agreement that makes us/all happy.  I will be flexible and fair.  This is an emerging market and the ATM scene needs to be done fast to get some good spots. 

[no0dlepunk]

for sure that will be a good hit because today almost 80% of the population now are using bitcoin as a form of payment method and this will be verry convenient for us because we can now withdraw our coins easily when we do shopping and malling. you should be making about hundreds and thousands of them and distribute it worldwide because we are always wanted to have a bitcoin atm.

Where did you get that statistics, dude? I doubt that 80% are using bitcoins, we are still far away from that mark especially in your country, nobody accepts bitcoin as payment. Anyway, bitcoin ATMs are kind of illusive but I am sure once it hits hard, that man will get millions.

[jklaw]

Curious about your proposed business model; why do you think a pool is going to want (be willing) to sell you bitcoin at a discount?  They can sell easily at full price.   All day every day.

You can buy from exchanges too, even just buying the dips, to stock your machines and you are absolutely correct, if the price crashes you are taking it in the shorts.  The bright side is the machines near me charge outrageous amounts so you can make a quite a bit in short order and you can also spread your buys out as time passes to ensure your buy price is close to current.   You could buy daily if you needed to.

Instead of thinking about multiple ATMs and not being able to afford BTC, you are probably better off thinking about one ATM and a supply of btc.   If you want less hassle you can also do a one way/ buy only atm and cut down on your responsibility.    There can be significant cost with setting up a certified money business too.    Most of the research I've seen indicates a $10-30k per month buy from ATMs at really good locations, so a few BTC will go a long way at most locations.

[oldschoolct]

The Business model I was proposing would be of vertical integration. 
The POOL could sell at a discount daily but also they would gain in profits from the machines too. 
I would buy the machines and they supply the BITCOIN. I do the leg work and we can work on the details. 
I don't want to take it in the shorts on a downturn so the suppliers would have to be willing to lose some if BTC tanks. 
That said they would profit more in upturns as they would share in the ATM profits.
Also the fast cash out to USD on the two ways could be set at limits that would help suppress any of those losses.

I agree about setting up one and running it first.  That is the plan.  That said I want to scale fast.  Not to big just multiple machines.
Then reassess. 

I have a BBA / Accounting Degree. 
I still have a lot to learn but this seems like a very good opportunity for vertical integration for miners or pools to work with BITCOIN ATM providers.  I think we can discuss the pitfalls for each side.  Make sure we all have some skin in the game and work out the details but this is a very attainable business model to set up.

I will post some profit models tomorrow if anybody is interested.
The location is very important and staying there long term is too. 

GREAT location ROI in 1 month
GOOD locations ROI in 3 months
AVG location ROI 12 months.
 
I need to find some TRULY PRIME SPOTS too.

[no0dlepunk]

The Business model I was proposing would be of vertical integration. 
The POOL could sell at a discount daily but also they would gain in profits from the machines too. 
I would buy the machines and they supply the BITCOIN. I do the leg work and we can work on the details. 
I don't want to take it in the shorts on a downturn so the suppliers would have to be willing to lose some if BTC tanks. 
That said they would profit more in upturns as they would share in the ATM profits.
Also the fast cash out to USD on the two ways but be set at limits that would help suppress any of those losses.

I agree about setting up one and running it first.  That is the plan.  That said I want to scale fast.  Not to big just multiple machines.
Then reassess. 

I have a BBA / Accounting Degree. 
I still have a lot to learn but this seems like a very good opportunity for vertical integration for miners or pools to work with BITCOIN ATM providers.  I think we can discuss the pitfalls for each side.  Make sure we all have some skin in the game and work out the details but this is a very attainable business model to set up.

I will post some profit models tomorrow if anybody is interested.
The location is very important and staying there long term is too. 

GREAT location ROI in 1 month
GOOD locations ROI in 3 months
AVG location ROI 12 months.
 
I need to find some TRULY PRIME SPOTS too.

Oh well, why don't you just create a website or an application that will serve as a tool for payments for credit cards, shopping, and the users can cashout via Western Union using bitcoins. At least you won't have to deal with ATMs (less maintenance costs for you). If you have some time, visit coins.ph and see if their concept will work for you in your country. I am telling you, man - maintaining physical ATMs are not so damn easy. I planned to put a bitcoin ATM in a mall nearby but I just realized that my target users will prefer cashing in/out via coins.ph over my ATMs.

[oldschoolct]

MINNER HAVE BTC if BTC goes down it is no additional risk to the miners.  If BTC tanks they tank.  I would ideally get the BITCOIN supplied from the POOL at no additional upfront cost but the pool would be on the paperwork for the company I set up as part of the owners of the machines.  Many reasons for this.  As I said it is no additional risk the the BTC miner.  It eradicates one of the ATM purchases biggest risks.  The ATM provides pools with PREMIUM sell prices plus money from 2 way sells.  The MORE ATM's we have that people can cash out to USD is going to make BTC much more popular adding to the VALUE OF BITCOIN.  NOTE Most of the machines take some ALT COINS too.  I plan on using those also.  This is a way the BTC MINERS can diversify their holdings and not just have BITCOIN and you get 2 way CASH machine sells from the ALT COINS too.  Personally I think  ETHERIUM is going to be HUGE in the next year or two......FAST EXCHANGE TIMES and CHEAP RATES TOO.  They are gonna want to cash out all these ALT and BTC to USD for a long time to come still.  We need to get in now.   Tell me why this idea sucks for miners.  Seriously.  I am trying to set this up so your thoughts and details are appreciated.

 I would own half, they would own half.  The amount I have in machines would be matched by the BTC POOL until trust is established.  If I spend 35K in machines the POOL would supply 35K in BITCOIN.  I would own 17.5K of the bitcoin or half.   If I spend 35K on machines and the POOL puts in 50K BITCOIN I only have only have 1/2 of what spent.  If I buy 10K more in machines  then I own 5K in BTC at price of purchase.  The POOL owns 1/2  purchase plus HALF OF ALL PROFITS FROM ALL MACHINES.   

I would want to expand to 5 machines within a year.   We look at the early success and advance from there.

Once I set up 1 machine I could secure $20-$45K worth of machines this year for sure. 

[Phalo]

This is a great idea. If you find a good location, it can workout for you. I once saw a list of suppliers on bitcoin.com I can't remember the names from the top of my head. Maybe you can go to the website and look for yourself. My city has only one,if I have capital I would get a few. Infact I have been thinking about this for a long time myself. I hope some money will fall out of the sky very soon.

[thesmallgod]

wow this will be great having someone who want to venture to Bitcoin ATM this goes to show how well cryptocurrency have gone despite the backlashes by some country government and others who see cryptocurrency as a threat to their career. how ever hope you have consider the financial Implication, maintenance and other services that might affect the business. is it legal to do such business in US. in my country individual cannot purchase and install ATM. it has to be banks which is regulated by the central bank.

[YuginKadoya]

This is a great idea. If you find a good location, it can workout for you. I once saw a list of suppliers on bitcoin.com I can't remember the names from the top of my head. Maybe you can go to the website and look for yourself. My city has only one,if I have capital I would get a few. Infact I have been thinking about this for a long time myself. I hope some money will fall out of the sky very soon.

I think there is someone posted the website already here and if you didn't seen it here it is https://coinatmradar.com/shop/buy-bitcoin-atm/

This is really a good idea that could help fellow bitcoin enthusiast make a transaction of buy and sell more convenient but the question would be if OP has a massive amount to burden it, but I think this will be a good investment too gaining popularity ahead for bitcoin you can surely help the community skyrocket for it's demand.

[Kronos21]

It seems to me that you would be more profitable to conclude an agreement with any stock exchange or e-wallet which makes such operations online. The ATM works round the clock and therefore, you may encounter problems if you work with individuals. Also you need to find out the legality of this business in your region. Possible expenses will exceed revenues. Do not forget that most bitcoin users trying to keep their coins and not rushing out to change to Fiat.

[poliy1219]

Do not know where your bitcoin ATM machine is placed, mainly serving the people. These people like to accept new things. Are there more people in nearby technology companies? This is easy to popularize. In addition, bitcoin payment, the Commission will be relatively high, you have some ways to deal with it? Is there a rate of payment, is it immediate?

[LoyceV]

Why would you need mining pools? Pools distribute their revenue in Bitcoin, that's much easier than sending dollars.

One of the biggest issues is if the BITCOIN prices drops below my purchase price.

On average, Bitcoin has only gone up over the years.
All you need, is a relatively small stash of Bitcoins for instant ATM withdrawals, and enough balance to instantly buy them back at an exchange to fund your ATM again.
Say someone buys 0.02 BTC from you for $160, you buy it back for $148, and you have $12 margin. I doubt people will be buying thousands of dollars at once, so you don't need to fund that much at once, and your exchange rate risk is limited.

For a two-way transactions, you may need to check local AML and KYC regulations though, as an anonymous ATM would be a great asset for money laundering.

[no0dlepunk]

MINNER HAVE BTC if BTC goes down it is no additional risk to the miners.  If BTC tanks they tank.  I would ideally get the BITCOIN supplied from the POOL at no additional upfront cost but the pool would be on the paperwork for the company I set up as part of the owners of the machines.  Many reasons for this.  As I said it is no additional risk the the BTC miner.  It eradicates one of the ATM purchases biggest risks.  The ATM provides pools with PREMIUM sell prices plus money from 2 way sells.  The MORE ATM's we have that people can cash out to USD is going to make BTC much more popular adding to the VALUE OF BITCOIN.  NOTE Most of the machines take some ALT COINS too.  I plan on using those also.  This is a way the BTC MINERS can diversify their holdings and not just have BITCOIN and you get 2 way CASH machine sells from the ALT COINS too.  Personally I think  ETHERIUM is going to be HUGE in the next year or two......FAST EXCHANGE TIMES and CHEAP RATES TOO.  They are gonna want to cash out all these ALT and BTC to USD for a long time to come still.  We need to get in now.   Tell me why this idea sucks for miners.  Seriously.  I am trying to set this up so your thoughts and details are appreciated.

 I would own half, they would own half.  The amount I have in machines would be matched by the BTC POOL until trust is established.  If I spend 35K in machines the POOL would supply 35K in BITCOIN.  I would own 17.5K of the bitcoin or half.   If I spend 35K on machines and the POOL puts in 50K BITCOIN I only have only have 1/2 of what spent.  If I buy 10K more in machines  then I own 5K in BTC at price of purchase.  The POOL owns 1/2  purchase plus HALF OF ALL PROFITS FROM ALL MACHINES.   

I would want to expand to 5 machines within a year.   We look at the early success and advance from there.

Once I set up 1 machine I could secure $20-$45K worth of machines this year for sure. 

Are you legit, man? Because if you really want to do this shit and if you need some beez kneez partner, then I'm in... I have 3 sets of rigs here in my house, but unfortunately it seems like my GUIs were outdated. I know where to purhase ATMs too. As i've said, I was about to set up my ATMs but it turned out to be impractical in my country. What do you need? Maybe we can talk about this and launch an ICO so we could crowdfund.

Anyway, I have read somewhere from here that there is a company who has the same vision as yours and they are planning to penetrate the southeast asia. I'll paste the link once I recall it.

[squatz1]

Are you sure that you have the capital to be buying 5 machines? Those things aren't cheap in the least, plus the maintenance as you're not going to be handling the actual buying and selling of Bitcoin and you're just using another company. Most of the ATMS out there are more like middlemen, who take a small bit in fees and make a good amount of money throughout time.

Here's a posting online to see what these all costs and the companies which make them - https://coinatmradar.com/shop/buy-bitcoin-atm/

Yes I've been all over those researching them already.  Thanks though that is a good post. 

I could get the capital to start maybe even with a nice 2 Way machine this month.

I don''t have the cash to buy a bunch of bitcoin.  This is where my thoughts on Vertical Integration with Miners come in.  They can mine and I can distribute.  We set up some type of agreement that makes us/all happy.  I will be flexible and fair.  This is an emerging market and the ATM scene needs to be done fast to get some good spots. 

Well you aren't going to need the capital to actual buy the bitcoins, as all of that is going to be handled by the company in which you buy the atm from. If you look at the link I sent you, you'd see that they handle that and you'd be getting a fee from all transcations that are done on the machine (depending on the prices which you set on the machine)

Usuaully this fee is going to be around 5-15 percent, yet again depending on the prices which you set.

Good luck!