Bitcoin ATM.

[Bitcoinlennon]

Good morning Bitcoiners' , hope you are all well.

First post.

Basically i am looking for more information about Bitcoin ATM'S , I've been thinking about purchasing one, Lamassu or General Bytes look good.

I'm come across a second hand general for £1700.

My good friend owns a Barber shop bang in the center of the city which i live in, with good foot traffic and a lot of students from all around the world.

However i couldn't find that much information regarding the ATM on the internet.

Am i right in thinking that i hook the ATM up to an exchange and when the buyer enters cash, they would be buying the Bitcoin from the exchange??
i've seen that the average % fee is 5-10%, So if a buyer buys $1000 of Bitcoin, do i keep $50-$100 depending on %FEE and the rest of the cash i owe the exchange?

I seem to be stuck with this question, have asked around.

Profit would be great however i would just love to get a ATM in my city, and help do my bit for the community and spread the Bitcoin love.

Thanks all.

Have a great day.

[OmegaStarScream]

This page has everything (or most of the things) you need to know (including ROI calculator): https://coinatmradar.com/how-to-start-bitcoin-atm-business/

Alternatively, and If you can't find the answers you're looking for, I suggest you contact the Producers[1][2] directly as any third-party sources could be outdated.

[1] https://www.generalbytes.com/support/
[2] https://lamassu.is/contact

[Bitcoinlennon]

Thank you mate.

'Cash collection services
Usually it is done both by own employees and by external services. Some operators use ex-military to collect cash from ATM’s and bring to office. Costs for external services are at $200-500 per month for a location. Cash collection is usually conducted weekly, but may vary depending on the activity of using any particular machine.

If cash is deposited to a bank — bank may charge extra fees for depositing funds (0.1-0.5%). International transfer to bitcoin exchange costs $40-50 per payment. Purchase of bitcoins for fiat currency will add extra 0.2-0.3% on top of price (exchange fees).

Jumping ahead and knowing the monthly average volume is around $30K, operator of 2 machines for example will pay about $600 cash collection services, $200 depositing to bank, $200 wire transfers fees, another $200 bitcoin exchange, totaling  $1200 for both or $600 per month per machine, or $300 per machine if cash collection is done by internal employees'


Still a little confused, So when i start the ATM up, when someone comes in as purchasing Bitcoin, it comes off an Exchange and then i have to put the exchange the cash entered and take my %?

Seems hard to get off the ground.

Will have a proper read later.

Cheers.

[malevolent]

Still a little confused, So when i start the ATM up, when someone comes in as purchasing Bitcoin, it comes off an Exchange and then i have to put the exchange the cash entered and take my %?

Ideally you would already have an account at a cryptocurrency exchange with fiat money deposited. Whenever someone buys bitcoins via your ATM, coins would be bought on the exchange and sent to the buyer. Once in a while you'd either add fiat money or take them out and deposit them at your bank, later sending the money to the exchange's bank account. Whether you'd add more money to the ATM or withdraw would depend if you had more people buying or selling. Costs/fees cited will be different in every country, take them with a grain of salt. Same with what fees you can get away with.

[examplens]

Still a little confused, So when i start the ATM up, when someone comes in as purchasing Bitcoin, it comes off an Exchange and then i have to put the exchange the cash entered and take my %?

Ideally you would already have an account at a cryptocurrency exchange with fiat money deposited. Whenever someone buys bitcoins via your ATM, coins would be bought on the exchange and sent to the buyer. Once in a while you'd either add fiat money or take them out and deposit them at your bank, later sending the money to the exchange's bank account. Whether you'd add more money to the ATM or withdraw would depend if you had more people buying or selling. Costs/fees cited will be different in every country, take them with a grain of salt. Same with what fees you can get away with.

I think there is no space for "later sending money". All transaction must be instant, he can't wait for big price changes can easily lose profits.

[malevolent]

I think there is no space for "later sending money". All transaction must be instant, he can't wait for big price changes can easily lose profits.

Nowhere have I written it isn't (near-)instant, as long as he has enough fiat money in his exchange account he doesn't have to send more right away.

[Murat]

Still a little confused, So when i start the ATM up, when someone comes in as purchasing Bitcoin, it comes off an Exchange and then i have to put the exchange the cash entered and take my %?

Cheers.

ATM gives some percentage from the profit. If the fees are 3% then you get 1% from it. Coinme offered me something like that a long time ago.

You may contact them here - https://coinme.com/contact/

Marketing Director (Telegram)- @DomGarrett

[bitmover]

I think there is no space for "later sending money". All transaction must be instant, he can't wait for big price changes can easily lose profits.

Yes, that doesn't even make sense, due to high volatility of bitcoin Price, which could completely change the price of the transactions