Anyone in the Bitcoin ATM business?

[kryptqnick]

How is going? Seems like machines continued fast growth during Covid... has it been a good year for the BATM owners?

Like most people here, I'm not in the business of Bitcoin ATMs, but I can tell you what would incline me to use one (it's simple stuff, but it seems like ATM providers just fail to grasp it):
1. Good location (center of the city is usually optimal), which is not uncommon, but still.
2. This is a very important one: LOW fees. The most common reason I've heard why people avoid BTC ATMs is because of ridiculous 10-20% fees! Make it 5% and suddenly your ATM is the best. 5% profit is still profit, definitely better than if it's 15% but nobody uses it.
3. Reasonable and clear KYC requirements. Say, up to $1k with no KYC or something like this. And a clear warning PRIOR to the transaction that KYC will be required under such and such circumstances.

[BtcATMs]

How is going? Seems like machines continued fast growth during Covid... has it been a good year for the BATM owners?

Like most people here, I'm not in the business of Bitcoin ATMs, but I can tell you what would incline me to use one (it's simple stuff, but it seems like ATM providers just fail to grasp it):
1. Good location (center of the city is usually optimal), which is not uncommon, but still.
2. This is a very important one: LOW fees. The most common reason I've heard why people avoid BTC ATMs is because of ridiculous 10-20% fees! Make it 5% and suddenly your ATM is the best. 5% profit is still profit, definitely better than if it's 15% but nobody uses it.
3. Reasonable and clear KYC requirements. Say, up to $1k with no KYC or something like this. And a clear warning PRIOR to the transaction that KYC will be required under such and such circumstances.

Thanks! Good feedback. We were aiming for 7.5% but have not implemented yet so it is very hard to find a minimum margin to stay profitable (7.5% just based on getting in under the average).

Does 5% seem fair? Comparable to off-market alternatives?

It would be great to hear from someone who has a machine!

[int03h]

Not that easy. If you want to register a bitcoin ATM business you need to have a company and register them with the government. There will be a lot of procedure and a lot of cost for installation. I think you'll go bankrupt before you book your first ATM. Recently a few illegal ATMs have been dismantled in the US and France.

[stompix]

Thanks! Good feedback. We were aiming for 7.5% but have not implemented yet so it is very hard to find a minimum margin to stay profitable (7.5% just based on getting in under the average).
Does 5% seem fair? Comparable to off-market alternatives?

One thing I had to add as so many people were focusing on the location, as long as it is still in the city and you can access it quickly it makes no real difference.

For example, I have 6 Btams from a certain company around me, pretty easy to guess since it's one that lists the balance available on their website, and I have a habit of looking at them as sometimes they change the fee they have and when they drop it to 1%-2% I go and pick some cash to avoid bank transfers. To some of my surprise, the one machine that gets emptied and refilled more commonly is not the one in the city center but one in a shopping center which hasn't that much traffic compared to the center mall for example.

As for the fees
7.5%? I would never exchange a penny.
You have to choose your path carefully, take a huge percent and you will end up only with one time customers or desperate ones that are trying to avoid KYC and banks at all costs or lower your fee and present yourself as a real alternative.
I've seen BATM's with 50k euros getting emptied in a day of low fees, if 1k a day isn't covering expenses then I don't know what would do.

As far as regulation, it is definitely wise to do proper research. I know where I am the one-way machines have the same regulation as a vending machine. Two-way are a little more complicated but not much more difficult.

Just an opinion, I don't have facts to back it up, but I think that's where the money is.
I can't envision somebody putting hundreds of banknotes after banknotes in a vending machine, but I've seen people withdrawing over 10k euros from one more than once.

[ChiBitCTy]

A friend of mine  ( tread93 who's a user here ) is in the bitcoin ATM business and he's been reporting back to me that it's been on fire as well.  He's been getting a lot of new orders/customers of late.  I also recently read how CVS and Walgreens are going to be bringing in new types of ATM machines so that cryptocurrency can be sold.  That's a big deal.

[Latviand]

if in a country there are a lot of bitcoin user then I think it's good to open a bitcoin ATM, but there are some country that don't legalize bitcoin as a legal payment tool I think it's an obstacle to open an ATM machine in a country

Especially if the bitcoin owner is responsible and dedicated to a bitcoin investments, then it will not have any problem manipulating in a certain country.

As long as it operates legally, it has a licensed, and it doesn't violate and rules and regulations in a certain country, then it is good.

The only thing that really matters right now during this Covid-19 is health and businesses. If you own one, good luck to you because I know that you will experience struggle and hardships but don't let them make you down. For those who own a Bitcoin ATM, hopefully you are doing it right.

[ampu]

The bitcoin ATM business is also against banks. There are more bank ATMs than bitcoin ATMs. Bitcoin should only own and hold them, not be paid or exchanged for continuous cash. I found the bitcoin ATM to be good, but never popular. And want to popularize Bitcoin ATMs should be issued by financial companies or banks and countries that do not have regulations on this currency, it is best not to trade bitcoin ATMs.

[noorman0]

The bitcoin ATM business is also against banks. There are more bank ATMs than bitcoin ATMs. Bitcoin should only own and hold them, not be paid or exchanged for continuous cash. I found the bitcoin ATM to be good, but never popular. And want to popularize Bitcoin ATMs should be issued by financial companies or banks and countries that do not have regulations on this currency, it is best not to trade bitcoin ATMs.

I don't think so, it's just that the ATM owner has put the machines in the wrong place or environment. People who use Bitcoin are people who have serious concerns about their privacy in transactions. Bitcoin is only a support option, in no way against banking.

[yohananaomi]

The bitcoin ATM business is also against banks. There are more bank ATMs than bitcoin ATMs. Bitcoin should only own and hold them, not be paid or exchanged for continuous cash. I found the bitcoin ATM to be good, but never popular. And want to popularize Bitcoin ATMs should be issued by financial companies or banks and countries that do not have regulations on this currency, it is best not to trade bitcoin ATMs.

I don't think so, it's just that the ATM owner has put the machines in the wrong place or environment. People who use Bitcoin are people who have serious concerns about their privacy in transactions. Bitcoin is only a support option, in no way against banking.

clearly there are differences in bitcoin atm and banking atm, because their use is clearly more familiar atm banking because it was first. and bitcoin atm is only in certain places that can be provided and also not many use it because it seems that bitcoin atm is not very effective. many people actually replace bitcoin to fiat and just use atm banking to carry out transactions.
In my country, many Bitcoin ATMs must be closed because there are no benefits that can be used, because all are used to making regular transactions with Fiat first to be placed in their bank.

[yhiaali3]

Yes, I think that business was doing very well with Bitcoin ATMs during the spread of the Corona virus, as it is known that the virus is transmitted through paper money, so I think that many people have gone to use cryptocurrencies instead. This helped the spread of cryptocurrencies.
Also, another matter, due to the spread of the virus, many people stopped going to their work, so working from home, especially in cryptocurrencies, has become a very good solution for these unemployed.
So I think it has been a good year full of business for Bitcoin ATMs and cryptocurrencies in general.

[peter0425]

Yes, I think that business was doing very well with Bitcoin ATMs during the spread of the Corona virus, as it is known that the virus is transmitted through paper money, so I think that many people have gone to use cryptocurrencies instead. This helped the spread of cryptocurrencies.
Also, another matter, due to the spread of the virus, many people stopped going to their work, so working from home, especially in cryptocurrencies, has become a very good solution for these unemployed.
So I think it has been a good year full of business for Bitcoin ATMs and cryptocurrencies in general.

Since it is ATM you will be needing to touch it also things that can be acquired the virus right?
though yeah it is more safer using online money than Physical.

But this is depend in which country we are living because like in my place we have only 2 ATMs for Bitcoin and it is not being used by crypto users because we can top up using 7/11 and other money order company so there is no need of using ATM.

[Shasha80]

The good thing this year is that the price of Bitcoin has risen, making the number of Bitcoin ATMs also increase. And this is an opportunity
for businessmen to investing in a Bitcoin ATM. According to several articles I read, the highest increase in the number of Bitcoin ATMs was
in the United States, countries on the continent of Africa and Germany. But this good news has become influenced by negative news from
US and Germany which is the number of Bitcoin ATMs illegalities have also increased. Hopefully the US and Germany governments can
overcome this.

[BtcATMs]

Not that easy. If you want to register a bitcoin ATM business you need to have a company and register them with the government. There will be a lot of procedure and a lot of cost for installation. I think you'll go bankrupt before you book your first ATM. Recently a few illegal ATMs have been dismantled in the US and France.

I guess it depends on your jurisdiction and one-way vs. two-way. Here, one-way machines are considered "vending" machines and they don't cost much in the way of legal/gov't fees to get up and running legally (although I think two-way is the better option).

"7.5%? I would never exchange a penny." - Thanks, also good to know and why we are still researching (it's been hard to get real-world user/owner feedback)... 7.5% is just a jumping in point based on being lower than any other BATM market but obviously better to know what users are really willing to pay.

[prehisto]

About which countries and regions are you talking about?
Currently I think that the situation is not great for them in EU and will get worse because of anti money loundering laws in place and they tend to get only stricter over time.
This combined with goverments inabilty to learn about BTC in general, id bad news for btc atms.

[Sapphire915]

I haven't heard about BATM here in my Country. It sounded so interesting especially nowadays. Indeed, you are right. Digital machines are highly useful during this crisis and we are much into highest driven technology. Bitcoin ATM business will probably have good profits especially that bitcoin's price now are rising higher. I guess people in this type of business will benefit more and also those growing individuals who are working in blockchain industry. I must do a lot of research about it and hopefully I could find one near me.

[bayu7adi]

That's a good business for countries such US and even those on europe that have lots of people who use bitcoin, while fewer on asia and its not good to run such business.

And due to some COVID rules/law and its effect bitcoin atm growth grow fast in some countries.

very non-binding relationship ...
when you have Bitcoin and ATMs, the government also has FIAT and ATMs

because I am Asian, I don't know much about the payment models that exist in America and Europe, but if it is true that Bitcoin is more attractive than FIAT, I will be more excited to learn Bitcoin for the future.

[crwth]

I'm particularly looking for something related to that, but with the recent events happening, I chose To be a distributor online like in the P2P exchange in Binance. It's better that way right now, thinking of the possibility of spreading the virus or something. I have seen distributors of ATMs, and they support the use of crypto, but right now, they are not operational (distributors), so I can't know the current situation.

[Warkop]

Through an article came to know more than 70% of bitcoin ATM is located in USA. Rest were distributed on the rest of the countries. This means the business isn't diversified around the globe. It takes time, as people are not that aware as well as governments weren't that welcoming for the cryptocurrency and related businesses.

It all depends on where you live, because if you are in a place that has banned Cryptocurrency or Bitcoin you will never be able to find a Bitcoin ATM, but if you are in a country that has legalized Bitcoin, you will definitely find more Bitcon ATMs. there and it is very easy for you to make transactions with a Bitcoin ATM.

[imstillthebest]

Through an article came to know more than 70% of bitcoin ATM is located in USA. Rest were distributed on the rest of the countries. This means the business isn't diversified around the globe. It takes time, as people are not that aware as well as governments weren't that welcoming for the cryptocurrency and related businesses.

It all depends on where you live, because if you are in a place that has banned Cryptocurrency or Bitcoin you will never be able to find a Bitcoin ATM, but if you are in a country that has legalized Bitcoin, you will definitely find more Bitcon ATMs. there and it is very easy for you to make transactions with a Bitcoin ATM.

thats what he was saying . in my country btc is accepted but why there is still less btc atm's on here  ? number of btc dont relate with the acceptance of btc but the knowledge of the people and the legality of the operation will also matter  .  never used a btc atm before but only regular atm's and they are easy . im not expecting that btc atm will be easier but i can learn it if i wanted too  .  atm's condition today is not that verry good compare to when there is no covid  . people were scared to you know

[TheCaliReign]

I've heard a bunch of people talk about location. City center. Busy location, etc. In my experience the atm's that last the longest and have the most consistent success are the ones a little out of the way, that are easy to access, open 24 hours and feel safe to transact at but not with a bunch of people staring at you.