Today my client became the largest Bitcoin ATM company in the world!

[tread93]

You can find the article here: https://cointelegraph.com/press-releases/genesis-coin-powering-35-of-global-bitcoin-atm-txs-acquired-by-bitstop-founders 

Pretty cool 

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[sheenshane]

But based on the Coinatmradar.com, they are in third place which means they're not only the largest Bitcoin ATM company in the world.  
It's BitAccess, followed by General Bytes and them.
Not unless this website is outdated.

That's great news, since 2020 based on this data, Bitcoin ATM machines was been rapidly increasing up to this year.  It's over 38400 total Bitcoin ATMs have been deployed in different places.

[Nwada001]

Unless I misunderstood the article, the press release was about the acquisition of the largest Bitcoin ATM software by Bitstop founders Andrew Barnard and Doug Carrillo, who are the first and early BTC ATM pioneers.

Their reason for the acquisition is to expand their company and partnership with the best Bitcoin ATM software programs and its team world wide, which are powering about 35% of the total volume of all Bitcoin transactions across the world according to source

But based on the Coinatmradar.com, they are in third place which means they're not only the largest Bitcoin ATM company in the world.  
It's BitAccess, followed by General Bytes and them.
Not unless this website is outdated.

I think the acquisition of the Genesis Coin software makes them rank up among other Bitcoin ATM providers because, adding the two operations together, they should be in charge of over 12,000+ Bitcoin ATM machines that are operational around the world, unless there are other companies that have a larger amount, which I doubt there is since I have not come across any Bitcoin ATM providers with a huge number of ATMs all over.

[dansus021]

Genesis coin is your client  that is crazy

anyway if bitcoin get regulated what happens with all of them (if the regulators have tight rule on bitcoin)  did put atm need a license to build.
but it always good to see news that made crypto more easier to reach by people

[tread93]

Genesis coin is your client   that is crazy

anyway if bitcoin get regulated what happens with all of them (if the regulators have tight rule on bitcoin)   did put atm need a license to build.
but it always good to see news that made crypto more easier to reach by people

Yes haha the cats out of the bag now! This post I made a while back tells the story of how he came to be my client. “Chuck” is Drew Barnard: https://bitcointalk.org/index.php?topic=5335262.msg56936144#msg56936144

[Kakmakr]

Genesis coin is your client  that is crazy

anyway if bitcoin get regulated what happens with all of them (if the regulators have tight rule on bitcoin)  did put atm need a license to build.
but it always good to see news that made crypto more easier to reach by people

Regulation is not necessarily a bad thing, because it gives guidelines to businesses to accept and use the technology. A lot of businesses want to use the technology, but in a lot of countries.... governments and regulators are halting their efforts with poor regulation.

Regulation are bad, when it creates a barrier to entry or if it is over regulated.... like we saw with the "BitLicense" in New York, where they made it so complicated that people had to hire consultants to assist them to adhere to the regulations that were introduced. 

Now these companies have to start serving 3rd world countries... and stop concentrating on only serving first world countries. 

[Accardo]

Genesis coin is your client  that is crazy

anyway if bitcoin get regulated what happens with all of them (if the regulators have tight rule on bitcoin)  did put atm need a license to build.
but it always good to see news that made crypto more easier to reach by people

Regulation is not necessarily a bad thing, because it gives guidelines to businesses to accept and use the technology. A lot of businesses want to use the technology, but in a lot of countries.... governments and regulators are halting their efforts with poor regulation.

Regulation are bad, when it creates a barrier to entry or if it is over regulated.... like we saw with the "BitLicense" in New York, where they made it so complicated that people had to hire consultants to assist them to adhere to the regulations that were introduced. 

Now these companies have to start serving 3rd world countries... and stop concentrating on only serving first world countries. 

Third world countries like Africa, would add customers to these companies and yield them more profits. Companies are facing lots of expenses in First world countries, reducing generated money, and requiring additional work force. The Government, is busy with adding the bills to law and careless about the effects of these laws to the citizen's businesses. In turn, third world countries could get sophisticated with fast growing online business, and crypto projects launching in their province. Helping development, and growth. Such treats would keep their Government aloof of other places where this bitlicense is passed. And they wouldn't want to pass such a rule easily until they are not satisfied, which is rare, with the services provided by the companies.

[Coin_trader]

You can find the article here: https://cointelegraph.com/press-releases/genesis-coin-powering-35-of-global-bitcoin-atm-txs-acquired-by-bitstop-founders 

Pretty cool 

Congratulations on this achievement mate! But can you share how big this Bitcoin ATM globally so that we can measure how high the growth of this company in terms of Bitcoin ATM industry. So far there’s a lot of crypto card alternatives to cash out Bitcoin to fiat using normal ATM. I wonder if Bitcoin ATM still got a demand despite normal fiat ATM machine can do the job which Bitcoin ATM specifically designed too.

IIRC, a major bank in my country setup a Bitcoin ATM during the Bitcoin hype after pandemic but it didn’t continue spreading nationwide. Is Bitcoin ATM still in demand in other country?

[slaman29]

Yay your super rich client just bought over a lot of Bitcoin ATMs, does that mean you can finally give up posting on this forum? And maybe stop using news like that and just give us an exclusive interview with your client?

So anyway other than this white lie from OP my wish is for Bitcoin ATMs to make it back into places it has disappeared from. Seems like many did in Covid especially?

[CryptSafe]

You can find the article here: https://cointelegraph.com/press-releases/genesis-coin-powering-35-of-global-bitcoin-atm-txs-acquired-by-bitstop-founders 

Pretty cool 

You call them your client, and I ask, are you the software developer that built the ATM software for the machines for them? Anyways, congratulations to them for their new purchase as it is the dream of every one individual to grow in every  aspect of their endeavor.

Evan built a platform trusted by some of the largest Bitcoin ATM operators in our industry, both domestically and internationally, including the Chivo network in partnership with the government of El Salvador.

I see they are a major player of the El Salvador bitcoin ATM machine channels. They built the software in partnership of the El Salvador Government which has been a success in making bitcoin accessible by the El Salvador nationals. This is a good move by them in making sure bitcoin is accessible in accordance to the massive bitcoin adoption movement.

We truly believe that this new combination of the best minds in our space will be the catalyst for the Bitcoin ATM industry evolving into its next phase.

Sure thing that this merger would yield positive results as there would more Bitcoin ATM point globally. This i think you have done well and will spur more adoption of bitcoin globally. The bitcoin ATM machine would help ease cash withdrawal as it has always been for internationals travelling around the world without much stress.

[NotATether]

You call them your client, and I ask, are you the software developer that built the ATM software for the machines for them?

I also want clarification about this. In particular, how exactly are they your client?

[tread93]

You call them your client, and I ask, are you the software developer that built the ATM software for the machines for them?

I also want clarification about this. In particular, how exactly are they your client?

I am not a software developer, I am in sales for a telecom company and we provide internet services via SIM cards and IOT routers for the kiosks. Bitstop was actually my first client in this space in 2018 when I started targeting that market. If you look up in the comments there is a link to another post I made a while back shedding light on my initial meeting with them.

[NeuroticFish]

I am not a software developer, I am in sales for a telecom company and we provide internet services via SIM cards and IOT routers for the kiosks. Bitstop was actually my first client

So it's the client of the company you're working for, not actually yours, or the client of a company you own...
Don't take me wrong, still a nice achievement, but much less important than what I first thought... I was even wondering how comes you're still here, instead of enjoying margaritas...
Still, congrats!

[tread93]

Yay your super rich client just bought over a lot of Bitcoin ATMs, does that mean you can finally give up posting on this forum? And maybe stop using news like that and just give us an exclusive interview with your client?

So anyway other than this white lie from OP my wish is for Bitcoin ATMs to make it back into places it has disappeared from. Seems like many did in Covid especially?

Shoot, I wish man! As far as an interview with my client, that's a great idea! Would be a very unique way for cold outreach to garner interest & generate new business. I don't know exactly what I'd have to gain from lying about this, but I can assure you that I do business with them enough to call them my client. Unfortunately they pretty much sold off the physical part of the ATM business and now their business is truly the software. They find investors to front the cash on the hardware or franchise partners if you will, and so now instead of just working with Drew directly for all the connections in their machines now I have to reach out to many separate owners that all take different approaches to the connectivity in their machines. Most of them try to write the use of the on site connection into their location contract. So the existing internet circuit that is already in the gas station, vape shop, or wherever the machine is located and just plug and ethernet chord into it, which makes my solution second best. So it has been a little tricky when I come across operators that use that approach because I really can't help them, unfortunately.

I am not a software developer, I am in sales for a telecom company and we provide internet services via SIM cards and IOT routers for the kiosks. Bitstop was actually my first client

So it's the client of the company you're working for, not actually yours, or the client of a company you own...
Don't take me wrong, still a nice achievement, but much less important than what I first thought... I was even wondering how comes you're still here, instead of enjoying margaritas...
Still, congrats!

No, they are my client and I initially fostered the relationship, its sales. To elaborate more on my previous comment above to the other guy, Drew still owns a a decent amount of machines that use my companies wireless service. Its just more exiting to see this whole thing blow up for him, knowing him and seeing him at all the trade shows- I consider him a great client & amazing contact of mine in this space. He takes my calls & helps me find new partners and I am very thankful for it. Genesis Coin is one of the largest Bitcoin ATM manufacturers in the world, and so from that article you can see that their software is used in 35% of all bitcoin ATMs! Essentially maybe not the largest Bitcoin ATM company but the largest Bitcoin ATM company today powering so many other bitcoin atm companies, makes sense?

[moderator's note: consecutive posts merged]

[DaveF]

Congrats.

But, and this is nothing against you or them, do we really want more centralization with this.
Less operators, means less competition, means higher fees.

I see there here. On LI where there are only 1 or 2 operators fees are higher then when I head to NYC where you can get better deals since there are at least 4 providers of BATMs there.

-Dave

[slaman29]

Yay your super rich client just bought over a lot of Bitcoin ATMs, does that mean you can finally give up posting on this forum? And maybe stop using news like that and just give us an exclusive interview with your client?

So anyway other than this white lie from OP my wish is for Bitcoin ATMs to make it back into places it has disappeared from. Seems like many did in Covid especially?

Shoot, I wish man! As far as an interview with my client, that's a great idea! Would be a very unique way for cold outreach to garner interest & generate new business. I don't know exactly what I'd have to gain from lying about this, but I can assure you that I do business with them enough to call them my client. Unfortunately they pretty much sold off the physical part of the ATM business and now their business is truly the software. They find investors to front the cash on the hardware or franchise partners if you will, and so now instead of just working with Drew directly for all the connections in their machines now I have to reach out to many separate owners that all take different approaches to the connectivity in their machines. Most of them try to write the use of the on site connection into their location contract. So the existing internet circuit that is already in the gas station, vape shop, or wherever the machine is located and just plug and ethernet chord into it, which makes my solution second best. So it has been a little tricky when I come across operators that use that approach because I really can't help them, unfortunately.

I remember reading many times that Bitcoin ATM growth is just going up every year, but to my observation this has actually gone down. Maybe that's just because of where I am where many years ago you might see one machine or two, but those either broke down or disappeared and now it's been years since I saw one, in Singapore anyway where I noticed it.

Even in Indonesia I remember seeing one many years ago but it's gone now apparently.

I find it pretty amazing that even with much cheaper/faster/private options to buy crypto ATMs are still rising in popularity!

[tread93]

Congrats.

But, and this is nothing against you or them, do we really want more centralization with this.
Less operators, means less competition, means higher fees.

I see there here. On LI where there are only 1 or 2 operators fees are higher then when I head to NYC where you can get better deals since there are at least 4 providers of BATMs there.

-Dave

I believe most ATM providers hover around the 10-15 percent range but some go as high as 25% or more which is absurd. I think mainly the way they maintain their network and keep the technology current its better than the off chute operator that only runs 10 locations. They are pretty competitive. Most people like us though would never buy bitcoin from a BTM, this solution is for the unbanked, or for other reasons that are private. The "privacy" portion is more appealing to many of the BTM customers, but so long as operators stay regulatory compliant with AML and KYC it doesn't matter where the money comes from or gets sent to so long as they report it properly they can still be in business and not risk losing the business and getting shut down by the FED.