Skyhook Bitcoin ATM for Sale only $1040 with shipping included to USA

[Beastlymac]

Is it possible to use your own public/private keys to hold the ATM's funds?

If you don't already have a Bitcoin address, can it print a receipt with public/private keys that hold the withdrawn funds?

The funds are held in a blockchain.info account. It sends to a key you provide via qr scanned by the camera.

[fishy]

Is there a map of places where they are in effect?  I'd like to try and use one.

[smeagol]

How do these compare to Liberty Tellers?

[AmDD]

I would love to buy one of these! Too bad I don't own a business or have anywhere to put one in a public area.

[gondel]

Hello,
Is there some possible way to chain this ATM?
I am asking,because it looks very little and easy to be stolen. Are you shipping to Europe?
Thanks

[iglasses]

gondel I think it comes with a mounting plate to secure it to where it's put.  It supposedly also has a power on password so even if it was stolen the thief could not easily get the coin out of it...although I'm not clear on how that would help you.
 

[btcbug]

Hello,

I know this question might sound a bit noobish but who provides the liquidity on the exchange ?

Regards

Duke

Ok so that is sort of a trick question - if you are using a centralized 3rd party that is a pseudo-exchange like coinbase they will act as a 3rd party and be able to provide all the btc you need.  Otherwise, if you are using an exchange like Bitstamp.net or btc-e.com, then the liquidity is peer based which means an order book where you should set a limit price to buy them at and be sure to set your atm price to match that exchange.  The ATM pulls its rate data from BTC-E, blockchain.info, or Bitstamp.net as well with future integration for other exchanges being actively developed. 

I think what you're meaning to ask is, who provides the BTC for the ATMS?  They do not come preloaded and the owner/operator is expected to simply refill the BTC address when it gets low.

How much money does this ATM make, per transaction?  And if it is owner-set, what is the average fee?  Also, can you add an option for other cryptos?  Finally, is it buy/sell or only a one-way thing?
I'm very interested, so I apologize for the stream of questions.   

The ATM fee can be set by the owner and we suggest between 3-5% fee.  It is possible to add other cryptocurrencies however they have not been tested and this is not necessarily an out the box feature (if I understand correctly, the current version of the software is hardcoded to BTC exchange apis for rates and the wallet itself).  Please continue and ask away, I'm here to help!

Hi, I don't think I'm understanding you correctly. How is the operator protected against volatility exactly?

Walk me through this if I was initially setting up the unit. Would I purchase Bitcoins from an exchange and then transfer them to my ATM operating wallet? What happens after that? If a user makes a purchase does the machine automatically top up the wallet? Thanks.

[bitbandit]

Hi, I don't think I'm understanding you correctly. How is the operator protected against volatility exactly?

Walk me through this if I was initially setting up the unit. Would I purchase Bitcoins from an exchange and then transfer them to my ATM operating wallet? What happens after that? If a user makes a purchase does the machine automatically top up the wallet? Thanks.

The operator is not protected against volatility. All they can do is set a minimum price so that it does not sell below what you paid for the bitcoin.

For example I bought $1000 and put it on my skyhook atm and then bitcoin has fallen over $100. My bitcoin is overpriced and I have sold nothing. I mistook the term "pull request" to mean that it could be hooked up to buy bitcoin in real time when someone uses the atm. Wrong!

[AmDD]

Hi, I don't think I'm understanding you correctly. How is the operator protected against volatility exactly?

Walk me through this if I was initially setting up the unit. Would I purchase Bitcoins from an exchange and then transfer them to my ATM operating wallet? What happens after that? If a user makes a purchase does the machine automatically top up the wallet? Thanks.

The operator is not protected against volatility. All they can do is set a minimum price so that it does not sell below what you paid for the bitcoin.

For example I bought $1000 and put it on my skyhook atm and then bitcoin has fallen over $100. My bitcoin is overpriced and I have sold nothing. I mistook the term "pull request" to mean that it could be hooked up to buy bitcoin in real time when someone uses the atm. Wrong!

That makes sense but you also have to look at the other side of the fence. If you bought at $600 and now sell at $500 you can take that USD can purchase more BTC for your ATM at a lower price. Tieing the ATM directly to an exchange would make this process happen in realtime, but it can be done manually as well.

[MakeBelieve]

If you ever get a GBP one let me know and I might be interested in getting one of these.

[btcbug]

Hi, I don't think I'm understanding you correctly. How is the operator protected against volatility exactly?

Walk me through this if I was initially setting up the unit. Would I purchase Bitcoins from an exchange and then transfer them to my ATM operating wallet? What happens after that? If a user makes a purchase does the machine automatically top up the wallet? Thanks.

The operator is not protected against volatility. All they can do is set a minimum price so that it does not sell below what you paid for the bitcoin.

For example I bought $1000 and put it on my skyhook atm and then bitcoin has fallen over $100. My bitcoin is overpriced and I have sold nothing. I mistook the term "pull request" to mean that it could be hooked up to buy bitcoin in real time when someone uses the atm. Wrong!

That makes sense but you also have to look at the other side of the fence. If you bought at $600 and now sell at $500 you can take that USD can purchase more BTC for your ATM at a lower price. Tieing the ATM directly to an exchange would make this process happen in realtime, but it can be done manually as well.

I think that makes sense now. You have an operator and when a customer buys BTC your wallet is topped up at the current exchange price, which is the price they bought at. Do you know if the machine automatically tops up the operator wallet or does that need to be done manually? If it is manual then I could see it being riskier.

[AmDD]

Hi, I don't think I'm understanding you correctly. How is the operator protected against volatility exactly?

Walk me through this if I was initially setting up the unit. Would I purchase Bitcoins from an exchange and then transfer them to my ATM operating wallet? What happens after that? If a user makes a purchase does the machine automatically top up the wallet? Thanks.

The operator is not protected against volatility. All they can do is set a minimum price so that it does not sell below what you paid for the bitcoin.

For example I bought $1000 and put it on my skyhook atm and then bitcoin has fallen over $100. My bitcoin is overpriced and I have sold nothing. I mistook the term "pull request" to mean that it could be hooked up to buy bitcoin in real time when someone uses the atm. Wrong!

That makes sense but you also have to look at the other side of the fence. If you bought at $600 and now sell at $500 you can take that USD can purchase more BTC for your ATM at a lower price. Tieing the ATM directly to an exchange would make this process happen in realtime, but it can be done manually as well.

I think that makes sense now. You have an operator and when a customer buys BTC your wallet is topped up at the current exchange price, which is the price they bought at. Do you know if the machine automatically tops up the operator wallet or does that need to be done manually? If it is manual then I could see it being riskier.

I assume its manually but I honestly know next to nothing about how this ATM works. Id like to see someone take one and do a good full review on it.

[btcbug]

Hi, I don't think I'm understanding you correctly. How is the operator protected against volatility exactly?

Walk me through this if I was initially setting up the unit. Would I purchase Bitcoins from an exchange and then transfer them to my ATM operating wallet? What happens after that? If a user makes a purchase does the machine automatically top up the wallet? Thanks.

The operator is not protected against volatility. All they can do is set a minimum price so that it does not sell below what you paid for the bitcoin.

For example I bought $1000 and put it on my skyhook atm and then bitcoin has fallen over $100. My bitcoin is overpriced and I have sold nothing. I mistook the term "pull request" to mean that it could be hooked up to buy bitcoin in real time when someone uses the atm. Wrong!

That makes sense but you also have to look at the other side of the fence. If you bought at $600 and now sell at $500 you can take that USD can purchase more BTC for your ATM at a lower price. Tieing the ATM directly to an exchange would make this process happen in realtime, but it can be done manually as well.

I think that makes sense now. You have an operator and when a customer buys BTC your wallet is topped up at the current exchange price, which is the price they bought at. Do you know if the machine automatically tops up the operator wallet or does that need to be done manually? If it is manual then I could see it being riskier.

I assume its manually but I honestly know next to nothing about how this ATM works. Id like to see someone take one and do a good full review on it.

From further research it sounds like it's done manually (for now at least). Next thing I would like to know is if you can at least have the machine auto-email you when a customer makes a purchase so that you can immediately top up the wallet.

[nemo]

These are awesome, but probably illegal in the US without an expensive and hard to get license, right?

[iglasses]

These are awesome, but probably illegal in the US without an expensive and hard to get license, right?

What sort of license do you think exists in the US that would apply to this?

[btckold24]

Hopefully with cheaper prices we see more and more popping up making it easier to exchange our btc.

Agree that a video would be huge - would need to see the operation of the machine in order to consider it.

[slu2]

We have one at our store in Pocatello Idaho.  We are moving to Salt Lake City soon though.

https://www.youtube.com/watch?v=g9FGBNzfquM

[nemo]

These are awesome, but probably illegal in the US without an expensive and hard to get license, right?

What sort of license do you think exists in the US that would apply to this?

A money transmitter license. Its in the due diligence pdf that skyhook has you fill out before buying this machine. Obviously every state is different. But I read that only 1 company in the whole united states has gotten a money transmitter license for bitcoin atms. Apparently they cost up in the millions of dollars to get and about a year. I'll look into my state laws and find out what my scenario would be. I suggest you guys do the same before impulse buying one of these bad boys. The price is nice (for a finished and working model) and I think it looks very clean. Just not sure what the law might think. 

[nemo]

We have one at our store in Pocatello Idaho.  We are moving to Salt Lake City soon though.

https://www.youtube.com/watch?v=g9FGBNzfquM

I just finished reading your thread: https://bitcointalk.org/index.php?topic=663651.0

Guessing you didn't need a license in your state? No paperwork or nothing, you can just put it up? If so then that's awesome news. Any tips on what bureaucratic cog I should speak to in my state? 

[slu2]

Actually, there is licensing that one may want to be cautious and obtain, but Bitcoin hasn't been ruled as currency in this state yet, so getting a "Money Transmission license" is sort of pre-emptive..   In our state, that license is fairly easy to attain.  You qualify by applying, having at least $50,000 in assets, and meet some criminal history standards.   But over all it's much easier and cheaper to attain that I thought it might be.  The semi-expensive part is getting a bond.  But that seems to be around $250 per year.   So the overall investment if fairly minimal here, IF a Money Transmission License is necessary.   However non-bank (typically owned by a retail store) locations, that operate a fiat ATM do not need to be licensed in this way from what I have learned by asking around.   At least this is all that I know from my own personal research regarding this topic.   I am not a lawyer, and I can not offer you legal advice.  So please do your own research.

In some states more licensing is needed than in other states, and some states have no regulation for crypto-currency.   There are only a hand full of states that have even really addressed the bitcoin topic.

Beyond the information that I have found so far, it appears that we are relocating to a different state, so that we can be near family.   So we won't be pursuing this license any furtger in this state.

But thanks for pointing this topic out;



https://bitcointalk.org/index.php?topic=663651.0

REF: http://www.mondaq.com/unitedstates/x/277850/Financial+Services/Bitcoin+Current+US+Regulatory+Developments

------------


Current State of Regulation

Money Service Business and Money Transmission Registration and Licensing

As of the time of this writing, FinCEN is the only US federal regulator to have released official guidance on the use of Bitcoin. In March 2013, FinCEN published interpretive guidance clarifying the application of the Bank Secrecy Act and the USA PATRIOT Act to Bitcoin and other convertible digital assets by stating that any administrator or exchanger of bitcoins (or other convertible digital asset) must be a registered MSB under FinCEN's money transmitter regulations. The release indicated that individual users of bitcoins that are not operating a business would not be considered MSBs and therefore would not be required to register, report or perform recordkeeping. Such clarification also requires administrators or exchangers of bitcoins to comply with applicable state law and register with certain state regulatory agencies.

Furthermore, various state regulators, including the California Department of Financial Institutions, the Idaho Department of Financial Services and the New York Department of Financial Services, have followed FinCEN's example and have issued interpretations or mandates requiring that Bitcoin exchanges and service providers register and/or seek licenses on a state level as money transmitters or MSBs.