OROBTC (OP)
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September 11, 2014, 07:33:55 PM |
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I have read about the BTC ATMs going into some locations (NYC, Chicago and others), but I have not seen any, nor read of any, ATMs in my city (Miami) yet, nor any thread that discusses where there are BTC ATMs (USA) for easy use...
I also recently read that these ATMs might go over well at international airports (I would think so).
So, I invite everyone to chip in with where there are now BTC ATMs! More ATMs would likely help the BTC Ecosystem get even stronger.
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A related idea would be how profitable these ATMs are, and whether or not there are onerous regulations ("Know Your Customer", etc.) on Bitcoin ATMs.
If these ATMs are making money (and I read today that an ATM in London did some 38,000 British Pounds of business), that might jump-start entrepreneurial interest.
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hayabusa911
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September 11, 2014, 07:56:02 PM |
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If Austin and Seattle have them Miami should be up soon. I'll probably still use localbitcoin anyways.  |
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CoinATMRadar
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September 11, 2014, 08:36:29 PM |
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You can find many location on this Bitcoin ATM Map. There are already 228 Bitcoin ATMs in the world (not counting several thousands of terminals in Ukraine). Regarding the profitability, there was a post in the blog about Bitcoin ATM profitability examples, which should give an understanding of how much a Bitcoin ATM can bring to its owner, and you also can use calculator to input your parameters and see when you're going to get return on investments. |
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OROBTC (OP)
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September 11, 2014, 09:30:12 PM
Last edit: September 11, 2014, 09:58:37 PM by OROBTC |
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Very nice blog! Keep us informed!
EDIT:
A member of the Miami Int'l BTC Facebook group just wrote to tell me that BTC ATMs are coming soon to Miami. Several of them apparently...
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dankkk
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September 11, 2014, 11:51:49 PM |
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A related idea would be how profitable these ATMs are, and whether or not there are onerous regulations ("Know Your Customer", etc.) on Bitcoin ATMs.
The machines likely have a several months to a year+ time needed to ROI assuming they neither pay nor receive rent. The ATM mentioned in the OP would make ~3,200 per month in revenue assuming they charge a 5% fee, although I am not sure how realistic this would be as I am not sure what the average fees for BTC ATMS are. The ATM in the OP also has caused additional foot traffic into the restaurant that it is housed in so it would not be out of the question if the owner of the restaurant actually paid the BTC ATM operator to have their ATM there as it would likely increase sales. |
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adub
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September 11, 2014, 11:54:14 PM |
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A related idea would be how profitable these ATMs are, and whether or not there are onerous regulations ("Know Your Customer", etc.) on Bitcoin ATMs.
If these ATMs are making money (and I read today that an ATM in London did some 38,000 British Pounds of business), that might jump-start entrepreneurial interest.
Here are some things to help you on your way if you start down the entrepreneurial path. Bitcoin ATM comparisons http://bitcoinatmsales.com/#compareA jump start into US Bitcoin ATM regulations. http://blog.atlantabitcoin.com/us-bitcoin-atm-regulation-101/ |
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MuttaFuttaGentleman
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September 12, 2014, 12:05:49 AM |
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Do they ask for ID and fingertip?
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nutildah
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September 12, 2014, 12:16:47 AM |
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 Bitcoin ATM in Honolulu, HI Its nice and pretty, and people come in and marvel at it every day. Its waaay ahead of everybody's time. The woman working behind the counter told me 10 people come in to the store every day specifically because they want to see the new Bitcoin ATM. The one problem is that the premium is at 8.2% above market price, 3.2% higher than Skyhook's advertised 5% premium. Granted everything is more expensive in Hawaii, but my gut tells me Bitcoin shouldn't have to be, too. |
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hua_hui
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September 12, 2014, 07:47:34 AM |
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looking so nice! but the premium is at 8.2% above market price, 3.2% higher than Skyhook's advertised 5% premium. It is very expensive and I would not use this type of ATM rather than to the online exchange.
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fumanchu808
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September 12, 2014, 10:40:33 PM |
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Hi everyone, I'm one of the guys responsible for the BTM in Honolulu. The fees shouldn't be 8.2%. May we ask what exchange you're comparing it to for pricing?
I'm going to send someone down there today to double check the price settings (really looking forward to our own units that will be controlled remotely, mind you). It's possible something got borked when we did the last firmware update.
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fumanchu808
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September 13, 2014, 02:17:15 AM |
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Ok just got back from the ATM in the Coin Shop. The problem was the "minimum price" feature. When we originally set it BTC price was significantly higher than it is now. So I turned that feature off and lowered the interest to 4%.
So next time anyone stops by to see the price should make much more sense.
Sorry for the confusion.
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counter
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September 13, 2014, 03:01:39 AM |
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Ok just got back from the ATM in the Coin Shop. The problem was the "minimum price" feature. When we originally set it BTC price was significantly higher than it is now. So I turned that feature off and lowered the interest to 4%.
So next time anyone stops by to see the price should make much more sense.
Sorry for the confusion.
That Atm looks like a joy to use. Great job getting easy access for all those lucky folks in Hawaii. Now there is only one thing left to do...  |
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nutildah
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September 13, 2014, 06:14:09 PM |
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Ok just got back from the ATM in the Coin Shop. The problem was the "minimum price" feature. When we originally set it BTC price was significantly higher than it is now. So I turned that feature off and lowered the interest to 4%.
So next time anyone stops by to see the price should make much more sense.
Sorry for the confusion.
Cool, thanks, that actually makes all the difference to me and I will give it another go next week! I work about 2 blocks away from your store. |
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CraftingTable
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September 13, 2014, 06:36:00 PM |
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why is there even a minimum price?
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CraftingTable
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September 13, 2014, 07:20:16 PM |
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Have you guys seen the tested.com video? that atm sucked
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dankkk
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September 13, 2014, 08:23:37 PM |
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looking so nice! but the premium is at 8.2% above market price, 3.2% higher than Skyhook's advertised 5% premium. It is very expensive and I would not use this type of ATM rather than to the online exchange.
The reason people are willing to pay such a high premium on bitcoin bought at an ATM is because they can buy them instantly verses having to wait sometimes week to have an exchange verify a person's identity plus the risk of potentially having your bank account closed because of too much money going in and out of your account |
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fumanchu808
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September 14, 2014, 01:40:17 AM
Last edit: September 14, 2014, 04:05:21 AM by fumanchu808 |
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I also checked back at the store today and everything is working fine.
We have temporarily set the margin at 4% with no minimum price protection so the price will stay tuned to the market regardless of what it does. At the end of the month we will entertain raising it back to 5%, depending on how the market responds and whether or not we can actually sustain things at that rate.
and to answer the question about minimum price, that feature exists to protect the operators from losing their float at a rate they never would have agreed to sell at. If market manipulation temporarily forced the price down below something sensible, we don't end up getting cleaned out. For example, I don't care what the exchanges say today I would never sell my BTC for less than X, then I set the min price to X. For now we have that feature turned off though.
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