Bitcoin Depot ATM

Experience of running bitcoin ATMs by Gil Valentine from Athena Bitcoin

The following video from Chicago meetup in beginning of 2017. Gil Valentine, one of the founders of Athena Bitcoin, gives a presentation about their experience of running bitcoin ATM business.

At the moment of presentation (March 2017) Athena Bitcoin runs machines in 7 different states and 12 metro areas.

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Bitcoin ATM Regulatory Requirements in USA

With a lot of interest in the industry many entrepreneurs want or plan to start a bitcoin ATM business. We at CoinATMRadar get many support requests for information how to do it, what are the steps etc. Here is a good overview of what are important aspects of operating bitcoin machines.

One of the main topics to research is regulation and what is needed to be done to properly register such a business. This is very important to do in right way from the beginning if you plan to do it professionally long-term and with potential to grow your bitcoin ATM network in the future.

Compliance

Disclaimer: Information provided in this article is a general overview of current regulation found in public sources. It should not be taken as a legal advice. It is recommended to contact local lawyer in the area where you plan to operate machines. You can find several contacts at the end of this post.

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Bitcoin ATM Market Dynamics January 2018

Our last review covered September through November. Now we will take a look at the first month of the new year. The price of Bitcoin steadily soared to record highs through the first half of December. After peaking at $19,499, volatility has been the norm since then. The price of Bitcoin has seen sharp rises here and there, but overall for the month of January, it has progressively declined in value. In spite of the downward trajectory, the price of Bitcoin still remains high when compared to previous years.

BTC price January 2018 USD
Bitcoin Price January 2018, source: blockchain.info

The growth rate has remained steady for new machines.

Period Start: 2025, Period End: 2153
Opened: 149, Closed: 21, Net Growth: +128 (+6.3%)

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Bitcoin ATM Market Dynamics September — November 2017

Previous similar review was about August. Filling the gap of 3 months in this post we cover what are the main changes in bitcoin ATM statistics over last 3 months: September — November.
There was a drastic change of bitcoin price over this time, it grew from $4912 in beginning of September to $10884 at the beginning of December (more than 2x growth).

Bitcoin price Sep - Nov 2017
Bitcoin Price End of November 2017, source: blockchain.info

Demand for buying cryptocurrency supported the installations of new machines and new operators entering the market. Here are general figures for 3 months:

Period Start: 1514, Period End: 1890
Opened: 519, Closed: 143, Net Growth: +376 (+24.8% or 7.6% per month)

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How to choose bitcoin wallet and buy your first bitcoins

This article is for all newcomers to cryptocurrency field. At Coin ATM Radar we receive many requests to register account in order to start using bitcoins and bitcoin ATMs in particular. In order to buy and start using bitcoins, you don’t need to register with any service provider. We will cover the main options how to start using cryptocurrencies, and especially Bitcoin — the most popular cryptocoin as of today.

Easy navigation:

Wallet

The first thing you need to do is choosing where to store your bitcoins, when you buy or receive them. There are two main options:

  • Store with third-party service provider
  • Store on your own in local wallet

You can store them with any of online wallets or exchanges (e.g. Coinbase, Kraken etc), in this case you trust these services, while they fully control access to your bitcoins, so generally you trust them that they will send bitcoins to you or to someone you will want to pay in the future, if you ask them to do so. This is no different from traditional banking, when you don’t control your money, rather banks do and promise you that they will execute your order to pay in the future.

However, the great thing about Bitcoin is that it allows you to fully control your funds without any intermediary and this is done with wallets installed locally on your device, be it mobile phone or computer.

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Bitcoin ATM Market Dynamics July 2017

During July 2017 bitcoin price fluctuated a lot. In the beginning of the month it fell to less than $2000 per BTC, but then quickly gained back and month closed at roughly $2700 per BTC, which was higher than the price of end of June 2017.

BTC price July 2017

Bitcoin ATM new locations also increased drastically over July 2017:

Period Start: 1331, Period End: 1402
Open: 112, Closed: 41, Net Growth: +71 (+5.3%)

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Bitcoin ATM Market Dynamics June 2017

During June 2017 bitcoin price stabilized at the $2500 levels. At the end of June price was $2432, which is approximately the same as it was at closing of May 2017.

Bitcoin price June 2017

While price of bitcoin stayed at highest level over history, installation of bitcoin ATMs also reached new highs during June 2017:

Period Start: 1233, Period End: 1324
Open: 120, Closed: 29, Net Growth: +91 (+7.4%)

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Investing in bitcoin via bitcoin machines (part 2)

In the previous post we discussed why bitcoin ATMs might be useful for investing in bitcoin and also what are the characteristics of bitcoin that make it valuable. In this post we look at potential reasons why bitcoin price might increase in the future and also what kind of investing strategy can be chosen.

Bitcoin investment strategy

Why bitcoin price might increase

There are many factors why bitcoin price is undervalued today:

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How to invest in bitcoin using ATMs (part 1)

With quick expansion of bitcoin machines locations, they become more and more available to general public. One of the bitcoin ATM use-cases is investing in bitcoin.

George Osborne uses bitcoin ATM
George Osborne uses bitcoin ATM when the BTC price was about $580 (Aug 2014)

In this part we discuss advantages of bitcoin ATMs and also reasons why bitcoin has value and worth investment.

Advantages of bitcoin machines

The clear advantage of using a bitcoin ATM vs. online exchanges is verification time (exchanges usually take longer, when you register for the first time). Another advantage of bitcoin machines is ability to purchase BTC much more easily and quickly as you deal with cash exchanged to bitcoins (immediately), comparing to sending a wire transfer to exchange first and then waiting for it to get received and credited to your exchange account before you can trade.

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