Bitcoin ATM industry is growing fast. There are several new bitcoin machine installations worldwide daily. Existing bitcoin ATM operators increase number of machines in their networks, as well as new operators join the market. Even on the production side, there are new manufacturers developing their products and coming to the market with new bitcoin machine models targeting different segments and niches, e.g. recently were added BitTeller, Bitlox, BitConcept on our site.
Running a bitcoin ATM is an interesting business opportunity in the new era of digital currencies, however, sometimes the lack of information keeps people away as they don’t know where to start, or get any practical estimations of how much you can earn with a bitcoin ATM. In order to increase transparency Coin ATM Radar conducted a survey with a number of bitcoin ATM operators to find out what are current metrics of an average bitcoin ATM business.
Now back to survey. It was sent to 24 operators in total, 11 responded either in full or skipping some questions due to not wanting sharing info, although it was mentioned that none of info will be associated in any form to the company or person responding. Even limited info we received gives a good estimation of level of costs and earnings one should expect.
In this post we look at what system settings are supported by main bitcoin ATM providers, namely: Lamassu, General Bytes and Bitaccess. Other large supplier of bitcoin ATMs — Genesis Coin was reached but didn’t provide details about their setup options.
This post is dedicated to Satoshi2 model from Genesis Coin, which is a third generation model of its product line (this model can be called “Satoshi2” or“two-way Satoshi1”, which refers to the same product). The first generation model Genesis1 was a large bitcoin machine similarly looking to many traditional bank ATMs (it uses Genmega hardware), which supported two-way operations. Later company launched lighter version – Satoshi1, this machine was smaller, but with large 21″ screen. It supported only buy bitcoin operations.
This is a sixth review of our bitcoin ATM usage series.
The following review is provided to us by Andrew Scott from Chicago, IL. Bitcoin machine that was reviewed is located at BrySon Milan in Chicago.
Notice: I’m very new to bitcoin and this is actually how I purchased my first bitcoin, so please bare with me.
For a long while now I’ve known that bitcoin was something I would be interested in if only I would take the time to learn about it. I work with software for a living, cyber security specifically. I also enjoy keeping up with economic and financial news. And I typically like to be involved with whatever the new bleeding edge tech is. So all things considered, I really missed the boat when it comes to being an early bitcoin user. Continue reading →
This is a fifth review of our bitcoin ATM usage series.
The following story is provided to us by a user with nickname Crow from Seattle, WA. And bitcoin ATM reviewed is located at Southcenter Mall in Seattle, WA.
I discovered this website (and subsequently, this ATM) recently. The overall experience was good (with some exceptions).
The ATM does not accept credit/debit cards, which wasn’t a huge dilemma (for me personally) as there was a cash ATM right next to the bitcoin ATM. So, the machine was conveniently placed next to a cash ATM to address that issue. No big deal. The cash ATM also happened to be surcharge-free for me, even better.
The bitcoin ATM process starts off simple. Buy or Sell bitcoins? Today, I bought bitcoins.
The following tutorial shows how to find a bitcoin ATM near you. It was done for the old site design, but functionally not much has been changed since redesign and bitcoin ATM map still can be found on the main page.
After watching this video you will know:
How to find a bitcoin ATM in your city
How to check current price and fees of the machines