Category Archives: Bitcoin ATM

Bitcoin Depot ATM

Starting a Bitcoin (ATM) business by Zach and Josh Harvey, Co-Founders of Lamassu

In the following video from the Bitcoin meetup held on 1 May 2017 in Zurich, Zach & Josh Harvey, Co-Founders of Lamassu talk about their company, why they started a Bitcoin business and what it’s like.

Lamassu Inc. is one of the first bitcoin ATM producers and oldest Bitcoin companies still operating today. Their Bitcoin machines are among the most popular (top 3 manufacturer list), with almost 400 machines deployed all over the world.

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Bitcoin ATM Market Dynamics June 2018

In June the price of Bitcoin followed the trend form May and continued to move in the downward trajectory. At the beginning of the month, the price was $7,535. It continued to fall, even reaching the lowest value in this year at $5,909 on 29th June ended at  $6,381, which is a 15,3% fall since the beginning of the month.

Bitcoin Price June 2018, source: blockchain.info

Unlike the price downward trajectory, the number of new machines continued to grow.

Period Start: 3177, Period End: 3399
Opened: 282, Closed: 60, Net Growth: +222(+7.0%)

Unlike the prices that fluctuate since beginning of year, the number of new machines continues to follow a steady increase. This trend continues in June.

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The Value of Bitcoin ATMs by Brandon Mintz from Bitcoin Depot

In the following video from TabConf held in January 2018, Brandon Mintz, the president of Bitcoin Depot, talks about the value of bitcoin ATMs during Bitcoin’s mainstream adoption.

Bitcoin Depot is an operator that works with Genesis Coin, and at the moment of this conference, they had 104 machines installed. As he says, there was a rise in demand for a more physical feel when having cryptocurrency transactions that are more similar to cash ATMs and provides people with a trust factor.

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Bitcoin ATM Market Dynamics May 2018

This May the price of Bitcoin encountered an overall decline. After April’s period of rising ended, this month started with Bitcoin value at $9,075. After a growth in first five days, the price started to fall, accompanied by a few bumps in the middle of the month. May ended with a Bitcoin price of  $7,491 which comes to a 17,5% fall since the beginning of the month.

Bitcoin Price May 2018, source: blockchain.info

Unlike the price downward trajectory, the number of new machines continues to grow.

Period Start: 2938, Period End: 3162
Opened: 304, Closed: 80, Net Growth: +224(+7.6%)

Unlike the prices that fluctuate since the year started, the number of new machines continues to follow a steady increase. This trend continues in May.

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Bitcoin ATM Industry Trends 2018

Bitcoin ATM industry grew over 2017 year with accelerating speed. Back in 2014 we did a forecast of how many installations of machines there will be in several years. You can find the table at the end of the post on comparison of traditional bank ATM growth vs. bitcoin ATM growth. The forecast was done based on bank ATM installations back in 1970-s. After 7 years we assumed there will be 2900 ATMs installed worldwide. Today (~4.5 years since first bitcoin ATM installation) there are already more than 3000 ATMs installed worldwide. And the speed if installations is only accelerating over previous years:

Bitcoin ATM growth

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Bitcoin ATM Market Dynamics April 2018

After experiencing the downfall in March, this April Bitcoin prices went in a different direction. They started to rise steadily from the beginning of the month, starting at $6,794 and peaking at $9,556 on 24.  April ended with a value of $9,260, which comes to a 36% rise since beginning of the month.

Bitcoin Price April 2018, source: blockchain.info

Accompanying the upward price trajectory was the growth in the number of new machines.

Period Start: 2667, Period End: 2878
Opened: 250, Closed: 39, Net Growth: +211(+7.9%)

Unlike the prices that fluctuate since the year started, the number of new machines continues to follow a steady increase. That trend continues in April.

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Bitcoin ATM Market Dynamics March 2018

This March Bitcoin price experienced a steady downfall. After reaching the highest price since the end of January at $11,565, at the beginning of the month, the price of Bitcoin started its decline. If you exclude a couple of bumps in the middle of March, the price faced a constant decrease and finished the month with $6,935, a 40% decrease in comparison to the beginning of the month.

Bitcoin Price March 2018
Bitcoin Price March 2018, source: blockchain.info

Unlike the price downward trajectory, the number of new machines continues to grow.

Period Start: 2401, Period End: 2649
Opened: 289, Closed: 41, Net Growth: +248 (+10.3%)

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Bitcoin ATM Banking — How To Find a Bitcoin Friendly Bank

In this article we look at one of the most important problems bitcoin ATM operators have — finding bank relationships and opening a bank account.

Bitcoin ATM banking services

At the end of the post there  is a company mentioned that provides services as intermediary and connects bitcoin ATM operators directly with bitcoin friendly banks also providing additional services on the way.

Disclaimer: We are not affiliated with this company, please do your own due diligence before entering in relations. The material is posted and contacts are provided because in our opinion it brings a value for many operators who potentially need banking relationships, but struggle to find it. Continue reading

Bitcoin ATM Market Dynamics February 2018

In January the world of cryptocurrency experienced quite a bit of volatility. The first week of February saw Bitcoin hit its lowest price for the year. As the month progressed the price began to climb back up. Despite a few dips, Bitcoin closed the month at $11,009, a 23.6% increase from the price at the beginning of the month.

Bitcoin Price February 2018
Bitcoin Price February 2018, source: blockchain.info

Accompanying the upward trajectory was the growth in the number of new machines.

Period Start: 2197, Period End: 2392
Opened: 237, Closed: 42, Net Growth: +195 (+8.9%)

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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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