Category Archives: Bitcoin ATM

Buy Bitcoins at Bitcoin ATMs

How Crypto ATM Operators Ensure Compliance – Accounting

In the United States, the IRS views cryptocurrency as a property (for businesses) [1]. This means all cryptocurrency related transactions must be tracked and the capital gain/loss accounted for. To ensure compliance and to prepare for any potential audits, transaction records should be kept for 7 years as recommended by the IRS, this means safeguarding 7 years worth of cryptocurrency transaction records for operators [2].

Below are some common taxable events operators may encounter:

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Starting a BTC ATM Business? Some Advices from Crypto Crow. Part 1.

This video is the first of a series where you will hear Jason Appleton from Crypto Crow talk about his hands-on experience in starting a Bitcoin ATM business. The purpose of these videos is to educate you on the ups and downs and everything from machines, legal, compliance, marketing, and more.

At first, Jason contemplated on starting an exchange business but quickly dropped it after he found out that there are a lot of gray areas and he was not comfortable with that. So he decided to go with Bitcoin ATMs, as he thinks that you can get into the business with a relatively affordable investment and grow as you are comfortable.

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Bitcoin ATM Market Dynamics January 2021

A New Year started with a Bitcoin price set at $28,983 which increased in value for the next 10 days when it passed the 40k mark. Later on, it faced some fluctuations until the month ended with a Bitcoin price of $34,318. When compared to the price at the beginning of the year, we can see that an increase of 18.4% was recorded.

The speed of bitcoin ATM installations maintained a stable rise of 7%.

Period Start: 13779, Period End: 14743
Opened: 1127, Closed: 163, Net Growth: +964(7%)

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Bringing the Unbanked into the Financial World with Brandon Mintz

In this video, you will hear Brandon Mintz, the founder, and CEO of Bitcoin Depot, one of the first professional OTC crypto trading companies in the world. Bitcoin Depot is also the fastest-growing company and one of the household names in the Crypto ATM space. He will talk about how he got into crypto, how he started his company, and managed to scale it to one of the largest Bitcoin ATM companies in the world. He will also discuss how unbanked people are realizing the power of crypto.

The Beginning

Of course, Brandon started off with how he got into the whole idea of Crypto ATMs. He explained how back in 2013 he spent numerous hours trying to complete a transaction at Coinbase after which they just canceled the order when the price of Bitcoin went up. Later on, he discovered a suspicious looking site that offered to exchange Bitcoin for money after just 15 minutes. He decided to risk it, and it turned out legit. That gave him the idea to make crypto transfers easier for everyone else and help with the overall crypt adoption.

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Bitcoin ATM Market Dynamics December 2020

At the beginning of December, the price of Bitcoin was at $19,710 and continued to rise through the month. Finally, when the pandemic year ended the Bitcoin price was $28,857 which was a huge increase of 46.4% when compared to the price at the beginning of the month.

The speed of bitcoin ATM installations maintained a stable rise between 8% and 10%.

Period Start: 12569, Period End: 13676
Opened: 1308, Closed: 201, Net Growth: +1107(8.8%)

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Building Bitcoin ATMs with Moe Adham

In this interview, held in August 2019, you will hear Moe Adham from the Canadian Bitcoin powerhouse Bitaccess. He talked about Bitcoin ATM adoption, volume, and how they are at the front line of the Bitcoin industry.

Founding of Bitaccess

To start the interview, Moe talked about how he got interested in crypto somewhere at the beginning of the decade when he was a nanotechnology student in Switzerland. He used his knowledge in FPGA programming to start mining and fell in love with Bitcoin instantly. Shortly after he came back home to Canada so he can dedicate his time to learn as much as he can about Bitcoin, and in 2013 he founded Bitaccess and started manufacturing Bitcoin ATMs.

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Bitcoin ATM Market Dynamics November 2020

November started with a Bitcoin price of $13,810 and continued the rising trend from October. At the end of the month, the price went up to $18,192. So, when we compare the prices at the beginning and the end of November we can see that the price went up by 31.7%.

The speed of bitcoin ATM installations maintained a stable rise between 8% and 10%.

Period Start: 11492, Period End: 12510
Opened: 1118, Closed: 100, Net Growth: +1018 (8.9%)

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Interview – Bitcoin ATMs with Martijn Wismeijer

In this interview, you will hear Martijn Wismeijer who works at one of the biggest Bitcoin ATM manufacturers in the world General Bytes, talking about Bitcoin ATMs and some other interesting stuff related to crypto.

Link to the episode: https://cryptonewsweekly.podbean.com/e/interview-bitcoin-atms-with-martijn-wismeijer/

https://pbcdn1.podbean.com/imglogo/image-logo/2678252/CNW_logo_2019_1mb.jpg

The beginning

Like most people, Martijn got into crypto accidentally, while he was looking for a job. He first got into mining and after he mined his first 50 coins he interestingly got rid of them because he thought that he will never get any use of them. This was a decision which he now deeply regrets. He got back into crypto when the price got up to $100 and at the time discovered the Bitcoin ATMs which he found useful. He immediately tried ordering ATMs from every company that he could find but had no luck since none of them would deliver. Not until the Bitcoin expo in 2014, when he met the founder of General Bytes, that he ordered his first 4 machines and started operating them in the Netherlands.

A couple of years later, his marketing suggestions to General Bytes are recognized and he was offered a job at the company. Since then the company experienced an exponential rise in numbers. They overcome the 1000 mark at the end of 2017, then surpassed the 3000 number nearing the end of 2019 and reached the 5000 until October 2020.

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Bitcoin ATM Market Dynamics October 2020

At the beginning of October, the price of Bitcoin was $10,778 and maintained the raising trend through most of the month until it reached a value of $13,565. When we compare the Bitcoin values at the beginning and the end of the month, we can notice that it has gone up by 25.6% in October.

The speed of bitcoin ATM installations was lower than previous month (8% vs. 10%).

Period Start: 10630, Period End: 11478
Opened: 1034, Closed: 186, Net Growth: +848 (7.9%)

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Blockchain Interviews – Adam O’Brien, CEO of Bitcoin Solutions

In this interview, Ashton Addison is speaking to Adam O’Brien, the CEO of Bitcoin Solutions, a Bitcoin ATM and service provider based in Canada. They will be discussing the adoption of Bitcoin across Canada, how the pandemic has affected Bitcoin markets, and the upcoming deal which will make Bitcoin Solutions the first Bitcoin ATM company to become a publicly-traded company with a listing on the TSXV stock exchange.

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