Category Archives: Bitcoin ATM

Bitcoin Depot ATM

Bitcoin Basics: How do Bitcoin ATMs work?

In this podcast published in March 2020, you will hear Gordon and Faris from CoinCompass answering questions on how bitcoin ATMs actually work.

The concept of this podcast is for people to send their questions related to Bitcoin ATMs for Gordon and Faris to answer. It’s not going to be too much technical or too much economic detail but simply the basics of Bitcoin – those questions you thought were too silly to ask but actually are not.

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Bitcoin ATM Market Dynamics May 2020

The Bitcoin price in May experienced fluctuations throughout the month. In the beginning, the price was at $8,629 and rose during the first week when it hit the 10K mark, after which it immediately started to decrease. After a couple of more fluctuations, the month ended at $9,451 which is a 9.5% rise compared to the beginning of the month.

The number of new machines continued to grow at a relatively stable rate, as the price of Bitcoin.

Period Start: 7596, Period End: 7904
Opened: 490, Closed: 182, Net Growth: + 308(4%)

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CASH INTO CRYPTO – Bitcoin ATM’s and The Coin Bros

In this video, you will see the first part (out of two) of the interview with Cory from CoinBros. In this part, he will talk about the CoinBros as a company and explain how Bitcoin ATMs work.

After telling a story on how he started to gain interest in Bitcoin while he was a paramedic and finally started a Bitcoin ATM business in 2017, Cory was asked to explain how is cryptocurrency stored in the machine.

He explains that you can link the ATM directly to the exchange via API or you can use the cold storage wallet. Linking directly to an exchange is less risky because you buy or sell crypto live and that way you cannot become a victim of volatility. On the other hand, by storing the crypto in the wallet you can lose a lot of money if the price keeps going down like in 2018, or you can earn much more in an opposite scenario.

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Bitcoin ATM Market Dynamics April 2020

In April the price of Bitcoin started to come back. The month started with a price of $6,428 which rose immediately nearing the middle of the month when it fluctuated a bit before hitting another spike. April ended with a price of $8,629 which is a 34% rise in comparison to the beginning of the month.

The number of new machines continued to grow at a relatively stable rate, as the price of Bitcoin.

Period Start: 7384, Period End: 7750
Opened: 435, Closed: 69, Net Growth: + 366 (5%)

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How Instacoin built a network of close to 100 Bitcoin ATMs in Canada

In this episode of the “Nick and Jimmy” show, you will hear Maria and Michael from Instacoin talking about how they got into the Crypto ATM business and how they got to operating more than 100 Bitcoin ATMs all over Canada.

The first Michael was asked was if the cryptocurrency will take over the fiat currency. In his opinion that is the actual goal of cryptocurrency, adding that it is currently gaining more and more popularity even though it is fairly young (only 10 years). He thinks that crypto presents a great alternative to a fiat currency because it’s much faster to buy stuff online or if you want to do remittances it’s a lot cheaper. The most important thing is that it is not centralized, which means that there is no middleman who’s taking astronomic fees.

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Bitcoin ATM Market Dynamics March 2020

In the midst of the Pandemic, the price of BItcoin took a downturn. March started with a Bitcoin price at $8,534 and rose for a few days after it started to drop significantly. The month ended at a price of $6,405 which is a 24.9% decrease when compared to the beginning of the month.

The number of new machines continued to grow at a relatively stable rate, unlike the price of Bitcoin.

Period Start: 7010, Period End: 7386
Opened: 484, Closed: 108, Net Growth: + 376(5.4%)

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Bitcoin ATM Questions 2020 Q&A with Adam from BC Systems

In this video, you will hear Adam from BC Systems responding to viewer questions. Below we listed some of the questions and answers for you, so you can check it out easily.

  • Can you do a video about approaching locations for your machines? Also how much money can you keep in your machines both the Bitcoin and cash?

Adam explained how first you will need to approach the business owner of the location, which can sometimes be tricky since they often aren’t available directly on the location. Especially if they own multiple stores. This is if you are doing the groundwork yourself and you don’t want any additional cost.

If you don’t have time to go around looking for locations, there are guys called the “Locators” whose job is to go to different locations and put your machine in various stores. They charge a small fee, usually around 150-300 dollars depending on the location.

As for the amount of money and Bitcoin kept in the machines, Adam explained that it really depends on how your machines are running. You need to monitor them every day to check on the number of transactions and decide the amount of Bitcoin to cover their needs. You also need to monitor the trends, because you definitely don’t want to buy too much Bitcoin when the price is going down, or fluctuating too much.

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Bitcoin ATM Market Dynamics February 2020

February started with a Bitcoin price of $8,915 which experienced a rise approaching the middle of the month where it hit the highest monthly value at $10,166. After, it started to decrease, until the end of the month when it hit the value of $9,417 which is a 5.6% increase when compared to the beginning of the month.

The number of new machines continued to grow at a relatively stable rate, as the price of Bitcoin.

Period Start: 6665, Period End: 7004
Opened: 470, Closed: 131, Net Growth: + 339 (5%)

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A Chat With CoinFlip About Bitcoin ATMs

In this interview held in December of 2019, you will hear Daniel and Dustin from one of the largest Bitcoin ATM Operators – CoinFlip talking about the business.

In the beginning, Daniel talks about the difficulties they had to overcome when they started. Apart from the regulations and obtaining the AML policy, which they learned that needs to be done on the example of Charlie Shrem, he states the cash flow as one of the unexpected drawbacks they faced. He explains that it takes a week for an armored car to pick up the money and two more days of processing, so it’s a nine-day lead time on the cash that they need so they could buy more bitcoin and keep the business expanding.

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