Category Archives: Bitcoin ATM

Buy Bitcoins at Bitcoin ATMs

API for online information submission

If you operate a bitcoin ATM or a teller service listed on our website, you can report online information to be displayed on our website, which currently includes the following (but will be broaden in the future):

  • Online / offline status of your ATM, Teller;
  • Current price and fees at your location for buy and sell transactions;
  • Limits and verifications (can be overwritten in the listing settings directly with a more detailed information, but basic info like limits per transaction / daily limits can be reported and displayed via API as well).

This API is a replacement for an older version, which was described here:
https://coinatmradar.com/blog/recommended-api-for-bitcoin-atm-online-rates/

The information can be reported by a so called ATM manufacturer (for different operators who use their solution), or by a particular operator, if you don’t use any general solution, e.g. you operate your own ATM software, or run own network of teller locations.

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Bitcoin ATM Business Overview: Cory from TheCoinBros interviewed by Jerry V Hall

In this recent interview, you can hear more interesting advice from Cory, TheCoinBros CEO. A company that currently has 60 machines and is steadily expanding throughout the east and west coast. He will be sharing his thoughts and experiences about different aspects of the Bitcoin ATM business.

The challenges of starting a Bitcoin ATM business

Starting a Bitcoin ATM business at a time when there were only 90 machines in whole California was tough, says Cory. Of course, the biggest obstacle was the regulation. They needed to plow through so much to actually make it past that barrier where most people just give up.

Now they have an established AML KYC policy. As he claims, if you agree to be a money service business and a financial institution, you must agree to play ball. If you don’t you will definitely get caught and sanctioned. Cory added that their policy is not that complicated and they never use the customer information for anything. He actually says that the AML KYC policy is there to protect the customers from different scams because anytime there is any sort of money involved there will always be bad people to try and take advantage of others.

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Bitcoin ATM Market Dynamics June 2021

The Bitcoin price continued to fall in June. At the beginning of the month, the price was at $37,311 and continued to oscillate until the end of June when it was $35,848. We can notice that this price was 3.9% lower than the price at the beginning of the month.

The speed of bitcoin ATM installations maintained a stable rise between 7-10%.

Period Start: 21043, Period End: 22618
Opened: 1735, Closed: 160, Net Growth: +1575 (7.5%)

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Making Crypto Accessible to Everyone with Bitcoin ATMs

In the below video, you can hear an interview with Zach Harvey, the CEO of Lamassu, one of the biggest Bitcoin ATM Manufacturers on the market. He shared his thoughts about the cryptomarket and the way it is heading, as well as his insight into the Bitcoin ATM business, Specifically, what differs it from the exchanges and what is the worldwide coverage.

Interestingly, before becoming a successful crypto entrepreneur, Harvey owned a guitar store with his brother in Israel. As they were starting to adopt the libertarian philosophy at some point, and developing ideas about a decentralized marketplace, the concept of decentralized currency emerged naturally in their minds and was just an obvious next step. It took them some time to gain trust in Bitcoin, but after some persuasion from their libertarian friends, in 2011 they started offering to sell guitar gear for Bitcoin at their store. Of course, they were the first store in Israel to do so, and sure enough, nobody ever paid them in Bitcoin for anything at that time.

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Bitcoin ATM Market Dynamics May 2021

May was the second month in a row where Bitcoin price experienced a decline. The month started with a price set at $57,797 and was fairly stable until mid-month when it started to decrease. At the end of May, the price of Bitcoin was $35,685. We can notice that it decreased by 38.3% when compared to the beginning of the month.

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

Period Start: 19311, Period End: 20885
Opened: 1764, Closed: 190, Net Growth: +1574 (8.2%)

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Paul L – Cryptocurrency Entrepreneur – Bitcoin ATM Machines

In this video, MSCS media hosted Paul Leix. He is a partner in a Bitcoin ATM Operator called Digital Ventures Group. He talks about a lot of different crypto-related stuff, including the Bitcoin ATMs, the Operating business, compliance, predictions…etc.

Paul’s beginning was somehow interesting. He started trading Bitcoin back in 2013. after his then friend, and later partner persuaded him. For some time they traded at LocalBitcoins when they met an owner of Red Leaf Bitcoin ATM company and got an idea to go that path themselves. Have in mind that it was back in the day when Bitcoin ATMs were very rare. So, they went to the guy they know who owns a liquor store and installed a machine there on their own. The thing is that at the time they didn’t know how to get the compliance. The concept of crypto was new back then and they needed someone to do it for them. The first guy wrote a 2 pages long document and charged 900 bucks for it. Later on, they found the right guy who wrote them a complete book of policies and procedures which was the real deal. Of course, it also cost them a lot more, $15.000 to be specific.

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Bitcoin ATM Market Dynamics April 2021

The price of Bitcoin broke the all-time record again in April. At the beginning of the month, the value was $58.735 and it experienced a small fluctuation until mid-month when it reached the all-time high of $63.554. After that, it started to drop and it reached $53.584 at the end of April which is 8.8% lower than the price at the beginning of the month.

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

Period Start: 17662, Period End: 19205
Opened: 1680, Closed: 137, Net Growth: +1543(8.7%)

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How to Start a Bitcoin ATM Business – TheCoinBros Use Case

In the following video, you can hear Corey from TheCoinBros talking about everything you need to know if you want to start your own Bitcoin ATM business. He discusses AML & KYC policies, creating a legal team, which machines to use, banking, ideal locations, and what it takes to sell store owners on adding a machine to their shop.

TheCoinBros started in 2019 after Corey parted ways with his partner. He wanted to do things his way so he bought thecoinbros.com domain and registered the LLC in 2017 and sat on it for 2 years while he meticulously planned his strategy. At the very beginning in 2019 they had only 4 machines but quickly rose to 15 within a couple of months. Now they have close to 60 machines with plans to constantly expand. As Corey says, the Bitcoin ATM business is very unique, and it is one thing to have 2 machines but it’s a completely different animal when you start scaling up. So he will share some advice on how to start.

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Bitcoin ATM Market Dynamics March 2021

The price of Bitcoin Continued with the upward trend in March. The month started with a price of $45,114 and rose until it finally broke the 60k mark and got to $61,259 on 14th to set the highest price in history. March ended with $58,730 which is a price 30% higher than the one at the beginning of the month.

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

Period Start: 16157, Period End: 17591
Opened: 1649, Closed: 215, Net Growth: +1434 (8.9%)

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Starting a BTC ATM Business? Some Advice from Crypto Crow. Part 2.

In the second video of the Crypto Crow Bitcoin ATM Business series, you will find out more about banking, AML/KYC, Compliance, and FinCEN. Jason will also reveal some shady practices performed by Bitcoin ATM Operators which will trigger a discussion about business ethics.

The Hardware

After going through all of the options that we mentioned in the previous post, from General Bytes to Alibaba, he decided to buy the machines at BitAccess. The thing he liked the most is that they were very helpful from the start all the way up to the shipping of the machines.

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