Category Archives: Bitcoin ATM

Bitcoin Depot ATM

Bitcoin ATM Market Dynamics August 2018

This August started with a Bitcoin price of $7,571 and continued to decrease until it hit the lowest price $6,051 somewhere in the middle of the month. After that, the prices started to grow nearing the end of the month. August ended with a Bitcoin price of $7,248 which is a 4,3% decrease compared to the price at the beginning of the month.

Bitcoin Price August 2018, source: blockchain.info

Unlike the price fluctuating trajectory, the number of new machines continues to grow. Compared to the previous month, the growth was considerably higher in August.

Period Start: 3486, Period End: 3662
Opened: 241, Closed: 65, Net Growth: +176(+5.0%)

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Paul Zahner from Elev8 at Crypto Shit Show about operating bitcoin ATMs

In this video, from the Crypto Shit Show held in Philadelphia on May 23, 2018, Paul Zahner from Elev8 ATM services is speaking about his company and their services in the cryptocurrency ATM business.

Elev8 is a United States based operator that has 7 bitcoin machines installed in Pennsylvania, Delaware and Costa Rica.

Quick History

Paul first heard of Bitcoin back in 2012 and really did not pay much attention to it, like most people and over the years he thought it was cool technology, but never really sunk in until  2 years ago. In 2016 the Bitcoin got really crazy so he started to go down to the Bitcoin rabbit hole. As he became more and more passionate about the technology he really wanted to do something different. With a help of his friend he bought his first 3 machines and started his business. He also states that in order to go into the Crypto ATM business you need to be passionate about the technology and to understand how the money works.

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Bitcoin ATM Market Dynamics July 2018

In the first half of July the price of bitcoin maintained a steady flow, keeping the value between $6,250 – $6,750. While in the other half of the month, the price started to grow. The month ended with a price tag of $7,917 which is an 24% increase in comparison to $6,375 at the beginning of the month.

Bitcoin Price July 2018, source: blockchain.info

Accompanying the upward price trajectory was the growth in the number of new machines, but the growth is significantly slower than in previous months.

Period Start: 3415, Period End: 3470
Opened: 187, Closed: 132, Net Growth: +55 (+1.6%)

The end of period of quick growing prices also result in some slow down on bitcoin ATM market. We steadily have several second-hand bitcoin ATMs for sale, which was empty section during several months of high prices. Also as manufacturers deliver machines to operators with delay of several months (usually about 3 months) approximately middle of spring was the time when machines ordered on the peak of hype were delivered, since then the installations speed reduced.

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The Fifty U.S. States and Cryptocurrency Regulations

Article is provided by Jennifer L. Moffitt, a privately practicing attorney. Contacts can be found at the end of the post.

In the United States, virtual currency, such as Bitcoin and other similar coins, and virtual currency exchanges have been subject to federal regulations, with taxation and financial crimes the most prominent regulatory issues.[1]  However, it is at the state level that regulation of virtual currency has been most contradictory.  The U.S. states have mixed responses to the emergence of cryptocurrency.  Some of the states have ignored cryptocurrency by not implementing or amending any laws that address virtual currency.  However, other states have taken action with some states somewhat hostile towards virtual currency while other states are more welcoming.  In a number of states, the response towards cryptocurrency is currently ambiguous with no actual position taken.  This discussion will attempt to categorize regulations by restrictions placed on virtual currency and identify states by category of regulation.  In addition, the implications and effects of widely divergent state level legislation and regulations will be examined.

State Level Cryptocurrency Regulatory Tools

There are several regulatory tools used by states to regulate and control virtual currency.  These include money transmission laws, licensing requirements and regulatory guidance.  A brief summary of these tools is provided below.

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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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