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Buy Bitcoins at Bitcoin ATMs

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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Zach Harvey CEO of Lamassu – Crypto ATM Overview

In this interview, you will hear Zach Harvey, the CEO of Lamassu talking about Bitcoin ATMs in general.

In the beginning, Zach made an interesting explanation of why Switzerland is the country to be in when operating a Bitcoin ATM manufacturing business. They started doing their business on Virgin Islands, New Hampshire and Bulgaria. After the latter relationship terminated they had to operate without a bank account for over a year, and they finally managed to get the account in Switzerland. So it started off about with just being about a bank account, but later they fell in love with the level of stability and the complete community there. They are impressed with how the government accepts crypto and talks about it like a completely legitimate thing and embrace the fact that they issued licenses to two Crypto Banks in the past year.

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Interview with Josh and Zach from Lamassu at The Block

In this video, you will see Kevin Loaec interviewing Josh and Zach Harvey, co-founders of Lamassu. They are pioneers in Bitcoin ATMs, and they are hiring!

In the beginning, Josh and Zach talked about their interesting decision to manufacture their machines in Portugal. As they were looking for an industrial designer, firstly they found out that China is good for large production, but not so great when you are getting started with just a prototype machine made out of wood and assembled in their backyard. So, they continued to search, and by coincidence, they stumbled upon Claudio in Portugal, who managed to understand their needs immediately and they are working together ever since.

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“Bitcoin ATM’s: The Good and Bad” interview of Cory Capaldi from The Coin Bros

In this interview, you will hear Cory Capaldi, the owner of The Coin Bros talking about his journey into crypto, his push into the crypto ATM space and what some of the hurdles and opportunities are in this emerging corner of the cryptocurrency market.

In the first part of the interview, Cory talks about his journey from being a paramedic with a lot of time on his hands, and interest in finance, to practically becoming a Bitcoin ATM Godfather. He draws a parallel between the situation in 2016 when there were 900 ATMs and now when there are almost 5000, and emphasizes as an integral part of the exponential growth of this cryptocurrency segment, calling it “Google Maps for Bitcoin ATMs”.

He also mentions that nowadays Bitcoin ATM’s are located in all kinds of shops, liquor stores, gas stations, and most people are open to the idea of having an Bitcoin ATM in their store. As opposed to the beginning when people were skeptic and it was a real nightmare offering Crypto ATMs to store owners.

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Regulatory Compliance Requirements Overview to Operate Bitcoin ATM in the U.S.

In this video, taken on the Sacramento Bitcoin Meetup in April, you will see the Founder of BitAML, Joe Ciccolo talking about the state of regulatory compliance within the crypto space.

You will hear him talking about: agency involvement in cryptocurrency regulation, where individual states stand on the regulation of Bitcoin, and two current assembly bills in California.

Although there is a rumor going around that the Bitcoin is a sort of a Wild West in terms of regulation, it could not be further from the truth. Actually, there are some agencies that are responsible for Bitcoin regulation and Joe is going to cover some of them in his presentation. The focus will be on FinCEN and he will talk a bit less on SEC and CFTC.

SEC (Securities Exchange Commission) stated that under certain circumstances Bitcoin and other cryptocurrencies can be considered as a security, so they have been very busy focusing on ICOs (Initial Coin Offerings). They started an investigation and eventually created a case law that ultimately shut down the ICO and depending on the perspective they either did a fantastic job, or they cut off a valid mechanism of financing.

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Interview with RockItCoin CEO Michael Dalesandro about operating bitcoin ATM’s

In this interview held in September 2017, Kenn Bosak speaks with CEO of RockitCoin Michael Dalesandro about Bitcoin ATM’s.

Michael started in the trading business in the pitch Chicago Board Options Exchange back in 1990, after which he created a first social network travel company built on the back of Facebook. After it built up to over 10 million members he sold it to Expedia. After that, he needed to figure out what’s next, and after researching the blockchain and got interested, he decided on Bitcoin ATM’s, as it was the closest to the money that he could go as he was learning the business. Now he owns the third largest Bitcoin ATM company in the USA.

Q&A Session

  • What is one of the biggest hurdles of being a Bitcoin teller machine?

The way I define it is that there are three main hoops: compliance, operations, and customer service. That is because bitcoin machines are 24 hours.

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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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