Category Archives: Using bitcoin ATM

Bitcoin Depot ATM

Interview: BelcoBTM CEO Elena Belyayeva

In this interview, you will hear Tony from Thinking Crypto talking to Elena Belyayeva who is the CEO of BelcoBTM. She will talk about Buy and Sell bitcoin machines, a new Mobile App, and adding new coins to their ATMs among other stuff.

The History of BelcoBTM

The idea for BelcoBTM started in 2015/16 when Elena first got into Crypto. She was working for a financial company and looking to transition into opening her own business. She had a feeling that crypto will be booming and noticed that there were very few ATMs at the time so she made a bold move and invested her savings into the Bitcoin ATM company. She liked the idea of Bitcoin ATMs back in the time when she was doing some Bitcoin trading, and noticed that these machines were the best way to introduce people to cryptocurrency and start the mass adoption.

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Interview with Chris McAlary, the CEO of Coin Cloud

In this podcast, you will hear Mike Townsend interviewing Chris McAlary, the CEO of Coin Cloud, which is the world’s largest Bitcoin ATM Company with over 800 machines (and growing), all of which allow two-way transactions of Bitcoin and 29 altcoins.

Being that Coin Cloud has a plan to overcome the 1000 ATMs margin in the next couple of months, it is logical that their plans are also related to expanding overseas. According to Chris, their next country will be Brazil. As he explains, it is especially suitable for Crypto ATM business because of its cash-intensive economy, where more than 50% of people get their income in cash, whereas in the United States that percentage is around 10%. Of course, the United States continues to be the priority of all Crypto ATM operators because of the extensive adoption of cryptocurrency by the customers and regulators as well.

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Making Bitcoin More Accessible with Daniel Polotsky of CoinFlip ATM

In this interview held in April 2020, you will see Lea talking with Daniel from CoinFlip ATM. Some of the stuff they will be talking about will be about how they run their business, what sets them apart from other companies, what are their plans for the future, how the global pandemic affected the crypto market, and much more.

Talking about the CoinFlip ATM business Daniel shared that they currently are at about 550 ATM’s and are trying to push 20 ATM’s per week so they can try to end the year at over a thousand, and hopefully continue that trend so they can end the next year at 2500 or 3000.

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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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The Promise of Lightning Network ATM’s

In this post we have a brief overview of what Lightning Network is and how it can and is integrated with existing cryptocurrency ATM’s. We check what are potential advantages and disadvantages of using LN payments for both users and operators.

Lightning Network Overview

There is a lot of information on what Lightning Network is. In short, it is a second layer protocol on top of cryptocurrenices like Bitcoin, Litecoin etc. Effectively, two users have a mutual (multi-signature) transaction on the base layer and then exchange signed new transactions, which are not broadcast to the base layer network and hence are not included into blockchain. Only last transaction in a sequence of exchanged signed transactions (commitment transaction) is broadcast to the blockchain, when one party decides to close the financial relationships with counterparty. Such funding transaction and exchange of signed transaction is called a payment channel.

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Perfect case for bitcoin ATM’s – accompany cannabis vending machines

During the recent years there was natural growth in two industries — bitcoin ATM installations reached almost 6000 as of end 2019 and cannabis industry legalization was happening steadily over time in various US states. In this article we check how the two industries fit together and factors that can be beneficial for both sides from synergy.

Bitcoin ATM for Cannabis Industry
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Avoid scams – don’t use bitcoin ATM when someone asked you

With introduction of cryptocurrencies in our lives, they became instrument for funds transfer not only among users with legitimate purposes, but also for fraudulent activity. Usually, the victims are the less knowledgeable people, who are instructed by scammers what to do, and who send large amounts by using bitcoin ATM’s. The advantage of using cryptocurrencies by scammers is because payments are non-refundable, once the payment is done and confirmed at least in 1 block, there is hardly anything can be done to revert the payment. Advantage of using cryptocurrency ATM’s is that they are the easiest bridge between old traditional fiat world (accept cash banknotes) and transform to cryptocurrency.

If you are asked or forced to use bitcoin ATM in order to deposit cash and scan a given to you QR code — please STOP. This is a scam, and you will lose all money.

Fair to say that similar schemes are used by scammers with different money transfer vehicles, e.g. users are asked to buy gift cards or various vouchers types. Cryptocurrencies and bitcoin ATM as conversion mechanism is much easier for scammers to use. First of all, bitcoin ATM is less understood by masses, and hence might look more “official” for victim and more people can fall for scam, which increases the probability of scam success. The figures from Edmonton Police Service confirm this, as fraud using Bitcoin were larger than 80% of CRA scams in 2018:

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0-conf series. Part 1: Support for zero-confirmation transactions at Bitcoin ATM. To be, or not to be.

Recently a news about 0-conf attack on bitcoin ATM operator circulated on the web. The attack was conducted by 4 unknown individuals in several cities in Canada back in September 2018. In total, they were reportedly able to withdraw / steal from operator $195K CAD (or $146K USD as of today’s rate).

Bitcoin ATM Attackers
Suspects in double spend attack on bitcoin ATM’s (Canada, September 2018)

Anyone with information about the identity of any of these suspects is asked to call the Calgary police service non-emergency line at 403-266-1234, regardless of what jurisdiction they live in.

In this post we try to look in details what this attack is about and why it could happen.
We try to have a deeper understanding of the problem and choice, which operators face.

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How to choose bitcoin wallet and buy your first bitcoins

This article is for all newcomers to cryptocurrency field. At Coin ATM Radar we receive many requests to register account in order to start using bitcoins and bitcoin ATMs in particular. In order to buy and start using bitcoins, you don’t need to register with any service provider. We will cover the main options how to start using cryptocurrencies, and especially Bitcoin — the most popular cryptocoin as of today.

Easy navigation:

Wallet

The first thing you need to do is choosing where to store your bitcoins, when you buy or receive them. There are two main options:

  • Store with third-party service provider
  • Store on your own in local wallet

You can store them with any of online wallets or exchanges (e.g. Coinbase, Kraken etc), in this case you trust these services, while they fully control access to your bitcoins, so generally you trust them that they will send bitcoins to you or to someone you will want to pay in the future, if you ask them to do so. This is no different from traditional banking, when you don’t control your money, rather banks do and promise you that they will execute your order to pay in the future.

However, the great thing about Bitcoin is that it allows you to fully control your funds without any intermediary and this is done with wallets installed locally on your device, be it mobile phone or computer.

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Investing in bitcoin via bitcoin machines (part 2)

In the previous post we discussed why bitcoin ATMs might be useful for investing in bitcoin and also what are the characteristics of bitcoin that make it valuable. In this post we look at potential reasons why bitcoin price might increase in the future and also what kind of investing strategy can be chosen.

Bitcoin investment strategy

Why bitcoin price might increase

There are many factors why bitcoin price is undervalued today:

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