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.
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.
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.
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.
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.
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.
This video is the first of a series where you will hear Jason Appleton from Crypto Crow talk about his hands-on experience in starting a Bitcoin ATM business. The purpose of these videos is to educate you on the ups and downs and everything from machines, legal, compliance, marketing, and more.
At first, Jason contemplated on starting an exchange business but quickly dropped it after he found out that there are a lot of gray areas and he was not comfortable with that. So he decided to go with Bitcoin ATMs, as he thinks that you can get into the business with a relatively affordable investment and grow as you are comfortable.
In this video, you will hear Brandon Mintz, the founder, and CEO of Bitcoin Depot, one of the first professional OTC crypto trading companies in the world. Bitcoin Depot is also the fastest-growing company and one of the household names in the Crypto ATM space. He will talk about how he got into crypto, how he started his company, and managed to scale it to one of the largest Bitcoin ATM companies in the world. He will also discuss how unbanked people are realizing the power of crypto.
Of course, Brandon started off with how he got into the whole idea of Crypto ATMs. He explained how back in 2013 he spent numerous hours trying to complete a transaction at Coinbase after which they just canceled the order when the price of Bitcoin went up. Later on, he discovered a suspicious looking site that offered to exchange Bitcoin for money after just 15 minutes. He decided to risk it, and it turned out legit. That gave him the idea to make crypto transfers easier for everyone else and help with the overall crypt adoption.
In this interview, held in August 2019, you will hear Moe Adham from the Canadian Bitcoin powerhouse Bitaccess. He talked about Bitcoin ATM adoption, volume, and how they are at the front line of the Bitcoin industry.
Founding of Bitaccess
To start the interview, Moe talked about how he got interested in crypto somewhere at the beginning of the decade when he was a nanotechnology student in Switzerland. He used his knowledge in FPGA programming to start mining and fell in love with Bitcoin instantly. Shortly after he came back home to Canada so he can dedicate his time to learn as much as he can about Bitcoin, and in 2013 he founded Bitaccess and started manufacturing Bitcoin ATMs.
In this interview, you will hear Martijn Wismeijer who works at one of the biggest Bitcoin ATM manufacturers in the world General Bytes, talking about Bitcoin ATMs and some other interesting stuff related to crypto.
Like most people, Martijn got into crypto accidentally, while he was looking for a job. He first got into mining and after he mined his first 50 coins he interestingly got rid of them because he thought that he will never get any use of them. This was a decision which he now deeply regrets. He got back into crypto when the price got up to $100 and at the time discovered the Bitcoin ATMs which he found useful. He immediately tried ordering ATMs from every company that he could find but had no luck since none of them would deliver. Not until the Bitcoin expo in 2014, when he met the founder of General Bytes, that he ordered his first 4 machines and started operating them in the Netherlands.
A couple of years later, his marketing suggestions to General Bytes are recognized and he was offered a job at the company. Since then the company experienced an exponential rise in numbers. They overcome the 1000 mark at the end of 2017, then surpassed the 3000 number nearing the end of 2019 and reached the 5000 until October 2020.
In this interview, Ashton Addison is speaking to Adam O’Brien, the CEO of Bitcoin Solutions, a Bitcoin ATM and service provider based in Canada. They will be discussing the adoption of Bitcoin across Canada, how the pandemic has affected Bitcoin markets, and the upcoming deal which will make Bitcoin Solutions the first Bitcoin ATM company to become a publicly-traded company with a listing on the TSXV stock exchange.