In this video, you will see the first part (out of two) of the interview with Cory from CoinBros. In this part, he will talk about the CoinBros as a company and explain how Bitcoin ATMs work.
After telling a story on how he started to gain interest in Bitcoin while he was a paramedic and finally started a Bitcoin ATM business in 2017, Cory was asked to explain how is cryptocurrency stored in the machine.
He explains that you can link the ATM directly to the exchange via API or you can use the cold storage wallet. Linking directly to an exchange is less risky because you buy or sell crypto live and that way you cannot become a victim of volatility. On the other hand, by storing the crypto in the wallet you can lose a lot of money if the price keeps going down like in 2018, or you can earn much more in an opposite scenario.
In this episode of the “Nick and Jimmy” show, you will hear Maria and Michael from Instacoin talking about how they got into the Crypto ATM business and how they got to operating more than 100 Bitcoin ATMs all over Canada.
The first Michael was asked was if the cryptocurrency will take over the fiat currency. In his opinion that is the actual goal of cryptocurrency, adding that it is currently gaining more and more popularity even though it is fairly young (only 10 years). He thinks that crypto presents a great alternative to a fiat currency because it’s much faster to buy stuff online or if you want to do remittances it’s a lot cheaper. The most important thing is that it is not centralized, which means that there is no middleman who’s taking astronomic fees.
In this interview held in December of 2019, you will hear Daniel and Dustin from one of the largest Bitcoin ATM Operators – CoinFlip talking about the business.
In the beginning, Daniel talks about the difficulties they had to overcome when they started. Apart from the regulations and obtaining the AML policy, which they learned that needs to be done on the example of Charlie Shrem, he states the cash flow as one of the unexpected drawbacks they faced. He explains that it takes a week for an armored car to pick up the money and two more days of processing, so it’s a nine-day lead time on the cash that they need so they could buy more bitcoin and keep the business expanding.
In this interview you will hear Daniel Polotsky, the CEO of Coinflip Bitcoin ATM’s, talking about his introduction to the crypto and Bitcoin space, as well as regulations and finance.
At first, he tells an interesting story about how he got the idea to get into the crypto ATMs. Considering that in the beginning, crypto ATMs were not at all user-friendly, he had to turn to a website called LocalBitcoins and organize meetings with people so they could trade Bitcoin in person, for cash. On one of those meetings, he started talking with the person he met and after realizing that, as they put it: “if you meet too many people in a Starbucks you’re probably eventually gonna get killed“, they decided that there is no better way to trade in crypto than ATMs, and so they went for it.
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.
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.
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.
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.
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.