Tag Archives: Bitcoin ATM

Bitcoin Depot ATM

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 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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Experience of running bitcoin ATMs by Gil Valentine from Athena Bitcoin

The following video from Chicago meetup in beginning of 2017. Gil Valentine, one of the founders of Athena Bitcoin, gives a presentation about their experience of running bitcoin ATM business.

At the moment of presentation (March 2017) Athena Bitcoin runs machines in 7 different states and 12 metro areas.

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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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Los Angeles Bitcoin ATM Network

Los Angeles is a conglomerate of various bitcoin ATMs, which are operated by plenty of different operators. If you are in any district of the city, it is likely there will be a bitcoin ATM nearby.

Find all bitcoin ATM locations in Los Angeles.

Bitcoin ATM in Los Angeles

Los Angeles currently has 80 bitcoin ATMs installed. After NY with 86 machines, LA is the second largest conglomerate with respect to number of installed bitcoin machines.

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How to host a bitcoin ATM at your store or shop

With a trend of growing number of bitcoin machine installations worldwide many business owners start to consider hosting a bitcoin ATM at their premises. This post is supposed to help take a decision about how to house a bitcoin machine.

Generally there are several ways of doing it:

  • Organizing all on your own and later on also self operating machine(-s);
  • Finding someone who will be ready to finance and install machine at your location;
  • Some options in between the above two scenarios.
Street sign at 824 S Vermont Coin Cloud Bitcoin ATM
Street sign at 824 S Vermont Ave in Los Angeles, Coin Cloud Bitcoin ATM

Operating bitcoin machine on your own

When not to pursue…

The first option is rather a tedious task. Running a bitcoin ATM is a separate business by itself. In order to run a machine one should do all preliminary research work, e.g. finding out what is the legal status of such a business in the area and which licenses are required, then generally obtaining all permissions to do it within legal framework, which is usually time requiring and costly process. Apart from initial investments in legal advice services and obtaining permission, and then investment in machine hardware itself, business owner also will need to organize and maintain running of a bitcoin ATM on ongoing basis. This means to provide liquidity for bitcoin machine operations, and also organize the exchange process and provide all connected services, e.g. customer support.

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A Look at London’s Bitcoin ATM Scene

The United Kingdom is the third largest country with respect to the number of installed bitcoin ATMs, following after the U.S. and Canada, which are significantly larger both geographically and population-wise.

The United Kingdom is a home for 60 bitcoin ATMs at the time of writing.

The vast majority of the U.K.’s bitcoin machines — 45 bitcoin ATMs in total — are located in London, a global epicenter for multi-culturalism. These ATMs are represented by various ATM producers, with leading General Bytes (64%), but also Lamassu (22%) and BitAccess (11%). The main operators in London are Satoshi Point (42%), BCB ATM (16%), Bitins (13%) and Landmark Coins (11%), which combined represent more than 80% of all bitcoin machines in London.

You can find a map with London bitcoin ATM locations below in this post.

Bitcoin ATM London

Bitcoin ATM locations in London are very dispersed with some machines placed in the city center (districts like Soho, Fitzrovia), and plenty machines are  scattered around the city and in suburbs.

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Bitcoin ATM Liquidity Providers

In this post we look at how operators can organize supply of bitcoin ATMs with liquidity. For simplicity purpose only buy bitcoin transactions (sell bitcoins to customers) are considered.

When running a bitcoin machine every operator needs to provide it with liquidity. Usually this is done via using own capital (fiat and BTC) in order to fund hot wallet (from where bitcoins are sent to customers) or additionally holding some liquidity on bitcoin exchange (fiat currency liquidity), which is converted to BTC when transaction happens to lock exchange rate and laterto replenish hot wallet for future transactions. You can read more details about it in Running bitcoin ATM from own hot wallet or Operating bitcoin ATM via exchange.

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1000 Bitcoin ATMs

While bitcoin price fluctuates around $1000, on 16th February total number of bitcoin ATMs installed in the world reached 1000 locations.

1000 bitcoin ATMs

This is perfectly in line with our rough prediction made more than two years ago based on comparison of traditional bank ATMs growth in its infancy with bitcoin ATMs growth.

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Bitcoin ATMs 2016 recap, trends for 2017

Another year has finished. Now it has been a little more than 3 years since first permanent bitcoin ATM installation in Vancouver. What has year 2016 year brought to bitcoin ATM industry, what has changed, what are the latest trends…

Geography

Bitcoin ATMs are installed around the world, however, most of them have high geographic concentration. The following chart illustrates bitcoin ATM installations split by continents for the last 3 years (year end is taken as a data point for each year):

Bitcoin ATMs by Continent

Latest data can be found on the charts page.

As it is seen North America was always dominating the market with 51% share in the end of 2014, and it grew constantly over years and reached 73% in the end of 2016.

Due to expansion of Canadian and mostly US market, Europe has lost 9% share over the same period and is at 20% of world installations currently. All the rest continents have very insignificant number of bitcoin ATM locations with a total of ~6%. In 2014 their share was ~20%.

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