Tag Archives: manufacturers

Bitcoin Depot ATM

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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Bitcoin ATM market concentration

Bitcoin ATM industry is relatively new, however, it develops very dynamically. There are many new players entering the market, at the same time there is definitely a trend of some major participants increasing their machine networks size. In this article we evaluate how high is the concentration in bitcoin ATM industry w.r.t. manufacturers and operators. For assessment we look at top 3 countries with highest number of bitcoin ATMs installed: United States of America, Canada and United Kingdom.

Concentration indexes

For the purpose of this article three types of indexes are used:

  • Concentration ratio 3 (CR3) – market share controlled by top 3 manufacturers or operators;
  • Concentration ratio 5 (CR5) – market share controlled by top 5 manufacturers or operators;
  • Herfindahl index – is a concentration index, which is calculated as a sum of squared market shares, and gives more weight to the situation with dominance of a single or small group of companies.

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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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General Bytes introduced a new bitcoin ATM model – BATMThree XXL+

Bitcoin ATM manufacturer GENERAL BYTES announced availability of their BATMThree XXL+ model.

The XXL+ is the latest model based on the GENERAL BYTES BATMThree Bitcoin ATM platform and as the name suggests its also currently the largest ATM in the BATM range of cryptocurrency ATM’s.

BATMThree XXL+ General bytes bitcoin ATM

What makes the XXL+ model special is the huge banknote capacity and the fact that it is specially equipped for servicing by armored money transport services, providing Bitcoin ATM operators with more freedom of choice in how to organize their day-to-day business.

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Bitcoin ATM settings for hot wallets and exchange integrations

In the previous article we covered exchange and counterparty risks of operating a bitcoin ATM and two general ways to do it: sell bitcoins from your hot wallet, or do mirror deals via bitcoin exchange.

In this post we look at what system settings are supported by main bitcoin ATM providers, namely: Lamassu, General Bytes and Bitaccess. Other large supplier of bitcoin ATMs — Genesis Coin was reached but didn’t provide details about their setup options.

Lamassu

lamassu

Lamassu bitcoin ATM has an open source code. This allowed different developers to take the code and build software upon it. E.g. Dash implementation is done by external party, Ethereum was also implemented by external party first and later on Lamassu added their own version of ETH official support.

Based on information provided by Neal Conner (Customer Service Manager) Lamassu bitcoin machines support the following settings currently:

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Bitcoin ATM review: Satoshi2 model from Genesis Coin manufacturer

There is a number of different bitcoin ATM types on the market. Operators need to choose a proper solution before starting a bitcoin ATM business. The machine needs to fit their requirements at best.

We have reviewed several bitcoin machines in previous posts, you might be interested in looking at the following posts:

Genesis Coin bitcoin ATMs
Genesis1 and Satoshi1 bitcoin ATM models

This post is dedicated to Satoshi2 model from Genesis Coin, which is a third generation model of its product line (this model can be called “Satoshi2” or “two-way Satoshi1”, which refers to the same product). The first generation model Genesis1 was a large bitcoin machine similarly looking to many traditional bank ATMs (it uses Genmega hardware), which supported two-way operations. Later company launched lighter version – Satoshi1, this machine was smaller, but with large 21″ screen. It supported only buy bitcoin operations.

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Bitcoin ATMs in the U.S.

Visit the following page to find all bitcoin ATM locations in the U.S.

Bitcoin ATMs are spreading quite fast since the end of 2015 and beginning of 2016. Although the most useful application of bitcoin machines could be in the developing countries where financial inclusion is low, the majority of bitcoin ATMs are still appearing in developed countries.

Quick look at bitcoin ATM aggregated stats shows that 63% of all bitcoin machines are in North America and 25% are in Europe. Taking into account 5% in Oceania (mostly Australia) means almost 95% of all machines are in developed countries. There are several reasons for this. Costs for bitcoin ATMs might be quite high for average businessmen in developing country with respect to risk of operating and running it. Also return on investment required can be achieved only in locations with relatively large user base and steady bitcoin usage (mostly in developed countries as of now), which results in transaction volume for such machines.

Bitcoin ATM in the U.S.

Leading country within the developed countries list with respect to bitcoin ATM adoption is the United States. As of the end of March 2016 it has roughly 280 bitcoin ATMs installed across the country, which comprises ~45% of all installations worldwide.

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Bitcoin ATMs industry overview after 2 years since first launch

It’s been two years since the first bitcoin ATM went live in Vancouver, Canada on 29th October 2013. So what has been achieved over this time and what are the current dynamics of this newly evolving market?

As it is seen on the following chart number of bitcoin ATMs is steadily increasing. However, the speed is lower compared to the first year. During the first year there were 284 bitcoin ATMs installed and in the second year only 187 new bitcoin ATM locations were added and not removed later. This is lower than we forecasted a year ago based on the growth rate of traditional bank ATMs in the beginning of 70-s. It was calculated that there will be about 562 bitcoin ATMs installed by this time, however, there are only 471 in the world.

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BATMThree bitcoin ATM from General Bytes

General Bytes has introduced a new bitcoin ATM BATMThree recently. This is a long expected two-way machine from this manufacturer, which will support buy and sell operations at the same time.

BATMThree bitcoin ATM

The software was developed before and provided to the operators of Robocoin kiosk as a replacement kit, so it was a matter of creating the hardware for the own product. The new machine has a very slick design with neon lightning, which will definitely attract attention of walking by people.

The bitcoin machine has a nice big touch screen, which looks much better than the screen of the previous models. Continue reading

How to choose a bitcoin ATM

There are many different bitcoin ATM providers on the market. If you plan to operate a bitcoin ATM, it is a hard choice which one to purchase.

On our site the full list of bitcoin ATM suppliers is available. It includes also the ones, which don’t even have a bitcoin ATM installed, however at least the prototype was provided to get listed.

You can also find many examples of bitcoin ATM profitability as well as bitcoin ATM profits calculator.

Choose bitcoin ATM

Beware of the scam!

As in many business areas closely related to Bitcoin, there are many scam players trying to cut easy money from new comers or the very risky people. As an example, the Moolah story can be used – the company notably known for Dogecoin support. Alex Green, who as it turned out, had several other names, was promising to deliver a bitcoin ATM to the market, which actually never happened. Finally, he disappeared with funds invested into the company and being at an exchange.

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