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.
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.
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.
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.
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 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.
Bitcoin ATM industry grew over 2017 year with accelerating speed. Back in 2014 we did a forecast of how many installations of machines there will be in several years. You can find the table at the end of the post on comparison of traditional bank ATM growth vs. bitcoin ATM growth. The forecast was done based on bank ATM installations back in 1970-s. After 7 years we assumed there will be 2900 ATMs installed worldwide. Today (~4.5 years since first bitcoin ATM installation) there are already more than 3000 ATMs installed worldwide. And the speed if installations is only accelerating over previous years:
In this article we look at one of the most important problems bitcoin ATM operators have — finding bank relationships and opening a bank account.
At the end of the post there is a company mentioned that provides services as intermediary and connects bitcoin ATM operators directly with bitcoin friendly banks also providing additional services on the way.
Disclaimer: We are not affiliated with this company, please do your own due diligence before entering in relations. The material is posted and contacts are provided because in our opinion it brings a value for many operators who potentially need banking relationships, but struggle to find it.Continue reading →