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/biz/ - Business & Finance

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File: 679 KB, 750x1000, bitcoinatm.jpg [View same] [iqdb] [saucenao] [google]
27122260 No.27122260 [Reply] [Original]

There isn't one of these within 100 miles of my location. Thinking about investing in an ATM. I have two prime locations willing to let me place one in their store.

All the pre-made ATMs I've looked into seem to be a bit of a scam. Anyone on /biz/ running one of these? What's the best bitcoin ATM? What kind of transfer fees are you charging?

>> No.27122464

>>27122260
By the way I've been looking at pre-mades but how hard would it be to throw together a homebrew bitcoin ATM? Most of these things just seem to be a touch screen with a simple SOC in them. From my understanding you just need a wallet and enough fiat to keep it stocked up with cash.

I'm planning on putting one in a local vape shop where I know a bunch of fags hold bitcoin and other shitcoins for drug purchases. I want to start with one and slowly expand in this area. Everyone here that wants to convert cash to BTC has to drive nearly an hour to the nearest ATM. I think that ATM is charging like 15% on a transaction.

>> No.27122745

>>27122464
Just make sure you have the cashbox in a separate, more fortified compartment from the other components. People love to break into these.

>> No.27123121

>>27122464
Hard. Impossible honestly and would make more sense to just buy one. ATMs are unironically complicated as fuck. You need a way to know what denomination is being accepted into the machine, that they're not counterfeit or mutilated, that can be reversed if the transaction is cancelled. And what you essentially have is a big bank safe. Modern ATM lockers are stronger than head teller lockers in bank vaults. Chinsy one like your pic maybe less fancy than branch ATMs.
Typical ATM only holds like $40,000 in 20s. And it's a whole nother pain in the ass if you want to have multiple denominations because you'll need separate cassettes for each one.
Point is dude just buy one.

>> No.27123322

Also. And this is sorta a big problem. ATMs that accept cash deposits don't really know how much money they receive. They know how much they should have. Not always the same. It means someone needs to actually open the cassettes and audit them regularly. In bank ATMs this is no problem because transactions are tied to a debit card, so differences are easy to settle. Bitcoin ATM? You're just fucked.
Also, you need to comply with KYC.

>> No.27124478

>>27123322
What's KYC?

>>27122745
The first location I'm planning on having this in will be indoors with someone watching over it during business hours at all time. There is video security and the place is insured out of the ass.

Let's say I buy one and spend the money to stock it with fiat and bitcoins. How much should I charge in transfer fees? 10% too much? I feel like I can get away charging whatever I want. I just want to get set-up as the only coin ATM in the area before the kikes south of me move in. Last year there was only 2 bitcoin ATMs in my entire state. Now there are 40+ in the state. They just aren't within 100miles of my location. It's a huge untapped market full of drug addicts that would dump cash into it constantly to get their drugs from the darknet. A bunch of them are already driving 100 miles to convert fiat to bitcoin. You have to go that far to do local trades with people on local bitcoins too.

>> No.27124551

>>27122260
also, check out coinatmradar.com

>> No.27124944

>>27124478
OP is a newfag

>> No.27125002

>>27124478
>What's KYC?
It stands for 'Know Your Customer'. It means that you have to take the personal information of the people that use your services.

>> No.27125060

>>27122464
You're just asking to get raped by the fed for these not worth it

>> No.27125169

Depending on your state there is are a ton of licensing and record keeping requirements. If you have a record you will need to partner up with someone who doesn't. But It's not impossible and can be very profitable.

>> No.27125278

Unless you live in bumfucktown, most likely a huge dealer already lives in your area. Most likely chinese

>> No.27125443

>>27123322
fuck this kyc shit. makes getting cryptos almost impossible now

>> No.27125558

>>27125060
Real question, what legal entanglements would this scheme imply?
Would OP be burdened with tax reporting for literally every customer? Wouldn't that imply a lengthy registration process?

>> No.27125674
File: 216 KB, 600x600, 207297_tC15XLEV.png [View same] [iqdb] [saucenao] [google]
27125674

Lol I live in a small city/large town that probably only stays afloat because we have a carferry to the other side of one of the large lakes in the US, and in one of the tiny trashy ass gas stations out of probably 10 gas stations in our area, there's just a fucking bitcoin atm sitting next to the outdoor bathroom
Literally never seen anyone use it other than me and my brother

>> No.27126099
File: 26 KB, 724x319, bisq.png [View same] [iqdb] [saucenao] [google]
27126099

>>27125443
Just use BISQ: https://www.youtube.com/watch?v=og7tqVK8c1E

>>27125674
I hope you use a new address every time when you use that ATM.

>> No.27126224

Why would anyone even use this? There is one at the mall and the exchange rates seem dogshit. Even if they weren't, why not just use Binance/Bitstamp? What's the point with this thing?

>> No.27126516

>>27126224
There is a point if it doesn't apply KYC when buying Bitcoin.

>> No.27127549

>>27126099
never heard of that but will check it. i managed to find one that has a $1000 yearly limit before they start requiring id card photos and bill photos that i cant even provide because these dont come in the mail anymore.. fuckers dont know that its possible to get that shit to your email or even configure some e billing thing directly with the bank