Crypto ATMs, what do you know about it and who’s doing it?

[Royce2]

Does anyone own bitcoin ATMs or knows someone who does? I listened to a business acquisition podcast and they say that these things absolutely crush it and print money. However they don’t do it themselves and are afraid of the crypto laundering schemes that they are a part of.

I am genuinely curious of what anyone here thinks of them and if they see any downsides or hidden software costs and machine servicing costs that if not in front of enough foot traffic might as well not get into it.

Thoughts?

 

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[Ing]

I ve seen some, but with up to 35% fee I don’t know, if that really works.

 

[GPM]

I have seen a few, but like @Ing stated the fees are absolutely insane. I don't understand why anyone would use one. Maybe because they don't require your details to get crypto?

If you are really worried you could find locals and do cash trades.

So yea, I could see how they would be referred to as money printers. The fees are just insanely sky high. I remember low transfer limits as well. Overall something I would never even consider using.

I did see a cake vending machine a few days ago though. Also something I would never use. Now all I need to see is a gold/silver bullion vending machine.

 

[Royce2]

I was thinking about buying one and putting it somewhere, in my local grocery store there’s also a coin star machine that converts your coins into crypto, but I never did it so I wonder what the fee is like there too

 

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[Ing]

When you want to offer the service, you could just offer btc to cash on craiglist or on FB groups.

 

[Royce2]

When you want to offer the service, you could just offer btc to cash on craiglist or on FB groups.

I get it, but I was interested in scaling multiple ATMs in multiple locations and just wanted to know if anyone had experience with even regular ATMs or even vending machines. I feel like starting bitcoin or crypto ATMs is still new and could be lucrative. But is not without its drawbacks

 

[Ing]

I get it, but I was interested in scaling multiple ATMs in multiple locations and just wanted to know if anyone had experience with even regular ATMs or even vending machines. I feel like starting bitcoin or crypto ATMs is still new and could be lucrative. But is not without its drawbacks

But you never know, if you didn’t try. Maybe set up propperly and not greedy makes it working with scale as you said.

 

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[mbilal]

When you want to offer the service, you could just offer btc to cash on craiglist or on FB groups.

Better not

Bitcoiner sentenced to federal prison warns users involved in OTC trading

A “regular Bitcoiner” claimed that they were only going along with a plea deal over alleged illicit transactions at a crypto OTC business to spare their wife from prosecution.

cointelegraph.com

 

[Parks]

I've been using crypto for payments and services for a long time. Nobody uses these machines except people passing by who have heard of crypto and want to get into it.. on a whim

Any person who's actually into crypto will go on Kraken or Coinbase and get their crypto for 1-2% fee. Or if their smart, Strike for 0% fee.

So I guess it's important to think about the demographic your targeting. Crypto ATM's never interested me really but the giftcard ATM's did. Buying used giftcards for a % is what I used to do on another forum and found good success with it for 2-3 months.

 

[Royce2]

I

I've been using crypto for payments and services for a long time. Nobody uses these machines except people passing by who have heard of crypto and want to get into it.. on a whim

Any person who's actually into crypto will go on Kraken or Coinbase and get their crypto for 1-2% fee. Or if their smart, Strike for 0% fee.

So I guess it's important to think about the demographic your targeting. Crypto ATM's never interested me really but the giftcard ATM's did. Buying used giftcards for a % is what I used to do on another forum and found good success with it for 2-3 months.

think a lot more people use crypto atms. Especially near the borders. But again, that use case ranges from walking across the border with over 10k in your pocket without needing to declare it, also to laundering money from cartel. Most crypto atm machines that make money do not require ID. Also useful inside weed shops that are legal but not on the federal level.

 

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