Ottawa-based BitAccess BTM currently uses a KH-1012 (kiosk machine) manufactured in China by Shenzen Hunghui It Co, Ltd. Our community needs a LEADER to help build an open source Bitcoin ATM software for hardware like this.
BitAccess ATMs do "facial recognition" - they check the ID with a face scan. Orwellian or what?!
Please go to 06:20 to hear one of the founders explain their KYC procedure. Link: https://youtu.be/mXVac0igrPY?t=6m20s In his defence, this is for verified customers only. However, one can imagine in certain "less free" countries, all customers will need to be verified. Thoughts?
Bitcoin ATM Global Market Overview By DOBI ATM The BitLicense aroused a big buzz when the a big ATM operator Coinsource announced its granting of BitLicnese, a virtual currency trading license for cryptocurrency trading service; As reported from Cointelegraph, it took 3 years to be granted since the first application to New York Financial Securities(NYFS). This obviously indicates the advancing development of Bitcoin ATM industry since the first Bitcoin ATM came out in Vancouver, Canada on 29th October 2013.
Overall Global Data
After about 5 years development, bitcoin ATM industry sees increase in market capital and maturity. Bearish Bitcoin price meet downturn though, Bitcoin ATM is growing continuously in installation, capital, distribution and the manufacturer. The latest statistic from CoinatmRadar( the biggest bitcoin ATM data research institution) reported that there are 3949 bitcoin ATMs in total worldwide until Nov. 05, 2018. Although increasing speed declines with the sluggish bitcion market, we can still see 1849 ATMs increased with 89% growth rate from 2079 ATMs to 3927 in 2018. Now, the crypto ATMs installation speed rises to 6 machine per day. It’s estimated to reach a figure of $16.3 million of market capital in 2018 https://preview.redd.it/drmennyhpow11.png?width=660&format=png&auto=webp&s=4187176abc3f5d892911085a894fb5cc40d089c7
Industry：Continuous Increase in installation, profit, manufacturers
Distribution of bitcoin ATMs across Continents:
The wide awareness of bitcoin and cryptocurrency promote the bitcoin ATM adoption cross the world. It’s no strange that North America and Europe share the large percentage since the economic and population provide the best environment for the use of bitcoin ATM by the majority. https://preview.redd.it/3vu1hoyipow11.png?width=648&format=png&auto=webp&s=d0bc39d87d17032f5f7fd3e16ed46e0320d2788b A study conducted by MarketsandMarkets reported that the Bitcoin ATM market will see annual growth of 54% between 2018 to 2023, when the whole industry is forecast to reach $145 million.
Incredibly Increasing High Profit When Emerging Market’s Struggling
In bitcoin ATM, the profit is mainly from transaction fee with an average of 7%-10% both in buy side and sell side. It’s reported a bitcoin ATM machine comes with $10k to $30k transaction a month with the highest reaching to $100k. The average transaction is 130 times per machine per month. Coindesk even reported Lamassu's survey of $1,000–$3,000 each month earning which equates to annual earnings for ATM operators of between $12,000 and $36,000 per unit.
Increasing Bitcoin ATM Manufacrture:
The growing awareness of bitcoin also attracted many investors into Bitcoin ATM business. The biggest bitcoin ATM tracking Radar coinatmRadar reveals 42 typical bitcoin ATM manufacturers and 31 Bitcoin ATM service operators globally. DOBI ATM, as the biggest bitcoin ATM manufacuter in Chinawas also listed. It’s a newly but of great potential to in digital currency payment solution. It’s obviously seen from the market share below that Genesis Coin, General Bytes, Lamassu, BitAccess and Coinsource dominant the industry, though. Some newly manufacturer startups also see great potential. https://preview.redd.it/uhxd302kpow11.png?width=525&format=png&auto=webp&s=687460579650812e21808a736231931baf193855 DOBI ATM as highly potential newcomers is striving to provide everyone easy access to buy ans sell bitcoin in hardware solution and software development. Supported by the a capital group , Currently there’s over 200 business-to-business operators worldwide and now is the biggest Bitcion ATM manufacurer in China
Seeing from the whole cryptocurrency industry chain, there are mining, digital currency exchange, crypto wallet, media and services field, token release company and payment field. Cryptocurrency exchange functions most important for its huge power in liquidity and profitability. There’s no doubt the blockchain technology will overturn the whole world revelutionary after 10 year’s development since the release of Bitcoin Whitepaper by Satoshi Nakamoto.; And no one would suspect the financial role cryptocurrency is playing, especially in payment field. Bitcoin ATM can both work as an alternative for exchange and payment solution for daily life. It surely see great market confidence. DOBI ATM still holds that only project with practical solution in real world that survives at last. Bitcoin ATM just helps the adoption of wide use of bitcoin in daily payment among the ordinary. Let’s witness how the cryptocurrency and bitcoin ATM industry expand.
Various Bitcoin "ATMs" with KYC/AML aspects briefly listed. (22 brands)
Bitcoin "ATMs" (AKA vending machines/kiosks/branches/BTMs/CTMs) continue to spread around the planet. Here is a current snap-shot of most of the manufacturers with some further information about their products. Just as operators of various machines may decide on what colour or graphics the machine has, operators may also have optional Know Your Customer (KYC) and Anti-Money Laundering (AML) features at their disposal. Companies like BitPay, Coinjar, Kraken, Mt Gox (did), Bitstamp, Coinbase etc require your ID. Our face is the biometric most commonly used by people and governments alike for ID. Fingerprints are less commonly utilised as a biometric ID by governments. Banks commonly use our face as a biometric ID. 1W=cash to bitcoin (one way). 2W=cash or CC to bitcoin and the reverse, "Cash out" (two ways) AML aspects would typically include daily transaction amount limits. Operators may set AML limits on their machines.
atm4coin 1W & 2W Open source project..ongoing. Machine availability?
Bit-Wallet 1W & 2W No KYC functions.
BTC-O-Matic 1W No KYC functions.
Btcu 1W (possibly 2W) fake mobile no can be used, no effective KYC.
Cash2BTC 1W No KYC functions. (build yourself)
Flycoin 1W (possibly 2W) (requires 3rd party software for Bitcoin)
General Bytes 1W Optional fingerprint reader and AML options for operators.
Hot Butler 1W Cash or CCs, no KYC features.
Lamassu 1W Optional document scan features. The operator decides.
Moneero 1W (possibly 2W) "Conforms to international AML/KYC standards"
Open BTC ATM 1W DIY (build yourself) 'Open Bitcoin ATM'
Pay Maq 1W
Skyhook 1W No KYC functions.
Tembusu 1W Optional ID scannethumbprint scan/AML features for operators.
Bit2Bit 2W Optional KYC/AML features including fingerprint scan for operators. Lite/Doge too.
BitAccess BTM 2W Document scan, mobile phone no. Optional?
Coinplug 2W AML feature (not known if optional) KYC? (Korean)
Diamond Circle 2W Visa/MC not cash. KYC (via bank CCs) and AML variances for operators.
Genesis1 2W Optional fingerprint readegov ID & bank card reader for operators. Lite/Doge too.
Robocoin 2W Optional ID scan/palm vein scan/camera & optional AML feature for operators.
Here is one apparent operators thoughts: (I hope re-posting is OK) "I operate a Lamassu kiosk and while the manufacturer has recently developed software enhancements to comply with KYC/AML regulations, I have chosen not to implement them. Yeah, my ass is on the line here, but I've used the Robocoin machine and felt it was very intrusive. I like the idea of anonymity and I don't want to have to keep records of my customers' identities and monitor their private transactions. That's not Satoshi's way, nor is it mine. So far, I'm operating well under the radar and I'm not very worried about it (though some attorneys have warned me that I am taking a huge risk by following this path). I have a FinCen license, but there are no final state licensing regulations (yet), so until they tell me what I have to do to stay out of jail, I will continue to operate my machine as it was shipped, without collecting personal information from the users. The only "compliance" feature I've turned on so far is a maximum transaction limit of $500 USD. This is partly to avoid having to file Suspicious Activity Reports, but mainly to keep me from running out of bitcoins on a daily basis." - by Magg0tt
The Great BitAccess Success - How I've made $50,000 buying a BitAccess BTM
In light of the recent post re: Robocoin, I thought I'd share a positive experience with another Bitcoin ATM manufacturer. I was the first owner of a BitAccess BTM. Late 2013 I received a call out of the blue from a gentleman letting me know that him and his team had been working for a few weeks developing a Bitcoin ATM. Knowing that I was opening Bitcoin Decentral January 1st, he asked me if I would be their first customer and help them work through the bugs with their first machine. From concept to first deployment was no more than 2 months and I boastfully displayed the new orange machine to reddit Christmas day. So what has been my experience? Man oh man there have been problems, but that's to be expected. At the end of the day it comes down to customer service and respect, and BitAccess succeeds in both categories. The machine has been up 99% of the time and I always know I can contact them by phone anytime of the day if issues arise. Thanks Abdul (Haseeb), Moe, Vignish, and Ryan for choosing me as your first operator, for addressing and handling my concerns in a professional way, and for being a proper BTC company. Much respect! (Now if I could only get the new operator dashboard you promised me weeks ago) :) -A
05-12 07:06 - 'My journey to exchange BTC for Fiat via ATM' (self.Bitcoin) by /u/Rossman01 removed from /r/Bitcoin within 979-984min
''' Great, you’ve earned yourself some money - but you were paid in Bitcoin. You know how to use it, but what if you need cash?? This is a great question, and likely one to be asked millions more times with the gradual adoption and use of Bitcoin as a fiat. Many Bitcoiners would love to have a place where they can quickly go and hawk some BTC. Well I had the same need and have embarked on a journey to do exactly that, and along the way, help others avoid some of the obvious pitfalls that come along with the effort. The plan is to periodically visit some of these ATM’s here in my local area and report as to whether they are really still in operation and if they are meant to dispense cash, are they? Are they in a good neighborhood or is it better to visit during the daylight hours, etc.? The first location checked out is Marina Smoke Shop in Huntington Beach, CA (949-431-5122) - I called to verify it’s “2-way” status. The shopkeeper didn’t quite understand me and the store is only a few minutes drive from my house; So I took a trip to see the machine for myself. There are two things I could have learned before I arrived.. One, RIF (Reading Is Fundamental) - If I had only read into it further, I would have learned that at the bottom of the reviews on CoinATM Radar ([link]1 ) That there is a note lending to the type of coin and direction; then further down to simplify it, whether you can buy or sell or both from this specific ATM (This HB ATM is one-way -> Fiat to BTC). Two, even if you call the location, the shop keeper may have no idea what the ATM in their store does, since it’s likely the store owner isn’t the ATM owner. The lesson, do more research than you think is necessary before burning your gas. If you only need to buy BTC, this machine will work for you as of 05/01/2016. The machine type at this location is a “Genesis Coin” Alas, my first search wasn’t so successful, I did learn the above and continue happily on my way through trial and investigative error. Additional investigation gave way to new excitement as I learned that Jacks Liquor near LAX (in the city of Inglewood) is also described as a two-way machine; it even appears that way locating the machine through the above link. Great!! With this information in hand, I decide to check it out without the need to make a phone call and head out on my way - an approximate 45 minute drive. This machine is a bit off the Freeway and in a neighborhood I would call, a little “Sketchy”. It may be a “2-way” machine as advertised, but the one at this location turns out to have the exact same scenario as the other (set to “sell only”), so was a little disturbed when I realized it. Then, when asked why the machine wasn’t set for bi-directional, the little oriental man behind the counter who assumably didn’t speak a lick of English, raised his hands and shrugged. I left visibly perturbed and kicked myself for not making the simple phone call that could have helped me avoid this trip. So, for you my readers...This machine type is a “General Bytes” and only operates to “Sell” Although the link shows this ATM as “Two-way”, it is not. It would not be wise to jump off a plane thinking you can quickly trade your BTC for cash here because it’s close to LAX - This machine at Jack’s is set to only Sell BTC to customers - not trade it back. Best to continue on to the Westfield Mall (Described below). Had I continued up the Freeway another ten minutes or so (as suggested above), I would have made it to the Westfield-Culver City Mall where there is a Lamassu type 2-way machine (6000 Sepulveda Blvd CulverCity, CA - Located on the first floor near JC Penney) accessible during Mall hours. The notes for this machine indicate that it was recently updated in April of 2016 to 2 way status - That’s a good sign, considering it’s now only May 2016. I should have made a stop here before returning home from Jack’s, but then, I wouldn’t have started this article. Live and learn; instead, I’m heading there next in my continuing mission. This was an interesting experience. I found the machine no problem, and using it wasn’t a technical feat; very easy. Click sell, click how much, then the machine displays the address to send it to; Also, if you have your “pairing code” on your iPhone or android, then you can make your transaction by showing it to the little window at the lower left hand area of the machine. Be sure to include the amount of a fee, as the blockchain will set your transaction to the side and not process it for a long time. This happened to me, which sent me on an additional quest: Make contact with the owneoperator of the machine for assistance. Both the Manufacturer of the machine and Owner were prompt, knowledgeable, friendly, sensitive to my situation and helpful in resolving the issue. In fact, The Owner (Kais ([email protected])) happens to live in my area, and due to the distance between me and CulverCity, offered to help me personally for future transactions. He also advised that there will be a new 2-way ATM HeroCoin will be installing in Corona, CA soon - This is a main route into and out of Orange County, out towards San Bernardino and out towards Barstow. This was a great outcome that could have gone completely the other way. Be careful with how much you send to yourself and be sure to include a fee, you may just end up waiting thousands of minutes until the miner-nodes decide it’s worth it to pick up. Thanks Herocoin.co - Great customer service! ...and So, there I am.... next are some I haven’t yet visited, but plan to in my effort to flip out some Satoshis - and will update this string accordingly. Further up the freeway, there is a 2-way machine at Meltdown Comics in West Hollywood -> 7522 Sunset Blvd - Los Angeles CA 90046 11am-9pm daily (Store Hours). This is a “BitAccess” machine where you send yourself some BTC by going to the website and depositing there (“cash.bitaccess.co”). The machine will hold it for you and has it waiting when you arrive to any BitAccess machine; it’s called “Remote Initiation Process” - The benefit described for this is no validation time required once you get there. It’s ready and waiting for you. It seems like a pretty good location considering the general BTC audience; “er, Comic Book Store?? ...Works on multiple levels“. I’ve not yet visited this store. I also checked South on another machine (it turns out, there are two in the same complex area run by the same administrator) nearer to San Diego. I found an article claiming “California’s First 2-Way Bitcoin ATM” which was written in January 2016 and appeared in CryptoCoin News ([link]2 ... atm-opens/), considering the article is now several months old and the distance from me to Encinitas is long, I shot an email out to the machines admin contact (CoinOutlet.io). I was again impressed with how the admin responded right away, confirmed that the machine (located in, “Surf Brothers Teriyaki” 274 N. El Camino Real, Encinitas, CA) is currently working, and finally, asked to work with me to help avoid a wasted trip to an empty machine. I like that, prompt, professional, and helpful. The second machine is close by at Camino Village Plaza 256 N. El Camino Real, Encinitas, CA. Although there are a couple of closer machines to check out, these two are going to stay on my list to visit. These machines are CoinOutlet type machines - I’ve been able to locate instructions on use for any of these machines on YouTube.com. Thank you for reading my post, I enjoyed writing it for you; this is not the end but just the beginning. I plan to continue visiting and reviewing more. If this article helped you to save Time, Gas, Confusion, Avoid costly mistakes or any other additional Effort... or if it helped you make a decision, pointed you toward the next awesome idea, or inspired you to other Greatness; Please kindly consider donating to my bitcoin address: 1HL2WSg7Bqtfk119GnZb8Fsy5rRxmzPLYB Bitcoin donations of any amount will make me happy and keep me inspired to continue this journey. I also hope it will help educate and promote locations and the use of ATM’s to monetize BTC and get it to the Masses of people and into the mainstream Marketplace. If you are the owner or operator of a Bitcoin ATM located in Southern California and would like a visit and subsequent review of your atm location, Please contact me through this post or PM here at the website, Thank you very much. ''' My journey to exchange BTC for Fiat via ATM Go1dfish undelete link unreddit undelete link Author: Rossman01 1: *oin*tmradar*c*m/bi**oin_atm* 2: ww*.crypto*o**snews.*om/**n-*ie Unknown links are censored to prevent spreading illicit content.
Total number of BitAccess ATMs installed: 1105. About: Bitaccess is a Canadian Blockchain company based in Ottawa, that was founded in 2013 and funded by Y Combinator as an early manufacturer of Bitcoin ATMs. Since their foundation in 2013, Bitaccess has improved through technical innovation and continuous development. Bitcoin ATM Startup BitAccess Joins Y Combinator's Trailblazing Incubator California-based startup accelerator Y Combinator has officially selected bitcoin ATM manufacturer BitAccess for ... Bitcoin to cash and cash to bitcoin service providers. There are many ways to buy and sell bitcoins for cash without using a bitcoin ATM.There are many providers doing this. Some are using existing networks of traditional bank ATMs, or existing network of mobile payment terminals, others use retail chains and allow to buy bitcoins via cashier desk etc. If we've learned anything in the past few months about bitcoin ATMs, it's that it's big business. Last year, the first bitcoin ATM to be made available to Canadian Bitcoin ATM manufacturer Bitaccess, has announced the launch of their Flexepin voucher system, which allows Canadians to purchase bitcoin at 6,000 retail locations across the country.
BitAccess Launches To Make Bitcoin ATMs Ubiquitous
Bitaccess Bitcoin ATM www.bitaccess.co Secure Heavy gauge steel enclosure with Abloy Protec2 high security locks. The BTM can be bolted to the floor. An additional vault is optional. Multicurrency ... MY ALL-ENCOMPASSING GUIDE TO GETTING STARTED WITH BITCOIN: https://www.btcsessions.ca/post/how-to-buy-sell-and-use-bitcoin-in-canada Today I check out anothe... Trying to make access to the world’s largest cryptocurrency automatic for the people, BitAccess is looking to build a network of automated Bitcoin banking machines available worldwide. Here’s ... Cary Peters owner of Bitcoin ATM Kiosk in Mountain View, CA - Duration: 4:39. Vince Tocce 10,242 views. 4:39. How to use Bitcoin ATM: Step by Step - Duration: 2:18. ... Bitaccess - How to use a BTM - Short - Duration: ... 1 year ago; 1:26. Bitaccess - How to use a BTM (Bitcoin ATM) - Duration: 86 seconds. 4,869 views; 1 year ago; This item has been hidden ...