I am wondering what is the cost and procedure of setting up a bitcoin ATM machine.
I am guessing it involves:
(1) Buying the physical machine (One time cost).
(2) Calibrating the machine to accept currency notes of your country (One time setup).
(3) Getting an internet line (Monthly recurring fees).
(4) Hook to a central exchange (Probably a recurring fee)
This sounds like an overly simplistic model. Am I missing out anything?
You also need permission of your local government if you dont want to get in legal problems later and if you are residing in some developing country, it is highly unlikely that you will get permission from your government
Nailed it , that's exactly the issue and I am 100% sure that the government of any country never give permission for this as their own cheater banks will occur a huge loss if they allow this but it is possible if a new country is created by getting independence.