Post
Topic
Board Bitcoin Discussion
Re: Anyone here running any Bitcoin ATMs?
by
coffeenoworidie
on 09/10/2019, 11:02:08 UTC


I heard that running an ATM for Bitcoin or cryptocurrency can be a good business proposition especially if one can achieve a good traffic or customers. Someone said to me that this can be a booming business and in fact there had been some crowdfunded projects that focused on this business and when I just checked one which I supported early this year I think they are doing fine. As more and more people can be adopting cryptocurrency, this industry can be booming just like the traditional ATM business which is already a permanent option for the many. Lat year, in one of the other forums where I was a member of, someone PMed me about ATM machines and he shared that he was doing business with this ATM-focused platform. Maybe you can get over with them and who knows you might like what they are offering. I don't have any personal knowledge nor any relationship with that site and I am sharing it to you here as one of your possible choices.
Before thinking about starting your own Bitcoin ATM business it is good to find what all the consequences needs to be faced. It requires lot of licensing process and those are not much used now because of the increased transaction fee. Recently came across an article from which understood very few are using bitcoin ATM. This is from an author who has shared his experience in Japan where it is believed to have the largest number of bitcoin ATMs in use. Bitcoin ATMs in Tokyo — There Aren’t Any
A close friend of mine is a CPA and she is fully aware of what I'm doing and she has offered to do the required paperwork for this venture. She is well-versed in AML requirements.

Some of you will think I'm crazy for what really sparked the idea to start my own Bitcoin ATM business, but in a way it makes perfect sense. My wife and I have been self-employed for several years and unfortunately have fallen a bit behind on our federal taxes, currently approaching $30,000 that we owe Uncle Sam. AML issues notwithstanding, I'm willing to go through the steps in getting this ATM business up and running and give most of my business income to the government for now to help pay off what I owe the IRS. Call me crazy, but I'm willing to try this to keep the IRS from escalating collection efforts.