Quote from: coffeenoworidie on October 10, 2019, 12:46:59 AM

Quote from: DdmrDdmr on October 09, 2019, 11:50:26 AM

I figure youve done your base groundwork, but just in case, Id also run through all available information at https://coinatmradar.com/how-to-start-bitcoin-atm-business (not all reports are recent though), and since you are in the USA I presume, Id go through the lists of operators in your area (and others that are willing to expand). For example, there are currently around 10 operators in Chicago behind 263 BATMs. Theres also a section on the site with first and second hand ATMs, but it looks pretty outdated and scarce on the ATMs from manufacturers list.

Looking over some published prices, finding a new two way BATM for under 3K$ may be a feat, and perhaps a second hand one may comply. Even so, one would need to match the price against features and support.

This week I stumbled upon a different sort of device, a BTM, that is being sold at least in some South American countries (see re: First Bitcoin ATM in Venezuela). A BTM has a different business model though, since it requires a shop assistant to perform the TX, thus part losing the anonymity that you get using a BATM as a customer.

The thought ran through my head for a moment about trying to become a business partner with an existing Bitcoin ATM business, but given the legal implications of working with someone I don't know in a business under intense government scrutiny, I've abandoned that idea. I've chatted with a couple close friends about whether they want to join me in some aspect of this business, but they're not to that point yet.

I mean, it's worth a try isn't it? I'm pretty sure large amount of people who have a lot money in the crypto industry are likely under a lot of eyes from the government anyway.

If they like your ideas and eveything, you might find yourself a good buisness partner.

Quote from: coffeenoworidie on October 10, 2019, 12:55:59 AM

Quote from: jake zyrus on October 09, 2019, 03:08:57 PM

Quote from: coffeenoworidie on October 08, 2019, 11:32:28 PM

Any advice on what I should do (or not do) and things to consider starting off would be greatly appreciated.

I can't help you with the ATM thingy since I haven't even seen one personally nor tried it. And I also have no plan of it as a business but you should also consider the popularity of bitcoin in your place. Whether there are a lot of users that might use your ATM or not. Start your planning before purchasing one. It's always better to start with a plan. Estimate if you'll be able to gain profit from it, how big is the possible profit, and the time.

As I mentioned above, any profits I make from the ATM will be going directly to the IRS for the foreseeable future because my wife and I are trying to pay down a not-insubstantial amount that we owe in taxes. Maybe I'm crazy for thinking this will be an easy business venture by which to pay our personal tax debt, but we're willing to try it. If we have crazy success beyond paying our tax debt by this means, that's just icing on the cake.

I doubt you'll be able to make enough profit in a short enough time to justify such a huge investment to be honest. There's a lot of factors and sometimes it just not worth the headache.

Good luck though!