Author Topic: Crypto ATM  (Read 983 times)

Offline jimw

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Crypto ATM
« on: December 23, 2017, 12:35:10 PM »
I'm thinking about putting in a crypto ATM in a rural area with retirees, poor people, and dope growers.  It would have Bitcoin, Dash and whatever else is in demand and doable.  I think the clientele would be almost all dope growers not being serviced by the traditional banks.  The nearest existing atm is about 30 miles away in a shopping Mall.  If I were a grower introvert privacy fan I would prefer the rural ATM.

 How do people do these ATMs and steer clear of money laundering accusations and charges?  I see where they make it worthwhile in the buy/sell spread.  I would want to be above-board in my business venture but wouldn't expect or demand the customers to be.  I have prepaid legal (just because its a work benefit-- not actively or planning on being sketchy) and I will fire up a help ticket with them to discuss if I don't find an obstacle on my own.  Also I have access to my District Attorney, I could viability check with him before I get to the expensive stage.

But what do others in this community know about the topic?

Offline ID_Joker

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Re: Crypto ATM
« Reply #1 on: December 29, 2017, 02:53:56 PM »
 :popcorn:

Offline Mastoo

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Re: Crypto ATM
« Reply #2 on: January 13, 2018, 08:38:53 AM »
I saw one that had the requirements listed on their website. You can probably google for bitcoin atm ID or similar. Basically it had different requirements for different amounts. At one level you give it a cell number and then it sends an SMS confirmation code. You enter the code to prove ownership of the phone before transacting.

Offline Smurf Hunter

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Re: Crypto ATM
« Reply #3 on: January 13, 2018, 10:11:42 AM »
A couple summers ago I visited the world's first ever BTC ATM in Vancouver, BC.  My son deposited $10CDN paper note and the ATM printed out a receipt with a paper wallet address.

You don't want a BTC machine for your contexts, but probably LTC or DSH.  To give a precious metal metaphor, day-to-day you wouldn't use gold coins, but instead silver or copper.
If you needed cash to buy a boat or car, likely your $USD ATM wouldn't allow that sized withdrawal.  So having a cypto ATM with approximately the same constraints can limit some risk.

Also, you need to define your business model.  Will you make money from fees?  Float the money somehow?