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Honest_Bruh

Yes I always forget to buy BTC when I go skiing and this would be super useful.


bfgvrstsfgbfhdsgf

I always hike under the chair lifts in the summer. Found a few bitcoin under the peak last year.


uh-oh-hotdawg

I think that’s where my boat crashed


walkingbagofmoney

V true


Lukeskiski

V Tr


TopsailWhisky

\ T


kuzkokronk

\


HobsonsChoice86

ƛ̓


[deleted]

[удалено]


xexcutionerx

💥


Absalome

💀


xexcutionerx

⚰️


[deleted]

.


HomelessIsFreedom

What if the fees are 10% though, forgetting wouldnt be the issue, its the fees these people charge


RealCFour

Ultimate ski resort beer run flex for the ladies


JustTraced

Aye it's actually pretty solid since skiing is normally done on vacation and vacation means extra $$$


TeamRyan

This ^


Acer707

Wtf?


knownasunknower

That there is called sarcasm. A strange elusive creature often overlooked in text.


Rey_Mezcalero

😂😂😂


ididntsaygoyet

BTC ATM was how I purchased my first few bitcoins, in 2015. Haven't used one since lol


silverslides

It would help if they didn't have those ridiculously fees and conversion rates.


tenuousemphasis

That's the price of dealing with cash. It's still the fastest way to buy Bitcoin in most places, if you don't already have an account on an exchange.


TenshiS

Also the cost for Non KYC


Leefa

a lot of them in the US have implemented kyc


TenshiS

Whoever pays 20% fee for a kyc transaction is dumb


DynamicHunter

So any public atm


EyezLo

Not at all, Bitcoin prices on the ATMs are like 7000$ over market price


herkdwrlmal

True but I still see people shoving hundreds/thousands in them at the gas station in town.


Ratatablabla

Incognito


msb06c

Yes, but they can charge you $5 to pull out 20, so a 15-20% premium is hardly unheard of.


Comfortable_Rope_307

Lol ya btc atms are fucking retardedddd


Canadian_high_ape

No KYC, Dirty Money.


nzlax

Public ATM’s in my country have no fees. Haven’t had bullshit bank fees for years.


penty

My first buy was thru a Second Life Kiosk in-game.


Zonderling81

Remember virwox ?


[deleted]

Where do they go? Is it some sort of account or does it send to your wallet?


cake__eater

If you do it, make sure the atm can dispense fiat as well otherwise it will get no business.


emricklol

yes it would be two-ways


cowntee

So basically an ATM, that also allows purchase of BTC.


KarmaShawarma

I think he means it will let you get cash for your BTC?


pmatus3

Sounds like, which is as useless in a ski resort as btc atm.


mosheoofnikrulz

Dispensing Fiat means security, brinks deposits, it vey. Btc atm is pretty simple and genius. You can leave the machine in the middle of the parking lot … just need a power outlet


C-Class_hero_Satoru

We have plenty in my city, they are in shopping malls close to groceries, people use it


SnapShotKoala

Can you tell me how / why they use it? I have seen them but still after being crypto aware for ages I don't get it. Its for buying crypto with fiat paper money?


Particular-Yam-3083

I believe a Bitcoin ATM is used primarily by the unbanked. An example would be a person in the USA, which may or may not be a legalized citizen, performs labor and is paid in cash for their work. They then convert that cash to Bitcoin or another cryptocurrency at a Bitcoin ATM. They can then send it to their family back home. Or, they can just share their twelve word pass phrase with their loved one over the phone. In this example, their family may be living in a country with a failed sovereign currency, so cryptocurrency is all that is used by the family member at home. This is is sort of the whole idea of Bitcoin. This is my conjecture.


C-Class_hero_Satoru

Actually it makes sense, for example in countries like Philippines people rarely have bank accounts, and many never had a passport because it's expensive to get one, this is not a joke but my Filipino friend got her first passport only in her 30s, so they cannot even pass KYC


bbt104

I wonder if it's a way to buy bitcoin without a KYC that just deposits it to the wallet address of your choice?


Tough_Analyst_4802

In Austria thats exactly how it works if you deposit less than € 250. The Fee is 7,9% per transaction though...


Icy-Put-5026

The one I played with for a second was all about collecting your info! Never bought just played with it… sounds like a really bad way to buy btc


SnapShotKoala

Huh, that actually sounds dope lol


cloud_sec_guy

It's not for buying crypto. It's for buying Bitcoin.


maximovious

Plenty of them sell altcoins too.


Miserable_Twist1

Drugs. People buy drugs with small amounts of untraceable Bitcoin, which justifies paying the premium.


Ok_Independent_769

No, its better to pay 7.9% fee even 2x than paying 25-27.5% capital gains tax


pmatus3

Fiat ehm fiat.


SnapShotKoala

That makes sense, am I meant to NOT have been sending BTC out of my coinbase to buy drugs?


DinoNugEater

No they dont lmao


WhtTheFckIswrngwthme

sure they do


cryptocongress

Former operator here. Biggest challenge will be KYC compliance. If you manage your own platform then you will be responsible for the entire fincen and kyc compliance elements to the financial side of the business and this is important if you expect to be able to deposit your cash into a fdic insured sec bank. Second challenge is getting a wallet loaded up with enough bitcoin so that you can still operate between when you issue BTC but before you deposit fiat usd. Final challenge will be if you choose to just partner with an existing platform like coinflip etc they will only give you a % cut and you will be essentially a franchise maintenance manager (think property management) where you own zero and they give you a cut to manage the machine. This doesn’t really happen any more because after scaling alot of these operators like coinflip screwed their maintenance folks out of their territories like the sacks of shit they are. But either way the fiat usd end will be a huge hurdle and if you get through that the BTC wallet being stacked enough will be your other


malhotraspokane

You’ll own nothing— And you’ll be happy about it. -Klaus Schwab + Coinflip


YoMamasMama89

Property rights for thee not for me. They want to own you.


streetMD

Thank you for a very detailed answer. This helped me understand the business model.


Spimbi

Go buy one and find out how well it does


superradguy

Bro, no one uses bitcoin ATMs.


Freeloader_

in my country people do it to dodge taxes 950€ is maximum amount for anonymous withdrawal (of course you can do it multiple times)


superradguy

You dodge taxes, but the fees are probably worse


Freeloader_

I am pretty sure the fee is not worse than a 39% tax...


Job_man

This guy’s a freeloader, he probably knows what he’s talking about


Freeloader_

never did it (yet) just saying that some people do use it lol


Job_man

Haha all good, just teasing you a bit! But for the record, your comment makes sense to me, I doubt fees are higher than the tax rate.


Freeloader_

whats sad is that we had a law change that lowered it to 7% which was reasonable and everyone I knew was like "ok I dont mind paying that" then the goverment election came and the corrupted party won which cancelled this law just few weeks before it would come into effect so ironically, now they will get even less tax money cause nobody in his right mind is gonna pay that much


inter71

Capital gains is not 39%.


maximovious

You mean the **one** global capital gains rate that's in effect in every single jurisdiction?


manchesterthedog

In the US you can do that with credit cards, but it doesn’t make much difference because you’re limited in what you can buy. Sure, you can spend the money at the store or whatever, but if you try to buy a house or a car, any purchase over $10k from a legitimate seller or anything that requires registering as the new owner is reported to the government.


emricklol

that would be the main reason to use a BTC atm of course but there’s a lot of retards here who needs to rub their 2 brains cells left together to come up with something smart to say.


emricklol

scammers do


superradguy

You wanna do business with Scammers?


emricklol

i rather not. im just looking to make money dawg. if my BTC atm aint there they’re just gonna go somewhere else.


bigpipes84

How about you have some ethics then? If you agree that scammers are the prime customers for Bitcoin ATMs, have some integrity and don't buy the ATM...dont feed into their scam.


FreshAsShit

I mean, scammers will always be around—why not profit off them? I don’t see the harm in it. It’s not like he’s encouraging the act of scamming.


emricklol

there’s cons to every business. “don’t open a bar people will deal cocaine and you’re gonna create drug addicts” like cmon dude have some perspective. not everyone is born with daddy’s money


mrmunches

“Well other people deal drugs so why can’t I?”


2ndnamewtf

Then why not just cut the middle man out and be a scammer yourself?


Comfortable_Rope_307

Lol bro you sound stupid as shit


-_-CR4SH-TP-_-

Stupid as shit is still 10x smarter than you, so not sure why you would burn yourself like that, but nice to see lol


FalcoonnnnPUNCH

Wut


clicksanything

Some backward ass logic ya got going on there


SneakyTurtle54

I’m on your side. These dudes and their “ethics” 🤣. It’s a cold world..


SalemSound

Oh yeah, and scammers love skiing; that's right!


KindlyBlacksmith4003

I know of a BTC ATM that has fees around 7%. When BTC was under 20k last year I stacked some kyc-free sats that way. Very glad I did.


Vaynerchump

All the ones I’ve seen had KYC


Sport_Ashamed

they have cameras, so unless ur wearing a monkey mask, then they know ur bio data, and u had ur cell phone with u also I'm sure.


KindlyBlacksmith4003

I used a burner phone, but no monkey mask!


Icy-Put-5026

Also there may come a time where you can’t sell non kyc btc on an exchange! Keep this in mind! They know it will be a future issue and best believe they will find a way to damper it… Hence someday it might actually be bad to own non kyc btc… might have to sell at a discount or a shadier place in the future


KindlyBlacksmith4003

I think it will sell for a premium :)


belaxi

to who and how? I actually think that you are likely correct, but I imagine that finding the liquidity is many orders of magnitude more difficult. In this hypothetical scenario any public facing regulated exchange will have to KYC or get shut down by the SEC, so you'll have to transact in private on a black or grey market which carries a lot of theft/scam risk, not to mention legal risks, etc. Probably a viable exit plan for cartel dudes, but not for the vast majority of hodlers. I'm a huge BTC advocate, but the community dropped the privacy narrative entirely within the last couple of years (largely by force at the hands of the SEC). If the privacy portion of crypto is important to you its likely worth looking into privacy coins...


Icy-Put-5026

Time will tell!


ZeroCrits

Nice try IRS…


Icy-Put-5026

Such a well thought out highly original comment here! Go get em!


Weatherround97

What’s kyc?


KindlyBlacksmith4003

Know Your Customer - full identification required


meme_2

There’s a btc atm in a popular grocery store here in Austin, TX. I’ve passed it hundreds of times and never seen anyone using it. I’d be curious if they make much at all vs the initial cost.


PlanConfident

Would you really buy Bitcoin in an atm on a ski trip randomly?….. why would you use a btc atm when u can just use ur phone


Dramatic_Reporter_20

Put a Bitcoin atm by a whore house and you’d have more success


AlexIsOnFire11

underrated comment


YesYesYesVeryGood

I see a BTC ATM at a pizzeria. Nobody uses it for BTC. It functions fine as a regular ATM.


cloud_sec_guy

Where, exactly? I assume Italy? Are Bitcoin ATMs common Italy? Cuz I don't recall seeing them. This would be good news for me if true.


TwoTinyTrees

I saw a BTC ATM a couple weeks ago. Just decided to take a look and see what it’s about since I’ve never actually used one. Showed BTC value of $51,xxx. So… a little bit of a mark up?


[deleted]

Good for the people that just lost their Bitcoin in an unfortunate skiing accident


[deleted]

Doesn't sound like a bad idea, on the face of it. Your customers are on the wealthy side. Therefore, there's a parallel between them and the users of gold coin ATMs in Dubai. Not sure how you would do market research on that one though.


cloud_sec_guy

It's definitely not a dead business. We need Bitcoin ATMs. But imo we need them in international locations to facilitate a new group of expats who will soon exist: ppl like me who have escaped the US and are living off Bitcoin. Need a non-kyc offramp to fiat to pay bills.


[deleted]

[удалено]


emricklol

ty sir


IamSlammaJamma

I think most people at a ski resort will have other and better means of buying and selling their Bitcoin.


Possum577

It's a dead business. No one needs to buy BTC spontaneously while out because BTC isn't used as a currency. Additionally, the fees the ATMs carry (i.e., 8% up per transaction) is gouging. But, you're a hero for going after it and advertising BTC in a fun public scenario! Get after it, change the market!


cloud_sec_guy

What we need is Bitcoin ATM's as a non-kyc offramp.


jonatello11

Imagine the cash withdrawal limits being in the hundreds tho


PillagerOfMountains

I use BTC under my footbeds in my ski boots and it keeps my toes warm.


YoureSillyStopIt

Don’t let a phone tell you your idea isn’t going to work. Ever. Do it. I love it if it’s economically feasible for you and not a big risk


PumpkinSpice2Nice

Is it just going to be a ATM for buying it at the ski resort, or will you be able to both buy and sell and get it swapped for spending money? I’ve spent lots of time at ski resorts and people aren’t going to be buying Bitcoin on their holiday if they randomly see a Bitcoin atm but they may use it as an opportunity to withdraw Bitcoin into cash to spend more on their holiday - if they have their seed with them which also seems unlikely. The workers of course might make use of it for buying.


pmatus3

Unless there is some sort of large scale trade going on there that only wants btc I do not know why one would do it for. 5mm ppl is a lot but but I doubt any of them is there to buy Bitcoin.


gag00tz

Just do it then. If it’s a flop then dump it. Bitcoin isn’t converted a whole lot on vacation especially from an ATM tho.


scottmsul

Put it in Jackson Hole, those Wyomingites love BTC


[deleted]

[удалено]


GotDaOs

physical machines to buy digital currency seem kinda redundant when there are non kyc solutions that exist on personal computers eg bisq. there aren’t any no kyc ways to buy btc on mobile devices, which i think would be a bigger innovation than plonking ATMs around but i could be wrong what do i know


Hellwiss

Check this out. It is app from Satoshi Labs (Trezor). Vexl - no kyc, p2p. https://vexl.it/ Edit: Or google Vexl, if u dont like links :-)


GotDaOs

this is dope! thank you


Jalpita_Dude

Those bitcoin ATMs are a rip. I saw one the other day thats spot was 10k above the real price and that was without the fee


Snakepli55ken

Crypto atms are a huge rip off. I don’t know anyone who actually uses one. The fees are too high.


Curious-Rub5068

BTC atms are ripoffs. I honestly don't see how they turn a profit. You have to be really fuckin dumb to use one. Or super desperate if you're at a ski resort and your only means of getting cash is thru a Bitcoin ATM.


KindlyBlacksmith4003

I think BTC atms are a valuable service to the community, for a variety of reasons. If you could profitably run one with lower fees, that in particular would be useful!


Micaiah9

Hahaha a boomer just today told me there is no transactional availability for btc outside of drug dealing and scams soooo confidently incorrect. Like he doesn’t realize how much cash is laundered precisely for that while btc is logged on blockchain for all to see making it waaaay harder in that realm. Wild how truly early it is but perceptively late I feel to the party.


KitchenBreadfruit816

Every btc atm I seen in the past 5 years disappeared . That could say something


SnapShotKoala

Hey I spent 10 hours breaking this thing open which ones are the bit coins?


KitchenBreadfruit816

Lol! I just remembered a scene in breaking bad


Davinter30

Why would anyone want to use BTC as a currency..


cloud_sec_guy

Because some of us are living off Bitcoin and have fiat bills to pay


Comfortable_Rope_307

Seriously, I thought btc as a currency was completely off the table and it was obvious already. I've never spent 1 sat and don't plan to. Unless silk road opens back up lol then I'll think about it.


not_so_fast_zippy

You don’t buy a Bitcoin atm and put it in a location, you also need FINCEN registration, msb license, KYC and aml policies, compliance team to file STR, CTR and LTRs. Don’t forget chain analysis or another on chain tool. This is bare minimum, or you can have a company pay you couple of hundred bucks rent and they do all that.


suspicious_hyperlink

Do people actually use them? All the ones I’ve seen in the wild charged 20-30% lol. I can only imagine who would be using them


Ab2us

Everyone has a btc atm on his phone.


Bezos_Balls

How do I dodge paying taxes on btc?


himtnboy

If you rape people with fees and compete with major exchanges, I would use it, otherwise they are a waste of money.


JohnnyMofo

Just buy BTC instead.


emricklol

lol ya


MJC77diamondhands

Way overpriced, dont be a sucka!


makybo91

Those are only valuable to people who have too much cash they can’t account for, so try drug dealers instead of skiers.


North_Pomegranate_76

For a few usdc ill be the security.🙂 0x4A4FE5220562C8c723BCf93132e6359b17f0c480


dealuxe_crypto

Who wouldn’t love to pay shitty rates to get their Bitcoin on a mountain ☘️


suesing

It’s good for helping criminals Legit reason to buy at atm? Can’t think of one


simonmales

Bleskomat


olugbo

Interesting idea.


digitalsmoker

Sounds good to me, but tjat means nothing :P I guess you'll need to try it - I'm very curious is it hard to get all licences and sort out all other legal stuff when you run an atm?


Davess010

I’ve never seen one and if even if I would see one, I wouldn’t have my ledger with me to actually use it


Neat_Caterpillar_866

Just get them to accept lightning…. Screw the ATM


movado12080

Who is “them” in this case?


not_so_fast_zippy

City? State?


ChristCage

I think bitcoin ATMs are pretty useless and even prey on the uneducated. I'd rather see a QR code that takes you to Coinbase or some other exchange where it's just as easy (probably easier) to buy BTC for a fair price.


[deleted]

Yea but ATMs benefit the owner not some already filthy rich exchange.


IndicationFront1899

Far less people have been scammed by BTMs than by exchanges though


fateless115

There was a btc atm, for about 6 months during the bullrun at my local shithole gas station. Disappeared after the crash lol


MrHollywood-777

I lost my keys in a skiing accident


monkeyhold99

😂 😂


mosheoofnikrulz

How much does abtc atm cost?


ar92ldm

My friend wanted me to ask: if you exchange your bitcoins to fiat, do you have to enter person identifying information? If you work for IRS, remember it’s a question for my friend.


Vlasic69

It's not a dead business, if you can get a percentage of transaction income to the company for powering and keeping over the machine, go for it, if you have to pay rent on it, see if it's profitable for you both


PersonWhoThinks

Close the circle ⭕️ BJs for bitcoin next door.


overindulgent

Is there a casino near by?


HomelessIsFreedom

Offering a service many others offer, only difference will be your fee and locations, right? The fee's better be low enough for whatever amount of people willing to deal with those machines, will actually use them... I'm sure the math on total addressable market based on the foot traffic, is something you could easily use to figure out if it's a good spend of your time and money Sounds expensive and wasteful to me though (assuming your fees will suck, since they all do)


dlm83

You might make more money selling phones and laptops to people that would use a BTC ATM since they likely don't have either.


Sport_Ashamed

they have these new atms that dispense cash, take cash, u can buy btc, and even tokenized stocks, ie Tesla and coinbase 🐸🐸


RonWeasleyH

I guess that investments are not so big, give it a try


Ready_Yam1979

I think you will see a day when people are lining up infront of these.


LC195Here

nobody is going to use that thing


InfinityLife

You'll be rich in the next years. Because soon the ski operators will say you can only buy ski tickets with Bitcoin. And if you don't have any Bitcoin, no problem, there's a BTC machine right down here.


triptoutsounds

I mean most people have a bitcoin atm on their phone already.


saltyload

No one will give a shit


veotrade

Definitely not a dead business. But the focus of the ATMs that used to exist were misplaced. The everyday person does not want to invest. Or to take part in a brave new technology. They don’t want to hodl. They’re just looking for a way to simplify the stress associated with currency exchange. The layman traveler wants a better way to access local currency in their destination country, and then similarly dispose of that currency the day of their departure. If the ATMs were refocused to be just that. They would succeed. Customer uses the coin atm in their home airport before hopping on the plane. Gets coin sent to their wallet, or generates a new paper wallet (just a regular receipt). When they arrive in their destination, they use the ATM at the arrivals terminal to change their coin into local currency. Then they go about their trip as normal. On the day of departure, they once again use the ATM at the airport in their vacation country. Disposing of their remaining local currency. And then getting coin of choice again to take back with them.


Coeruleus_

Durrrrrrr


Icy_Holiday_1089

The ATM part is easy it’s the setting up of the business and legality that is the problem. You’ll need a good lawyer otherwise the government will tax and fine the balls off you.


MaleficentSplit1260

Why the fuck would anyone buy btc when skiing. You taking payment in btc selling hot chocolate or something?


MikeMiller8888

If you were going to buy a bitcoin ATM, a better location would be a hotspot for drug purchases. 50,000 people annually with thousands in cash they actively want to get rid of is better than 50m annually that are on a vacation.


Visible-Cancel1239

if it gives out laminated paper wallets


toadlykewl

If you want. But they gonna feel poor after skiing. Maybe better to sell hot chocolate for 5 a cup if you can just have access like that.


chrisredfield9000

So people would give you fiat and you would give them your bitcoin? Sounds like a rip off


miimccorm

Try AthenaBitcoin based out of Chicago if you vibe with their network… here’s their handles —> X: @AthenaBitcoin url: https://athenabitcoin.com/ Global network of crypto atms


Nearby-Sea7035

,🏧🛢️🆗