Btc ATM

Anyone here own a bitcoin atm? I want to set one up in my area, it would bring in alot of profits from college kids.

seems like you'd need a lot of cash to start one

What do people buy with BTC?

The only one near me is constantly busy.

Still looking into the total costs, but some of them bring in about 30k-100k a month if its in a good area. Seems like a nice investment

How does this work?

I own two in a medium sized metropolitan area + college area of town.
The one pictured is and older version of the ones I have. I charge 13% out of the machine and 9.6% on large orders from my actual company (registered MSB) these units cost shy of 10 grand to set up and my typical sales volume is like 2k-5k a week from each machine.
When sales come in I buy the coins OTC from miner at .05% then keep the 9.55% profit in coins and manage them as a portfoio.
Basically these will pay for themselves in roughly twenty weeks not counting gains on the coins I am keeping in profit (ie the majority of the profits)

>Buy btc/eth/ltc
>Sell btc/eth/ltc
>Owner of machine gets the fees

u have to be near it all times to change the exchange sht, or maybe its done over the phone but when btc pumps u lose money by giving them btc for less cash

not true at all, the prices are up to date instantly as it is linked to whatever indicies the owner chooses. The full api is accessable anytime over the internet for full control of the machine

that would be fucking retarded to have a set price you have to manually change every five minutes when bitcoins prices fluctuate? are you really this retarded?

Are you in the U.S.? How much of a bitch is the initial paperwork/regulatory process?

money service business registration and startup, bond depending on state 100-200k startup cost and then btc to stock it, alt coins if you want to sell those too etc. and that isnt counting the actual legal fees to get all that done, thats gonna be another 30-50k easily.

Isn't it legally treated as a commodity? Wouldn't it be the same regulations as say a gold seller?

fiat goes in bitcoin comes out, its a money services business doesnt matter how you want to argue it thats what it is. in some states also money transmitter which introduces a whole new headache. i unfortunately paid more than i would ever admit to lawyers to hear these answers.

Does it give you a slip of paper with the address or something?

I think he's saying the price is set in proportion to current price. Maybe you can set it to sell for 20% than current prices at all times, for example.

My bad. You didn't mean to reply to yourself lol.

Fuuuuuuuuuuuuck that shit. I'll collect my shitcoin dividends for free by doing absolutely nothing instead, thanks.

You hold your phone up with a QR code and it scans your address, sends your bitcoin there.

I could get a loan so I can get a machine running, pay back the loan then watch the profits come in

there's nothing incredibly fucking stupid about that i assure you

Most importantly you need to get licensed to operate one.

Those numbers aren't even close to true, you're a dipshit.

Depends on the state, mine doesn't give a fuck. Only reason I've not already done this is because I'm in a tiny rural area.

Anyone know what the laws for this would be in California? I see a fuckton are set up in major cities and the stores theyre set up in are like tiny card trading shops and liquor stores.

You would be involved in so much money laundering.