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How to Start a Bitcoin ATM Business – TheCoinBros Use Case

In the following video, you can hear Corey from TheCoinBros talking about everything you need to know if you want to start your own Bitcoin ATM business. He discusses AML & KYC policies, creating a legal team, which machines to use, banking, ideal locations, and what it takes to sell store owners on adding a machine to their shop. TheCoinBros started in 2019 after Corey parted ways with his partner. He wanted to do things his way so he bought thecoinbros.com domain and registered the LLC in 2017 and sat on it for 2 years while he meticulously planned his…

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Starting a BTC ATM Business? Some Advice from Crypto Crow. Part 2.

In the second video of the Crypto Crow Bitcoin ATM Business series, you will find out more about banking, AML/KYC, Compliance, and FinCEN. Jason will also reveal some shady practices performed by Bitcoin ATM Operators which will trigger a discussion about business ethics. The Hardware After going through all of the options that we mentioned in the previous post, from General Bytes to Alibaba, he decided to buy the machines at BitAccess. The thing he liked the most is that they were very helpful from the start all the way up to the shipping of the machines. His first order…

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How Crypto ATM Operators Ensure Compliance – Accounting

In the United States, the IRS views cryptocurrency as a property (for businesses) [1]. This means all cryptocurrency related transactions must be tracked and the capital gain/loss accounted for. To ensure compliance and to prepare for any potential audits, transaction records should be kept for 7 years as recommended by the IRS, this means safeguarding 7 years worth of cryptocurrency transaction records for operators [2]. Below are some common taxable events operators may encounter: Purchase of goods and services using cryptocurrency Disposition of cryptocurrency in exchange for fiat Exchanges of cryptocurrency to another Airdrops Mining Operator Challenges in Cryptocurrency Accounting…

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Bitcoin ATMs 7 years: from 0 to 10000

Bitcoin ATMs installations exceeded 10’000 locations across the globe. It took industry roughly 7 years to reach this point since the first permanent bitcoin ATM installation in the end of 2013 (there is still a bitcoin ATM at this location in Vancouver at Waves Coffee House). Looking back at traditional bank ATMs, it took banks 9 years to install 10’000 ATMs, so the pace of bitcoin ATM installations is quicker than for bank ATMs back in the 70-s. Interesting fact: After the first 3.5 years there were 1000 active bitcoin ATMs in operation, over the next 3.5 years this figure…

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CASH INTO CRYPTO – Bitcoin ATM’s and The Coin Bros

In this video, you will see the first part (out of two) of the interview with Cory from CoinBros. In this part, he will talk about the CoinBros as a company and explain how Bitcoin ATMs work. After telling a story on how he started to gain interest in Bitcoin while he was a paramedic and finally started a Bitcoin ATM business in 2017, Cory was asked to explain how is cryptocurrency stored in the machine. He explains that you can link the ATM directly to the exchange via API or you can use the cold storage wallet. Linking directly…

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CASH INTO CRYPTO – Bitcoin ATM’s and The Coin Bros

In this video, you will see the first part (out of two) of the interview with Cory from CoinBros. In this part, he will talk about the CoinBros as a company and explain how Bitcoin ATMs work. After telling a story on how he started to gain interest in Bitcoin while he was a paramedic and finally started a Bitcoin ATM business in 2017, Cory was asked to explain how is cryptocurrency stored in the machine. He explains that you can link the ATM directly to the exchange via API or you can use the cold storage wallet. Linking directly…

Continue Reading CASH INTO CRYPTO – Bitcoin ATM’s and The Coin Bros

How Instacoin built a network of close to 100 Bitcoin ATMs in Canada

In this episode of the “Nick and Jimmy” show, you will hear Maria and Michael from Instacoin talking about how they got into the Crypto ATM business and how they got to operating more than 100 Bitcoin ATMs all over Canada. The first Michael was asked was if the cryptocurrency will take over the fiat currency. In his opinion that is the actual goal of cryptocurrency, adding that it is currently gaining more and more popularity even though it is fairly young (only 10 years). He thinks that crypto presents a great alternative to a fiat currency because it’s much…

Continue Reading How Instacoin built a network of close to 100 Bitcoin ATMs in Canada

How Instacoin built a network of close to 100 Bitcoin ATMs in Canada

In this episode of the “Nick and Jimmy” show, you will hear Maria and Michael from Instacoin talking about how they got into the Crypto ATM business and how they got to operating more than 100 Bitcoin ATMs all over Canada. The first Michael was asked was if the cryptocurrency will take over the fiat currency. In his opinion that is the actual goal of cryptocurrency, adding that it is currently gaining more and more popularity even though it is fairly young (only 10 years). He thinks that crypto presents a great alternative to a fiat currency because it’s much…

Continue Reading How Instacoin built a network of close to 100 Bitcoin ATMs in Canada

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