How to put up your own Bitcoin ATM Bitcoin - using the success of TheCoinBros as an example

TheCoinBros was launched in 2019. Corey, the owner, Wanted to do everything according to his individual vision, so he bought the domain thecoinbros.com and registered the company in 2017. He held the domain for 2 years while he meticulously planned his strategy. 

At the very beginning in 2019, they only had 4 machines, but within a few months, that number quickly grew to 15. Now they have close to 60 machines with plans for continued expansion. As Corey says, the Bitcoin ATM business is unique and having 2 machines is one thing, but a completely different game starts when you scale up. So today he will share with us some advice on how to set up your own Bitcoin ATM and how to start a bitcoin ATM business so that you don't get "run over".

‍

‍

Compliance with KYC and AML in Bitcoin ATM

The first thing you need to do when starting your own Bitcoin ATMs bitcoin business is to ensure compliance with the laws of various countries. You need a solid and professional AML KYC policy and a compliance officer who knows what he is doing. 

Then you have to register with FinCEN as a financial services company. If you don't do these things, you will be in a difficult situation, Corey says. There are examples of people who were not registered and are now serving jail time for money laundering. 

Therefore, he strongly recommends following all rules and regulations.

In addition to a good compliance officer, you will need strong legal representation. So make sure you find good lawyers as well.

Machines, locations and other expenses related to btc machines

When it comes to machines, Corey assures us that you can't go wrong with General Bytes. He has had experience with other manufacturers, but when it comes to functionality, no one can do anything. If you consider price, software and customer service, you won't find anyone better than them.

Once you've acquired the machines, of course, you have to deploy them in good locations, which generates a lot of associated costs. First of all, you need to pay rent to the store owner, after which you need to invest in marketing. The most important thing here is to list the machines on sites such as Bitcoin ATMs-warszawa.pl

Cash (and crypto) liquidity is not easy to maintain in the bitcoin bitmachine business, yet it is one of the most important things to take care of. To make sure your machines always have enough cryptocurrency for trading (and cash for withdrawals). Bitcoin is not free and it's not easy to get, especially in large quantities. So you need to either connect with a trading desk or an exchange. There are many more ways, but the most important thing is that you should never run out of Bitcoin, because when it comes to cash - at least part of the cash shortage you can "patch up" with this cash that has been deposited into the devices.

Customer service is another thing you definitely need to establish. Especially considering that many people are still not properly acquainted with the concept of bitcoin ATMs. Good customer service can really motivate these people to use your machines. Corey says he handles customer service himself, but strongly advises against it, saying he wants to hire a customer service representative to handle it.

Last but not least, you need to arrange for the pickup of an armored car and a registered carrier, as banks do not want you to touch the money personally.

Banking vs. Bitcoin ATMs

If you want to get into the bitcoin ATM business, you need to understand that banks are reluctant to work with crypto companies. Perhaps even more reluctantly than with marijuana businesses.

Not everyone is ready to take the risk. Most banks suggest to speak up only when the monthly volume of transactions reaches one million. And this is a paradox. How to reach such a ceiling without a bank account? 

But not all banks are the enemy, says Corey. When you come across a bank that actually wants to work with you, you should do everything you can to maintain a good relationship with them.

TheCoinBros have partnered with Bankline. This is a service that helps you organize everything and then introduce you to one of their banking partners. Corey speaks highly of them, saying that they will really do everything to avoid "scrapes."

The bitcoin ATM business requires a very specific account, and they are able to arrange it, which makes their services even more valuable.

‍

‍

Growing your business Bitcoin ATMs BTC

Development can proceed in two ways. 

The first is that you invest in machines one at a time. In other words, when the machine pays off and you make money on it, you go and buy another one. 

The second way is that you work with an investor, and add more machines right away. Corey doesn't work with investors because he doesn't like to split profits, and he likes to have everything in his own hands.

So, it's really just a matter of how much money you want to invest in machines that are really expensive. Another thing you should consider is finding good locations in advance so you can run the machines as soon as you get them.

Summary of issues Bitcoin ATMs

The last piece of advice Corey shared is that if you are thinking of entering the Crypto ATM business, you need to have a lot of courage and get used to rejection. You need to turn rejection into motivation, because this business is very unique and difficult. Once you get the courage, you can start working on compliance and banking first of all. And then finding the most suitable manufacturer and location for your machines.