DEVTOME.COM HOSTING COSTS HAVE BEGUN TO EXCEED 115$ MONTHLY. THE ADMINISTRATION IS NO LONGER ABLE TO HANDLE THE COST WITHOUT ASSISTANCE DUE TO THE RISING COST. THIS HAS BEEN OCCURRING FOR ALMOST A YEAR, BUT WE HAVE BEEN HANDLING IT FROM OUR OWN POCKETS. HOWEVER, WITH LITERALLY NO DONATIONS FOR THE PAST 2+ YEARS IT HAS DEPLETED THE BUDGET IN SHORT ORDER WITH THE INCREASE IN ACTIVITY ON THE SITE IN THE PAST 6 MONTHS. OUR CPU USAGE HAS BECOME TOO HIGH TO REMAIN ON A REASONABLE COSTING PLAN THAT WE COULD MAINTAIN. IF YOU WOULD LIKE TO SUPPORT THE DEVTOME PROJECT AND KEEP THE SITE UP/ALIVE PLEASE DONATE (EVEN IF ITS A SATOSHI) TO OUR DEVCOIN 1M4PCuMXvpWX6LHPkBEf3LJ2z1boZv4EQa OR OUR BTC WALLET 16eqEcqfw4zHUh2znvMcmRzGVwCn7CJLxR TO ALLOW US TO AFFORD THE HOSTING.

THE DEVCOIN AND DEVTOME PROJECTS ARE BOTH VERY IMPORTANT TO THE COMMUNITY. PLEASE CONTRIBUTE TO ITS FURTHER SUCCESS FOR ANOTHER 5 OR MORE YEARS!

ATM’s on the Market Today

When it comes to Bitcoin ATM makers, there are plenty of options to choose from. The designs differ greatly as well as the prices for the machines, though all of which claim to be the best in one way or another. From the hype now surrounding ATM's it appears that this is the next big gold rush to take part in considering the incentive behind ASIC hardware is becoming increasingly difficult to quantify.

The following are the Bitcoin ATM makers I was able to find along with their prices and wait times that are readily available online:

Robocoin

Robocoin is one the Bitcoin ATM producers that seems to be at the forefront of the ATM revolution. Many of the most notorious Bitcoin ATM locations that host a machine are using a Robocoin ATM. One of the most popular being Central Texas Gunworks in Austin Texas (the one I visited recently). Robocoin prides itself in providing “battle tested” software, durable hardware, and compliance all around including CCC and CE international certification and KYC/AHC compliance.

Unfortunately the concentration Robocoin places on being as compliant as possible has lead to the development of a machine that goes against many of the principles that Bitcoin is founded on. The website states clearly that they are at the forefront of Anti-Money Laundering and Consumer Protection claiming:

''Since launching our first machine October 2013 in Vancouver BC, Robocoin has emerged as Bitcoin's leader in Anti-Money Laundering and Consumer

 Protection. With a combination of patent pending hardware, software, and reporting tools, Robocoin has taken banking's best practices, automated the 

process and made it even more secure. Robocoin is not just a technological breakthrough for bitcoin, but for personal finance overall.''

I believe that this takes away from the utility behind behind and gives an impression to the general public that strays far from what Bitcoin actually intends to do. Bitcoin, in my humble opinion, should be a type of currency for the next generation of movers and thinkers. Taking control of one's finances is essential for success in our world today and with Bitcoin entrepreneurs all around the world are breaking down the barriers to entry like never before. However palm scans, government issued ID, and verified phone numbers take away this opportunity and build barriers all over again. I think we, the Bitcoin Community members should pose the question: Who are we protecting with compliance measures, and why do they need protection? I personally am not afraid of money launderer's because I feel strongly that where there is a will, there's a way. Taking the rights of the people to “protect” the people doesn't do that at all, it only adds obstacles to money launderer's and forces them in to a black market where trust is measured in how much brute force one party has over another.

Robocoin ATM Features

i.imgur.com_oiqc4va.jpg

  • 12 currencies and counting
    • The network currently exchanges 12 different national currencies from around the world.
  • 13 countries and growing
    • Branches are getting brought online every week and currently represent countries in continents across the world.
  • 5 minutes to get started
    • Creating an account only takes a few minutes and globally grants you instant access to every branch from there on.
  • Instant deposits and withdraws
    • Get cash and bitcoin instantly. No more network confirmations, ATM receipts, or bank wires.
  • Send money using only a phone number
    • Send money to anyone using only their phone number. Their money will be waiting for them at their local machine - even if they haven't signed up yet.
  • One account for every branch
    • Robocoin online accounts are open for trade from any branch.
  1. Price: Robocoin Kiosk - $20,000
  2. Lead Time: 3-8 weeks with the option to expedite processing for a fee of $5000
  3. Functionality: Bidirectional (Buy and Sell Functionality)
  4. Compliance: AML/KYC | CCC, CE

Genesis1 ATM

The Genesis1 comes in at a whopping $14,500 which happens to be the starting price. When compared with other Bitcoin ATM's this machine definitely comes in as one of the priciest. The Website is one of the more aesthetically pleasing websites I have come across for ATM's but the descriptions and tag lines sound gimmicky in my honest opinion. The features are not necessarily listed neatly, and the details of the machine are left out in what looks like a deliberate manner. The only way to order or find out more to is contact genesiscoin and what for a response which I can only assume will take more and more time as the hype for these machines continues to build.

However one major selling point that *people seem to be taking note of is the fact that these machines are programmable for buying and selling alternative currencies like Dogecoin and Litecoin. Personally this seems like a feature that should be standard in all Bitcoin ATM machines. The simple fact that the crypto currency economy is changing so rapidly should make a huge incentive for ATM producers to take every step necessary to prevent their machines from becoming obsolete.

Genesis1 Features

  • 2,200 note International Bill Acceptor
  • 1,700 to 6,800 note Bank-grade Cash Dispensing System
  • Optional Fingerprint Reader
  • High-speed Barcode Scanner
  • Magnetic / EMV Card Reader
  • Thermal Receipt Printer
  • Supply liquidity through an exchange, your own wallet, or both
  • Our replenishment system maximizes customer experience, minimizes risk
  • Realtime inventory pricing based on numerous exchange feeds
  • Fix your ATM prices or let them float with the market
  • Enable instant cash withdrawals under certain thresholds
  • Set maximium purchase and withdrawal limits
  • Net profits are calculated hourly based on trade data
  • Alerts system notifies you of hardware issues and low liquidity
  1. Price: Starting at $14,500
  2. Lead Time: “roughly” 6 weeks for delivery from time of purchase
  3. Functionality: Bidirectional (Buy and Sell Functionality) + Dogecoin/Litecoin functionality
  4. Compliance: AML/KYC

BitXatm.com

ATM's are from Munich Germany and priced in Euros. The website offers each ATM at a price of 2,900 Euros or $3986.34 USD. The Website boasts a Point of Sale function (POS) which is increasingly becoming more and more popular as merchants continue to ask for alternatives to the iPhone and iPad solutions currently available. The website lists features including:

BitX Features

  • Use your account on any exchange
  • Friendly user interface
  • White Label Solution on request
  • POS: Accept BitCoin in-store
  • Fiat to Bitcoin transaction within seconds
  • Can be programmed to any Fiat currency
  • Can be programmed to accept payment from any Crypto-Currency
  • Easy wallet setup for clients linked to our exchange
  • Maximize your profits while providing new technologies to your customers
  • Intuitive back-end which allows you to easily manage your ATM(s)
  • Encrypted private network for all transactional data
  • Fully customizable, multi-language user interface
  1. Price: $3986.34 USD
  2. Lead Time: Contact hello@bitxatm.com
  3. Functionality: Bidirectional (Buy and Sell Functionality)
  4. Compliance: AML/KYC FCC, CE, RoHS, NIST FIPS 201, NIST SP 800-76, FBI Certified (PIV Single Finger and Mobile ID FAP 20)

Lamassu

The Lamassu Bitcoin ATM in my humble opinion is one of the most aesthetically pleasing machines available today on the market. These machines are compact and can fit on a countertop rather than most of it’s competitors which need to be secured to the ground taking up precious square footage in the owner’s business. Additionally these machines have no franchising or licensing fees which is a huge benefit for investors.

Unfortunately the machine does not offer the ability to sell Bitcoin, though I don’t necessarily think that this is a bad thing in every case. I can only imagine that many people are still interested in Bitcoin for speculative purposes and are willing to buy small amount of Bitcoin and hold on to them in cold storage for a while. I don’t think it would be tough to find a location where the utility in buying some Bitcoin would make this machine the perfect option.

Coming in at a price point of $5000 when you order anywhere between 1-4 units this is a machine that should be able to retrieve it’s original investment costs in no time. Additionally when you purchase more than 4 machines there is a volume discount available consisting of: $500 off when you purchase between 5-9 machines ($4,500 per machine) $1000 off when you purchase 10 or more ($4,000 per machine)

Lamassu ATM Features

  • Fiat to Bitcoin in fifteen seconds
  • Currency from over 200 countries
  • Accepts notes from over 200 countries
  • Compatible with leading exchanges
  • Supports leading exchanges, wallets and price feeds
  • Audited by network security experts
  • Coded and audited by network security experts
  • Intuitive and simple user interface
  • Securely bolted to wall, stand, or countertop
  • Internal steel vault is securely bolted to wall, stand, or countertop
  • Web-based back end
  • Sub-second QR code scanning
  • License-free
  • Compact desktop size
    • (35.6cm W x 48.1cm H x 26.9cm D)

Lamassu has a reputation of delivering on their orders and claims a lead time of 8 weeks. Investors be warned, if compliance is an issue this machine may not be suitable as the current state of these machines is not in compliance with KYC/AML regulations.

  1. Price: $5000
  2. Lead Time: 8 weeks
  3. Functionality: Unidirectional (Buy Only) + Ability to buy alternative crypto currencies
  4. Compliance: AML/KYC FCC, CE, RoHS, NIST FIPS 201, NIST SP 800-76, FBI Certified (PIV Single Finger and Mobile ID FAP 20)

BitAccess

Producer BitAccess is Based in Canada and produces what they like to call the Bitcoin Teller Machine (BTM). The machine looks sleek and website does as well though it seems there is a severe lack of information relative to it’s competitors. What I was able to get from the website was how the actual transaction works which I can imagine the machine walks the user through anyway. What is missing is the list of features available as well as specifications on hardware and software components. Sadly I couldn’t even find a price anywhere on the website without having to contact them.

Apparently these machines in Canada have been generating revenues of $10,000 daily according to btcnews.com. Additionally I was able to get a little bit more information from a third-party website on the BTM at Bitcoinatmmap.com

BitAccess Features

  • Cash acceptor of 1000 notes (International Denomination)
  • 80 note bill recycler (Mixed Denomination)
  • QR code scanner
  • ID Scanner
  • Webcam for facial match
  • SMS Verification
  • Cheapest bi-directional ATM on the market
  • Only ATM to recycle bills, machine could potentially be self sufficient
  • Some compliance future proofing
  • Quick transaction times using a hot wallet (~60 seconds average transaction start to finish)

It’s also heavily emphasized that BitAccess machines have been funded with millions in startup capital and provide an alternative with very low fees compared with that of Robocoin though it still takes advantage of the user by requiring the use of a government issued ID for compliance measures.

  1. Price: $12,000 - $15,000
  2. Lead Time: 6 weeks
  3. Functionality: Bidirectional (Buy and Sell Functionality)
  4. Compliance: AML/KYC

Tembusu

i.imgur.com_0pl8par.jpg The Tembusu machine is another machine with very little information available online. coindesk.com reports that Tembusu is a Singapore based ATM producer that raised $300,000 in capital in a very short amount of time. The company is healthy financially and reports that it’s machines are “world-class” for providing solutions to widespread adoption of crypto currencies.

Interestingly the Tembusu is called a “terminal” when reported on in most media outlets while the website itself calls their machine a “Virtual Currency Vending Machine”. I find this title to be incredibly appropriate because this machine, like several others, is one-way only and does not allow users to sell their Bitcoin at this current point in time.

Tembusu ATM features

  • Thumbprint scanning
  • Elaborate know-your-customer (KYC)
  • Integrated anti-money laundering features
  • ID card scanner
  • One-way Buy functionality only
  1. Price: contact sales@tembusu.sg
  2. Leed Time: contact sales@tembusu.sg
  3. Functionality: Unidirectional (Buy Only)
  4. Compliance: AML/KYC

General Bytes

The General Bytes ATM which is actually called the BATMone looks to be one of the more impressive machines currently available on the market. Though unfortunately it allows only for purchase of Bitcoin rather than both purchase and sale like some machines the BATMone uses Bitstamp for immediate conversion and updates it’s prices every 30 seconds for up-to-date transactions. Most remarkably it is available at a price of only $3000 when you purchase a single machine. Users who purchase 3 or more can secure this ATM at a cost of $2500 making this by far one of the most affordable machines when considering only the initial investment.

It is important to note that there is a fee associated with these machines that is unique to the BATMone. These machines have a “server fee” which accounts for 0.5% of the cash inserted in order to pay for the server hosting and communication which securely handles the transactions and remote access. However General Bytes claims on their pricing page that these fees motivate General Bytes to continuously improve on the design and functionality for it’s users through different upgrades and maintenance services.

General Bytes ATM Features

  • Unidirectional only: cash to cryptocurrency
  • Supported cryptocurrencies: BTC (Bitcoin)

Highly secure solution:

  • Terminal communicates with the server via HTTPS
  • Wallet is stored on the server

Server communicates with the cryptocurrency exchange No volatility risks

  • Purchases are made on cryptocurrency exchange at the time of the cash insertion
  • Exchange rate is updated every 30 seconds
  • Supported exchanges: Bitstamp.

Remote management and monitoring

  • Terminal configuration is retrieved from the server.
  • Configuration and possibilities on the server:
    • Online status
    • current cash box contains
    • exchange rate
    • cash transaction limits (per hour, per day, per month)
    • customer behavior
    • performed transactions and their status.
  • Email notifications regarding when transactions are performed or when a specified Cash Threshholds have been met
  • Remote software upgrade
  • Future software updates are distributed over the internet without need of user intervention.
  • AML and KYC

I found this video explaining unboxing and setup interesting: BATMone Bitcoin ATM unboxing and Setup

  1. Price: 1 unit - $3000
  2. Leed Time: According to General Bytes News on 5/10/2014 none
  3. Functionality: Unidirectional (Buy Only)
  4. Compliance: AML/KYC

LocalBitcoins

Unfortunately for investors the Localbitcoins ATM seems to be the least functional of the ATM’s I’ve seen. The Machine is Bidirectional which is a plus but the entire system is dependent on the Localbitcoin’s website which as many people are already aware was compromised recently.

These machines not only rely on the compromised localbitcoins website but they are hit with a 1% fee that is payable to localbitcoins and forces users to use their website for coupon code redemption. I don’t necessarily agree with this approach because it relies heavily on the secure upkeep of a third party rather than offering a solution where users can recieve Bitcoin directly to their wallets. Additionally when selling Bitcoin the user has to sell them through localbitcoins to get a redeemable code that is then communicated to the machine to produce the cash.

These are however readily available because of what is seemingly low demand, though localbitcoins does not offer a lead time as far as I can see. Investors would be hard pressed to ignore the low cost of the machine as well, as it comes in at a price point of approximately $2737.65 USD after conversion from Euros i.imgur.com_ct5r6wv.jpg

LocalBitcoin ATM Features

  • Bidirectional Functionality
  • Compact Table-Top design
  • Programmable to Support over 100 different Fiat Currencies

From the looks of it the localbitcoins blog is where the majority of information Localbitcoin released is. From the blog post I have been able to understand:

  • The machines are compact and designed to fit on a table or bar-top-like surface.
  • They take advantage of redeemable coupon codes for both buying and selling Bitcoin through the Localbitcoins website.
  • They charge a 1% fee payable to Localbitcoins for their services
  • They are blatantly stating that their product is a “test” model and are offering incredible refund or discount options in the event that a purchase results in a faulty machine
  1. Price: $2737.65
  2. Leed Time: Contact using this form
  3. Functionality: Bidirectional (Buying and Selling Functionality)
  4. Compliance: Not Available upon search

Numoni

The Numoni Bitcoin ATM does not appear to be available nor targeted to a global market of investors. Information on the machine is also not readily available at the moment as I could not find pricing, lead time, or features as a result of my searches. However I found this machine interesting and wanted to report on the goal Numoni has set for itself. According to coinreport.net Numoni has made it public knowledge that they intend on following all compliance regulations in place in Malaysia currently while providing a “Voucher” system for it’s customers to buy Bitcoin.

Ideally they would like to spread the Numoni machine around Malaysia in hopes of wide adoption for Bitcoin. I commend Numoni on taking an innovative approach towards making Bitcoin readily available to users in Malaysia, and I hope that strict compliance regulation is not put in to place to try to force Numoni out of Malaysia

Final Thoughts

Personally I’m interested in trying out these machines and seeing how the functionality differs from machine to machine. So far I have only had the opportunity to use a Robocoin machine which was unfortunately disappointing to say the least. I think that while the competition continues to grow many of the drawbacks seen in the machines that have been installed will be improved upon significantly. Thinking back to only about a year ago these machines were produced and available only by a couple of different producers as far as I had seen.

Today as I finish this report I’m pleased that the options have been growing exponentially and that there are many different brilliant minds working on producing what they believe to be the best of the best in the Bitcoin ATM space. As time passes I would like to see Litcoin, Dogecoin, Devcoin, Peercoin, and Namecoin find their way in to the interface of these machines so that people can start investing in alternative currencies as well as Bitcoin.

As people become more aware of the crypto currency environment I hope to see the general public using and testing the various currencies to get a feel for which currencies they like most. I strongly believe people will spend currencies that are representative of their own personalities. For example I enjoy using DOGE because decimals are usually not a problem and I enjoy the convenience of faster transactions and confirmations from the Dogecoin network.

Support Information


QR Code
QR Code bitcoin_atms_overview_and_analysis (generated for current page)
 

Advertise with Anonymous Ads