What the big idea?

BItcoin ATM machine!! That's right, i have completely lost my mind and wonna throw more money into crypto's. I have been toying with the idea for a few months now and it might be time to either pull the trigger are move on to the next brainwave. I am have decided to put in around 15-20 hours of research split into 3-4 hours everyday for the next week and then i will either pursue the idea into the new year are let it go. Some light research would indicate to me the there is not that much information out there meaning working out taxes and UK laws when it comes to selling bitcoin is all a guessing game. There are no machine's produced in the UK so import tax, VAT and handling charges will be a factor when ordering from the few suppliers in Europe, the other 10-15 suppliers are outside the EU meaning much more paperwork and red lines to cross before i can even take delivery. To be honest, this is the thing that puts me off the most and would be the hardest part of the whole process. I need to make sure that i have all the correct paperwork at hand when it arrives in the UK are it could sit in storage for weeks are even months while i get shit together. Like i said, there almost nothing out there in terms of information because it's still a newish idea. The UK alone only has around 220 Bitcoin ATM's nationwide with over around 150 being in the London area. I am from Northern Ireland which has a population of 1.9 million and zero Bitcoin ATM's meaning i could be the proud owner/operator of the first BTC machine in my home country which would be awesome in it's own right. Let's break it down and see if im crazy are not.

How much would it cost before i see a penny back?

Hard question the answer because machines can cost anywhere between $2,000 and $18,000. Most machine's that do 1 way transactions are priced at under $5,000 but this means that they can only sell BTC. At the other end a 2 way transaction machine would cost $5,000+ but is capable of selling and buying back BTC. I would be after a 2 way machine and the 2 machines i have been looking at both cost $7499. One is from a company called generalbytes and other from a company called lamassu. I can auto add $1500 for 20% VAT to that price tag and take a guess of $1050 for duty tax and then throw in $500-$1000 for shipping to Northern Ireland (not part of UK mainland). Before i see one brown penny, i would the spending the guts of $11k to get it here. After that, i would would need to find a spot to put in and i assume pay a month flat rent rate. I would guess this cost to be £100-£300 per month depending on the footfall of the area.

How do i get money back?

Selling and buying Bitcoin and other crypto's of course. The avg transaction fee for buyers is 8.2% and for seller is 6.1% so £1000 in buying transactions would result in around £82 in fees for me minus server costs of between 1-1.5% to the software provide. the avg BTC machine will do $1000-$1500 in transactions everyday based on what some guy on the internet said. I have worked out some rough figures based on transactions of £500 per day which results in £30 profit per day after fees and rent. This works out to be £10.950 per year on what i think are conservative transaction volumes and would pay for the machine's cost after 289 days. It sounds a little to good but it's likely that these are aimed at new investors who dont mind paying the high fees. I would assume fee's over time will reduce but right now BTC is still new to the masses and i hate missing a chance. I would guess advertising time per week would be a few hours on social media.

Things i need to find out

So far, i have put around 6-7 hours of basic research into this and there is alot of stuff i need answers to before even looking into getting the money together. I cant figure out how the whole thing works and it is not explained anywhere. I get that people buy BTC and pay with cash but what happens to that cash sitting in my BTC machine? It does not belong to me because im not selling Bitcoin and customers would be buying from an exchange. I would guess that, that money would need lodged in the bank and transferred to the people that run the software on a weekly/monthly basis. The next thing is how easy is it to hack a BTC ATM machine? Each machine has to be connected to the internet to make transactions, this can be done via 4G sim card, wifi are lan. Again, not much info out there but i need to know if it's possible for someone to sit somewhere close to the machine and hack debit/credit cards transactions. Last big thing i need to figure out is laws and if i need permissions from any governing body to operate this in public. If course these are tip of the iceberg questions but ones that are basic.

The dream

The dream is grabbing my balls and going for it with the 1st machine doing £1,000 a day in buy/selling transactions and being able to buy another machine in 6 months and then another 2 machines over another 6 months starting out year 2 with 4 machines. You all know i like a smoke and my mind wonders so the end goal would be growing this while grinding my day job until i have 10 ATM's around the country. At this point, i could quit my job and do this full time while still being able to grow and add more machines. I picture me and misses driving around shopping centers in a small white transit van collecting money from these, just taking our time window shopping, stopping in somewhere nice for lunch and finishing our days by saying good bye to all the money and lodging it into the bank. I am aware this sort of venture has a shelf life of 10-15 years max but there could be alot of money to be made, plus 10 years is a long enough time to plan the next move. Worst case i end up in a normal job again a few grand lighter. I have a dream................

Thoughts???

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