Mrbitco.in ATM Collective is growing. We have now 10 ATM from diferrent producers. Our goal is to bring bitcoin close to every household on the planet.
Finance wise it depends on what is expect by us. We try to grow and keep our resources local.
We want to operate like a collective, when you can buy part of ATM and get paid every month from transaction fee. This way we can grow faster and we can place more ATM in shorter time of period. We know that divident system is kind of problematic in bitcoin reality. We don't give it a name, we are still busy and on the lookout for right solution. We look at Mastercoin. We look at Counterparty. We don't use banks, we use only local miners or exchanges, who supply machines with BTC or cash.
We currently run the IT network for the ATMs at our customer locations. We service the units or provide maintenance servcies in case of problems. (like cleaning bill acceptor, cash removal, restarts, troubleshooting, etc.) We also run their backend software if required by the ATM. Business model depends on the location and ownership model. Some ATM units are private owned, others are own by collective of people and others are factory owned. In all cases we keep their units operational. (within reason, sometimes problems caused by situations beyond control like blockchain.info down). We serve as a local point of contact for support. We promote the locations on Coinmap and in the Bitcoin Media. We help promote the ATM brand by answering questions about the ATMs at meetups and conferences.
We help build awareness for the ATM brands we operate: BTC-O-Matic, General Bytes, BitAccess, BitXatm, Lamassu. We help field test their units. Depending on the stability of the units, the amount of time between service calls. We can place these units all over the Netherlands. Should they be maintenance prone, we will only be able to use them in the Amsterdam, Den Haag, Utrecht areas. We hope they will be stable enough for national deployment.
The BATM units from General Bytes are refille by miners we know here in the area. They fill our machines with Bitcoin, we collect the cash and sell at Bitstamp + transaction fee. Cash from the machine we pay to the owner of the Bitcoins sold . The commission is MrBitcoin's for operating the machine and the server backend. These machines are private owned or crowdfunded and own by the collective. The BitAccess machines are 2-way and come with a cash recycler, reducing 'cash-calls' for us. Need us to have a float at the exchange. We get these machines placed for free and split commission with the factory. Should bank fees (cash deposits, transfers to / from Bitstamp, Kraken, etc.) go up, these fees have to renegotiate.
Current AML / KYC regulations are not implemented in the BTC-O-Matic units now. BATM units we configured have text message or fingerprint for transactions above 2000 EUR. and a photoID plus fingerprint for transactions above 15.000 EUR. These transactions must be report. We can also option for another form of verification, in general we stick to our limit and we should be safe since these units are one way only. The Lamassu 2-way unit will have a bit of an issue in this field as it is a 2-way and no AML / KYC features have been install as of today. Should the machines have no KYC / AML features, we can always limit them to the 2000 EUR / transaction. We found that if people need to register, they walk away from the machine. We don't want to put up any more barriers to buy bitcoin than needed by law.
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