9. decembra 2015
Response to questions of Martin Rojko from CoinTelegraph
Are you satisfied with profitability of bitcoin ATM operation in BA, KE?
Well, these are two different stories. Profitability of the ATM in Bratislava is good thanks to low fixed costs and increasing demand. However, in Kosice, fixed costs were very high and demand very low, and that's despite some marketing activities in business community and the fact that the ATM in Kosice offered both purchase and sale of bitcoins. It seems businesses and individuals in Bratislava are getting used to bitcoin and starting to use it more frequently and all this despite almost non-existent PR & marketing activities supporting bitcoin by 0011 s.r.o..
Do you know how many people have bought bitcoins / how much btc have been sold up to today?
We are not tracking people. We can only estimate from the number of different wallets used to purchase bitcoins. Long-term average is above 2 bitcoins sold per day in about 2 transactions, so the average single purchase is something above 1 bitcoin. Two out of three transactions are sent to the same wallet.This is mainly due to the fact that people prefer to purchase bitcoins in multiple smaller transactions e.g. to decrease risk of unfinished transaction due to machine freeze, lost connection, unresponsive server etc. MojBitcoin ATM is in operation since 21. November 2013 which is almost 750 days, so it’s over 1500 bitcoins sold in cca 1500 transactions to cca 1000 bitcoin wallets...
How was the demand during its 2 years of operation, were there any remarkable changes?
I have noticed some correlations to bitcoin price. Usually, demand decreases after steep rise in bitcoin price when people expect return to stable price or a correction. In other cases, rise in price can spark panic buying as noticed at the end of 2013. On the other hand, people don’t seem to take advantage of falling prices when demand is low. I must also note that there are customers who buy bitcoins regardless of the price. These customers most likely use bitcoins as a means to doing business, not as a store of value.
How do you see those 2 atm as regards reliability, technical problems...
Lamassu machine had some issues during the first year of its operation, but Lamassu team was not only responsive in resolving these issues, but was also able to deliver software upgrades which made the operation much more stable and reliable. I highly appreciate the full control operator of Lamassu machine has including a possibility to run own server and integrate with machine software.
BitXatm’s Sumo Pro may be more suitable for operator who prefers not to deal with technical part of the operation as this is covered solely by BitXatm team. Software is not open-source which can make its development costly and lengthy. The BitXatm team is responsive to issues, however the machine’s reliability level seems to be a bit below one offered by Lamassu.
Do bitcoin ATMs have a bright future? Is it a good business venture or is it now enough for you to maintain more machines at some other places?
Bitcoin ATMs have as bright future as bitcoin itself. If you’re considering operating a bitcoin ATM, you need to assess potential demand in your area. If you want to help start a bitcoin economy, you should make sure you can operate the ATM without profit for extended period of time, i.e. minimize your fixed costs.
As of now, I don’t have any plans to expand to other cities in Slovakia, but will gladly support any initiative like that.
Any new bitcoin projects in the plan?
A few ideas, but also many other activities and priorities. I definitely don’t want Bitcoin ATM to be my only contribution to our bright future… :-)
How do you perceive btc atmosphere in Slovakia over these two years? Is there any stable progress or otherwise? Do still people who have heard of btc perceive it as some ponzi scheme or get rich scheme?
People who know Bitcoin only from the mainstream media can only repeat what these media say. And although the topics are slowly shifting from ‘ponzi-scheme’ to ‘blockchain innovation’, MSM never miss a chance for a sensational e.g. ‘terrorist funding’ headline. Fortunately, there are people who are curious and brave enough to take the first step and try this still very new thing for themselves, learn, explore... Not many, but numbers are growing.
I think people in Slovakia are quite conservative and careful when it comes to their money. However they rarely understand the big picture, long-term risks and consequences of their investment decisions or central bank policies. One way to open people to Bitcoin is an education towards financial literacy. However, this is not the path masses will take. Bitcoin industry needs to come up with solutions which are easy to grasp and provide immediate tangible benefits in comparison to non-blockchain alternatives. There are also many opportunities in private as well as public sector companies and organizations, but similarly as with people, it takes a bit of courage, commitment and a will to take your fate into your own hands...
Parts of this response were published by CoinTelegraph in articles Welcome the first ever Worldcoin ATM and BTM Operator: Bitcoin Is Used in Business, not Just Store of Value.