Crypto ATMs Crypto ATMs support just about every major currency in the world. The currency is configured on each machine before shipping to ...
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| Crypto ATMs |
Which cryptocurrencies are supported?
We currently support Bitcoin, Ethereum, Bitcoin Cash, Zcash, Dash, and Litecoin, and we will add more based on operator demand and mobile wallet support.
Which languages are supported?
Almost any language is supported. If the language you're looking for is not currently available, we have a handy translation tool that will allow you to translate the UI in 30-40 minutes. Here's a list of all possible locales (including Klingon!)
Purchase & Shipping: Is documentation available prior to a purchase?
Yes, the purchase agreement is available on our website as well as the due diligence questionnare for US buyers. In addition, all of our support desk is openly available: https://support.lamassu.is
Where are the machines manufactured?
They are crafted, assembled and tested by our small and skilled team in northern Portugal.
Where do the machines ship from?
Our machines ship from Portugal.
Is VAT included in the price?
VAT is not included in the price of the machine. If your business has a valid EU VATIN we are not required to charge VAT. If you are located within the EU and do not possess a valid EU VATIN, we will be required to charge 23% VAT.
Is shipping included in the price?
Shipping is not included in the price of the machine. Once we confirm the delivery address for your order, we can provide an accurate shipping quote which is valid for 14 days.
What are the shipping dimensions?
The shipping weight and dimensions are:
Sintra: 129 kg, 145 x 57.5 x 70 cm
Sintra Forte: 229 kg, 145 x 62 x 76 cm
Gaia: 35 kg, 65 x 50 x 48 cm
How are the machines delivered?
We pack your machine with the utmost care, using superior packing materials and reinforced, custom made heavy duty wooden crates. Multiple shipping services are offered. The time of transit depends on the destination and import process, though it’s generally between 6 to 12 days..
What are your payment terms?
50% of the price upon pre-order, with the remainder plus shipping costs due before sending. We accept Bitcoin and bank wires in Euros or Swiss francs.
What HS code is used for customs?
Although the importer is ultimately responsible for classifying the imported items for customs, we suggest: HS 8476.89.90 - “Automatic goods-vending machines (for example, postage stamp, cigarette, food or beverage machines), including money-changing machines.”
Are customs and duties covered in machine or shipping price?
No, they are not. The buyer is fully responsible for customs and duties in the destination country, as well as handling all aspects of the import process such as assigning broker services, customs clearance, and any fees related to the process.
International Compliance: Can you tell me if it’s legal to operate this machine in X country?
Unfortunately we do not have the resources to invest in legal work for all jurisdictions. We would advise to seek counsel in your country prior to purchasing the machine.
Do your machines support what I need in my country for ID Verification and AML/KYC?
Please contact us prior to purchasing and we’ll be happy to let you know what compliance features our machines already have, and what we’re in the process of implementing.
Legal Compliance: What are the first legal steps I should take when Buying a Bitcoin ATM?
Of course, we recommend that you consult an attorney. However, you should consider things such as: (1) what federal laws should I pay special attention to, (2) does the state where I operate have additional regulations, (3) what ongoing obligations will I have, (4) are there other legal considerations I should keep in mind, and (5) what law firm do you recommend? We have addressed some of those questions below.
What Federal Laws Should I pay Special Attention to?
While there are many, you especially need to be aware of the Bank Secrecy Act (“BSA”), which is enforced by the Financial Crimes Enforcement Network (“FinCEN”). Depending on how a Bitcoin ATM is configured, you may need to comply with the BSA. Bitcoin ATM operators are “exchangers” as defined by FinCEN, and as a result, must register as “Money Services Businesses,” as well as meet other requirements under the BSA. For a more thorough discussion on federal requirements, please see this article by the law firm Frost Brown Todd.
What State Level Requirements Should I Be Aware Of?
Different states have different requirements, depending on your specific business operations. As a general matter, almost every state has some licensing and ongoing reporting requirements for a Money Transmitter License. For a more thorough discussion on state requirements, please see this article by the law firm Frost Brown Todd.
Are there States Where Registration is Unnecessary?
It is important to note that the way your Bitcoin ATM is structured may affect whether compliance with certain state level laws is necessary. It is not necessary to connect to cryptocurrency exchanges, and therefore registration requirements could be avoided in some states. However, if your Bitcoin ATM is connected to an exchange, additional registration may be required in those same states.
Are there States Where Registration is More Difficult?
Depending on your business structure, California, Connecticut, Florida, New Hampshire, North Carolina, and New York may have a higher barrier of entry for Bitcoin ATM operators, requiring high financial reserve and bond requirements, and expensive application processes. However, the market size may make the difficulties worthwhile.
Do I need an Anti-Money Laundering Compliance Program?
Yes. The BSA requires that your company have an Anti-Money Laundering (“AML”) compliance program.
What does an Anti-Money Laundering Compliance Program Entail?
The BSA compliance program should demonstrate, in some detail, the company’s efforts to prohibit and prevent money laundering and criminal activities. The scope and thoroughness of a plan will vary, depending on the size, scope, and geographic location of your company. Your company’s AML compliance program should demonstrate:
- Internal Policies and Controls
- Designation of a Compliance Officer
- Ongoing Employee Training
- Program Auditing
- Transaction Monitoring and Reporting
- Suspicious Activity Reports (“SAR”)
- Currency Transaction Reporting (“CTR”)
- Office of Foreign Assets Controls (“OFAC”) Reporting
- Customer Due Diligence
- Customer Identification Protocol (“CIP”)
- Collect Know Your Customer (“KYC”) information
What Other Legal Steps Should I Consider?
There are several steps you and your attorney should consider. For example, while not strictly necessary, setting up a business entity is generally advisable. It has several advantages, such as limiting your personal liability and allowing you to share profits among partners. Additionally, you likely will want to enter into contracts with other parties (such as leases for where your Bitcoin ATM will be located).
For a more thorough discussion on other legal considerations, please see this article by the law firm Frost Brown Todd.
Is there a Law Firm You Recommend?
We recommend you work with an experienced attorney of your choosing. We have worked with Bill Repasky and Jeff Gorham at Frost Brown Todd LLC to develop template Compliance Programs for our Bitcoin ATM operators and assist our operators in all of their start-up legal needs, including navigating the licensing process and preparing draft leases for the Bitcoin ATM locations. We recommend that you email us and we’ll provide you with contact info at Frost Brown Todd so you can learn more about the specifics of your operation and the legal steps associated with your new Bitcoin ATM.
How is ID verification performed?
IDs may be scanned in two ways. The first option is ID Card Data, which prompts the user to hold the back of their license against the scanning bay and parses the PDF-417 code found on U.S. and Canadian drivers licences. The data therein, consisting of most if not all information printed on the licence front, is uploaded securely to the back-end, retrievable within the operator admin and database.
The second option, useful for international ID cards and passports, is ID Card Photo, which prompts the user to hold the front of their ID card to the scanning bay and captures a photo of the front of the ID. The machine uploads this to the back-end and the ID is available for review within the operator admin, and can be accepted or rejected.
Are transaction limits for ID verification customizable?
Yes. Operators may choose different fiat thresholds at which to invoke tiers of ID verification, as well as a per user per day limit. For instance, you may wish to collect phone numbers at $100, and scan an ID once they wish to buy over $500, and set a max per day limit of $7,000.
Can ID verification be disabled?
Yes, in fact, the default state of the machine is with ID verification disabled. If the operator is obligated to verify ID in their jurisdiction, we will help them get set up in no time and enable the option on their machines.
Are there other capabilities besides the ID scan for AML/KYC?
Yes. Customers can enter their mobile phone numbers, which can be verified. The system has the capability to check OFAC sanctions records, which may be required in the US. Further, the Sintra, Sintra Forte, and Gaia have customer-facing cameras which can be used to capture photos of the machine’s users when placing a transaction.
Fees, Float and Volatility: Does Lamassu take a cut of cryptocurrency transactions?
No, we don’t and we can’t. By design, we aren’t able to see the transactions that go through your machine. We made a decision to keep the network of Lamassu machines private and distributed. You own the hardware outright and the software is open source.
Are there any Lamassu charges or fees other than the price of the machine?
We have an optional (but recommended) technical support subscription as outlined in our Support Service Level Agreement (SLA). Please read more about our SLA in the Support section of this FAQ, or take a look at the agreement.
Who supplies the cryptocurrency float for the machines?
As the operator, you have full control over your cryptocurrency wallet.
What float do I need for daily operation?
This would depend on traffic and your convenience. How many coins are you selling every day, and how often do you plan to replenish your wallet?
How do I minimize the risk of volatility?
By using the exchange trading option on your back-end. With each purchase of cryptocurrency at the machine, the back-end will convert the same amount from fiat to cryptocurrency in your exchange account, capturing the present value.
Is the back-end server one that we operate, or do we use a cloud service that you provide? What environment is required for the server?
The back-end office is software that is intended to be installed on a server run by the operator. We have a simple installation guide for Digital Ocean, whose set up process we provide support for, but some operators have run it on an Amazon instance as well. An Ubuntu Server 16.04 or later system should be able to install the back-end.
What functions are provided by the back-end?
Transaction logs and status, SMS and email notifications, balance alerts, wallet configuration, price sourcing, auto-trading on exchanges, commission setting, fixed fees, minimum transaction amounts, language configuration, currency setting, remote reboots, Coin ATM Radar linkage, terms and conditions screen setup, machine state logging, debugging, compliance and customer details, secure client/server pairing. Some options are available of the GUI, some via command line.
Which sources do you support for coin prices?
We currently support: BitPay, Bitstamp, Kraken, itBit, and Coinbase, with more to come.
Does the machine operate on a wallet stored at the device level, or a cloud wallet, or either?
The machine’s hot wallets reside on your secured virtual private server, automatically backed up to a separate volume hosted on DigitalOcean. You alone have full control and possession of the wallet keys. We encourage regular wallet and seed backups.
How is the wallet replenished?
The machine can be linked to an exchange so that with each customer transaction, you purchase back the same amount of coins at the current price (less your commission).
This allows you to avoid volatility and keep a constant supply. Every so often you'll transfer the coins purchased on your exchange account to replenish the machine's wallet.
Which exchanges are supported?
We have direct integrations for Kraken, Bitstamp, and itBit, with more on the way. Third-party linkage through Bitnik Reload allows usage of over two-dozen other exchanges.
Which wallets are supported?
The admin hosts pruned node wallets for each cryptocurrency: bitcoind (BTC), geth (ETH), bchn (BCH), litecoind (LTC), zcashd (ZEC), dashd (DASH). There is also an Infura option for ETH, and a multi-sig BitGo wallet option for BTC, BCH, ZEC, DASH, and LTC.
Profitability: How do I profit from operating BTMs?
This would depend on location and venue as well as other market conditions. But for example, assuming an average transaction of $200, you will need approximately 4-5 transactions per day in order to profit from the machine. You can expect the first few months to be slower and have traffic pick up as customers hear about the machine and begin to rely on it for repeat purchases.
What are the best locations doing?
The top Lamassu machines have volumes north of $300,000 per month, other locations are handling over $70,000 per month. We believe the $20,000 average is on the rise, but as we don’t have access to machine’s data, it takes us a while to aggregate voluntary information, kindly provided to us from our operators. One thing we know for certain, the numbers are going up rapidly.
How scalable are BTMs?
Quite. For some, operating BTMs is their primary business. For others, a steady stream of additional income. Once you have the backend set up, liquidity, and legal aspects of the business in place, it’s easy to install machines in new locations using your existing infrastructure. The auditable lock options on the Sintra Forte allow for armoured cash collection companies to service your machines.
How are commissions determined, and are they mine to keep?
You have control over your commission, and it’s yours to keep. Your profit is realized in dispensing less bitcoins (or cash) than you would if your commissions were set to 0%, and thus retained in the form of additional cash held within the machine’s vault or a surplus of bitcoin in the machine's wallet (however you wish to view it).
What makes for the best locations?
From discussions with our operators, it seems clear it's key to be in a well situated location in a high foot-traffic area. Train stations, trendy shops in trendy neighborhoods, easily accessible (in and out for return customers), etc. Imagine where you'd want to go in your city if you wanted it to be the easiest to reach several times a month.
Experience is another important factor. Several months in, you'll know what the reference volume goal is and will be able to move the weaker performing machines to better locations.
Will you help with promotion?
We have a guide for suggestions to gain publicity from your launch and would be glad to share your new machine launches on our social media. Just make certain to take high quality photos and post them on your own social media first.
What price breaks are available for purchases of ten units?
For quantities of 10+ units the prices for each are:
Sintra (2-way): €6,150
Sintra Forte (2-way): €8,010
Gaia: €3,420
Are cash collection services available?
We don’t have agreements with any, though several of our operators have agreements with cash collection agencies. One requirement that keeps coming up is the need for an electronic auditable lock, which is an option on the Sintra and Sintra Forte.
New Models: How does the Sintra Forte differ from the Sintra?
The Sintra Forte is a larger and heavier version of the Sintra, which has an internal vault with electronic locking options. It also has a larger 15.6” display.
Is it possible to upgrade a one-way Sintra or Sintra Forte to a two-way?
Yes, it is possible. It simply requires an upgrade kit consisting of the dispenser and a new front mouth plate. Please contact us for details if you’d like to upgrade yours.
Is it possible to upgrade a Douro or Douro II to a two-way machine?
Yes, it is possible, it requires adding a Santo Tirso floor stand.
Do the new models come with printers?
A thermal printer is an option on the Gaia, Sintra and Sintra Forte. The printer is a Nippon NP 2511D-2 and costs €360. Paper must be purchased separately.
Hardware: How are the Sintra and Sintra Forte secured?
Both Sintra models are designed to be anchored into the floor with four M12 bolts. The Sintra Forte may also be equipped with an anti-ramming steel plinth, for an additional €570.
How many notes can the Sintra and Sintra Forte hold?
Both the Sintra and Sintra Forte have cash-in boxes that hold 1,000 notes, and cash-out cassettes that hold a total of 1,000 notes (up to 500 notes each, for two denominations). Additional cash boxes are available.
How is the machine connected to the network?
The Sintra, Sintra Forte, and Gaia work over Ethernet connections. Ethernet is highly preferred over wireless, though if needed, a wireless network adapter can be used to convert Wi-Fi or 3G/4G to a wired connection.
What are the environmental requirements of the unit?
The machines are designed for indoor use.
Can I custom brand my Bitcoin ATM?
Yes, we’d be happy to print and apply a branded vinyl wrap to your machines. Prices vary depending on quantity so please contact us for pricing. We are also able to provide design services if you do not yet have something in mind.
Can the machine scan a paper QR code as well as one on a mobile phone?
Yes, it can.
Are there plans to add fingerprint scanners, other biometric capabilities?
We don’t currently have plans for fingerprint scanners or biometrics.
What is the bandwidth use of the machine?
Low, it’s mostly just the transactions and pings to your back-end. The only thing that will take up significant bandwidth are software updates, when we push them, and document images collected for AML/KYC, if necessary.
What is the electric consumption of the machine?
The machines are very efficient both in use and in standby. Their power rating is at 150W, similar to a desktop computer when in use.
Is NFC supported?
No, addresses are scanned at the machine via QR codes.
Will you provide software customisation services if we need them?
While we do not provide custom software services, our software is open source and we'd be happy to point you in the direction of a third-party development team skilled in our platform. However, we are not able to provide support for non-Lamassu software versions. We also encourage all software development to remain open source.
For cash-out machines, how are zero-confirmation transactions handled?
Zero-confirmation payout limits are defined by the operator. If the limit is exceeded, the user will be asked to confirm a phone number. When the transaction confirms, the user will receive an SMS with a redeem code. In an upcoming release, we have support for the Lightning Network, which means that users with a lightning-enabled wallet will be able to cash-out instantly.
How does the machine handle dropped transactions in the event of network failure?
If the local connection drops in the middle of a transaction, the back-end will automatically send the final balance for the transaction once the machine regains a connection. The user is presented with the ‘We got this’ screen.
Where can I find your source code?
Our project is on GitHub: https://github.com/lamassu.
What is the flow of the user interface?
Screenshots of user screens may be found here.
Is it secure?
You have full control over your back-end and private keys. We have no visibility or access to your machine’s wallet or settings, as the system is decentralised. We emphasize security during setup and have resources to help you maintain a high degree of security for your machine and wallet. The Bitcoin ATMs have no open network ports and the server software installs a strict firewall.
What can I expect from your support?
We are relentless and won’t stop working until your issue is solved. We use industrial components and hardware issues are rare, but when they occur we are quick to ship out replacements via courier at our expense. Our operators know they can rely on our support.
Take a look at our support desk and the guides we provide for our operators, it speaks for itself: https://support.lamassu.is
What technical support is provided during the 12 month warranty?
If any hardware fails in the first 12 months, we will either fix or replace it and provide guidance. Beyond that period we will provide spare parts for a charge.
Do you offer technical support Services? What fee do you take?
There is a €85 monthly flat fee for technical support. Support will be provided at no cost for the first month of any new machine. For each additional machine, the fee is €35 per machine. The support plan is optional, yet recommended, and required for direct support beyond our free knowledgebase and your first month. It may be subscribed to at any time. Read more about our SLA on this page.
With regards to hardware support, what support/repair services do you provide?
Troubleshooting and shipping of replacement parts when necessary. All components are easy to replace and do not require a professional.
What technical capabilities are required to install, configure, and support the machines?
- Basic computer skills. We have a lot of guides and video tutorials to walk you through the process. Basic Linux command line knowhow is helpful as well. It is also possible to install the back-end server prior to the purchase of the machine:
- Step 1: Before you begin
- Step 2: Create an SSH key
- Step 3: Sign up for DigitalOcean
- Step 4: Droplet creation (image & size)
- Step 5: Droplet creation (options & SSH key)
- Step 6: Logging into your server
- Step 7: Installing the Lamassu software
- Step 8: Installing your wallets
- Step 9: Configuring the admin
- Step 10: Pairing your machine & updating
- Step 11: Testing, features, and support
How do you approach support?
Our support portal provides many relevant articles on getting your machine running and troubleshooting any issues. We offer additional support as part of our support Service Level Agreement (SLA).
How are updates provided?
Updates to the machine image are pushed remotely by our server. We will only update your machine with your permission. Updates to the back-end are accomplished by a quick update script.