BTM Operator: Bitcoin Is Used in Business, not Just Store of Value

bitcoin ATMs are a necessary part of the Cryptocurrency infrastructure. Until there will be a robust Bitcoin Economy without the need of frequent exchanges to Fiat Money, their existence could hardly be in doubt. cointelegraph spoke to two BTM operators in Slovakia: Marin Januka, CEO of IT company 0011 and operator of the first European BTM, and Peter Beina, CEO of Cryptodiggers.eu. Topics include the patterns of people using BTMs, technical reliability of the machines, their future, new projects, and what is the atmosphere like in the Bitcoin community.
CoinTelegraph: What was the demand like during two years of BTM operation, were there any remarkable changes?
Marin Januka: I have noticed some correlations to Bitcoin price. Usually, demand decreases after a steep rise in price, when people expect a return to a stable price or a correction. In other cases, a 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 the 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.
CT: How do you see those two types of BTMs as regards their reliability and technical problems?
MJ: The Lamassu machine had some issues during the first year of its operation, but the 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 the operator of a Lamassu machine has, including a possibility to run one’s own server and integrate with the machine’s software.
BitXatm’s Sumo Pro may be more suitable for the operator who prefers not to deal with the technical part of the operation, as this is covered solely by the BitXatm team. The BitXatm software is not open-source, which can make its development costly and lengthy. The BitXatm team is responsive to issues, though the machine’s reliability level seems to be a bit below the one offered by Lamassu.

This post was published at Coin Telegraph on 2015-12-17.