Today, we welcome a very special guest who also happens to be the owner of one of the world’s first Bitcoin ATMs, located over in Hong Kong. Robert has seen a future in Bitcoin and has therefore decided to take the concept to a new level and help out the community in Hong Kong. As the ATM can be found in a popular city mall, not only have we been able to learn more about such a business, but we’ve also received exclusive insight into how these devices operate, and how popular they really are.
When did you get involved with Bitcoin?
I got involved with Bitcoin over in 2013 when someone posted a paid event on Facebook to learn about the cryptocurrency.
Were you one of the lucky ones who had Bitcoin when the prices reached $1200? If yes, did you keep them or sell them?
When price was at $1200, I was mining litecoins and altcoins. I have a constant amount of Bitcoin in my portfolio and liquidity for my business, so I enjoy speculating on altcoins and IPOs.
What made you think of Bitcoin as the currency of the future?
I am not sure Bitcoin will replace all currency in the world unless the world governments promote it or an end of the world event happens. However, I think of Bitcoin as an internet currency which is probably because of its convenience. With this in mind, Bitcoin allows people to buy games and products across the border at a very low cost.
Please tell us a little more about your company and your Bitcoin ATM.
HK Bitcoin ATM is my company. We operate Lamassu Bitcoin ATM machine inside a nice mall in the city center. Our shop is also 24/7, just like most ATMs. Make sure to check out the mining machines and robots inside our shop over in Hong Kong.
Do you plan on setting up more of these all around Hong Kong, and why not, China or the world?
I think we know what we are doing. We execute our plan very carefully and don’t want to rollout many ATMs and end up making losses and eventually shutdown. We are doing this a step at a time. We have also ordered a Bitcoin selling module from Lamassu which should arrive shortly. We will continue to test the market and rollout a few more shops in the near future.
Was your Bitcoin ATM an investment?
It is both an investment, but also something I like doing for the community, thus improving the Bitcoin market all around Hong Kong.
How did you get the idea?
It is one of those things that suddenly come to mind, just like ‘Hey, this is a great idea!’.
On a scale from 1 to 10, how successful would you consider your ATM at this moment in time?
Depends on the definition of success. In terms of helping me learn more about Bitcoin Business and also profit at the same time, I would say 8 to 9.
Please briefly describe how it works.
Just walk into my Bitcoin shop, follow the instructions on the shop wall i.e. download a Bitcoin wallet app. After this, scan the wallet QR code on the ATM machine that we have set up. Insert the money into the machine and bam! The Bitcoin has arrived into your Bitcoin wallet. You don’t need a bank account, HK id or a HK telephone number.
Are there any security concerns that people should be aware of?
Just some basic stuffs. If you are buying small amount of Bitcoin there is not much to be worried about. Just backup your Bitcoin wallet private address on the app. Transfer your Bitcoin to a new wallet if you plan on resetting your smartphone. If you have a lot of Bitcoin then follow YouTube instructions to create a paper wallet. Lastly don’t fall for any Ponzi schemes and mining contracts which you don’t understand. Chances are that if something is too good to be true, it probably isn’t. If in doubt, it is always wise to check the community’s opinion and verify niche forums such as Bitcointalk.
Thank you very much, Robert! This brings an end to our interview.
Based on everything that has been outlined so far, the honest truth is that all around the world, the Bitcoin market is emerging at an incredibly fast level. The appearance of Bitcoin ATMs like the ones found in Hong Kong will not only promote the cryptocurrency, but it will also ensure that the market will continue becoming more and more popular. In the fortunate case that ATMs like this begin appearing in other countries as well, then chances are that the market will thrive from all the points of view.