Bitcoin is moving forward at a dizzying pace says Zach Harvey, CEO of Lamassu

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Bitcoin is moving forward at a dizzying pace says Zach Harvey, CEO of Lamassu
Bitcoin is moving forward at a dizzying pace says Zach Harvey, CEO of Lamassu

Lamassu, a company that has installed more than 100 Bitcoin ATMs at various cities around the world, is confident of the potential that Bitcoin has. Zach Harvey, CEO of the company says that Bitcoin is moving forward at a dizzying pace and it’s very encouraging to see BTC ATM operators recovering their investment within three to nine months.

The press release from Lamassu says that an industry that was nonexistent a mere 12 months ago is flourishing and profitable. The data compiled by the internal Lamassu surveys show that standard cash-to-Bitcoin locations are averaging $20,000 worth of transactions per month, whereas prime locations are averaging $40,000 – $60,000 per month.

The company claims that with an average commission of 5.5%, operators are looking at $1,000-$3,000 in gross profit monthly, per machine. Zach Harvey admits that the profit levels prove that people appreciate the convenience of Bitcoin ATMs, and that appreciation translates into traffic and sales for our operators.

Harvey further says that for many people Bitcoin is exciting as a concept, yet still intimidating. He added, “Our machines enable the bit-curious to put in $5 and easily buy a fraction of a Bitcoin. It only takes fifteen seconds. For many customers, paying a 5% transaction fee for that is well worth it, when they consider the alternatives.”

Lamassu Has Installed More Than 100 Bitcoin ATMs So Far

According to Harvey online Bitcoin exchanges may have minimum buy limits and can take several days to start trading, which could prove crucial with Bitcoin’s volatility. Similar views were shared by Pete Watson, Bitcoin Group HK director who says that things are picking up in Hong Kong as he is starting to get some really good volume on machines.

Watson claimed that his machine just sold our 200th Bitcoin wherein the first 100 Bitcoin took five months and the second 100, only one month. Similarly, Henry Brade, Bittiraha CEO the owner of Finland’s first Bitcoin ATM admitted that their record is $50,000 per month, but currently it’s doing approximately $32,000 per month.

Lamassu also installed its Bitcoin ATM in Hungary and according to Barnabas Debreczeni, the owner of the machine they had 130 transactions in their first two weeks of operation. He says that this was way more than he had expected and according to him the restaurant hosting the ATM also started accepting Bitcoin payments upon the launch.

To contact the reporter of this story: Deepak Tiwari at