In this interview, you will hear Tony from Thinking Crypto talking to Elena Belyayeva who is the CEO of BelcoBTM. She will talk about Buy and Sell bitcoin machines, a new Mobile App, and adding new coins to their ATMs among other stuff.
The History of BelcoBTM
The idea for BelcoBTM started in 2015/16 when Elena first got into Crypto. She was working for a financial company and looking to transition into opening her own business. She had a feeling that crypto will be booming and noticed that there were very few ATMs at the time so she made a bold move and invested her savings into the Bitcoin ATM company. She liked the idea of Bitcoin ATMs back in the time when she was doing some Bitcoin trading, and noticed that these machines were the best way to introduce people to cryptocurrency and start the mass adoption.
The 2 types of ATMs
BelcoBTM offers two types of ATMs and both are made by General Bytes. One of them is smaller and is used only for buying and the other, the bigger one is used to buy and sell, which is less often used in the crypto ATM world. As per Elena, BelcoBTM is proud of its buy and sell machine that they introduced after listening to the feedback of their customers. She also claims that both machines are simple to use via the touchscreen and that they have a beautiful kiosk-like design.
Which Coins are offered and which locations
BelcoBTM Currently offers the standard package of main coins: Bitcoin, Ethereum, Litecoin, and Bitcoin Cash. Elena proudly said that they added the Binance coin (BNB) to their machines, stating that they are only the second company to introduce BNB.
Elena also made another, exclusive announcement that they will soon add XRP and Tron to their ATMs which will make them the first ever to do that.
As for the locations, BelcoBTM is located in New Jersey because that’s where Elena is from. They started with 2 machines and expanded to 12 in over a year. Their next plan is to expand to New York. Firstly because it is a big market and there aren’t many companies out there right now and secondly because there are a lot of customers from New York that are unable to use the ATMs in New Jersey with New York ID. The reason for that is that obtaining a license for the Crypto business in New York is much more strict than in New Jersey. So, they will do their best to pursue the license and meet the needs of their New York customers.
How to use the ATMs to buy and sell
Elena assures us that BelcoBTM machines are easy to use, mentioning that ATMs, in general, are the easiest way to buy or sell crypto, as opposed to exchanges where you would need to wait a couple of days to get approved. With ATMs it is a completely different story, you just need to use your phone number to get a temporary code so you can complete the authentication. After that, you can trade up to $800 worth of coins a day. To complete the transaction you will need to scan your wallet if you have one. If not, you can always get the paper wallet directly from the ATM. After that, you will need to wait for confirmation which is pretty fast.
For selling crypto the procedure is pretty much the same. You need to scan the wallet and send the desired amount of coins and you get a receipt. After you scan a receipt you will get the cash. The great thing is that you can use the same receipt on any other BelcoBTM ATM.
For daily amounts larger than $800 and up to $3000 you will need to scan your ID, and for even larger amounts you will need to communicate with BelcoBTM but those are also manageable through the ATM.
Interestingly, Elena also mentioned their plan to introduce a kind of a credit card to their ATMs, which would be huge, knowing that regular credit card payment on Bitcoin ATMs is not possible due to potential charge backs that can create problems with irreversible Bitcoin transactions.
As the only drawback of the Bitcoin ATMs Elena emphasized the fees they need to charge in order to sustain the business. Even though BelcoBTM has the cheapest rate, their plan is to lower the fees as they add more machines.
How businesses can use the BelcoBTM ATMs
For any business owner who wants to have their ATM at the store, BelcoBTM has a special program called “Host an ATM” which actually sounds pretty good. As a business owner, you don’t need to pay anything, but you will actually get paid to rent a part of your store for a BelcoBTM machine. The only thing the owner needs to provide is an outlet and a Wi-Fi connection if possible. All the other stuff like maintenance, cash collection, and customer support is handled by BelcoBTM. So, apart from the monthly rent, the store owner will get more traffic because of people who will come to the store to use the ATM.
BelcoBTM Mobile APP
Yet another cool thing that BelcoBTM plans to create is a mobile App with special features for their customers. Elena didn’t want to reveal too much information but only said that the main purpose of the app will be to enable their customers to initiate the buy or sell process through the application and then just finish it at the ATM which sounds pretty convenient from a customer point of view.
Listening to Elena we found out that BelcoBTM is a company that aims to listen to its customers and try to meet their needs, through buy/sell machines, lower fees, and even a mobile app to make the process as easier as possible. They also maintain a great program to motivate the store owners and improve their presence. All of the above together with Elena’s attitude towards Bitcoin ATMs as one of the most important tools for mass adoption of cryptocurrency makes BelcoBTM one of the better Bitcoin ATM companies in New Jersey and possibly New York.