Legal advice to operate a Bitcoin Vending Machine (skyhook) - General - Bitcoin Foundation internet currency bitcoin

Legal advice to operate a Bitcoin Vending Machine (skyhook) – General – Bitcoin Foundation internet currency bitcoin

I recently purchased and received an opensource bitcoin ATM (vending machine) by project skyhook and have been wondering where to put it. I live really close to greenville NC which is a nice college town but have been wondering if I would need any sort of licenses to do so. The skyhook is more like a retail vending machine then it is a full blown ATM. (ie) users can only purchase bitcoins with usd and there is no way to return USD. I know fincen defines a money transmitter as an activity threshold of greater than $1,000 per person per day in one or more transactions applies to the definitions of: currency dealer or exchanger; check casher; issuer of traveler’s checks, money orders or stored value; and seller or redeemer of travelers’ checks, money orders or stored value. ( source) so if I limit transactions to say $999 (which would be so cumbersome because the unit only takes 20’s at most haha).Internet currency bitcoin

Thank you for all of your help. You can check out a couple videos I posted up on youtube.

Demo and swift review:

Hello christopher,

The potential of project skyhook to help build the digital currency economy is tremendous. As a skyhook owner I have found no other educational resource better than this kiosk. With one transaction you can accomplish more education than several hours of presentations because the experience is tangible.

The due diligence form required for all skyhook owners does request that you participate in legal counsel. Beyond a federal understanding of money transmitter laws you will also need to work with your state attorney general and city officials. Because the device does not implement any AML/KYC features it may be in your interest to record each users contact information that buys bitcoin from the device.Internet currency bitcoin this would mean that you now have a full time job or will need to hire a trustworthy individual.

I share your excitement in the potential of this device and wish you the best in your new venture!

My kiosk has a twitter handle: ‏@summerbtm . There is also one other skyhook twitter handle that I know of: @skylarbtm

I must add that this is not legal advice and that I should in no way be considered a source for legal information. I also offer my suggestions of skyhook’s features from my own experience and not from their documentation. Edited july 14, 2014 by daniel schott

I recently purchased and received an opensource bitcoin ATM (vending machine) by project skyhook and have been wondering where to put it. I live really close to greenville NC which is a nice college town but have been wondering if I would need any sort of licenses to do so.Internet currency bitcoin the skyhook is more like a retail vending machine then it is a full blown ATM. (ie) users can only purchase bitcoins with usd and there is no way to return USD. I know fincen defines a money transmitter as an activity threshold of greater than $1,000 per person per day in one or more transactions applies to the definitions of: currency dealer or exchanger; check casher; issuer of traveler’s checks, money orders or stored value; and seller or redeemer of travelers’ checks, money orders or stored value. ( source) so if I limit transactions to say $999 (which would be so cumbersome because the unit only takes 20’s at most haha).

Thank you for all of your help. You can check out a couple videos I posted up on youtube.

Demo and swift review: