Questions & Answers
- PURCHASE & SHIPPING
- FEES, FLOATS AND VOLATILITY
Which currencies are supported?
We support just about every currency in the world. The currency is configured on each machine before shipping, and can be updated anytime afterwards. Each machine can handle one currency at a time.
Which cryptocurrencies are supported?
We currently support Bitcoin, Ethereum, Bitcoin Cash, Litecoin, Dash, and Zcash and we will be adding more based on operator requests and mobile wallet support.
Which languages are supported?
Almost any language is supported. If the language you’re looking for is not currently available, we have a handy translation tool that will allow you to translate the UI in 15-20 minutes.
Here’s a list of all possible locales (including Klingon!)
PURCHASE & SHIPPING
Is documentation available prior to a purchase?
Where are the machines manufactured?
They are crafted, assembled and tested by our small and skilled team in northern Portugal.
Where do the machines ship from?
Our machines ship from Portugal.
Is VAT included in the price?
VAT is not included in the price of the machine. If your business has a valid EU VATIN we are not required to charge VAT. If you are located in within the EU and do not possess a valid EU VATIN, we will be required to charge 23% VAT.
What are the shipping dimensions?
The shipping weight and dimensions are:
Douro: 65 kg, 65 x 50 x 50 cm
Santo Tirso: 120 kg, 105 x 65 x 51 cm
Braga: 64 kg, 99 x 60 x 43 cm
How are the machines delivered?
We pack your machine with the utmost care, using superior packing materials and reinforced, custom-made heavy duty wooden crates. Multiple shipping services are offered, or you can arrange for your own courier. Ex-works pickup is available in Portugal.
What are your payment terms?
50% of the price and shipping upon pre-order, with the remainder due before shipping. We accept Bitcoin, Bitcoin Cash, and SEPA payments. Pre-orders are non-refundable.
What HS code is used for customs?
Although the importer is ultimately responsible for classifying the imported items for customs, we suggest: HS 8476.89.90 – “Automatic goods-vending machines (for example, postage stamp, cigarette, food or beverage machines), including money-changing machines.”
Are customs and duties covered in machine or shipping price?
No, they are not, buyer is fully responsible for customs and duties in destination country.
What should be considered for federal and state compliance in the US?
We do not yet have a clear position of the compliance requirements. We strongly recommend formulating one with an attorney or compliance firm. Please see our Due Diligence Questionnaire if you plan on launching a machine in the US.
Do all US states require a money transmitter license for operating Bitcoin ATMs?
Not all states do. States such as Texas and New Hampshire have made it clear that if no third party is involved, no license is required. This means that the operator sells directly to the end-user, without involving additional parties, such as exchanges or agents. We recommend contacting any state in question and inquiring.
How is ID verification performed?
The user scans the PDF417 barcode on the back of their license, which pulls up their name and address. The data is forwarded to IdentityMind (with which the operators have an account) and a pass/fail message is returned to the machine in sub-second time. For this level of compliance there is no method for confirming the identity of the user, but the use of the license may be limited to a certain daily amount.
Are transaction limits for ID verification customizable?
Yes. Operators may choose different fiat thresholds at which to invoke tiers of ID verification, as well as a per user per day limit. For instance, you may wish to collect phone numbers at $100, and scan an ID once they wish to buy over $500, and set a max per day limit of $7,000.
Can ID verification be disabled?
Yes, in fact, the default state of the machine is with ID verification disabled. If the operator is obligated to verify ID in their jurisdiction, we will help them get set up in no time and enable the option on their machines.
Are there other capabilities besides the license scan for AML/KYC?
Yes. Customers can enter their mobile phone numbers, which can be verified. In some jurisdictions, additional information can be pulled based on the phone number. The system has the capability to check OFAC sanctions records, which may be required in the US.
FEES, FLOATS AND VOLATILITY
Does Lamassu take a cut of cryptocurrency transactions?
No, we don’t and we can’t. By choice, we aren’t able to see the transactions that go through your machine. We made a decision to keep the network of Lamassu machines private and distributed. You own the hardware outright and the software is open source.
What fee do you take?
There is a $100 monthly flat fee for technical support, software upgrades and access to our upcoming Raqia services platform. Support will be provided at no cost for the first month of any new machine, and payment can be suspended for machines that are not live.
If you have five or more machines, the fee is $90 per machine. For ten machines or more the fee is reduced to $80 per machine.
Who supplies to cryptocurrency float for the machines?
As the operator, you have full control over your cryptocurrency wallets.
What float do I need for daily operation?
This would depend on traffic and your convenience. How many coins are you selling every day, and how often do you plan to replenish your wallet?
How do I minimize the risk of volatility?
By using our exchange trading option on your back-end. With each purchase of coins at the machine, the back-end will convert the same amount from fiat to cryptocurrency in your exchange account, capturing the present value.
Is the back-end server one that we operate, or do we use a cloud service that you provide? What environment is required for the server?
The back-end office is software that is intended to be installed on a server run by the operator. We have a simple installation guide for Digital Ocean, whose set up process we provide support for, but some operators have run it on an Amazon instance as well. An Ubuntu Server 16.04 or later system should be able to install the back-end.
What functions are provided by the back-end?
Wallet configuration, price sourcing, auto-trading on exchanges, commission setting, language setting, currency setting, transaction logging, debugging, compliance, secure client/server pairing. Some options are available of the GUI, some via command line.
Which sources do you support for coins prices?
We currently support: BitPay, Bitstamp, Kraken, and Coinbase, with more on the way.
Does the machine operate on a wallet stored at the device level, or a cloud wallet, or either?
The machine’s hot wallets reside on your secured server, automatically backed up to a separate volume hosted on DigitalOcean. You alone have full control and possession of the wallet keys. We encourage regular wallet and seed backups.
What support is provided for wallet replenishment?
Wallet replenishment must currently be done manually, for security reasons. If your back-end server were to be compromised, the attacker would be able to get not only the bitcoins but all the cash reserves on your account, via sell orders and withdrawals. We’re considering ways to enable replenishment in a secure manner.
Which exchanges are supported?
We have direct integrations for Kraken and Bitstamp, with more on the way. Third-party linkage through Bitnik Reload allows usage of close to two-dozen exchanges.
Which wallets are supported?
The admin hosts node wallets for each cryptocurrency: bitcoind (BTC), geth (ETH), zcashd (ZEC), Bitcoin ABC (BCH), dashd (DASH), litecoind (LTC). There is also a BitGo wallet option on BTC and Infura option for ETH.
How do I profit from operating BTMs?
In order to profit from the machine, you will need approximately 4-5 transactions per day of the average $200 per transaction. You can expect the first few months to be slower and have traffic pick up as customers hear about the machine and learn to rely on it for repeat purchases.
Once you do get to the average $20,000 per month of transaction, depending on your commission (5.5% is the average), you should cover the cost of the machine in 7-9 months.
What are the best locations doing?
The top Lamassu machines have volumes north of $300,000 per month, other locations are handling over $70,000 per month. We believe the $20,000 average is on the rise, but as we don’t have access to machine’s data, it takes us a while to aggregate voluntary info from our operators. One thing we know for certain, the numbers are going up rapidly.
How scalable are BTMs?
Quite. For some, operating BTMs is their primary business. For others, a steady stream of additional income.
How are commissions determined, and are they mine to keep?
You have control over your commission, and it’s yours to keep. Your profit is realized in dispensing less bitcoins (or cash) than you would if your commissions were set to 0%, and thus retained in the form of additional cash held within the machine’s vault or a surplus of bitcoin in the machine’s wallet (however you wish to view it).
What makes for the best locations?
From discussions with our operators, it seems clear it’s key to be in a well situated location in a high foot-traffic area. Train stations, trendy shops in trendy neighborhoods, easily accessible (in and out for return customers), etc. Imagine where you’d want to go in your city if you wanted it to be the easiest to reach several times a month.
Experience is another important factor. Several months in, you’ll know what the reference volume goal is and will be able to move the weaker performing machines to better locations.
Will you help with promotion?
We have a guide for suggestions to gain publicity from your launch and would be glad to lend advice on your press release. We’ll be sure to share the news on social media as well.
What price breaks are available for purchases of ten units?
For quantities of 10+ units the prices for each are:
Santo Tirso: $4,600
Are cash collection services available?
We don’t have agreements with any, but several of our operators have agreements with cash collection agencies. One requirement that keeps coming up is the need for an electronic audit lock, and we have begun researching this option.
What security features do the machines possess?
The machines feature two Abloy Protec2 locks, one for the 2.5mm steel enclosure, and one for the 6mm Swedish Hardox steel vault. The machine is designed to be bolted to a secure surface, and comes with an 8mm mounting plate and five massive M12 bolts. If secured properly, they will be just as theft-proof as a standard ATM, if not safer.
How are the stands secured?
The Santo Tirso features the same secure locking mechanism and vault structure as the Douro.
The Douro is mounted atop the Santo Tirso or Braga with four M12 bolts, and the stands themselves are designed to be anchored into the floor with an additional four M12 bolts.
How many notes can the Douro hold?
The Douro’s cash box holds 600 notes. Additional cash boxes are available.
How many notes does the Santo Tirso hold?
The Santo Tirso uses two cartridges, holding 500 notes each.
How is the machine connected to the network?
Ethernet or Wi-Fi. A wired connection is highly preferred. If wireless, a dedicated connection such as a 4G hotspot is best.
Is the machine CE or UL-listed? Does it have any other safety certifications?
The machine is CE (self-tested), all components are UL and/or CE.
What are the environmental requirements of the unit?
The machines are designed for indoor use.
What would be involved to customize the exterior appearance of the unit?
Powder coating in different colors is an option for larger orders. It would have to be a RAL color. Vinyl cut logos are an option as well. Graphics must be supplied.
Does the Santo Tirso have a recycler?
Without the Santo Tirso, the machine (Douro model) is cash to cryptocurrency only. With the Santo Tirso and Douro, it’s a two way machine (cash-in/cash-out). We do not currently use a recycler at all.
Can the machine scan a paper QR code as well as one on a mobile phone?
Yes, it can.
Are there plans to add printers, fingerprint scanners, other biometric or webcam capabilities?
We don’t currently have plans for printers, fingerprint scanners or biometrics. An additional webcam angle will be available in the future.
What is the bandwidth use of the machine?
Very low, it’s mostly just the transactions and pings. The only thing that will take up bandwidth are the updates when we push them. They can be 10mb or more.
Where can I experience one in person?
Find over 120 machines worldwide on our Map.
Is NFC supported?
Not currently, though support is planned for the future.
What ports does the Douro have?
The tablet computer which powers the Douro features four USB ports, four RJ-45 ports (serial), and a mini-HDMI out. On the outside, it has two RJ-45 jacks (Ethernet and Santo Tirso connectivity) and a standard C14 inlet for power.
Will you provide software customization services if we need them?
We do not provide custom software services, however our software is open source and we’d be happy to point your developers in the right direction. We do not recommend changing the client (machine) software as we are not able to provide support for non-Lamassu versions. We also encourage that all software development remain open source.
For cash-out machines, how are zero-confirmation transactions handled?
Zero-confirmation payout limits are defined by the operator. If the limit is exceeded, the user will be asked to confirm a phone number. When the transaction confirms, the user will receive an SMS with a redeem code. We also support the Lightning Network, which means that users with a lightning-enabled wallet will be able to cash-out instantly.
How does the machine handle dropped transactions in the event of network failure?
If the local connection drops in the middle of a transaction, the back-end will automatically send the balance of the bills which have been inserted so far, with the remainder (if any) sent immediately when the machine regains connection. The user is presented with the ‘We got this’ screen.
Where can I find your source code?
Our project is on GitHub: https://github.com/lamassu We welcome pull requests.
What is the flow of the user interface?
Screenshots of user screens may be found here.
Is it secure?
You have full control over your back-end and private keys. We have no visibility or access to your machine’s wallet or settings, as the system is decentralized. We emphasize security during setup and have resources to help you maintain a high degree of security for your machine and wallet.
What can I expect from your support?
We are relentless and won’t stop working until your issue is solved. We use industrial components and hardware issues are rare, but when they occur we are quick to ship out replacements via courier at our expense. Our operators know they can rely on our support.
Take a look at our support desk and the guides we provide for our operators, it speaks for itself: http://support.lamassu.is
What technical support is provided during the 12 month warranty?
If any hardware fails in the first 12 months, we will either fix or replace it and provide guidance. Beyond that period we will provide spare parts for a charge.
With regards to hardware support, what support/repair services do you provide?
Troubleshooting and shipping of replacement parts when necessary. All components are easy to replace and do not require a professional.
What technical capabilities are required to install, configure, and support the machines?
Basic computer skills. We have a lot of guides and video tutorials to walk you through the process. Basic Linux command line knowhow is helpful as well. It is also possible to install the back-end server prior to the purchase of the machine: http://support.lamassu.is/support/solutions/articles/1000068000–start-here-lamassu-admin
How do you approach support?
Our support portal provides many relevant articles on getting your machine running and troubleshooting any issues. We offer support by email and live chat sessions.
How are updates provided?
Updates to the machine image are pushed remotely by our server. We will only update your machine with your permission. Updates to the back-end are accomplished by a quick update script.