In August this year a Bulgarian software developer Nikolay Mitev opened the second bitcoin ATM in Sofia and in Bulgaria, which was installed in Coffee Bar The White. Currently Nikolay works full-time in the telecoms industry and bitcoin is still a side project for him. However, he plans to focus more on cryptocurrency operations, and this is why CoinFox contacted the young Bulgarian bitcoin enthusiast and asked him to share his experience up to date.

CoinFox: When was the Bitcoin ATM installed at your place and how did you get the idea to do it?

Nikolay Mitev: It was installed about 3 months ago. We wanted to offer something novel to our customers and popularize bitcoin at the same time!

CoinFox: Does the ATM support BTC conversion from/to Bulgarian Lev only or it also works with other currencies?

Nikolay Mitev: You can buy and sell bitcoin (two-way ATM) with BGN only.

CoinFox: Do your customers express any interest to the machine and to Bitcoin in general?

Nikolay Mitev: Yes! Most people are curious and ask about it. Other people come to the cafe just to use the ATM and pay with bitcoin.

CoinFox: Approximately how many people have used the ATM since it was installed?

Nikolay Mitev: I can't say how many people have used it, because transactions are not 1:1 mapped with people. We have customers coming in every day to do transactions, and we have people from other countries doing a single transaction. If I had to guess, I'd say about 100 people have used the ATM so far.

CoinFox: How do you see the future of the Bitcoin ATM business in Bulgaria?

Nikolay Mitev: I think it will grow. People are starting to realize the potential of bitcoin.

CoinFox: Have you encountered any particular problems trying to develop a Bitcoin business in Bulgaria?

Nikolay Mitev: Yes. The biggest problem so far has been with the banks. One particular bank refused to process my transactions to online bitcoin exchanges. They wouldn't even give me an explanation why, citing only “internal policy”.

CoinFox: Have you had any issues with Bulgarian legal and monetary authorities over your Bitcoin activities?

Nikolay Mitev: So far no, but I haven't been subject to an audit or any other form of scrutiny from the tax authorities, so I can't say everything is fine just yet.

CoinFox: Do you consider any collaborations with other participants of the Bitcoin market, in Bulgaria or abroad?

Nikolay Mitev: Yes. I am a member of the Bulgarian Bitcoin Association ( http://www.btca.bg/ ). We have plans for promoting and popularizing bitcoin in Bulgaria and the Balkan region as a whole.

CoinFox: Do you plan to open more Bitcoin ATMs in Sofia/Bulgaria in the future?

Nikolay Mitev: I do, but currently the cost of the ATMs is quite high so this requires a lot of resources.