Bitcoin ATM in a gas station - page 5.

TimeTeller

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Quote from: Rikafip on March 16, 2021, 04:23:47 PM

Quote from: dothebeats on March 16, 2021, 09:20:11 AM

Installing a bitcoin ATM was a great concept until over time, people realize that the fees by using it on small amounts and on-the-go isn't really worth it. True that there are a lot of those installed all over different places right now, but I wouldn't be surprised if it's not getting any transactions for a week or if the numbers are lackluster than what was initially projected by the organizers.

The hype around bitcoin ATMs are slowly dying out that most people do not consider it relevant anymore. I mean it's cool and all, but who's really going to be using them with those fees anyway?

Exactly this.

I mean, I am glad to hear that amount of bitcoin ATMs is increasing worldwide, but at least in my country they are not as popular as they used to be simply due high fees. I am among those who stopped using them as better alternatives appeared. For example, we have bitcoin store where you can buy & sell up to ~$2,300 worth of crypto every day without any ID, and all that for fee that is at least 20-30% lower than at the ATM. So of course I won't think twice what will I use for cashing out or buying as all those fees adds up.

The presence of these bitcoin ATMs will drive other people's curiosity.
And at least try what is going on in this machine.
For those of us, that know how to cash out without spending such amount of fees, ATM is really not our option.
But the existence of these ATMs may drive adoption one way or another.
It is the same as going to a convenience store like 7-11, we know that their prices are quite higher if you compare it to supermarkets.
But still, we got to these stores for convenience. And so with these ATMS. Some will people will use it for convenience even with high fees involved.

Rikafip

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Quote from: dothebeats on March 16, 2021, 09:20:11 AM

Installing a bitcoin ATM was a great concept until over time, people realize that the fees by using it on small amounts and on-the-go isn't really worth it. True that there are a lot of those installed all over different places right now, but I wouldn't be surprised if it's not getting any transactions for a week or if the numbers are lackluster than what was initially projected by the organizers.

The hype around bitcoin ATMs are slowly dying out that most people do not consider it relevant anymore. I mean it's cool and all, but who's really going to be using them with those fees anyway?

Exactly this.

I mean, I am glad to hear that amount of bitcoin ATMs is increasing worldwide, but at least in my country they are not as popular as they used to be simply due high fees. I am among those who stopped using them as better alternatives appeared. For example, we have bitcoin store where you can buy & sell up to ~$2,300 worth of crypto every day without any ID, and all that for fee that is at least 20-30% lower than at the ATM. So of course I won't think twice what will I use for cashing out or buying as all those fees adds up.

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Quote from: icopress on March 16, 2021, 01:28:26 PM

Quote from: stompix on March 16, 2021, 10:33:16 AM

I wonder how long it will take for gangs to realize those atms are the best money deposit boxes in the world, you get some cash from different activities and instead of trying to hide them from each cop that comes near your workplace you stuff it in the atm.

Bitcoin ATMs are ideal for money laundering if you are not a mafia boss. For the mafia boss is unlikely to pay such colossal commission costs, at least if he is not an idiot, then he will listen to his Consigliere and will make payments using the #LightningATM. Grin

Why do you assume he is going to pay such fees? Wink

Do you think they ask their own cafe for protection money? No, they will install their own machine and although the mules will take a hit from the fees in cash, the company that claims to run the ATMs will make a profit and more importantly, legit profit!
They are not stupid to use a random machine for that, everything will happen just like with casinos, where they own everything.

And you know what's the funniest part in all of this?
They don't even have to sell the coins, the guy comes after closing time, runs a script faking transactions, puts inside 50k, and then the next day the accountant writes down, got from selling 45k worth of BTC 50k in cash, then the company goes bankrupt, another one pops up, rinse and repeat, it's already happening and many have already been seized by the police for such schemes.

The worse part of it is that they actually don't even make use of Bitcoin but guess who is going to be blamed as usual for all...

Leviathan.007

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This is another step forward to bitcoin ATMs. I'm still waiting to see how the other countries are going to accept bitcoin and we see more bitcoin atm devises in all over the world. From 2010 to 2021 everything changed. People have much more interest to bitcoin and they are usually buying bitcoin as safe investment for long term.

pinggoki

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It is normal and I know that eventually the spreading of this bitcoin atm will be happened worldwide despite that we all know bitcoin is very popular these days especially today that the price of it is very high. Just imagine that those who are getting or buying gas in the gas station doesn't have a money then they can pay those gas through bitcoin and because of the help of this bitcoin atm, the massive adaptation of bitcoin also increase. Hoping that in the next few years, many people will adapt bitcoin as an money and an assets.

icopress

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Quote from: stompix on March 16, 2021, 10:33:16 AM

I wonder how long it will take for gangs to realize those atms are the best money deposit boxes in the world, you get some cash from different activities and instead of trying to hide them from each cop that comes near your workplace you stuff it in the atm.

Bitcoin ATMs are ideal for money laundering if you are not a mafia boss. For the mafia boss is unlikely to pay such colossal commission costs, at least if he is not an idiot, then he will listen to his Consigliere and will make payments using the #LightningATM. Grin

Although I am sure that in some countries, if there is no clear regulation in the near future, a total ban on such devices will be applied.

TedMosby

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https://bitcointalk.org/index.php?topic=5274318.0

Quote

“I just assumed there was demand and people wanted bitcoin everywhere,” said Quad Coin founder Mark Shoiket, who flew to Montana after scanning a U.S. map for bitcoin ATM deserts.

yes, literally. they want bitcoin, not cashing it. Grin

Quote

Fees range from 6% to 20% of a total transaction

and is it includes the bitcoin transaction fees? because these 6-20% fees are insane.
there's no information about the lower and upper limit for the transaction.

IMO, a bitcoin ATM at a convenience store or gas station is more for consumer users, who are there to buy something with bitcoin because they don't have cash.
a crypto POS app could be more suitable for these transactions.
but I am not sure if they can get cash with POS.

Ultegra134

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As of January, there were 28,185 bitcoin ATMs in the United States, according to howmanybitcoinatms.com, an independent research site. Roughly 10,000 came within the prior five months.

This startled me to be honest, that's numerous ATMs which makes me curious on who uses them. To be honest, I don't really find much purpose for them, the fees are way higher than any exchange out there and require much more effort in order to obtain/sell Bitcoin.

fiulpro

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Quote from: BIN-BIN on March 15, 2021, 11:45:56 AM

The use of bitcoin ATM is becoming more and more popular in the cities and the latest is a bitcoin ATM installed in a gas station in the Montana and delis, having a bitcoin ATM in a gas station is another milestone for the entire usage of bitcoin what I can tell is if one can pay for gas using bitcoin in the station but the fact is bitcoin is gaining widespread adoption. What are your takes on this new development.
Read the full details here.
https://www.reuters.com/article/us-usa-crypto-currencies-atms-idUSKBN2B714L?utm_campaign=trueAnthem%3A+Trending+Content&utm_medium=trueAnthem&utm_source=facebook

That's good but the people need to make use of the crypto debit card also , at the same time I do believe that the ATM should have a lot of customers who already know about Bitcoins and how to use it. Right now the shop might see a very limited usage. At the end of the day I do believe the ATM also have to provide good rates because now a days the market is quite competitive.

I do think they should also do an indepth analysis of how people use it in what sense. The charges need to be taken care of for sure. Then only will people use it and at the end of the day because the currency exchange is really fast (instant in many cases ) now therefore I do think they would have to somehow stand out.

wack slacker

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I have heard about Bitcoin ATMs, crypto all over America. They have many and can be exchanged for crypto trading, but the problem with a transaction is that the cost is too high for a regular withdrawal. From a few percent to tens of percent is too absurd and unsuitable for regular crypto adoption.
The next problem is that transactions on the Bitcoin or etherum network will give confirmation times longer than regular transactions. So crypto trading is no better than cash in this case.

nightxglow

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I saw some replies that said the fee is ridiculously high? Well i think i'm kind of out to date, since i never knew bitcoin ATM in gas station is a thing, but seeing the replies here seems like it's common already. However, if the fee is that high, ranging from 6-20%? then i doubt there will be many people who want to use that. Well maybe it's an inovation, a trend, and such. But is it really effective and efficient? will people really choose to use bitcoin atm instead of cash or others? I'm pretty sure that it might work better if the fee is lower, and of course it's a good sign already if btc is used commonly in lots of places now.

stompix

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Quote from: dothebeats on March 16, 2021, 09:20:11 AM

The hype around bitcoin ATMs are slowly dying out that most people do not consider it relevant anymore. I mean it's cool and all, but who's really going to be using them with those fees anyway?

The owners Wink

There is a dark side to those Batms that people would want to ignore and that they can be used for money laundering also.
Of course, not with the 20% fee, but what if you install a machine, your "friend" buy and sell bitcoins but since he's your "friend" the whole fee is just a number as at the end of the day the money is still yours. I remember one case in Spain that was quite funny, there were two Batms in a 2 by 2, 4 square meter shop that managed to turn 9 million euros in 3 months, just lol

I wonder how long it will take for gangs to realize those atms are the best money deposit boxes in the world, you get some cash from different activities and instead of trying to hide them from each cop that comes near your workplace you stuff it in the atm.

I'm sure that the number of shady Batms at this moment is quite low probably less than 1% but as things are going and with ease you can buy coins cheaper and faster using different methods probably the percentage will skyrocket, and that's when this will start gaining some unwanted attention from the government.

Quote from: ?? on ??

Expanding bitcoin payment methods can be a good way to increase interest and increase bitcoin recognition in the community, but let's look at one of the downsides:The gas station is one of the most crowded places and paying cash is quite time consuming and it is usually faster to use bank cards to pay than to use bitcoin and transfer it and confirm the transaction.

Nobody is paying for gas with bitcoins there.
It's just a Batm where you can buy or sell bitcoins, you can't pay for the products in the gas station with crypto, it's just another vending machine.

ivankoh

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Quote from: Om.monata on March 16, 2021, 09:22:24 AM

Quote from: BIN-BIN on March 15, 2021, 11:45:56 AM

The use of bitcoin ATM is becoming more and more popular in the cities and the latest is a bitcoin ATM installed in a gas station in the Montana and delis, having a bitcoin ATM in a gas station is another milestone for the entire usage of bitcoin what I can tell is if one can pay for gas using bitcoin in the station but the fact is bitcoin is gaining widespread adoption. What are your takes on this new development.
Read the full details here.
https://www.reuters.com/article/us-usa-crypto-currencies-atms-idUSKBN2B714L?utm_campaign=trueAnthem%3A+Trending+Content&utm_medium=trueAnthem&utm_source=facebook

this is an extraordinary discovery. because with the Bitcoin ATM at the gas station it can make it easier for motorists to withdraw money and make transactions. but in my opinion this only exists in a few countries and not all countries are able to implement this system due to regulatory constraints. so I think this is a good thing to implement in the future

Really a good sound to hear. This has demonstrated the increasing recognition of bitcoin across the US, gas stations, airports are gradually appearing bitcoin ATMs. Obviously, the bitcoin pull is prevailing and has a really strong impact, and $ 61.6k is not a stop but a temporary dock before correcting it will produce new ATH. This is a pretty clear statistic but the one I hear is that it has grown by almost 28k bitcoin ATMs.
https://coinatmradar.com/country/226/bitcoin-atm-united-states/

Om.monata

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Quote from: BIN-BIN on March 15, 2021, 11:45:56 AM

The use of bitcoin ATM is becoming more and more popular in the cities and the latest is a bitcoin ATM installed in a gas station in the Montana and delis, having a bitcoin ATM in a gas station is another milestone for the entire usage of bitcoin what I can tell is if one can pay for gas using bitcoin in the station but the fact is bitcoin is gaining widespread adoption. What are your takes on this new development.
Read the full details here.
https://www.reuters.com/article/us-usa-crypto-currencies-atms-idUSKBN2B714L?utm_campaign=trueAnthem%3A+Trending+Content&utm_medium=trueAnthem&utm_source=facebook

this is an extraordinary discovery. because with the Bitcoin ATM at the gas station it can make it easier for motorists to withdraw money and make transactions. but in my opinion this only exists in a few countries and not all countries are able to implement this system due to regulatory constraints. so I think this is a good thing to implement in the future

dothebeats

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Installing a bitcoin ATM was a great concept until over time, people realize that the fees by using it on small amounts and on-the-go isn't really worth it. True that there are a lot of those installed all over different places right now, but I wouldn't be surprised if it's not getting any transactions for a week or if the numbers are lackluster than what was initially projected by the organizers.

The hype around bitcoin ATMs are slowly dying out that most people do not consider it relevant anymore. I mean it's cool and all, but who's really going to be using them with those fees anyway?

worle1bm

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Quote from: BIN-BIN on March 15, 2021, 11:45:56 AM

The use of bitcoin ATM is becoming more and more popular in the cities and the latest is a bitcoin ATM installed in a gas station in the Montana and delis, having a bitcoin ATM in a gas station is another milestone for the entire usage of bitcoin what I can tell is if one can pay for gas using bitcoin in the station but the fact is bitcoin is gaining widespread adoption. What are your takes on this new development.
Read the full details here.
https://www.reuters.com/article/us-usa-crypto-currencies-atms-idUSKBN2B714L?utm_campaign=trueAnthem%3A+Trending+Content&utm_medium=trueAnthem&utm_source=facebook

Bitcoin ATMs have become a past topic as there is no coverage on large scale about such news in the market but it's good to see that more locations are adopting Bitcoin ATMs such as gas stations where it would caught the sight of more people rather than Installing them at some obselete places.Here see list of Bitcoin ATMs around the globe:

Locations of Bitcoin ATMs around the globe

There are thousands of them already installed in most of the countries due to increasing demand and rising Bitcoin popularity.

Bilgent

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Quote from: BIN-BIN on March 15, 2021, 11:45:56 AM

The use of bitcoin ATM is becoming more and more popular in the cities and the latest is a bitcoin ATM installed in a gas station in the Montana and delis, having a bitcoin ATM in a gas station is another milestone for the entire usage of bitcoin what I can tell is if one can pay for gas using bitcoin in the station but the fact is bitcoin is gaining widespread adoption. What are your takes on this new development.
Read the full details here.
https://www.reuters.com/article/us-usa-crypto-currencies-atms-idUSKBN2B714L?utm_campaign=trueAnthem%3A+Trending+Content&utm_medium=trueAnthem&utm_source=facebook

I think we will continue to see news like this much more in the future and it is one of the important things for Bitcoin adoption in as many countries as possible. And it is also a smart thing to put a Bitcoin ATM in a gas station to draw people's attention to it and incentivize them to pay with Bitcoin.

bakasabo

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This ATM cult is the US always amazed me. While people often wish to pay by credit card, or use watch/mobile for payment, or become more independent from cash, almost on every corner of the street there is an ATM. I just dont get it. Even when I was visiting US and used $100 bills (they are most frequent to given during exchange in my country), people looked weird on me. And now I read that more and more Bitcoin ATM appear.

Lorence.xD

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Quote from: The Cryptovator on March 15, 2021, 12:40:10 PM

ATM bitcoin on gas stations or on shopping complexes doesn't make much difference. Because all are a public place and pretty easy to use as well. Increasing Bitcoin ATM means it easier to use your funds although transaction fees are quite high, at least there is real use. Bitcoin ATM is effective adoption for bitcoin. As much as Bitcoin becomes easy to use the value will increase rapidly. The value doesn't mean the only price, value fully depends on the community. Hope soon we will see more Bitcoin ATMs everywhere.

The transaction fee for those ATM services is going to be regulated as soon as there are more Bitcoin ATMs that will popup and most fundamental regulations about cryptocurrency has been discussed. Hopefully by regulated I mean is that the transaction fees will go down that it is worth using. What we need is for conventional ATMs to have the ability to do transactions with bitcoin besides fiat.

blockman

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Good news as usual. When there are some adoptions that happen in any place, let's be happy about it and think that it's becoming more known and popular these days and this is what we need to gain more adoption.
I still got no experience in using a bitcoin ATM as in my place there's not one in existence. And I'd love to use it someday so good thing for those folks that are near to this gas station and other places where there's an existing bitcoin atm.

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