Bitcoin ATM in a gas station - page 6.

wxa7115

hero member

Activity: 2702

Merit: 704

Quote from: stompix on March 15, 2021, 01:30:46 PM

These things have started to be non-news, more like adverts for the companies installing them, make a quick interview about a company, promote it and classify it as news. The most important thing in all of this is one line:

Quote

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

At those rates, those things are starting to target one-time shoppers, fleece them as much as they can, and then to the next buyer or more like victim rather than focusing on volume and on dedicated customers. Just for fun, I looked two weeks ago at a Batm, the fees were not that bad at 7% but buying 100 euros worth of bitcoin wouldn't get me 93euros in my wallet because they would also charge me close to 15 euros for the tx.

If they keep these things up and go full KYC on every purchase they will soon be left with no customers.

Let them keep fees that high, not only they will not get any repeat customers but the few that want to keep buying very soon are going to figure out that a peer to peer trade done face to face is probably way cheaper than what those ATMs can give you.

As you say if they had a real interest on trying to get as much money as possible they would be focusing on getting volume, for example there are gas stations that charge you a cheaper price for the gallon of gasoline and they do this because they are expecting for their clients to notice and regain that money with the increased volume on sales they will get and the same principle would work in bitcoin ATMs and the fact they are not doing this proves they do not really care that much about the volume they will get out of their ATMs.

aoluain

legendary

Activity: 2226

Merit: 1249

Its sort of a trade off, you get the convenience of buying Bitcoin at an ATM without KYC
but you pay a premium for it. If they do start requiring ID and go down the KYC route they
lose their niche.

My view on Bitcoin ATM's has always been positive, they are advertisement for Bitcoin,
and as more and more pop up they normalise the use of Bitcoin, thats my opinion.

The Sceptical Chymist

legendary

Activity: 3234

Merit: 6706

Proudly Cycling Merits for Foxpup

Quote from: stompix on March 15, 2021, 01:30:46 PM

If they keep these things up and go full KYC on every purchase they will soon be left with no customers.

Yep, that'll be a serious deal breaker for many potential bitcoin buyers. As it stands with CoinFlip machines, you can only purchase up to $900 worth of crypto without having to scan your ID if I'm not mistaken. I just used one recently and made a thread about it.

Funny you quoted the fees from the article, because I was going to do the same thing. The CoinFlip ATM that I used had fees of less than 7%, which I was fine with. Other ATMs I've used were just outrageous, plus they required a scan of my driver's license.

All in all that was a pretty interesting article, and if nothing else it keeps bitcoin in the news. I'm sure they're still a novelty for most people, and I'm also sure most people who see them in gas stations, liquor stores, or wherever won't actually use them. But for those people who can't use exchanges like Coinbase (me, for example, because they nuked my account) they're certainly a convenient way to buy crypto.

Fatunad

sr. member

Activity: 2198

Merit: 347

Quote from: stompix on March 15, 2021, 01:30:46 PM

These things have started to be non-news, more like adverts for the companies installing them, make a quick interview about a company, promote it and classify it as news. The most important thing in all of this is one line:

Quote

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

At those rates, those things are starting to target one-time shoppers, fleece them as much as they can, and then to the next buyer or more like victim rather than focusing on volume and on dedicated customers. Just for fun, I looked two weeks ago at a Batm, the fees were not that bad at 7% but buying 100 euros worth of bitcoin wouldn't get me 93euros in my wallet because they would also charge me close to 15 euros for the tx.

If they keep these things up and go full KYC on every purchase they will soon be left with no customers.

One of the cons on using up these ATM's where fees are absurdly high where a certain Bitcoin user would just rather on using up his fiat than on wasting up his precious coins or would tend too
buy in much lesser fees in platforms even though it cant really equalled out when it comes to convenience that it gives but this is just actually a person reference if he would deal up with that or not.

You are right that when it comes into these kind of headlines or news then this one turns out to be some sort of advertising on some companies but well, as long it do shows up some
action of adoption or integration then this one still to be considered as a good one.

abel1337

legendary

Activity: 2464

Merit: 1145

FOCUS

Quote from: stompix on March 15, 2021, 01:30:46 PM

These things have started to be non-news, more like adverts for the companies installing them, make a quick interview about a company, promote it and classify it as news. The most important thing in all of this is one line:

I have the same thought, Bitcoin ATM exist on different kind of places years ago but this is also nice that they are starting to promote their product which is the "Bitcoin ATM". It helps the community especially those who are interested in giving it a shot for them to experience it.

Quote from: stompix on March 15, 2021, 01:30:46 PM

Quote

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

At those rates, those things are starting to target one-time shoppers, fleece them as much as they can, and then to the next buyer or more like victim rather than focusing on volume and on dedicated customers. Just for fun, I looked two weeks ago at a Batm, the fees were not that bad at 7% but buying 100 euros worth of bitcoin wouldn't get me 93euros in my wallet because they would also charge me close to 15 euros for the tx.

If they keep these things up and go full KYC on every purchase they will soon be left with no customers.

It will be hard for them to sustain their business if they charge this kind of ridiculous fee to their customers. I tried bitcoin atm in my country but the fees were not large as this. For me, it was a nice experience but it's still more cheap buying thru online 3rd party sellers.

The Cryptovator

legendary

Activity: 2226

Merit: 2169

Need PR/CMC & CG? TG @The_Cryptovator

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.

LeGaulois

copper member

Activity: 2828

Merit: 4065

Top Crypto Casino

Quote from: BIN-BIN on March 15, 2021, 12:45:56 PM

...What are your takes on this new development....

What new development are you talking about?

A gas station has nothing special, it's commerce that can host a machine like many other types of commerce. Not even something new, I even remember someone here (@ThePharmacist maybe) who posted a thread to share his experience, and if I remember the photos posted he was in a gas station.
It is only a good location to choose from as there is a lot of transit.

Bitcoin ATMs are becoming popular in the US. since the last 2 years, it's perhaps the country having much of it with over 10,000, and it's not a new trend

Quote from: stompix on March 15, 2021, 01:30:46 PM

...

If they keep these things up and go full KYC on every purchase they will soon be left with no customers...

With the 'outrageous fees and the KYC, I still don't understand why people rush on it. Like if we didn't have an alternative to it Roll Eyes

stompix

legendary

Activity: 2828

Merit: 6108

Jambler.io

These things have started to be non-news, more like adverts for the companies installing them, make a quick interview about a company, promote it and classify it as news. The most important thing in all of this is one line:

Quote

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

At those rates, those things are starting to target one-time shoppers, fleece them as much as they can, and then to the next buyer or more like victim rather than focusing on volume and on dedicated customers. Just for fun, I looked two weeks ago at a Batm, the fees were not that bad at 7% but buying 100 euros worth of bitcoin wouldn't get me 93euros in my wallet because they would also charge me close to 15 euros for the tx.

If they keep these things up and go full KYC on every purchase they will soon be left with no customers.

gantez

full member

Activity: 1736

Merit: 121

But I do not expect nothing below or lesser than that. Bit is used as money and assets. I'm sure most gas stations have means of getting cash around them, so why not bitcoin? I'm not surprised because we are already on the journey of digital age and bitcoin as means to financial system.

BIN-BIN

member

Activity: 504

Merit: 57

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

Topic: Bitcoin ATM in a gas station - page 6. (Read 941 times)