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Topic: Bitcoin ATMs normalizing Cryptocurrency (Read 468 times)

jr. member
Activity: 51
Merit: 1
January 31, 2020, 06:24:48 AM
#39
It seems to me that this is not very convenient to use. However, I agree that this is a great way to advertise Bitcoin. The more people see this technology in daily life, the better, because in this case, people have increased confidence in it.
jr. member
Activity: 494
Merit: 2
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January 31, 2020, 12:11:02 AM
#35
This is a good increase and will aid the global adoption. I hope some of these merchants will consider Africa continent to install some of these ATMs. We are getting there gradually and it is just a matter of time
brand new
Activity: 0
Merit: 0
April 16, 2020, 12:21:20 PM
#32
The majority of the planet’s Bitcoin ATMs are still located in the United States. The nation alone boasts an impressive 4,221 machines, an increase from 2,296 the previous year. Interestingly, not all nations increased their number of Bitcoin trading terminals. Austria, for example, started 2019 with 258 Bitcoin ATMs and ended the year with just 184.

The rising number of Bitcoin ATMs does not give any indication about the machines’ actual usage and, unfortunately, the excessive trading fees often charged certainly limit the utility of these machines. A report in CBS News claimed that the average cost of using one of the terminals was around nine percent in 2017. Such steep fees will likely price out most users, except those needing very fast cash for their Bitcoin or for those trying the machine simply for the novelty of it.
sr. member
Activity: 1593
Merit: 284
February 01, 2020, 10:53:10 AM
#31
Yeah you’re right about what you have said🤔 for those that are asking whether that even helps in the adoption of bitcoin, imagine when someone that doesn’t know about Bitcoin tries to use the ATM with their normal bank card and they are being told that the ATM is a Bitcoin ATM. They would be like ‘bitcoin? What is Bitcoin? After that they will be curious to know what Bitcoin is all about and then they will start doing research to know more about it.

So like the OP said, it might not create a noticeable increase in adoption but it will normalize it, and by the time people starts seeing it as a regular thing they would start to develop interest.
sr. member
Activity: 644
Merit: 364
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January 31, 2020, 06:04:45 AM
#30
The increase of the number of ATM in every country is a significant reason why we should think why cryptocurrency is getting huge adoption over time.  IMO, in the future, more people will engage in cryptocurrency because of it, and the government will take it seriously, whether to allow the usage of it or to stop it, though, with the increasing adoption of cryptocurrency, as it becomes normal for people to see bitcoin and cryptocurrency, I don't think government will still have the reason not to adopt it, especially if it already proves helpful for the community.
legendary
Activity: 2674
Merit: 1226
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January 31, 2020, 05:07:13 AM
#29
I don't believe it's the case. Bitcoin ATMs around my area do not seem popular at all, and the models that are present around my area seem to worth around 20,000 USD or something. I highly doubt that the ones around my area are making a lot of profit, especially with maintenance fees (and keep in mind that this area is basically the business district of my city).

Most investors will rarely use ATMs. They charge horrific spreads and using exchanges, or other P2P platforms are a lot cheaper, and sometimes more convenient for people.

Personally I think it comes down to Bitcoin, itself seeing a lot of growth during the years, and then people trying to jump on the bandwagon and profit off ATMS.

I'd like to see an exact number/percentage to how much ATMs make per transaction, and how much they've made.


This is just what the same experience I've had with Bitcoin ATMs. I've seen one, and it looks so old and dusty as if nobody ever used it. And in my whole life interacting with bitcoin users none have ever used BATMS simply because it's far cheaper to buy with p2p or even directly from an exchange.

But apparently reading the operators own reports, they make money. You can find them on the news if you Google. Which is why they keep expanding. **shrugging**
newbie
Activity: 5
Merit: 0
January 31, 2020, 12:53:46 AM
#28
Yes the oresence of Bitcoin ATM's can help normalise Crypto particularly Crypto.

Its exposure along with the introduction of Bitcoin wallets pre installed on new
mobile devices which let people know its ok, normal and not a negative thing
to own or play with Bitcoin.

https://www.[Suspicious link removed]2019/2/25/18233131/samsung-galaxy-s10-bitcoin-cryptocurrency-wallet-features

While the transaction rates are quite high by using the ATM's im not sure how
much usage they get but they can offer a certain level of anonymity.



They have high fees that's why they are not preferred. Secondly these ATMs have cameras and finger print system installed so visiting these ATMs will be like giving your ID to atm operator.

This is true... but but is there a better way to buy bitcoin anonymously? Can't you just tumble your bitcoins to get anonymity?

If you buy bitcoin online, you have to use a credit/debit card. Even if you use a debit card you paid using cash, you have to somehow verify your identity to use a debit card online. So how will you get true anonymity?
hero member
Activity: 2282
Merit: 795
January 30, 2020, 11:53:22 PM
#27
They will be useful only then they will have normal fees

I agree with this statement.

Currently, the Philippines has only two (2) bitcoin ATMs and they started on the year 2016. As far as I know, there are no updates regarding the further developments about the units and plans if they are to increase its number. Based from what I heard in our community, the fees are significantly higher compared if you withdrew your bitcoins using your local exchange. Nevertheless, news like these are generally positive and may attract more users in investing into bitcoin.

legendary
Activity: 3234
Merit: 1214
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January 30, 2020, 07:26:02 PM
#26
Worldwide we've got more than 6000 cryptocurrency ATMs for usage. This number has increased big compared to the previous year's implementation of bitcoin ATMs. There is large number of ATM being set on the third world countries which is the real success. Further the usage of cryptocurrency ATMs need to be encouraged, because at present the usage is low as the fee is high than exchanges.
member
Activity: 92
Merit: 17
Largest BTM network in Vietnam
January 30, 2020, 07:15:08 PM
#25
We are currently in Vietnam the largest operator of Bitcoin ATM's, however operating a fleet of machines is by no means easy.

Unfortunately it is far from "plug&play", forget about it and collect some $ at the end of the month of it.

The overhead to operate such machines is tremendous: Regular hardware issues, customers who manage to clog up the bill recipient with terribly folded/crumbled bills or force-inserting their money (despite stickers with clear indication of what is what) into the printer slit instead of the bill acceptor... - shaky Internet or power connection; physical safety, issues with software & telco providers... - as a start.

And by that we have not even touched another elephant in the room which provides uncertainty/burden to the business: Regulation!

And if you want to build up anything like a regular customer flow the rule number one is: Keep your damn machines online and fix problems within hours max.!

Operating them as a hobby won't work in most cases, so it will be necessary to build up a dedicated team which learns about all the quirks & features of the machines; establishes direct connections with hardware & software vendors for fast support; is able to react fast on any issues occurring; knows how to manage cash/crypto balances to "never" run out of funds while at the same time manage the risk tightly.

When the BTM Department of BitcoinVN launched in 2016 with its first machine it was indeed nothing more than a "side business" without dedicated staff which of course had impact on the service level.

By now we have established a specialized team operating the current machines and expanding the network further location by location. It ain't easy, but our team is learning day by day and gaining some more experience and knowledge every day.

Far from easy money, but if you are willing to put in the work; be patient and build up a team it can become a business.



For those of you are interested, we recently started expanding our network further: https://bitcointalksearch.org/topic/m.53598912
hero member
Activity: 2954
Merit: 672
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January 30, 2020, 02:44:36 PM
#24
I wish that Bitcoin ATMs here in my country would spread out faster than a wildfire. It seems that it is being focused on spreading around the capital, and that's a lot of miles for me and it won't be that worth it just for cryptos.
I wonder if there's a lot of people that wanted to build these types of business, but can't do it due to less people using cryptos especially Bitcoin.
People will be more aware about the existence of bitcoin and its proper usage if they will be given free education about cryptocurrencies particularly bitcoin. Bitcoin atm machines will be more useful if the people themselves know how to use it already. These machines might be widespread in some countries but in my own country, i have never seen this until today.
legendary
Activity: 3556
Merit: 7011
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January 30, 2020, 02:02:04 PM
#23
join the Hype Train
You know, that's kind of all I think this is.  That growth rate of bitcoin ATMs is quite astonishing, though, and I wouldn't have expected that many new ones to pop up because I'm not sure how many people are actually using them and how much of a demand there are for them.

The big problem with these machines is the fees, as has been mentioned.  I'd love the convenience of a nearby ATM where I could buy bitcoin if only they didn't charge so much--and I don't even mind the KYC documents I'd have to provide either.  It's just that it costs so damn much over the market price that it really isn't worth it.  I can usually get preev 1:1 deals on this forum, so why would I waste money?

US (gone from 2.295 to 4.535 in a year – up 97,60%)
Canada (gone from 615 to 682 in a year – up 10,89%)
Wow X 2.  That's impressive, but as I said I wonder how much use these ATMs are getting.  I'd really like to see some hard data on that.
hero member
Activity: 2352
Merit: 905
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January 30, 2020, 01:56:19 PM
#22
My friend has bar in a prestigious place and has bitcoin ATam there. For a while I was pretty often in his bar and to be fair I have never seen anyone was withdrawing bitcoins via it. The only moment that I saw was that one old woman forgot to pay bills and somehow reminded it when she went near to our bar. She came here and was trying to pay bills via bitcoin ATM, she didn't understand anything and said, wtf is this, then came to us and asked for help. It was very funny moment.
So I can't understand why number of bitcoin ATMs increase, is there really high demand on it in your countries?
legendary
Activity: 2338
Merit: 10802
There are lies, damned lies and statistics. MTwain
January 30, 2020, 04:57:56 AM
#21
The growth of Bitcoin ATMs worldwide has gone from 4.090 (January 2019) to 6.708 (January 2020), which represents an increase of 66,21%. Nevertheless, the core volume still resides in the US:

US (gone from 2.295 to 4.535 in a year – up 97,60%)
Canada (gone from 615 to 682 in a year – up 10,89%)
UK (gone from 201 to 283 in a year – up 40,80%)
Austria (gone from 257 to 175 in a year – down 31,90%)
Spain (gone from 61 to 71 in a year – up 16,39%)
Switzerland (gone from 46 to 84 in a year – up 82,61%).

Data derived from https://coinatmradar.com/charts/growth/

It’s not that big a thing really, but rather much more of a niche product (as opposed to a do-it-yourself approach on an exchange), and as such, with a limited scope of reach. Whether the numbers will rise wildly and the geographical scope further extended is yet to see, and will largely depend on how thing progress (usability, usage, legislation, costs, KYC, anonymity, etc.).
legendary
Activity: 3248
Merit: 1402
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January 30, 2020, 04:35:13 AM
#20
I don't believe it's the case. Bitcoin ATMs around my area do not seem popular at all, and the models that are present around my area seem to worth around 20,000 USD or something. I highly doubt that the ones around my area are making a lot of profit, especially with maintenance fees (and keep in mind that this area is basically the business district of my city).

Most investors will rarely use ATMs. They charge horrific spreads and using exchanges, or other P2P platforms are a lot cheaper, and sometimes more convenient for people.

Personally I think it comes down to Bitcoin, itself seeing a lot of growth during the years, and then people trying to jump on the bandwagon and profit off ATMS.

I'd like to see an exact number/percentage to how much ATMs make per transaction, and how much they've made.

I encountered an article just yesterday that explained that the vast majority (70% or something) or Bitcoin ATMs are located in North America. This means that while the data about the number of ATMs is accurate, it can only help in the US and Canada to make Bitcoin seem more normal if ATMs help with that at all. In my country, some ATMs exist but it's not like people are actually using them. Moreover, I don't think ATMs help to normalize Bitcoin since they push people who have BTC to sell it for fiat, rather than encourages people to find ways of spending Bitcoin on goods and services.
hero member
Activity: 1666
Merit: 753
January 30, 2020, 03:44:38 AM
#19
I don't believe it's the case. Bitcoin ATMs around my area do not seem popular at all, and the models that are present around my area seem to worth around 20,000 USD or something. I highly doubt that the ones around my area are making a lot of profit, especially with maintenance fees (and keep in mind that this area is basically the business district of my city).

Most investors will rarely use ATMs. They charge horrific spreads and using exchanges, or other P2P platforms are a lot cheaper, and sometimes more convenient for people.

Personally I think it comes down to Bitcoin, itself seeing a lot of growth during the years, and then people trying to jump on the bandwagon and profit off ATMS.

I'd like to see an exact number/percentage to how much ATMs make per transaction, and how much they've made.
sr. member
Activity: 1036
Merit: 275
January 29, 2020, 09:54:56 PM
#18
Personally, I don't really believe that Bitcoin ATMs are normalizing the use of cryptocurrency. The only way normalization of cryptocurrency or Bitcoin to be specific can happen when the entire world gain the exact understanding of what Bitcoin and cryptocurrency are and their relevance in the financial ecosystem. Without understanding and knowledge, mass adoption of the use of Bitcoin and cryptocurrencies can never happen. The entire world is confused of what cryptocurrencies are.
full member
Activity: 2268
Merit: 121
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January 29, 2020, 07:51:09 AM
#17
Number of bitcoin ATM still few in the world and some country do not have bitcoin ATM and why many countries still not legal using bitcoin as payment currency transaction, I think when bitcoin have support with many ATM around the world will get positive respond from many people to accept bitcoin as payment transaction.
Many countries are not ready to accept Bitcoin so they are also reluctant to make Bitcoin ATMs. We need to give Bitcoin ads to the people around us, so they can understand about the world of Cryptocurrency. When people begin to understand, then a Bitcoin ATM will be easy to make.
many developing countries understanding about bitcoin also only hears and does not know in detail, because it is clearly not lacking information but indeed because the internet network is still constrained. so that there are still many developing countries that have not recognized bitcoin, let alone to become a legitimate transaction tool. clearly the existence of ATM is not needed and is not yet useful to them, they are still accustomed to transactions with fiat. still need time so that bitcoin can become a recognized medium of exchange.
legendary
Activity: 2338
Merit: 10802
There are lies, damned lies and statistics. MTwain
January 29, 2020, 07:19:25 AM
#16
<...> is there a bitcoin ATM machine available for cash withdrawals ? <...>
You can use https://coinatmradar.com , and play around with the filters on the left side of the world map of ATMs. Filter by "Bitcoin" and "sell" (operations) and you’ll see the list (which may not be all the up-to-date one would like) of ATMs that support sell type operations. Flick the filter between "buy" and "sell" to see the difference in numbers between the two types of operations.
sr. member
Activity: 1050
Merit: 251
January 29, 2020, 06:03:21 AM
#15
to this day I only know about bitcoin ATM machines to buy or exchange our cash for bitcoin, is there a bitcoin ATM machine available for cash withdrawals ? so we can travel abroad without bothering thinking about exchanging money in the country we visit.

Foe now I can hear some places around the world that used BTC atm right now, and that's particular at Western countries. Bitcoin's adoption is barely growing and became so popular to people who loved to use cryptocurrency. Exchanging fiat money to digital currency is a rampant activities which gain commendable experience, and I guess everyone appreciated the benefits of it.
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