Topic: Bitcoin ATMs should target developing and third world countries (Read 1328 times)
Would be a huge lift to their life standard to be honest,but then, what about some of the countries that have very liitle or Jo knowledge at all about bitcoin,how can they be helped?..just wondering
January 11, 2020, 10:14:44 AM
the legalization is needed if you want to build it. in my country, there are just three atm and they placed on popular place that many tourism. so when build on strange place like useless though they want to spread bitcoin existance. many people know about bitcoin but many people still ignorance about this one
I am not supporting centralizing the cryptocurrency market, but for efficient operation and, above all, to protect normal people from scammers, regulations are needed. Without them, scammers will feel that no one can punish them, and honest companies will not be able to grow normally. The same applies to Bitcoin ATMs - there must be regulations first, and then the development of the network will start.
January 11, 2020, 09:45:49 AM
It won't make much of the economical sense then. Many such countries have regulated cryptos such as India, Bangladesh etc. There it is illegal to set up such things. Plus, people who are not really into trusting anything else than government when it comes to money. Bringing change though ATM will not achieve anything.
I guess these ATMs need to be properly embraced in developed countries and then only the wave will reach developing or their world countries.
I guess these ATMs need to be properly embraced in developed countries and then only the wave will reach developing or their world countries.
January 11, 2020, 09:37:35 AM
Hopefully it can get in third world countries like us here. I guess there taking actions on it and it just maybe about legalization issues etc. It would be more helpful I guess. But hearing that high charges issues is not so good to know. Maybe they still having the returns of there investment in atm (machines). If that's the case they must regulate the charge fees and/or might not having fees if possible.
January 11, 2020, 05:50:37 AM
IMO installing a bitcoin ATM on a developing country would do more harm than good considering how huge the fees these machines impose for a single trade/transaction.
Imagine paying for more than 3% per transaction instead of paying a flat fee for a purchase/sell that you have done. People from those regions obviously need any extra dollar/penny that they can get so what good does a bitcoin ATM do? Convenience? That's the last thing people from those region needs.
Also, the concern for these people should be focused on their own economy, shifting all of their attention towards strengthening their GDP and per capita income, above everything else. Bitcoin does not and will not alleviate poverty magically on a developing country. It has to happen among themselves first before they adopt bitcoin to which they can place their own money on if they want to.
Imagine paying for more than 3% per transaction instead of paying a flat fee for a purchase/sell that you have done. People from those regions obviously need any extra dollar/penny that they can get so what good does a bitcoin ATM do? Convenience? That's the last thing people from those region needs.
Also, the concern for these people should be focused on their own economy, shifting all of their attention towards strengthening their GDP and per capita income, above everything else. Bitcoin does not and will not alleviate poverty magically on a developing country. It has to happen among themselves first before they adopt bitcoin to which they can place their own money on if they want to.
Yes. These machines are only of value in places where there is no exchange and therefore no other means of buying bitcoin. Otherwise there is no point to them (especially as most of the machines only let you buy bitcoin but don't let you sell it in return for fiat).
January 11, 2020, 05:18:34 AM
Yes, but for that regulations must be in favor for it, like first comment said, unocoin installed atm in India but later they got in trouble by officials, you just can't go there and place your atm.
This is one of the factors to consider too before placing your atm machine in a country. Not all country supports bitcoin and cryptocurrency some of them are against it and will just bring you to trouble instead of profit. And there is a reason why those countries are called developing and third world countries it is because they struggle to get financially stable or some of them are totally poor country which can be a hindrance for them using bitcoin at all. It will just spread awareness but not total adoption. 
January 11, 2020, 04:47:11 AM
IMO installing a bitcoin ATM on a developing country would do more harm than good considering how huge the fees these machines impose for a single trade/transaction.
Imagine paying for more than 3% per transaction instead of paying a flat fee for a purchase/sell that you have done. People from those regions obviously need any extra dollar/penny that they can get so what good does a bitcoin ATM do? Convenience? That's the last thing people from those region needs.
Also, the concern for these people should be focused on their own economy, shifting all of their attention towards strengthening their GDP and per capita income, above everything else. Bitcoin does not and will not alleviate poverty magically on a developing country. It has to happen among themselves first before they adopt bitcoin to which they can place their own money on if they want to.
Imagine paying for more than 3% per transaction instead of paying a flat fee for a purchase/sell that you have done. People from those regions obviously need any extra dollar/penny that they can get so what good does a bitcoin ATM do? Convenience? That's the last thing people from those region needs.
Also, the concern for these people should be focused on their own economy, shifting all of their attention towards strengthening their GDP and per capita income, above everything else. Bitcoin does not and will not alleviate poverty magically on a developing country. It has to happen among themselves first before they adopt bitcoin to which they can place their own money on if they want to.
January 11, 2020, 04:08:51 AM
Yes, but for that regulations must be in favor for it, like first comment said, unocoin installed atm in India but later they got in trouble by officials, you just can't go there and place your atm.
why would get in trouble ? cause its illegal and they dont know it ? well that is thier problem and that isnt because of the need of regulations .
crypto is fine and workable on most countries without being the need of regulations . btc atm shouldnt only target those specific countries but it would be better if it can target the whole world countries so that btc can become well known rapidly .
January 11, 2020, 03:55:10 AM
These are mostly countries that are having conflict with their monetary system. Implementing bitcoin ATM's there would be a great help but when that happens, people is surely wiping out the authority of their government to unify them in terms of their currency. I better consider them to fix their currency first, lower the inflation rate, then have enough laws and jurisdiction to support cryptocurrency in their country. When that happen, they might have a more stable economy and bitcoin ATM's will be accepted nationwide.
January 10, 2020, 11:03:42 PM
Yes, but for that regulations must be in favor for it, like first comment said, unocoin installed atm in India but later they got in trouble by officials, you just can't go there and place your atm.
January 10, 2020, 09:27:40 AM
Nah, those people don't need it, it's just helping those tourists who visit the country and they don't have an account on the local exchange in order to convert their bitcoin into the cash. The local exchange offers a cheaper fee than bitcoins ATM. They just simply request a withdraw and cashout the money through their Banks ATM machine it's really simple than going to the bitcoins ATM which located a hundred miles far away from their house. Besides that, it is not easy to gain permission from the government moreover if that developing country is unfriendly with bitcoin.
January 10, 2020, 07:28:07 AM
Bitcoin ATM is good at being implemented to these countries but is more appropriate if it would be implemented to countries which in fact, have a huge economic currency inflation rate, at this moment, people need to choose to still support fiat system, or to completely transition their fiat to open up better opportunities for them to have currency. One problem I saw about them is to carry enormous that consists of cash and for me it hassle. Indeed, turning their currency to crypto will just need a phone and an internet to transact, plus they have their own financial freedom to transact.
January 07, 2020, 05:25:59 PM
Right now it is very difficult to make countries accept the usage of bitcoin atm. Very few people have known about bitcoin, while majority still doesn't use cards. In this regard it is impossible to make everyone use cryptocurrency atm. Third world country have lot many issues to face, upon which this will a very minor thing which won't get importance that easy. When this becomes popular on first world countries automatically it'll reach the third world countries with ease.
December 26, 2019, 07:05:55 AM
the legalization is needed if you want to build it. in my country, there are just three atm and they placed on popular place that many tourism. so when build on strange place like useless though they want to spread bitcoin existance. many people know about bitcoin but many people still ignorance about this one
I am not supporting centralizing the cryptocurrency market, but for efficient operation and, above all, to protect normal people from scammers, regulations are needed. Without them, scammers will feel that no one can punish them, and honest companies will not be able to grow normally. The same applies to Bitcoin ATMs - there must be regulations first, and then the development of the network will start.
December 26, 2019, 03:23:44 AM
When you use an ATM, you withdraw cash and then spend it at the bakery, supermarket or whatever. If you use an ATM to get bitcoins then what do you do? Nothing at all, you can't pay anything with it. So why should a buyer use an ATM when it is more convenient to do it online and cheaper. Likewise, if you want to sell bitcoins, why would a typical user go to an ATM to sell his bitcoins?
There may also be a cost that makes these countries unprofitable for companies. If you're paid in BTC and can pay everything in BTC then the question won't be no more.
There may also be a cost that makes these countries unprofitable for companies. If you're paid in BTC and can pay everything in BTC then the question won't be no more.
Well you can also use the Bitcoin ATM to withdraw cash.
Let's say you're visiting a country and you need cash in the local currency, all you need is a Bitcoin ATM. No bank, no credit cards...
December 25, 2019, 04:42:43 PM
the legalization is needed if you want to build it. in my country, there are just three atm and they placed on popular place that many tourism. so when build on strange place like useless though they want to spread bitcoin existance. many people know about bitcoin but many people still ignorance about this one
December 25, 2019, 12:40:36 PM
Lot's of Bitcoin ATMs keep popping in the developed countries such as US, Canada, Japan, Hong Kong etc. But I have been thinking why don't the owner's target countries without much economic stability? Like Venezuela (btw they just got their first Bitcoin ATM). That would increase the adoption. Something like backpropagation. What do you think?
I think Bitcoin ATMs should target on countries which open to Bitcoin and have large Bitcoin user not matter they are poor or rich. Especially country which have much foreign tourist, because it would be very convenient to convert their money to local cash. 
December 25, 2019, 04:56:44 AM
Quote
Bitcoin ATMs typically charge between 7-10% for buying/selling bitcoins, a fee worth paying for some of us. https://coinsutra.com/how-to-use-bitcoin-atm/
Can you address this before bringing these ATMs to third world countries.There are a lot of additional expenses involved in running a Bitcoin ATM, and it is not as cheap as trading your cryptocurrency using an exchange. It may be possible to bring down the fee to somewhere around 5%, but I don't think that any further reduction is possible. If you reduce the fee any further, then you will be making compromises on other factors such as security, real-time exchange rates, legal support, technology.etc. IMO, 5% is not a huge amount. It is very much fair, especially if you are going for long term investment.
December 25, 2019, 01:25:28 AM
I think we all know what happened when an exchange tried to put up Bitcoin ATM in India, Legal actions still going on and the team is still on target. Major reason why the ATMs are not popping up in third world countries. Too much negativity about crypto.
December 24, 2019, 11:30:35 PM
Bitcoin ATM never actually induces market adoption to bitcoin completely with newbies seeing this. They need people to introduce bitcoin so their questions about bitcoin could be answered right away.
I my self, in my first encounter to it, I think many times about trusting this system. How come if there is an ATM where they could readily put their money onto it, do we think they will trust it right away? No, for greater market adoption, conceptualization of bitcoin's principles are what we needed first before the implementation of it.
I my self, in my first encounter to it, I think many times about trusting this system. How come if there is an ATM where they could readily put their money onto it, do we think they will trust it right away? No, for greater market adoption, conceptualization of bitcoin's principles are what we needed first before the implementation of it.
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