Yes, exactly. I mean they should target countries which the economy is not stable, there like in 3rd world countries. Bitcoin ATMs will help them for sure to surpass the economic crisis and we'll see an improvement, As well as the people who will use crypto will grow more if bitcoin ATMs will be available in a lot of countries and it will be more famous, so people will be so satisfied with that and use it in a daily basis.
Topic: Bitcoin ATMs should target developing and third world countries - page 2. (Read 1328 times)
December 24, 2019, 01:28:48 PM
December 24, 2019, 12:19:20 PM
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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. 
December 24, 2019, 11:50:55 AM
That sounds reasonable but on the other hand there are two issues that might appear. Quality of infrastructure and knowledge and awareness of people about cryptocurrencies. If they are not familiar with Bitcoin and other crypto they will not use ATMs. So, fiirst there is some education and promotion needed in ordee that Bitcoin ATMs have the desired effect.
December 24, 2019, 11:14:54 AM
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?
Well, you’re right, there should be lots of ATM machines being launched in developing countries but the problem is that since there isn’t much people who are making use of cryptocurrency, it might not benefit those that are running the ATM, so a lot of people are going to give up on it. Running a bitcoin ATM is going to be profitable if it’s being run in a country where there are lots of people making use of it.I guess Venezuela is a good place because to what it seems there are lots of people that are adopting Bitcoin there. For other countries I believe that when the rate of adoption starts being noticeable, then there will be more features being released to them.
December 23, 2019, 11:56:37 AM
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?
Developing this kind of ATM was new to a lot of people since ATM was more on withdrawing cash if could now use it to buy bitcoin or even cash out or sell out bitcoin in the market,for me it is a big step up in the bitcoin and cryptocurrency community telling a lot of people that bitcoin era was already getting started.
December 23, 2019, 11:56:27 AM
Funny you say it wouldnt be profitable to put a bitcoin atm at a location where there wouldnt be anybody who can afford to use it.
I remember seeing a picture of one put in the middle of the forest in costa rica.
Now that was an usual place to put it. Would the sloths there be making purchases.
Kidding aside. In these third world countries they still have tourists who go there and these are machines used for their point of convenience no matter the location. It just costs the owner who is running it the operating costs. And if they arent profitable they would just shut them down.
I remember seeing a picture of one put in the middle of the forest in costa rica.
Now that was an usual place to put it. Would the sloths there be making purchases.
Kidding aside. In these third world countries they still have tourists who go there and these are machines used for their point of convenience no matter the location. It just costs the owner who is running it the operating costs. And if they arent profitable they would just shut them down.
Well Costa Rica isn't that bad of a country. Do that in Venezuela and the whole thing disappears overnight. They might survive inside private property, with constant surveillance (ie. a Mall), but ATMs are useless with hyperinflation unless they stick to foreign currency. They just can't hold or give enough banknotes...
What the tourists need is for the merchants, restaurants, hotels, etc. to accept bitcoin directly. Besides the fees ATMs take are outrageous. Something like a sign with "BTC is welcome" would do wonders, even better if they could give price in bitcoin (and they use a rational exchange rate to the equivalent in fiat).
In my opinion ATMs have a bigger chance in developed countries, or at least in countries without rampant criminality or inflation, such as safe tourist spots.
December 23, 2019, 11:53:49 AM
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 totally agree. Maybe things would work more for bitcoin ATMs in the developed countries but we are talking about the economy of the world and we cannot disregard the pull that third world countries may cause. It would be best if they would adopt on crypto as early as possible so that it may help their economy to rise up and keep up with the developed countries. We should use bitcoin and other altcoins capability of reviving the economy of some struggling countries so that the blockchain system all over the world would work even more functional and beneficial to everyone around the globe. December 23, 2019, 11:41:38 AM
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?
Surely this bitcoin ATM's is helping and promoting cryptocurrencies in a lot of countries. With this kind of ATM, it is not just a thing that a lot of people could see this ATM and wondering what is bitcoin, for me this could influence them to search about it or buy it. Probably this day this kind of ATM has a high fee since it was not yet fully implemented but still, it is a big help having this kind of technology. 
December 23, 2019, 11:04:08 AM
Developing countries should establish an economic model for the blockchain. It would be in their best interest to allow Bitcoin ATMs. Because they are already back economically. A very good example of Malta allowed institutions like Binance.
December 23, 2019, 06:40:50 AM
It is easier said than done. The biggest problem is the vague legal definition regarding cryptocurrencies in many of the third world nations. Here in India, a few months back a few guys installed a Bitcoin ATM (in the city of Bangalore). But within hours, the authorities confiscated the ATM and arrested the promoters. They even seized their mobile phones and laptops. The authorities were claiming that the ATM was opened without obtaining a license. The promoters on the other hand claimed that they had requested for a license, but the authorities were not willing to issue the same.
December 22, 2019, 11:20:02 PM
The thing about those ATMs are that for them to getting a place into developing countries it requires more government action and measures against all types of illegal casualties.
It all depends on how big the economy potential will be for them and if they have a win to win situation.
They also will have to get more understanding and explanation to their citizens else it will not be worth at all on having them there.
Overall yes i agree it is still a very good thing nowadays to have in every country.
It all depends on how big the economy potential will be for them and if they have a win to win situation.
They also will have to get more understanding and explanation to their citizens else it will not be worth at all on having them there.
Overall yes i agree it is still a very good thing nowadays to have in every country.
December 22, 2019, 11:10:46 PM
the number of bitcoin ATMs every year continues to grow and currently there are 5000 bitcoins around the world and there are 90 countries that have bitcoin ATMs. and currently I live in a third country and in my country there are already 3 bitcoin ATM machines. so maybe if you want to research the majority of developing countries and third already have a bitcoin ATM. and in my opinion the presence or absence of a bitcoin ATM has nothing to do with adoption. Bitcoin adoption can be realized when bitcoin can be used significantly.
December 21, 2019, 02:05:15 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 . That would increase the adoption. Something like backpropagation. What do you think?
The main reason is economics, people in developed countries are more likely to use these ATM machines and the companies installing them will have their profits and that will not be the case with third world countries as there might not be having the same profit percentage they get in bitcoin centric developed countries and the legal formalities they have to overcome are denting these developments, adoption will not increase if there is a bitcoin ATM machine as most of the machines i came across have high service charges and i would rather opt for other options to trade bitcoin rather than depending on ATM machines. 
What free centralized markets? Many of these people don't have access to a bank never mind that. With an ATM they don't need any documents or anything for getting fiat. Normally they will use a bank to get fiat but that costs money and proof of residence and they most like to live on an informal settlement. It will make a profit because it will be including transactions from people who otherwise would not make them.
December 21, 2019, 10:44:51 AM
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?
The problem lies in the infrastructure and the size of the market, I think a crisis-stricken country like Venezuela will not be able to meet it. The people of Venezuela, although desperate to own bitcoins, find it difficult to do so with their nearly worthless currency. 
December 20, 2019, 09:23:45 PM
Some insights from the location owner of Vietnam's first Bitcoin ATM:
https://news.bitcoinvn.io/interview-with-ariel-nguyen-of-italianis/?lang=en
Very few third world countries give restriction free access for the usage of bitcoin. In this manner we've got to see bitcoin growing through the implementation of bitcoin ATM. Right now rather than usage these atm's create awareness about the existence of such a revolutionary technology. Here in Vietnam at least they aren't disturbed by the government. Other countries we can't expect the same to take place. https://news.bitcoinvn.io/interview-with-ariel-nguyen-of-italianis/?lang=en
December 20, 2019, 09:13:33 PM
Some insights from the location owner of Vietnam's first Bitcoin ATM:
https://news.bitcoinvn.io/interview-with-ariel-nguyen-of-italianis/?lang=en
https://news.bitcoinvn.io/interview-with-ariel-nguyen-of-italianis/?lang=en
I think crypto suites third world countries perfectly. Phones are easily available today and you do not need a powerful one to use crypto. Using an ATM that requires no more then your phone makes ease of access a big factor.
The fees will be cheaper and transactions faster. No need for documents to open a bank account and no banking fees or strings attached. It is as simple as simple can be.
The fees will be cheaper and transactions faster. No need for documents to open a bank account and no banking fees or strings attached. It is as simple as simple can be.
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?
If you are talking about the major population of the developing world, then you might be talking about 1-2 Bitcoin ATM's in every major city. There won't be demand as most have no money to gamble on Bitcoin.
Still I've noticed in google trends a few countries (as Ghana and Nigeria) having increased interest in Bitcoin. Perhaps the companies that install them can survey the interest in these countries and install a few as a test.
I don't think they will be able to make much money if they target the countries with much more economic stability , the problem is the countries with bad economic development they are already against bitcoins and in many either it's banned of have problems with the government daily.
It's only the high income countries where ATM's does have a chance of being used.
The developing ones first need education and good support then only will they be able to tell people about bitcoins and how it works.
It's only the high income countries where ATM's does have a chance of being used.
The developing ones first need education and good support then only will they be able to tell people about bitcoins and how it works.
Lucky for those who have access to ATMs for cryptocurrency.
Quite funny that you say this because most people only complain about how steep the fees are (which they actually are) and how they only allow you to purchase relatively smaller amounts per time.Working with exchanges often takes a lot of time. And although the transactions themselves occur quickly, it is sometimes difficult to wait for the withdrawal of funds withdrawal due to the abundance of requests.
Only the initial verification process takes time, where after that you can directly withdraw your funds. What may take some time is if you use your credit card to purchase Bitcoin through an exchange such as Coinbase.Some times it can take like 3 days before they finally release the coins you bought, but then again, don't buy Bitcoin with money that isn't yours. I have never been a fan of investing in crypto in general with credit.
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