Bitcoin ATMs should target developing and third world countries - page 5.

BTMBitcoinVN

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Quote from: SIDDHI777 on February 14, 2019, 09:55:26 AM

According to my understanding targeting developing and third world countries to place bitcoin ATM machines will not do anything effective because Bitcoin is another level of digital advancement which required at least basic level of technological improvement to understand, use and do transactions by using the network which are not common among many citizens who are in both developing or third world countries so nothing effective can be expect if ATM machines are placed in such areas

I think you underestimate the level of competence you'll find among the youth in these countries.
The use of BTMs here can have quite a significance, considering these individuals have high technological understanding.
Because of the state of their country, high tech payment solutions aren't available. These individuals will have a higher income and all you need for paying in crypto is a internet connection.

Sure it won't have the same impact as in north america, but i'm sure there's a market for BTMs.

Indrawan77

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The problem now is the adoption and the governments permit is not clear yet, I agree that bitcoin will grow better in third world countries because crypto can give a new job opportunities, but in third world countries not all people understand and got the facility to used crypto, and for Atm it won't be too popular in third world countries since it charge a high fee, it will be more appropriate to put atm in wealthy countries

SIDDHI777

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According to my understanding targeting developing and third world countries to place bitcoin ATM machines will not do anything effective because Bitcoin is another level of digital advancement which required at least basic level of technological improvement to understand, use and do transactions by using the network which are not common among many citizens who are in both developing or third world countries so nothing effective can be expect if ATM machines are placed in such areas

kingpin4321

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Bitcoin automatic teller machine is quite an advance technology and it's being developed on.
For now I don't think developing countries are ready to adopt that technology

Nolimitz84

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Quote from: clrpod on January 19, 2019, 09:32:32 AM

The ATMs are going to go where there is a demand for them. People in the US have a wealth of spare income, they have easy access to the internet and there are plenty more options for them to spend of use their bitcoin. That's not so much the case in developing countries. ATM machines aren't set up to try and benefit communities or countries, they're set up for the owners to make money.

Of course, it all depends on the demand for crypto-bankomats.I think that first of all ATMs will appear in developing countries.It just does not make sense to put such ATMs in poor countries.In poor countries, alas, people do not even have fiat money to pay. It is logical that there will not be many users there.

Johnzky

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Quote from: BTMBitcoinVN on February 14, 2019, 02:44:11 AM

Quote from: Sebas.tian on January 19, 2019, 08:34:39 AM

There are 4 bitcoin atm here in my country and I'll tell you why it isn't helping adoption-wise. The fees are too high when you use it it almost feel like a rip-off. This makes people think that bitcoin is just another scheme to take advantage of people's curiosity.

Which is why more should be launched. Some competition will help lower the fees.

Right,the more competitors the lower the rate in fees but banks now are starting to adopt blockchain and some of them are creating an ATM to use as bitcoin and fiat atm things that may help this transaction fees issue to be more competitive and friendly user in future

And also OP in above are right about the people curiously wanted to have bitcoin and other cryptos but the idea of being scheming is in their heads because of this one

So better this will be addressed soon for the betterment of cryptoworld

JennyAurora

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I just wonder how ATMs work in third world countries when they have a more "digital platform" for cryptocurrency. For me, using a wallet with online transactions actually sounds better. Like I can actually focus on the simpliest actions, which can keep me interest in continuing using this.
I found and tried FIATO, pretty simple and convenient. You guys can also try this https://fiato.kryptono.exchange/

bitfocus

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although Indian government acted damn stupid when someone in India tried that, but I think this will be a great step to open BATMs in world countries.

cizatext

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Quote from: blockmanity on January 19, 2019, 05:32:08 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?

that is right but I think the is a bitcoin ATM in Venezuela recently installed, developing countries should be the Central of new development such as bitcoin and it development having a bitcoin ATM in a developing countries will help to increase the access to bitcoin by the members of this countries which will result in high demands of the commodity.

BTMBitcoinVN

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Quote from: 1993jochico on February 14, 2019, 05:20:28 AM

Quote from: linzerdshaffen on February 13, 2019, 10:20:44 PM

are they a viable source of onboarding normal people into cryptocurrencies?

There's a huge possibility that it will attract more people to get in to cryptocurrency especially if most of them heard many good news from bitcoin.

Most of the time I suggest my friend's to invest in cryptocurrency but they are too busy to listen on my explanations and didnt focus on me.

Yeah that's a problem with blockchain in general. It's difficult to explain it shortly enough for people to keep their interest, without losing all the small points that shows exactly why we are so obsessed with it.

BTMBitcoinVN

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Quote from: Kakmakr on February 14, 2019, 04:48:18 AM

Quote from: ?? on ??

Quote from: Kakmakr on January 20, 2019, 01:12:49 AM

The problem is that most of these developed countries where these ATMs are manufactured and distributed are getting good returns on their investment, because these ATMs are getting a lot of traffic in developed countries and if something goes wrong, then they have maintenance technicians close at hand.

Distributing these machines to developing countries comes with a lot of challenges, like regulatory differences, currency exchange rates , taxes and less traffic. Roll Eyes

There's also a lot more users that trade in huge ammounts in the developed areas. In the undeveloped areas, the atms might find i difficult to create revenue with its few users, which will just make the fees go up...

Yes, numbers might influence their decision, but the problem is that most of the population are very poor and widely distributed in rural villages. Another problem is the political instability and crime levels in a developing country, because criminals and dictators are operating in the same arena. Angry

You can have 300 000 000 people in a country, but more than 80% of them are surviving on less than $10 wages a week. Sad

Good point, but these people doesn't seem to be the "target audience" crypto companies, considering their lack tech to trade crypto. They're never really the target audience for any company since there's not much profit to pull out of them.

Kakmakr

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Quote from: ?? on ??

Quote from: Kakmakr on January 20, 2019, 01:12:49 AM

The problem is that most of these developed countries where these ATMs are manufactured and distributed are getting good returns on their investment, because these ATMs are getting a lot of traffic in developed countries and if something goes wrong, then they have maintenance technicians close at hand.

Distributing these machines to developing countries comes with a lot of challenges, like regulatory differences, currency exchange rates , taxes and less traffic. Roll Eyes

There's also a lot more users that trade in huge ammounts in the developed areas. In the undeveloped areas, the atms might find i difficult to create revenue with its few users, which will just make the fees go up...

Yes, numbers might influence their decision, but the problem is that most of the population are very poor and widely distributed in rural villages. Another problem is the political instability and crime levels in a developing country, because criminals and dictators are operating in the same arena. Angry

You can have 300 000 000 people in a country, but more than 80% of them are surviving on less than $10 wages a week. Sad

stompix

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Quote from: iMark on January 24, 2019, 08:54:03 PM

Quote from: Pursuer on January 20, 2019, 01:48:40 AM

~

How do you know? have you ever used it? ATM will help people convert bitcoin to fiat directly if they out of internet, of course it will help users even though it uses fees and bitcoin ATMs will certainly make a lot of people curious and help with adoption

Go to coinradar and check the ATMs listed there
Some don't show the fees but most do, and they range from 3% (very rare) to the most common 7%-10% range.

And no, you can't really say you're "helping" somebody when you charge him a hefty fee for it. It more like offering a service at outrageous prices.

Besides, most of them as the OP said they are placed in developed countries where banking is cheap and bank transactions pretty fast (SEPA in my case). It makes no sense to use them more than once for fun to see how it works, but to think of them as a serious weekly service or main point of exchange is insane.

Siren

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Quote from: blockmanity on January 19, 2019, 05:32:08 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?

Lol bitcoin ATM has been spread in third world countries long time ago,in the Philippines there are two bitcoin machine thats been operational several years before now

The latest update is one big Banking company are going to put Bitcoin/Bank ATM machine in which we can use as bank atm and also bitcoin as well

Theres no black propaganda on Venezuela to have their own atm,instead that would spread the usage of cryptocurrency in that region and blockchain as well

BTMBitcoinVN

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Quote from: Sebas.tian on January 19, 2019, 08:34:39 AM

There are 4 bitcoin atm here in my country and I'll tell you why it isn't helping adoption-wise. The fees are too high when you use it it almost feel like a rip-off. This makes people think that bitcoin is just another scheme to take advantage of people's curiosity.

Which is why more should be launched. Some competition will help lower the fees.

iMark

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Quote from: Pursuer on January 20, 2019, 01:48:40 AM

as far as I know ATMs have higher fees and in short it would cost you more to buy from an ATM compared to buying using most other methods. that means ATM machines only have a certain client type, they are not exactly for increasing adoption. at least not yet.
the developing countries first need some regular places such as exchanges to buy bitcoin at then move to additional options for special purposes such as ATMs. otherwise it will be an unused option in my opinion.

How do you know? have you ever used it? ATM will help people convert bitcoin to fiat directly if they out of internet, of course it will help users even though it uses fees and bitcoin ATMs will certainly make a lot of people curious and help with adoption

Bitfling

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Quote from: blockmanity on January 19, 2019, 05:32:08 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?

Bitcoin in many country prohibited and banned. Most government in the world not accept and regulate bitcoin. I think thats the reason why bitcoin ATM not in many country. In several advance country, government allowing bitcoin ATM and bitcoin transaction in merchant but mostly still ban bitcoin

Akoldi_ibk

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Here in one of the developing countries, bitcoin ATM is far from what we need. Quite a number of people have heard about the word bitcoin but only few really understood its features and usage while many will consider it scam due to bad experiences people have had with online deals. I think education on bitcoin is what we need here for more adoption.

jtrapirap

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I came from a developing & third world country and Bitcoin has already been adopted here allowing its holders to pay their bills and buy loads. It has been quite convenient & hassle-free to us to use this instead of going to payment centers which is time-consuming. I also found some shops/stores that offers Bitcoin payment. I believe someday somehow Bitcoin adoption will be global as long as some of its major issues will be fixed.

Red-Apple

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Quote from: blockmanity on January 21, 2019, 05:32:55 AM

Quote from: 100bitcoin on January 20, 2019, 12:46:33 PM

Quote from: blockmanity on January 20, 2019, 02:06:49 AM

Quote from: 100bitcoin on January 19, 2019, 05:34:21 AM

Someone tried and got arrested in India - https://qz.com/india/1435092/unocoins-bitcoin-atm-seized-by-indian-police/

What the media didn't cover was that the arrest was false. The government or the bank did not authorize it, but rather policemen acted on their own behalf. Once the matter was cleared, the founder was free to go.

If you were right, Unocoin would not have to close their ATM. It is closed till date.

Operating an ATM without the banks permission is illegal in India. Although the founders did everything they can to use ther term "Kiosks" in their internal company documents, the Indian media used the term ATM everywhere. Due to this and the fact thay they didn't have a proper bank account to store fiat, they were forced to shut down.

so it was NOT "policemen acting on their own behalf". they were arrested because they were indeed doing something illegal. and from what i understand they were only taking advantage of desperation for buying bitcoin that resides in India ever since their big exchanges were closed. and that's not cool...

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