Bitcoin ATMs should target developing and third world countries - page 7.

keyscore44

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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?

I think that legal regulations and security are a big problem for investors. Another thing is that investors want to get return from investment as soon as possible. And as we all know, Bitcoin is the most popular in the countries you mentioned, so that's where you can earn the most and get ROI faster.

kenzawak

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Quote from: LeGaulois on January 19, 2019, 09:17:41 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.

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...

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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 ATM is completely a new concept differently from the conventional ATM thus this new btc ATM usage in third world or developing countries will quite be cumbersome to operate due to lack of exposure and transaction of cryptocurrencies thus there is need for a lot sensitization and education towards adoption of Cryptos in those countries.

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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?

Because maintenance cost of the ATM's will be higher than compared to the profits in a third world country. Venezuela is a different case. Consider other third world countries like India where lot of people don't have access to the Internet and it will be a waste to implement bitcoin ATM's there. Might work out in the metropolitan cities though.

clrpod

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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.

LeGaulois

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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.

Sebas.tian

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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.

tytanhamon04

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I think that this industry will develop as users of cryptocurrency is growing every year with almost geometric progression. Manufacturers of cryptomate make a profit based on the fee for your purchase and the results and benefits from it. So I think that cryptomate will soon have its own Internet exchange.

xuan87

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Developing countries are the best place to advertise Bitcoin, and it can create more income for them,but not all government are agree to adopt crypto,some of the are banning it because they don't know the effect of adopting it and the government are afraid crypto going to make the economic become worse

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blockmanity, I think the reason why this is not happening lies in the fact that in most economically underdeveloped countries there is simply no legal basis to start ATM business. If something is not legally regulated every attempt to work in this sector will end in failure, loss of investment and possible even with a prison sentence.

It is true that most of crypto ATMs are located in USA&Canada (3200+), and Austria is in third place by number of ATMs (264). But Japan have only 10 of them, although they are crypto friendly country.

I think things will start to change slowly in favor of some other countries, but it depends how fast or slow their governments will work on regulations and laws regarding cryptocurrency.

bitfocus

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yes, Bitcoin ATMs will help to increase adoption, no doubt.

100bitcoin

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

blockmanity

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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?

Topic: Bitcoin ATMs should target developing and third world countries - page 7. (Read 1328 times)