I find this to be a good idea but to apply in practice there are many inadequate problems. For example, it needs to be allowed by the government, banks, speed of transaction processing and security issues.
Topic: Bitcoin/ Crypto ATM's - page 2. (Read 10496 times)
Do people actually use these machines or is it something noone is really interested in? Please share your opinions.
Of course people use them, however one of the problems with those ATMs is that until bitcoin ATMs become a lot more common then it's likely that there are people watching those ATMs to try to find identity of those that are holding cryptocurrencies, remember every centralized instance that you go through is an opportunity for the government to take away your anonymity.
ATM for cryptocurrencies are not readily available in most locations. As the crypto sphere is still at an early stage.
Many ICOs and projects are leaning towards debit cards so the adoption is increasing.
Many ICOs and projects are leaning towards debit cards so the adoption is increasing.
Bitcoin ATMs strategically placed may be a good business for the vendors. However, unfortunately it’s a great way for the local government to monitor BTC users because they demand ID. Which means it’s only good for the rest of us if we want some quick cash out of a btc account. Bitcoin ATMs put up in casinos would probably be great for the ‘house’. Also, developers of other coins could contact the machine vendors and offer their coin or token for great exposure while marketing the use of their coin to vendors in the casino.
Casinos probably don't want them *IN* the casinos due to KYC / AML issues.
They do want them *NEAR* the casinos because they want your money. And for the most part if they are not exchanging it they don't care where it came from.
General Bytes ATM support alt coins:
https://www.generalbytes.com/altcoin-support-added/
-Dave
Bitcoin ATMs strategically placed may be a good business for the vendors. However, unfortunately it’s a great way for the local government to monitor BTC users because they demand ID. Which means it’s only good for the rest of us if we want some quick cash out of a btc account. Bitcoin ATMs put up in casinos would probably be great for the ‘house’. Also, developers of other coins could contact the machine vendors and offer their coin or token for great exposure while marketing the use of their coin to vendors in the casino.
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Do people actually use these machines or is it something noone is really interested in? Please share your opinions.
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I have never seen a bitcoin ATM before and I don’t know how it works, but I’ve used a my Bitcoin debit card (Xapo Debit card) in a bank’s ATM which has the MasterCard logo on it and I was able to withdraw from it, not just once, I have used it several times but I no longer use it now.
But assuming there is a Bitcoin ATM in my country I don’t think there will be much people making use of it because not much people knows about Bitcoin or interested in it.
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Do people actually use these machines or is it something noone is really interested in? Please share your opinions.
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I have never seen a bitcoin ATM before and I don’t know how it works, but I’ve used a my Bitcoin debit card (Xapo Debit card) in a bank’s ATM which has the MasterCard logo on it and I was able to withdraw from it, not just once, I have used it several times but I no longer use it now.
But assuming there is a Bitcoin ATM in my country I don’t think there will be much people making use of it because not much people knows about Bitcoin or interested in it.
From the because I was there I used 2 while in Las Vegas for DefCon last month.
Both were overpriced.
1st one I pulled out $80 of BTC that cost me close to $90 [bitstamp rate]
2nd one I pulled out $100 of BTC that cost me close to $120 [bitstamp rate]
However, I also had some ETH to burn. Was going to trade it sooner or later and was just sitting on wallet on my phone.
The rates were a joke they were so bad. BUT I was happy to get out of *this* ETH deal for various personal reasons so getting a 20% haircut was worth it to me.
So close of $620 of ETH got me $500 USD.
However ETH has dropped so hard it's now only worth $460 so I won that because I was going to get have to get out of it now at the latest anyway.
-Dave
Both were overpriced.
1st one I pulled out $80 of BTC that cost me close to $90 [bitstamp rate]
2nd one I pulled out $100 of BTC that cost me close to $120 [bitstamp rate]
However, I also had some ETH to burn. Was going to trade it sooner or later and was just sitting on wallet on my phone.
The rates were a joke they were so bad. BUT I was happy to get out of *this* ETH deal for various personal reasons so getting a 20% haircut was worth it to me.
So close of $620 of ETH got me $500 USD.
However ETH has dropped so hard it's now only worth $460 so I won that because I was going to get have to get out of it now at the latest anyway.
-Dave
Do people actually use these machines or is it something noone is really interested in? Please share your opinions.
I just had to come across an ICO with its best project which is bringing up ATM machines for crypto transactions. The ICO is "Investa". They almost captured the market and heard that they started marketing themselves in the local zones. The investment the ICO has put on the project is so huge. This is taking the ICO to the next level. https://investaco.in/ would detail you more.
Hope this will be much helpful information for op want to get the information for ATM machine setups mate.
However in the localbitcoins. They have given out the list of ATM list available through the world. Mostly you may find the machines on the European and south american countries as I know. Why not Russia, Asian and australian region not available with the ATMs.
https://zycrypto.com/researched-and-reported-bitcoin-atm-market-to-grow-by-50-in-the-next-5-years/
I'm not surprised by this news because we have expecting a crypto boom in the next 5 years. Its interesting that the growth should come in North America, but I believed that Asia is a good market for Bitcoin ATM as well, with Japan and South Korea leading the way.
Quote
As more people get to know about cryptocurrencies and adopt them, the crypto leader, Bitcoin, looks well-poised to embark on a great expansion in the ATM market. In fact, it’s estimated that by 2023, Bitcoin’s ATM market will have achieved $145 million in value.
What The Future Holds
That’s according to a report released after a research conducted by MarketsandMarkets, a research firm specializing in business-to-business dealings. The research estimates that for the market to grow to that point, it will experience a 54.7% Compound Annual Growth Rate (CAGR) between 2018 and 2023, putting the market value to the $145 million range by the end of the 5-year period.
What The Future Holds
That’s according to a report released after a research conducted by MarketsandMarkets, a research firm specializing in business-to-business dealings. The research estimates that for the market to grow to that point, it will experience a 54.7% Compound Annual Growth Rate (CAGR) between 2018 and 2023, putting the market value to the $145 million range by the end of the 5-year period.
I'm not surprised by this news because we have expecting a crypto boom in the next 5 years. Its interesting that the growth should come in North America, but I believed that Asia is a good market for Bitcoin ATM as well, with Japan and South Korea leading the way.
This is a lousy website.
This is an awesome website. The closest one to me is like 60 miles away, and I refuse to own a car so I won't be getting there anytime soon, and there aren't any in my state. I didn't even think there was one closer than NYC, but there is. Pretty damn cool, and I'd love to try one of these out.
This is an awesome website. The closest one to me is like 60 miles away, and I refuse to own a car so I won't be getting there anytime soon, and there aren't any in my state. I didn't even think there was one closer than NYC, but there is. Pretty damn cool, and I'd love to try one of these out.
Do people actually use these machines or is it something noone is really interested in? Please share your opinions.
In the US, I doubt they get much use since there aren't many merchants that accept bitcoin, and even if there was one near the ATM machine, they most likely accept fiat. Why would you go out of your way to buy bitcoin from an ATM machine just to spend it? That's always been my question and I've yet to hear a good argument. 
Do people actually use these machines or is it something noone is really interested in? Please share your opinions.
I just had to come across an ICO with its best project which is bringing up ATM machines for crypto transactions. The ICO is "Investa". They almost captured the market and heard that they started marketing themselves in the local zones. The investment the ICO has put on the project is so huge. This is taking the ICO to the next level. https://investaco.in/ would detail you more.
we have one here @Basel Switzerland, right behind the train station.. never used it, but heard it has quite high fees when withdraw cash, wich sounds logical.
Do people actually use these machines or is it something noone is really interested in? Please share your opinions.
I have never seen a bitcoin ATM directly at the location where I am and I have never used it, but I've heard that there is already a bitcoin ATM in Bali, if all that is true this is an appropriate ATM machine creation and placement. in Bali is an island that is visited by many foreign tourists and of course this is a right decision. there are many foreign tours from various foreign countries that certainly many know bitcoin, and I think they are happy if at the tourist sites they visit there are facilities the ATM machine. 
Perhaps I would try just to get the experienced. 
But with the premium fees, its not a good option for anyone at this point. I lived where I can get it bitcoin in a convenient store, haven't tried it as well but there's one across the street that anytime I go to and buy and see how it goes.
Probably what a Bitcoin ATM machine can offer is less risk as compare to P2P and meeting someone who is a total stranger.
But with the premium fees, its not a good option for anyone at this point. I lived where I can get it bitcoin in a convenient store, haven't tried it as well but there's one across the street that anytime I go to and buy and see how it goes.
Probably what a Bitcoin ATM machine can offer is less risk as compare to P2P and meeting someone who is a total stranger.
Actually I have never even seen any of these ATMs except on pictures online and how people talk about them. So like you I am probably curious to get some. Actually where I am living now, even localbitcoin fees and prices from Sellers are almost 10% at times especially with recent demand and that stupid crypto ban in my country. So if I could get ATM Bitcoins at 10% I probably would. I don't like meeting strangers too. So many crime from those meetings happened in my country.
It's a strange thing to imagine for me, to be able to buy Bitcoin everywhere. Perhaps one day if I can travel I will see all of these amazing sights.
How can people aren't interested with bitcoin ATM?
Well, the fees mostly are pretty high and the maximum tradeable amount is low.
It is much easier / more convenient to register at an exchange and buy/sell there.
This is just a case that if you ever want to use it and experience on how it is integrated in real life just like our bank accounts.
I'm only looking to the good part of it that this can boost the adoption though the fees are really high.
When we don't have choice to sell or buy and there's only a bitcoin ATM near to us, at least we've got an option.
People use crypto ATM's, in one of the clubs where ATM is placed here in my country I constantly read about promotions they make in that club with one goal, to rise awareness of crypto in my country. It's just one place like that one here, but it's good to have it and I believe we will have more similar places.
People use ATM's generally, it's be easy for people to transfer from using fiat ATM's to crypto ATM's. I need to point out one thing we use ATM's to withdraw cash, but if we know that cash will be a thing of history and that we will do everything from our wallets on the phones will there be a need for ATM machines? It's a big question, and I believe in cashless society that will come sooner or later, but until that there will be a need for ATM's.
People use ATM's generally, it's be easy for people to transfer from using fiat ATM's to crypto ATM's. I need to point out one thing we use ATM's to withdraw cash, but if we know that cash will be a thing of history and that we will do everything from our wallets on the phones will there be a need for ATM machines? It's a big question, and I believe in cashless society that will come sooner or later, but until that there will be a need for ATM's.
I really do not think most people utilize this for a lot of reasons with most of it being the fees charged for its usage. What is the point anyway when I can get my transaction done on any exchange that allows fiat like luno in my location and get my account loaded up instantly.
Secondly, since it is something a lot rare to see and usually centred within one location maybe in a town or even country, it makes it inaccessible to everyone and you will be lucky to find anyone within that location that will try it once and be willing to go back due to my first point.
Secondly, since it is something a lot rare to see and usually centred within one location maybe in a town or even country, it makes it inaccessible to everyone and you will be lucky to find anyone within that location that will try it once and be willing to go back due to my first point.
But with the premium fees, its not a good option for anyone at this point.
That's what I thought as well, especially with fees being close to 5%, but turns out a Bitcoin ATM close to where I live is being used nearly all the time I walk in the gas station to pay for my gass. Once the queue was so insanely long that it instantly made me look up what the price did that day, and turns out it went down another ~10% which definitely stimulated people to buy that dip.
If the price tanks 10% the 5% fee won't hurt you that much, so it's really an opportunity for people.
Probably what a Bitcoin ATM machine can offer is less risk as compare to P2P and meeting someone who is a total stranger.
Could very well be. I don't think I'll ever try to arrange a deal with a complete stranger to buy or sell crypto. It's pretty much asking for problems with how you turn yourself into an easy target for ill minded people.
Perhaps I would try just to get the experienced.
But with the premium fees, its not a good option for anyone at this point. I lived where I can get it bitcoin in a convenient store, haven't tried it as well but there's one across the street that anytime I go to and buy and see how it goes.
Probably what a Bitcoin ATM machine can offer is less risk as compare to P2P and meeting someone who is a total stranger.
But with the premium fees, its not a good option for anyone at this point. I lived where I can get it bitcoin in a convenient store, haven't tried it as well but there's one across the street that anytime I go to and buy and see how it goes.
Probably what a Bitcoin ATM machine can offer is less risk as compare to P2P and meeting someone who is a total stranger.
I myself totally underestimated Bitcoin ATMs. As a Bitcoin user who's lived and worked in 3 varied places since first owning Bitcoin... I can't understand why anyone would want to use those machines when the fees are at a premium, when you're out in public... and worse, when you buy, you probably still have to sweep the wallet if you really want to be sure.
Of course, tech's probably upgraded a lot from when I first read about them (actually only seen two up close) so maybe the fees have become more attractive, maybe security's better. But it's just so much easier to just get it P2P.
OK the KYC factor's there, but there's still enough p2p options to get around that too.
Of course, tech's probably upgraded a lot from when I first read about them (actually only seen two up close) so maybe the fees have become more attractive, maybe security's better. But it's just so much easier to just get it P2P.
OK the KYC factor's there, but there's still enough p2p options to get around that too.
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