Topic: Can more ATM's increase adoption for Bitcoin? - page 3. (Read 2079 times)
ATMS definitely increase the adoption more people get used for crypto then more atms come into existence we may see more countries follow adoption
I dont think installing more ATMs will help BTC adoption rather it may be other way around i.e. btc adoption in real world can increase demand for crypto ATMs.
If it was a two-way ATM - in other words, you can change fiat into bitcoin (or other alts) and change bitcoin back into fiat, I think it WOULD help with adoption.
Most people are put off by the intrusive KYC requirements of most exchanges (which are greater than the requirements to open a simple bank account). Especially as exchanges can be hacked. So if you could cash out your bitcoin using an ATM, that would be an enormous help.
It would be a good news for crypto users to used a Bitcoin ATM because it will be convenient for us to convert our bitcoin into fiat and fiat into bitcoin at the same time. I think if bitcoin ATM will be implemented all over the world there is a possibility that everyone in the world will be using and buying bitcoin, so bitcoin will continue to increased it's price. Most people are put off by the intrusive KYC requirements of most exchanges (which are greater than the requirements to open a simple bank account). Especially as exchanges can be hacked. So if you could cash out your bitcoin using an ATM, that would be an enormous help.
If it was a two-way ATM - in other words, you can change fiat into bitcoin (or other alts) and change bitcoin back into fiat, I think it WOULD help with adoption.
Most people are put off by the intrusive KYC requirements of most exchanges (which are greater than the requirements to open a simple bank account). Especially as exchanges can be hacked. So if you could cash out your bitcoin using an ATM, that would be an enormous help.
Most people are put off by the intrusive KYC requirements of most exchanges (which are greater than the requirements to open a simple bank account). Especially as exchanges can be hacked. So if you could cash out your bitcoin using an ATM, that would be an enormous help.
The effect is opposite. Countries with high awareness about cryptos are seeing more crypto ATMs. Cryptos are already popular in such countries. Yes, ATM would boost the popularity as more people will get to know about it or become curious through it. But the effect won't be that much. The hitch between the popularity of BTC is the safety concern. If that gets solved, we can see more adoption.
Regarding the Bitcoin ATM, I think the bitcoin center in New York does really provided a good start to gain a reputation in transitioning Fiat ATM to Bitcoin ATMs. If I have the chance to implement even a single machine in my location, it would be mainstream as the number of bitcoin cryptocurrency adopters in my area is exponentially increasing, due to the fact that China is now regulating crypto with a bunch of news concerning the utilization of Blockchain Technology.
In this case, it would be a good passive income if we try to purchase or run a bitcoin ATM.
In this case, it would be a good passive income if we try to purchase or run a bitcoin ATM.
Of course I'll buy! I want to give it a try because I haven't bought and seen the actual one yet. And I'm sure it will have a huge impact on people because people will also be interested in buying on bitcoin ATMs. Hopefully there are more Bitcoin ATMs so I have more experience on how to use it.
I have never seen one ye and it is my first time to see a photograph of what a Bitcoin ATM looks like. But nonetheless, at the very least, it would make people who are passing by and had seen the machine be piqued by their curious mind which would ignite small discussions. And it is up to their determination and these talks that they had made to determine within themselves if they are willing to join and strt their adventure in the world of cryptocurrencies that is extremely volatile and amidst of people labeling it as a scam or whatso.
Of course I'll buy! I want to give it a try because I haven't bought and seen the actual one yet. And I'm sure it will have a huge impact on people because people will also be interested in buying on bitcoin ATMs. Hopefully there are more Bitcoin ATMs so I have more experience on how to use it.
We know consumers love ATM's and the convenience. Would you buy Bitcoin at ATM or nah?
This is a very cool topic, but I read at the neironix.io that in these ATMs there are large commissions and very limited volumes for cashing out cash. But the fact that ATMs are becoming more and more all over the world definitely helps the development of the industry, people are increasingly confronted with bitcoin in real life, and confidence in it among the general population is growing.
We know consumers love ATM's and the convenience. Would you buy Bitcoin at ATM or Nah?
If Bitcoin ATM's are available in my country.. I would have btc rather than fiat.
In this way locals condition are being raised. if btc atm's are going to be placed. many people will know about virtual currency not just btc. so it will help other alts to know because of curiosity. with this idea, fiat have a big possibilty to disappear. we know atm's is already engaged with our lives to purchase easily, so it will hit to people who already use it.
P.S: whether positive or negative might be the result it will choose by many.
In this way locals condition are being raised. if btc atm's are going to be placed. many people will know about virtual currency not just btc. so it will help other alts to know because of curiosity. with this idea, fiat have a big possibilty to disappear. we know atm's is already engaged with our lives to purchase easily, so it will hit to people who already use it.
P.S: whether positive or negative might be the result it will choose by many.
~snip...
India is a very messy place for the cryptocurrency users. The government doesn't have a policy regarding cryptocurrency and therefore they asked the bureaucrats to come up with one. The person who was given this responsibility was Subhash Chandra Garg (then the Finance Secretary of India). He was very hostile to the idea of cryptocurrency and suggested jailing cryptocurrency users for upto 10 years, if they were found to be holding, trading or mining cryptocurrency.
His suggestions were not accepted by the government (who still doesn't have an idea of how to deal with the cryptocurrency). A few months after he made the suggestions, Mr.Garg had an altercation with members of the Rashtriya Swayamsevak Sangh (RSS) regarding some of his other policies. The RSS is a very influential organization and both the Prime Minister and the President are its members. Within a few days Mr. Garg was fired from his post and told to GTFO.
As of now, Bitcoin ATMs and exchanges are not allowed in India.
Again, I am grateful for this information. Honestly, someone can create a thread out of this, assuming that the OP will have extensive knowledge about the topic at hand.
Well, it's not surprising to see a politician to behave like this. And I'm glad that he's out of there (I laughed when you said: "Within a few days Mr. Garg was fired from his post and told to GTFO"), he deserved it. A politician that isn't open-minded to everything that has potential and could make a difference, shouldn't be there. Though we can argue that Bitcoin has nothing to do with "Economy"(for now) and the government cannot have authority over it (I hope they won't), they can still have benefits over it. Local exchangers or even Bitcoin ATMs as a means of being a "business" can be considered as another company that will pay taxes, and that's good for the government.
Local sellers sometimes are more suitable and easy
If that's the case, then its a mess. I don't know anything about the policy/law of your country--for them to react to such extent like this. Shutting down all the local cryptocurrency exchange is unnecessary tbh; also harassing users of cryptocurrency(?) that's uncalled for. And I hope it won't go to the point that it will be banned in your country. Maybe groups of people or some companies would appeal to the government regarding--giving permits/licenses on operating a cryptocurrency exchange or cryptocurrency ATMs.
India is a very messy place for the cryptocurrency users. The government doesn't have a policy regarding cryptocurrency and therefore they asked the bureaucrats to come up with one. The person who was given this responsibility was Subhash Chandra Garg (then the Finance Secretary of India). He was very hostile to the idea of cryptocurrency and suggested jailing cryptocurrency users for upto 10 years, if they were found to be holding, trading or mining cryptocurrency.
His suggestions were not accepted by the government (who still doesn't have an idea of how to deal with the cryptocurrency). A few months after he made the suggestions, Mr.Garg had an altercation with members of the Rashtriya Swayamsevak Sangh (RSS) regarding some of his other policies. The RSS is a very influential organization and both the Prime Minister and the President are its members. Within a few days Mr. Garg was fired from his post and told to GTFO.
As of now, Bitcoin ATMs and exchanges are not allowed in India.
Putting up ATMs would rather increase the awareness about cryptocurrencies but what is really important is for marketplaces, online shops to integrate into their payment system to accept Bitcoin. I don't really know how this Bitcoin ATM in Vietnam is working but i guess people's information would be needed to complete a transaction, hence i would always stick to peer to peer platforms!
It will bring curiosity with people who don't know things about Bitcoin. Seeing things like atm booth which design for Bitcoin transactions is a good advertisement. But likewise, the needs of more adoptions in the field where Bitcoin can be used as a payment process will bring the success to this industry. Without further support from big establishments will delayed the full potentials of this currency. OK. Let me clarify about the situation here a bit.
Yes. He was operating without a license. Do you know the reason why he did that? There is no license available to operate Bitcoin ATMs in India. This guy had approached the authorities for a license, but was told that they don't issue any such licenses. And now they are saying that he was arrested because he didn't got a license from the concerned department.
Trading or owning Bitcoin is not illegal in India (at least not yet). But at the same time, all the local cryptocurrency exchanges have been shut down, and many of the individual users had their bank accounts suspended for association with cryptocurrency. There is no legal clarity regarding Bitcoin. So far, the government hasn't made BTC illegal. But at the same time, they are harassing the users.
Yes. He was operating without a license. Do you know the reason why he did that? There is no license available to operate Bitcoin ATMs in India. This guy had approached the authorities for a license, but was told that they don't issue any such licenses. And now they are saying that he was arrested because he didn't got a license from the concerned department.
Trading or owning Bitcoin is not illegal in India (at least not yet). But at the same time, all the local cryptocurrency exchanges have been shut down, and many of the individual users had their bank accounts suspended for association with cryptocurrency. There is no legal clarity regarding Bitcoin. So far, the government hasn't made BTC illegal. But at the same time, they are harassing the users.
That explains everything.
I assumed it was fine trading and exchanging cryptocurrency in your country, and tbh I only said it was fine because I based it here in the forum, you have a local thread here; besides I can't read Indian language anyways for me to know the full detail, so thank you for being informative.
If that's the case, then its a mess. I don't know anything about the policy/law of your country--for them to react to such extent like this. Shutting down all the local cryptocurrency exchange is unnecessary tbh; also harassing users of cryptocurrency(?) that's uncalled for. And I hope it won't go to the point that it will be banned in your country. Maybe groups of people or some companies would appeal to the government regarding--giving permits/licenses on operating a cryptocurrency exchange or cryptocurrency ATMs.
This guy was arrested, and had his assets in Bitcoin as well as the ATM machine confiscated. This is how the government reacted to someone who wanted to introduce new technology to India. I feel jealous about citizens of other countries such as Singapore and Japan. They are free to trade in cryptocurrency without any harassment from the government authorities.
I hope I'm right with these assumptions.
If a business is running without permits or any "legality" papers to prove that it's his or considered as a business then it is certain that it's illegal, thus the authorities have the right to arrest that man. It's not that the government doesn't permit "new" technologies to your country, it's because people don't tend to do it "legally". And also, you can probably trade cryptocurrency in your country just fine. Unless cryptocurrency is banned from your country, which I doubt.
OK. Let me clarify about the situation here a bit.
Yes. He was operating without a license. Do you know the reason why he did that? There is no license available to operate Bitcoin ATMs in India. This guy had approached the authorities for a license, but was told that they don't issue any such licenses. And now they are saying that he was arrested because he didn't got a license from the concerned department.
Trading or owning Bitcoin is not illegal in India (at least not yet). But at the same time, all the local cryptocurrency exchanges have been shut down, and many of the individual users had their bank accounts suspended for association with cryptocurrency. There is no legal clarity regarding Bitcoin. So far, the government hasn't made BTC illegal. But at the same time, they are harassing the users.
Putting up ATMs would rather increase the awareness about cryptocurrencies but what is really important is for marketplaces, online shops to integrate into their payment system to accept Bitcoin. I don't really know how this Bitcoin ATM in Vietnam is working but i guess people's information would be needed to complete a transaction, hence i would always stick to peer to peer platforms!
This guy was arrested, and had his assets in Bitcoin as well as the ATM machine confiscated. This is how the government reacted to someone who wanted to introduce new technology to India. I feel jealous about citizens of other countries such as Singapore and Japan. They are free to trade in cryptocurrency without any harassment from the government authorities.
I hope I'm right with these assumptions.
If a business is running without permits or any "legality" papers to prove that it's his or considered as a business then it is certain that it's illegal, thus the authorities have the right to arrest that man. It's not that the government doesn't permit "new" technologies to your country, it's because people don't tend to do it "legally". And also, you can probably trade cryptocurrency in your country just fine. Unless cryptocurrency is banned from your country, which I doubt.
This is what happened when the last time someone tried to install a Bitcoin ATM in my country:
https://timesofindia.indiatimes.com/city/bengaluru/1st-bitcoin-atm-in-bengaluru-seized-co-founder-held/articleshow/66340493.cms
This guy was arrested, and had his assets in Bitcoin as well as the ATM machine confiscated. This is how the government reacted to someone who wanted to introduce new technology to India. I feel jealous about citizens of other countries such as Singapore and Japan. They are free to trade in cryptocurrency without any harassment from the government authorities.
https://timesofindia.indiatimes.com/city/bengaluru/1st-bitcoin-atm-in-bengaluru-seized-co-founder-held/articleshow/66340493.cms
Quote
A 37-year-old man was arrested here on Tuesday for running India’s first bitcoin ATM kiosk, which police called illegal as it had been set up without approvals.
This guy was arrested, and had his assets in Bitcoin as well as the ATM machine confiscated. This is how the government reacted to someone who wanted to introduce new technology to India. I feel jealous about citizens of other countries such as Singapore and Japan. They are free to trade in cryptocurrency without any harassment from the government authorities.
Quote
The police also arrested Harish and seized several gadgets and Rs 1.79 lakh in cash from him. The materials seized included two laptops, one mobile, three credit cards, five debit cards, one passport, five company seals and one cryptocurrency device. Harish was produced in the 1st ACMM Court in Bengaluru before he was taken into police custody.
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