Does Bitcoin really need an ATM? - page 4.

Netnox

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Quote from: NeuroticFish on June 13, 2017, 04:24:02 AM

Quote from: Netnox on June 13, 2017, 04:15:31 AM

There is no harm in installing and operating a few Bitcoin ATMs here and there. I know that a lot of the users still distrust the online exchanges. For such people, the ATMs can be very useful. They can just insert the banknotes and coins, and get Bitcoins in return. No need for any ID verification, and there is no risk of someone hacking in to your online account.

Don't forget that many banks don't really "like" their customers use Bitcoin. The reasons are many - it's the competition, it's somewhat more private than the use of banks (AML?).
Also many people prefer to buy Bitcoin without telling the bank they do that (whether they do that for shady reasons or not).
All in all, BTMs are useful, they show the Bitcoin name in more places around the world and make it more accessible.
Yes, the fees are higher, but for good reason. We need more of them, surely.

This is a major issue. I have seen many threads here, dealing with incidents where the banks closed down bank accounts without any warning, due to the association with Bitcoin trade. In some extreme cases, the funds were frozen, and the freeze was removed after more than a year. I am not sure whether they are doing this due to competition. One reason may be the unclear legal status of Bitcoin.

jmigdlc1199

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even now atm's in any place and everywhere is better than using any other method to exchange btc, the fees are lower than combined bank transfer and exchange in btc exchange fees. now in us and canada as well as part of europe and asia, atm's are becoming a leading exchange method.

voltesbit777

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Having an atm in any places of the country will be a good priviledge to all bitcoin users or community here, imagine if that happen every country will going to have an atm machine, wow! that is so cool and many of the people who don't know about in bitcoin
will become more curious about it and we can easily demonstrate the actual of how bitcoin convert it into a real cash/money.

Celsiuss

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I think a bitcoin ATM is more of a way of advertising bitcoin and spreading it as much as possible. A bitcoin ATM could also be useful for buying bitcoins anonymously with cash. I really wish I had one in my nearby area.

Xester

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Quote from: Arindava on June 13, 2017, 10:41:24 AM

I think it is not necessary, because bitcoin can be traded only through the internet network can also Cheesy

Yes I agree with you it does not need an atm. Bitcoin is good just by being a bitcoin. Plus I think it would be more complicated to use because there is no physical money. Its only function would be to just transfer bitcoins. But I think it is no real proper usage because everything can be done on the internet.

stevano

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Bitcoin is in dire need of an ATM machine, if bitcoin uses it is very supportive for us all because it is very easy to get cash from bitcoin.

wantjokull

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It's true. Bitcoin will need that kind of integration soon enough we think. There are many customers who will need bitcoin ATM to spend their bitcoin with all the ease. May be a group of old people who are not aware of technology that much but still interested in something like bitcoin. Just imagine bitcoin ATM can bring you real cash at very step foot and no need to do all those waiting long confirmations from network. ,Yes may be it should be there.

bit-tard

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Currently ATM's have a very big market, the idea of buying coins through peer to peer exchanges are less tempting mainly due to the gigantic amount of fraud linked to it, and the risk of getting a fraudulent payment and suffering from it.
But on ATM's the transactions are easier and better to use overall and don't require ID's and verification like exchanges and much quicker.

Arindava

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I think it is not necessary, because bitcoin can be traded only through the internet network can also Cheesy

Rifat989

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cryptoheadd

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Quote from: Netnox on June 13, 2017, 04:15:31 AM

There is no harm in installing and operating a few Bitcoin ATMs here and there. I know that a lot of the users still distrust the online exchanges. For such people, the ATMs can be very useful. They can just insert the banknotes and coins, and get Bitcoins in return. No need for any ID verification, and there is no risk of someone hacking in to your online account.

I agree. There are a lot of pro for the customers, and the fee is not a lot. (Considering the pros.)

It's not easy to operate a BTM though. There's a lot of legal complications and risk involved. (Keeping in mind that no KYC is required by most BTMs)
Not to mention the costs and capital needed to run a BTM.

BitcoinPricingtool

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there are plenty of these now 5 years into the future and I think they aren't a waste, Buying BTC through these is a very easy and non-communicative process and the fees are %5 or so and cheaper than LBC and Paxful merchant fees.
The most viable option is exchanges, but bank deposit and CC transfers take a while, and ATM with cash are instant.

NeuroticFish

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Quote from: Netnox on June 13, 2017, 04:15:31 AM

There is no harm in installing and operating a few Bitcoin ATMs here and there. I know that a lot of the users still distrust the online exchanges. For such people, the ATMs can be very useful. They can just insert the banknotes and coins, and get Bitcoins in return. No need for any ID verification, and there is no risk of someone hacking in to your online account.

Don't forget that many banks don't really "like" their customers use Bitcoin. The reasons are many - it's the competition, it's somewhat more private than the use of banks (AML?).
Also many people prefer to buy Bitcoin without telling the bank they do that (whether they do that for shady reasons or not).
All in all, BTMs are useful, they show the Bitcoin name in more places around the world and make it more accessible.
Yes, the fees are higher, but for good reason. We need more of them, surely.

Netnox

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Activity: 2044

Merit: 1008

There is no harm in installing and operating a few Bitcoin ATMs here and there. I know that a lot of the users still distrust the online exchanges. For such people, the ATMs can be very useful. They can just insert the banknotes and coins, and get Bitcoins in return. No need for any ID verification, and there is no risk of someone hacking in to your online account.

foxbat

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Quote from: Doms on June 13, 2017, 03:37:08 AM

Those machines should instead be called kiosks rather than bitcoin ATMs. But since the aim is to raise its awareness to the general public, they patterned it after the typical ATMs. The idea is to have as many options as possible for a person to buy, sell, or do transactions with cash and bitcoin. And for those who for some reasons can't do their transactions on their computer or mobile phone, a bitcoin kiosk is another option that they can consider.

I think you have been thinking wrong, I suppose people are discussing a real ATM, which they can withdraw bitcoin into cash, do you understand it? It's not a machine for doing business transactions. Although this idea sounds good and can be done, but if we look at the problem, we will find it impossible. The current bitcoin can not do this, its value does not stand still, this will cause a lot of difficulties for the business people who own the ATM bitcoin.

cryptoheadd

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Quote from: Doms on June 13, 2017, 03:37:08 AM

Those machines should instead be called kiosks rather than bitcoin ATMs.

Bitcoin ATMs are actually considered as Digital Vending Machines.

Quote from: Luke2939 on June 13, 2017, 02:35:32 AM

Having an ATM would help promote bitcoin to the masses for sure. I think it is a good idea and would like to have one in my area.

I agree, we need more Bitcoin ATMs. But the average fee charged by an ATM is around 7-8%, which is a lot.

Doms

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Those machines should instead be called kiosks rather than bitcoin ATMs. But since the aim is to raise its awareness to the general public, they patterned it after the typical ATMs. The idea is to have as many options as possible for a person to buy, sell, or do transactions with cash and bitcoin. And for those who for some reasons can't do their transactions on their computer or mobile phone, a bitcoin kiosk is another option that they can consider.

mmhaimhai

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If there would be a program to directly convert btc to cold cash then it would be great. I wish this kind of service would be available in our country soon. BTW, our btc wallet have ability to transfer fund to ATM cards or banks but takes few days for processing.

Luke2939

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Having an ATM would help promote bitcoin to the masses for sure. I think it is a good idea and would like to have one in my area.

Zemangat

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Advances in technology science in the present very rapidly developing. As well as the way of payment, first money can only be taken through the bank only. But now we can make money through atm. As well as bitcoin, in the present development of bitcoin we can take in the special atm bitcoin or atm banks that cooperate with bitcoin. All now all easy and simple. Whether the future will be like ..

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