Kwik Trip To Install 800 New Bitcoin ATM

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Quote from: romero121 on June 03, 2022, 07:02:09 PM

To overcome the privacy issues, the platforms can come up with KYC free Bitcoin ATMs. Maybe this will affect the taxation of the government. However in a country where cryptocurrency is regulated doesn't look to be a big deal.

Only if it was as simple as saying no to KYC. KYC is now part of the legislation in some countries or areas, it is not something you have the option to accept or deny. Also, it is a big deal particularly in the countries where cryptocurrencies ARE regulated. That is where they tell you if KYC is mandatory. Regulations.

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I think it's good to see that more bitcoin ATMs are spreading despite the fees. We, those who have been in the market for years, we understand how high the fee is. But I think we're not their target market and it's most likely the newbies that are amazed and appreciates this new tech since they're still new. Also, when you're near one of them, you have the option if something goes wrong with your exchange and there's surprise maintenance and you can't exchange. It's just like an option though. Honestly, I want to start this type of business since there's still no one to be found here in my area.

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Quote from: Wiwo on June 03, 2022, 06:24:37 PM

Quote from: stompix on May 18, 2022, 02:21:51 AM

Quote from: NeuroticFish on May 17, 2022, 02:15:20 PM

It would have been an overly great news if it weren't the 11% fees.
That's too much, especially as I expect KYC also become - sooner or later - mandatory for all amounts, hence even more premium as taxes.

When it comes to Coinsource, the ones that are providing the ATMs it's even worse:

https://www.coinsource.net/faqs

Quote

Do I have to create an account with Coinsource before using a Coinsource Bitcoin ATM?

Yes. As the world’s largest Bitcoin ATM operator, Coinsource is nationally licensed and federally regulated which requires proper ID verification of our customers. Coinsource does not share or sell any information whatsoever to 3rd parties.

So you can't even try to fool it once or twice by buying two beers the guys loitering around the stores or any other trick, you need a full verified account that will track all your purchases.

Yeah giving away our privacy is one of the worst experiences where all our transactions can be tracked and not only that you pay high transactions fees of up to 11 % which is insane to me, come to think of it does one even need a Bitcoin ATM what of if our identity get sold out to criminals. This will be a wired experience

To overcome the privacy issues, the platforms can come up with KYC free Bitcoin ATMs. Maybe this will affect the taxation of the government. However in a country where cryptocurrency is regulated doesn't look to be a big deal. Because, even if we go on an exchange for buying bitcoin this is gonna request KYC. Also, a diversified installation needs to be done than getting stagnant over some specific region.

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Quote from: stompix on May 18, 2022, 02:21:51 AM

Quote from: NeuroticFish on May 17, 2022, 02:15:20 PM

It would have been an overly great news if it weren't the 11% fees.
That's too much, especially as I expect KYC also become - sooner or later - mandatory for all amounts, hence even more premium as taxes.

When it comes to Coinsource, the ones that are providing the ATMs it's even worse:

https://www.coinsource.net/faqs

Quote

Do I have to create an account with Coinsource before using a Coinsource Bitcoin ATM?

Yes. As the world’s largest Bitcoin ATM operator, Coinsource is nationally licensed and federally regulated which requires proper ID verification of our customers. Coinsource does not share or sell any information whatsoever to 3rd parties.

So you can't even try to fool it once or twice by buying two beers the guys loitering around the stores or any other trick, you need a full verified account that will track all your purchases.

Yeah giving away our privacy is one of the worst experiences where all our transactions can be tracked and not only that you pay high transactions fees of up to 11 % which is insane to me, come to think of it does one even need a Bitcoin ATM what of if our identity get sold out to criminals. This will be a wired experience

Lucius

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Quote from: stompix on May 21, 2022, 12:27:08 PM

Bruh!!! just above Lucius has quoted the line from the article:

Quote

Apart from Wisconsin, the aforementioned batch of Bitcoin kiosks will be installed in Minnesota, Illinois and Iowa.

It will seem difficult to convince some forum members that they should definitely read the article, but that there is no point in reading if they do not try to understand what it is really about.

Quote from: tygeade on May 21, 2022, 11:54:09 AM

It is actually bigger in land mass than most nations of the world, and California would have been 5th biggest economy of the world if it was a nation. So, I would say that putting all of it in just one state wouldn't be a bad idea if we are talking about the USA, they are a huge nation in land they cover.

A great nation with currently 33 344 crypto ATMs, and it seems to me that California is very well covered in that regard. If we take into account the fact that there are officially 37 472 crypto ATMs worldwide, I would say that the rest of the world is dangerously behind - or they are just smart and buy Bitcoin in some cheaper ways?

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With time there is increased adoption of cryptocurrency. A true example for the same is the increase in the number of Bitcoin ATMs getting installed all around. Earlier bitcoin ATMs were getting installed in a specific region. Even now this isn't widely distributed, maybe this is the beginning for the next level of adoption with countries making bitcoin usage legal tender. Even now the increased fee is termed to be a big issue with these ATMs. Hope the fee structure will change.

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Quote from: tygeade on May 21, 2022, 11:54:09 AM

I do not know if it will be just Texas, but I know that if you are going to pick just one state to install 800 Bitcoin ATM's, then it is going to be definitely Texas, I would pick maybe NY, California and Florida as alternatives, because those are huge as well but Texas is definitely just way too huge. Have you checked how big it is?

Bruh!!! just above Lucius has quoted the line from the article:

Quote from: davis196 on May 19, 2022, 01:14:07 AM

3.Someone could find a way to hack those ATMs and steal the coins of many people.

It's quite hard to hack an ATM under surveillance, and no real huge cases have happened, plus it will be easy for the customer to show the receipt and the fact that the coins haven't arrived in his wallet. Plus hacking a complex system for a few hundred bucks now and then? No!

Quote from: davis196 on May 19, 2022, 01:14:07 AM

Trying to copy the fiat financial system, with all those Bitcoin ATMs and crypto debit cards is a dumb move, if you ask me.

They are not trying to copy that system, they are just copying exchanges, like all those shady currency exchanges in some countries, you want to go unnoticed by your bank while buying 1000$, you go to one of them and try to convince the cashier to do it without an ID, which is successful most of the times.
Do you think those kiosks that sell credit codes for your mobile providers are making a fortune? Yet we have like one hundred of them in each city.

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Quote from: Chato1977 on May 19, 2022, 01:33:34 AM

Is this will be installed only in Texas? that is a huge amount of ATM to be installed in single state lol.

But this is one of the best news we are having now because of the opportunity of people using bitcoin here and there .

Hope this will bring best result soon.

I do not know if it will be just Texas, but I know that if you are going to pick just one state to install 800 Bitcoin ATM's, then it is going to be definitely Texas, I would pick maybe NY, California and Florida as alternatives, because those are huge as well but Texas is definitely just way too huge. Have you checked how big it is?

It is actually bigger in land mass than most nations of the world, and California would have been 5th biggest economy of the world if it was a nation. So, I would say that putting all of it in just one state wouldn't be a bad idea if we are talking about the USA, they are a huge nation in land they cover.

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Quote from: Chato1977 on May 19, 2022, 01:33:34 AM

Quote from: Wiwo on May 17, 2022, 12:58:35 PM

Bitcoin ATMs have become one of the booming businesses around the cryptocurrency business environment lately aside from the fact that Bitcoin ATMs make accessibility of Bitcoin easier for users who want to transact in private and to remain anonymous. Bitcoin ATM operators charges higher fees even more than exchanges which is why most digital assets company dive into the thriving new business by operating a Bitcoin ATM kiosk all around with the latest being Kwik trip a convenience store base in Wisconsin in collaboration with coinsource a taxas based cryptocurrency firm to established 800 new Bitcoin ATMs but the 11% charges in fees, it becomes a major turn off to most Bitcoin users but on a general note 800 Bitcoin ATM is a good move to Bitcoin adoption.
Source: https://cryptonews.net/6684027

Is this will be installed only in Texas? that is a huge amount of ATM to be installed in single state lol.

But this is one of the best news we are having now because of the opportunity of people using bitcoin here and there .

Hope this will bring best result soon.

I don't really see any thing big coming from this move as I see. the company that owns the Bitcoin atm is out to make profits from transactions that are carried out from the atm since they charge 11% fees which are huge.

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Quote from: davis196 on May 19, 2022, 01:14:07 AM

The guys at Kwik Trip don't know what they are doing. Who the hell would use those Bitcoin ATMs?

If you read the article, you may have noticed that this is a fairly successful company that has been around for over 50 years and has 800 private locations to house crypto ATMs. As I have already written, I do not believe that they are entering into this venture without doing some market research which would really be stupid and unwise.

Quote from: Chato1977 on May 19, 2022, 01:33:34 AM

Is this will be installed only in Texas? that is a huge amount of ATM to be installed in single state lol.

Why don't you read the article and find out the answer to the question? Texas is mentioned only in the context of the company that will participate in this project, and ATMs will be set up in 4 states.

Quote

Wisconsin-based convenience store Kwik Trip has announced a tie-up with Texas-based cryptocurrency firm Coinsource to install 800 Bitcoin ATMs.
Apart from Wisconsin, the aforementioned batch of Bitcoin kiosks will be installed in Minnesota, Illinois and Iowa. They will be placed in "convenient and easily accessible" locations.

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Quote from: Wiwo on May 17, 2022, 12:58:35 PM

Bitcoin ATMs have become one of the booming businesses around the cryptocurrency business environment lately aside from the fact that Bitcoin ATMs make accessibility of Bitcoin easier for users who want to transact in private and to remain anonymous. Bitcoin ATM operators charges higher fees even more than exchanges which is why most digital assets company dive into the thriving new business by operating a Bitcoin ATM kiosk all around with the latest being Kwik trip a convenience store base in Wisconsin in collaboration with coinsource a taxas based cryptocurrency firm to established 800 new Bitcoin ATMs but the 11% charges in fees, it becomes a major turn off to most Bitcoin users but on a general note 800 Bitcoin ATM is a good move to Bitcoin adoption.
Source: https://cryptonews.net/6684027

Is this will be installed only in Texas? that is a huge amount of ATM to be installed in single state lol.

But this is one of the best news we are having now because of the opportunity of people using bitcoin here and there .

Hope this will bring best result soon.

davis196

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The guys at Kwik Trip don't know what they are doing. Who the hell would use those Bitcoin ATMs?
1.The fees are so high.
2.Using crypto exchanges is way more convenient, despite all the KYC procedures.
3.Someone could find a way to hack those ATMs and steal the coins of many people.
I have always thought that Bitcoin ATMs are a dead business model, but some companies keep insisting on that model.
Trying to copy the fiat financial system, with all those Bitcoin ATMs and crypto debit cards is a dumb move, if you ask me.
The crypto financial system must be way different than the fiat system, in order to succeed. We simply don't need ATMs and debit cards.
Anyway, let's wait and see if this investment is going to get a positive ROI for Kwik Trip, in which I highly doubt.

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Quote from: Rikafip on May 18, 2022, 04:59:58 PM

Quote from: fiulpro on May 17, 2022, 02:27:09 PM

11% fee?
Isn't that a bit too much ?

Its not that is a bit too much, it is way too much. I quit using BATM when the one in my town increased the fee from 4.5 to 6%, so for me 11% fee is unacceptable really, especially at this day and age when you have so many different ways to buy/sell bitcoin.

Quote from: DaveF on May 18, 2022, 07:14:16 AM

BATMs are not cheap
Keeping the back end servers up an running has a cost
Hiring people to put in / take out the money has a cost
Since they are still somewhat new customer service people have a cost
And, don't forget PROFIT.....

I do get that running BATMs ain't cheat at all ( I had a lengthy conversation about that with my local operator) but 11% is really pushing it. Unless taxes for running BATM are much higher in the United States compared to Europe, but I always though that your taxes are generally much lower than here.

Some crypto users will try to use these btc ATMs but in the succeeding transactions, they won't use it anymore.
Once they feel the charges are bit too much and they know better options like online transactions, they won't go back to these ATMs.
But they can say, they have tried. I haven't tried an actual BTC ATM as it is not present in my immediate area.
However, if I do have the chance, I will try, just for the sake of experiencing a BTC ATM.
But more than likely, I will still go back to cheaper and more convenient options. Because nowadays, online access is pretty much everywhere.

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Quote from: fiulpro on May 17, 2022, 02:27:09 PM

11% fee?
Isn't that a bit too much ?

Its not that is a bit too much, it is way too much. I quit using BATM when the one in my town increased the fee from 4.5 to 6%, so for me 11% fee is unacceptable really, especially at this day and age when you have so many different ways to buy/sell bitcoin.

Quote from: DaveF on May 18, 2022, 07:14:16 AM

BATMs are not cheap
Keeping the back end servers up an running has a cost
Hiring people to put in / take out the money has a cost
Since they are still somewhat new customer service people have a cost
And, don't forget PROFIT.....

I do get that running BATMs ain't cheat at all ( I had a lengthy conversation about that with my local operator) but 11% is really pushing it. Unless taxes for running BATM are much higher in the United States compared to Europe, but I always though that your taxes are generally much lower than here.

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Quote from: DaveF on May 18, 2022, 02:33:14 PM

So yeah, a $4 fee if you are only taking on $40 is not unheard of. On the flip side it is a flat fee. Take out $20 will cost you $4 take out $400 still $4.

It is mostly the same all around the world with bank ATM's. It is nowadays rare that you get charged fees for withdrawing. Even more rare to get taxed for viewing your bank account balance.

I do completely agree the fees you pay are starting to hurt your pocket mostly when you start cashing out more considerable amounts of Fiat. But I do not know many people who would or could withdraw ten grand in one transaction, if allowed, from an ATM. I am sure there are more who cash out more negligible amounts. If ATM's had a 11 percent fee and there was big volume, the 11 percent fee would be considerably higher than the amount necessary for rent, hosting service and whatnot.

What this all tells me is that even with a flat fee, they would not be able to make it because even nowadays cashing out from a Cryptocurrency ATM is a rare event so they would not earn enough to consider it a business. My opinion. The more volume there is, the less percentage ATM owners would afford to ask per transaction. So the best solution is.. maybe that we all start using ATM's more often?

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Quote from: stompix on May 18, 2022, 07:51:01 AM

Quote from: DaveF on May 18, 2022, 07:14:16 AM

People have gotten used to $4 ATM fees to pull out $40 in cash so this is really not that much worse for smaller transactions.
-Dave

I know stuff in the US is pretty weird sometimes with all those checks and stuff but fees for withdrawing cash from an ATM?
Here in Europe, we've had zero fees for cash withdrawal at the ATM oned by your banks for like a decade and with my card, I can withdraw at any national bank with zero fees up to 10k euros a month.

If I go to an ATM that is run by my bank there is no fee.

If I go to an ATM that is run by some other banks that my bank has an agreement with there is no fee.

If I go to an ATM that is just sitting in a gas station run by that gas station or by someone that they have an agreement with. My BANK does not charge a fee, but the ATM usually has a fee. Which depending on several things my bank may or may not reimburse me for.

There are some ATM networks that banks have agreements with that will not charge them but will charge people out of the network.

So yeah, a $4 fee if you are only taking on $40 is not unheard of. On the flip side it is a flat fee. Take out $20 will cost you $4 take out $400 still $4.

-Dave

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Wow, this is amazing! Although I have seen several news about bitcoin ATMs being placed anywhere, it doesn't fail to surprise me and pump me up every time I hear about it happening! Although the fees are quite high and would mostly turn off several crypto enthusiast, it's not that much of a problem anyway if you consider how convenient it would be for the ones who would be using it. And with the risk that the private owners are taking for investing on producing such ATMs, we can just think of the extra fees as helping them out and in a bigger picture; helping hasten the mass adoption of crypto.

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Lot of legalities around them also....https://www.atmmarketplace.com/news/six-arrested-in-connection-with-bitcoin-atm-money-laundering/

thats just one article but do some searches and you find a ton similar cases. But usually they are operating illegally or even advertising it to criminals with the extent of not doing their due diligence to subvert illegal transactions.

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I would say that this news can be interpreted from several different aspects, emphasizing that we are talking about the US market which has the largest number of crypto ATMs in the world.

The first thing is that this market obviously has an even greater need for such devices, and that those who install them have an insight into the profitability of such devices. In other words, no one enters into such a venture blindly, the market is looking for such a product, and the whole thing is profitable.

The other thing about fees may be strange to some, because 11% is insane from the perspective of fees that exist at CEX, but again we return to the fact that the US market obviously has no problem with such large fees - otherwise, no one would use crypto ATM and their numbers would decline over time, until they became a rarity.

What should be emphasized in this case is that the company behind this venture owns about 800 privately owned locations, which means that there is no additional cost in terms of accommodation of the devices.

Quote

By 2022, Kwik Trip has grown to 800 locations (all of them are privately owned).
Kwik Trip owns Karuba, a brand of in-store coffee, and Nature's Touch, a brand of bottled water, juice and daily products.

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I've always been conflicted about Bitcoin ATMs.

There are a million negatives that pop into my head, but I'm hoping that's just a bias that I've picked up throughout my life experiences.

My worry would be that anybody using these ATMs would be a target; either for a robbery on the spot or for a long-term casing and burglary.

I haven't ever personally used a Bitcoin ATM, but I've come across them occasionally and always wonder how secure they are.

When you use your credit card there is already a risk of credit card skimmers, which will still be a consideration; Any KYC Documents that are required by a Bitcoin ATM would also be subject to the same type of skimming.

Then you add the 11% fees on top of it and any software bugs that might result in you not receiving your coin or it being an unfavorable exchange rate.

The convenience of being able to exchange Bitcoin at an ATM, to me, is outweighed by the inconvenience of not being able to use the Bitcoin to purchase anything at the store the ATM is housed inside.

Quote from: DaveF on May 18, 2022, 07:14:16 AM

People have gotten used to $4 ATM fees to pull out $40 in cash so this is really not that much worse for smaller transactions.

I'd be willing to bet that if there was more of a customer-base, we would see Bitcoin ATMs transition to a flat fee like most USD ATMs.

Topic: Kwik Trip To Install 800 New Bitcoin ATM (Read 427 times)