Topic: Supply is meeting demand. The number of Bitcoin ATMs worldwide is up over 500% - page 2. (Read 451 times)

I've bought in the past Bitcoin from ATM. And indeed, I was shocked by the fees. Unfortunately that stopped me from buying more.. then Bitcoin started rising and I've missed that train. It was in the days Bitcoin price was around 200-220$!
Now I still think sometimes that I could have bought more, even with those high fees.

So ATMs can be good, although nowadays there are way more easy options to buy Bitcoin. And if their number grows, maybe we'll see competition and lower fees...

The statistics for the number of bitcoin ATMs created within the last year does not necessarily mean that people are using it directly. With how enormous the fees can be on these little wankers, one can easily avoid it and go through all the required processes of KYC in order to get a better deal. I came across those things when I'm still in Canada, none of the people there seemed to bother using it nor checking it out. Traders are still going to the traditional cryptocurrency exchange platforms to trade their bitcoin and fiat, and not through a machine that asks for exorbitant fees that could easily be avoided.

If you can show the statistics for bitcoin ATMs servicing people in the past year, that would be nice.

I wonder if this machine that can be found in 7 11 stores in the Philippines can be considered as a Bitcoin ATM because I can buy Bitcoins thru this machine. As long as theres a line of communication, this machine is online and you can buy Bitcoins through Coins.ph, if not then here in the Philippines I guess theres only 1 Bitcoin ATM.

Hmm, my country has a single ATM listed, and its at a border city, apparently its inside a traveling agency...

Operating an ATM in the country with the world's worst inflation, sounds like fun. Here you need twice our fiat to buy 1 satoshi. Largest banknote is 50k, so imagine it like 25k satoshis. That's about 2 USD. I guess an ATM with only 2 and 1 USD banknotes only is doable, but still... The inflation is measured in million percent yearly, the purchasing power of the banknotes changes every day.

I still think a single customer transaction would fill (or empty) the safe-box, and he/she would probably remain short of funds anyway.

Nope, true adoption is not putting an ATM at your shop, is having your shop setup a wallet and integrate it with your accounting, or at least set up your own processor such as btcpay.

The ATMs are an unnecessary middleman that only over complicates things.

Yeah, but I would have been way too old for her even if I was her type (not possible). 

I should have spent more time looking at the ATM, but I was sweaty (bicycle ride) and frustrated.  But I did see that the price they were going to charge me per bitcoin was well over $10k, but this was before our little flash-crash here.  When I arrived at the ATM I think bitcoin was still going for $9500 or thereabouts. 

That would not have mattered, though.  I wanted to buy bitcoins from an ATM just so I could say I did it--and this is the only bitcoin ATM in my town.  When I looked at the ATM map, you have no idea how surprised I was to see there actually was one around me.  I don't live in a big city and when I'd looked at that map a couple of years ago, there wasn't one anywhere around me.  I have a feeling the liquor store manager is going to get rid of the machine.  I forgot to ask him or the cute girl whether anyone else had used the machine or why he had it in there.  Maybe I'll go back in a few days.

So Pharmacist, seems like your experience is similar to what I'd expect, as I said I've never in my time of passing by these BATMs ever seen anyone using it.

Just yesterday meeting up with someone about Bitcoin too, and I live about 4 hours away from a self-styled Bitcoin City, and when I tried to spend my Bitcoin, the person at the cashier wasn't able to help as they weren't sure =)

So I get that ATMs and Bitcoin accepted logos everywhere ARE a sign of adoption, but they're not very good metrics at all.

Now this makes me think we should all try ATMS nearby us just to see.

The stories from the manufacturers tell a different tone though. And they MUST be profitable to keep building more, right?

Has this increased the number of traders? Are there any statistics?

Over 3 years, a lot of bitcoin ATMs have been seated. Demand exists that speaks of the active popularization of Bitcoin. I would look at the statistics of the use of ATMs among different users (beginners and experienced traders), who like it more to use

Demand is really huge. The spread of Bitcoin ATMs is direct evidence of their popularity and need. I especially expect an increase in the number of ATMs in countries with an economic crisis such as Argentina or Venezuela to better adapt people to Bitcoin.

It is a very good thing that the number of Bitcoin ATMs increased very much. Besides, this doesn't mean that countries are going to accept Bitcoin as a currency just because of this but it will help Bitcoin's image to reach better levels.

Then it wasn't really a useless trip, right?  

Out of pure curiosity since out of ideas on how to help somebody buy some coins from what I think is a blacklisted bankaccount I sent him to an ATM before seeing the fees for the ATMs in Tennessee where that guy says he's living, how much would have that ATM charged you in fees? 7% 14% ? Maybe it was better it malfunctioned.


Out of four ATMs in my 10 km range I have:
- one located in a hallway that leads to the toilets in a commercial store where I haven't seen anybody going at all
- near the lift in the parking at a mall at -1 level
- a bar that opens at 16 and closes at 2 am.

So....don't know if its the rent or something but they definitely could do better!

But there is also a limit to this, unfortunately, all those ATMs are doing on-chain transactions, so if we have like 400k of them it's either only ATMs txs in the chain or some of them won't even manage to do a transaction a day.

Update:  after making my previous post in this thread, I took a ride to the one and only bitcoin ATM in my city--and the closest one within about 20 miles.  It's located in the back of a liquor store.  I went there with some $20 bills, ready to purchase some bitcoin, even though they were asking over $10k/BTC.  I did the SMS verification thing and then tried to scan my ID.  The first time the photo was blurry so I tried to cancel it:

NETWORK ERROR

I started the entire process all over again, with the SMS and the photo scan.  I managed to get a reasonably decent shot of my ID, but when after it asked for a scan of the back side of the ID:

NETWORK ERROR

Again, I tried it.  Got to the backside of the ID and:

NETWORK ERROR

A cute girl who worked there came over and looked at what I was doing and mentioned to her boss that I was having trouble.  I heard him say "Yeah, there's supposed to be a 1-800 number or something.  I'm about to unplug that fucking thing."

So this was my one and only experience so far with a bitcoin ATM, and the goddamn thing didn't even work properly.  So OP, if there are problems like this with the machines there's no way people are going to get enthusiastic about buying bitcoin through them.  I don't like having to do all the verification either, but there was a message that said it was required in the US.  I'm not surprised.

I should have taken photos of me and the manager pissing on the machine.  At least it would have been useful for laughs had I posted them here.

Easy as at best, it feels good to know that there more btc atm's around even though most are located in more developed countries, still it shows that anyone can easily buy btc or sell at their convenience, it could also bring an indirect awareness among non btc users, many will see it and would want to find out more or even try it out, you never know.

Not sure BTC ATMs are really a case of supply. I've seen quite a few of the machines and pass by 1 almost daily. Never seen any customer. Never.

I do know a coworker who sells his weekly wages only because he needs it quick, and he's in the US so can't legitimately use p2p. But other than in the US, there can't be that much demand when you get far better rates almost every other method, can there?

According to me, even if what you said is true it won't make much of a difference since bitcoin is more of an online payment method.
The world itself is going for digitization by providing various means of online payments. Hence increasing the number of ATMs won't increase bitcoin utilization much.

If you're actually following stuff concerning bitcoin ATMs for a while already, do you mind answering a question I've had in mind for a while already? - What demographic of people are bitcoin ATM companies are mostly targeting? Is it the people who use ATMs for privacy purposes? Is it the people who don't know that exchanges like Coinbase exists whereas they could buy coins for cheaper? or is it for people who are new to bitcoin who are buying small amounts of bitcoin through ATMs just to test things out?

That really isn't a lot.  It wouldn't even be a lot if they were all located in the US, which they're not.  I'll have to search for a map of where they all are--I think such a thing exists, because I think someone linked to a map once.  There isn't a bitcoin ATM anywhere near me as far as I know, and I don't exactly live out in the woods.

I'd agree with that, though I'm not sure if that anonymity is worth the markups I've heard about with ATMs.  But I'll tell you, if there was one near me I'd probably use it if the fees weren't outrageous.  Beats doing PayPal deals or doing KYC on an exchange.

It doesn't, and I don't mean to be negative about OP's assertion.  I think it's great that bitcoin ATMs exist and I think there ought to be more of them--but my guess is that the reason there aren't is because the demand for them isn't there.  If they were being used extensively, they'd be all over the place.  

Edit:  Holy crap!  I just checked coinatmradar.com, and there is one right near me.  I'm definitely going to check it out--very cool!

Its a good thing that news is spreading and also to show that some capital expenditure is also being incurred in the industry so also is the collaboration borne out of research between crypto and fiat for the use of ATM to have increased significantly in a period of three years and its something to rejoice about. Although, I have not seen the machine in my current country of residence but I am hopeful that one day it will get here. That aside, there is also the need to discuss the sustainability of such endeavor considering the discount of selling by an individual and the premium on buying which I believe would be higher taking into consideration the cost of installing and maintaining the ATM machines compared to various peer to peer sites that we have abound where payment or sale can be done from the comfort of your phones.

It's great if the number of bitcoin ATMs are increasing globally! But that certainly doesn't mean the adoption of bitcoin is also increasing! The kind of premium every ATM charges, is astronomical! I personally prefer p2p transaction over crypto ATM!

However, the increasing number of crypto ATMs are actually good for bitcoin promotion. It will make a lot of local people intrigued about bitcoin and some of them will actually go ahead to search about it or ask others which in turn increase the awareness about bitcoin!

This doesn't mean Bitcoin is mass adopted yet man, probably some bank taking advantage of crypto that's all.
As long as we're under like -5% of the whole population who knows about Bitcoin & crypto, nothing is gonna change any soon.
We need at least 10% + of the worldwide population to know about Bitcoin & cryto.