The number of Bitcoin and other crypto ATMs has kept increasing this year.

shield132

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Quote from: 3kpk3 on July 07, 2024, 02:20:23 AM

They are completely useless and detrimental to BTC adoption if you ask me. They are convenient to a certain extent for sure, but their high fees mess up everything and deter potential crypto investors from investing.

As I have said many times, a friend of mine has a Bitcoin ATM in his cafe in a prestigious area but no one was using the ATM. Sometimes I work online and spend the whole day in his cafe with my laptop. For years, there was really zero demand on Bitcoin ATM but since 2022 many Russian and Ukrainian people migrated in my country and recently I see a few people coming and using Bitcoin ATM. Fees are still terrible as always but my friend noticed a small demand on it while it was non-existent before.
Btw there is a demand on buy. There are machines exclusively for buying cryptos (you can also pay bills with these machines, originally they were created for this purpose).

Quote from: 3kpk3 on July 07, 2024, 02:20:23 AM

Almost everyone has a smartphone these days which is why they aren't required at all. There are far better alternatives to help improve BTC adoption with time.

I prefer to use p2p exchanges if I want to cash out crypto instead of paying ridiculously high fees to Bitcoin ATM machines. Many people act like me and I don't understand this ATM business model. They mostly depend on a very small number of buyers who are willing to use their terrible rates for some unknown reasons.

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Quote from: Dr.Bitcoin_Strange on July 04, 2024, 02:18:46 PM

Well, it doesn't matter if they have a shortcoming, but it is usually the choice of individuals to use Bitcoin or another crypto ATM in the country where it is launched, as long as it is helping them to acquire the bitcoin and the crypto they want. I saw some posts about people who have been using Bitcoin ATMs, and the fees they charge for every transaction are usually so high that some people don't like to use them too. Anyway, it is good news that the Bitcoin ATM is increasing. It is for the good.

Yea, even though we see it as good news, I think that their should be a kind of modifications that will help in reducing this charges in future because it will be very difficult to convince an individual who has interest in Bitcoin to transact with it when the charges are too high, this sounds like a discouragement to me and I think something should be done, old folks in the business may understand this concepts but newbies will see it as loophole to discontinued with the process, although these are individual decisions, I somuch believe that this fees may be used for government taxes and network stuff but the whole thing should be done to favor everyone, as for the the increased number of Bitcoin ATM, it is a welcomed development and I hope it gets the needed modifications to attracts more individual usage.

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They are completely useless and detrimental to BTC adoption if you ask me. They are convenient to a certain extent for sure, but their high fees mess up everything and deter potential crypto investors from investing.

Almost everyone has a smartphone these days which is why they aren't required at all. There are far better alternatives to help improve BTC adoption with time.

coiningz

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Their fees are too high to really use them for something other than money loundering imo
But fo this purpose they look promising

Luzin

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The United States has always dominated the development of bitcoin ATMs or crypto ATMs. Since a few years ago, I have always noticed through https://coinatmradar.com website. If you look at its development, crypto ATMs have reached their highest point around 2022. I don't know for sure how this website collects data but they present the data quite completely.
But some of the problems that I hear are many complaints about large transaction fees. In addition, it is a security issue. Another condition is that the confirmation is long enough to make me not interested. Of course, the development is very good, but scalability is still an unresolved problem. My country used to have at least 2 crypto atms but I have never seen and used them.

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Quote from: Maus0728 on July 06, 2024, 08:24:18 PM

That's to be expected although I feel like it's not a fast growth because if it was, I'd say that there's a possibility that I would see at least one bitcoin ATM here in my country, but other than that, I'm so optimistic about this because bitcoin is the future and sometimes, the resistance of some country is just too much for now that it's difficult to fully influence them of having to deal with bitcoin but I know we'll get there, I'm just getting impatient most of the time I guess and maybe the fact that I don't see a lot of bitcoin ATM in my country might've contributed to that kind of thing.

Do people actually need to use Bitcoin ATM if they can use exchanges to sell their bitcoin to stable coin or fiat currency, and withdraw it at bank offices or at bank ATMs?

This practice needs some middle steps but it can help people to save expensive fees when using Bitcoin ATMs for direct cashing out. I believe that Bitcoin ATMs can be very last options and people only choose it as last option if they can not do it in other ways to save more fees.

Bitcoin ATM manufacturers and operators must work harder to reduce their service fees if they want people to use Bitcoin ATM more frequently. In the end, revenue can come and can be good too if more people use a service, expensive fee is not good for adoption and service income or profit.

Maus0728

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That's to be expected although I feel like it's not a fast growth because if it was, I'd say that there's a possibility that I would see at least one bitcoin ATM here in my country, but other than that, I'm so optimistic about this because bitcoin is the future and sometimes, the resistance of some country is just too much for now that it's difficult to fully influence them of having to deal with bitcoin but I know we'll get there, I'm just getting impatient most of the time I guess and maybe the fact that I don't see a lot of bitcoin ATM in my country might've contributed to that kind of thing.

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Quote from: retreat on July 06, 2024, 01:49:02 AM

But from the news I read, the US hosts 82.7% of the bitcoin and altcoin ATMs, which means we cannot say that ATM growth is increasing globally because most of them are in the US. And also I don't know why people are more interested in buying Bitcoin at ATMs, even though there are applications that they can use to buy Bitcoin directly from their devices, don't they know that?
But whatever it is, this is quite a good development because the increasing number of Bitcoin ATMs will increase the ease of access for people to be able to buy Bitcoin in public places.

This is the dilemma of exploring this business - setting-up bitcoin ATM and how can you attract users to utilize this service when they can conveniently use online sites to convert their crypto and transfer it to their bank accounts? This is why some of these users who have tried to use btc ATM was only for the experience and not for regular use. The fact that they said the fees are quite high or the conversion rate is not competitive with online trading platforms, these users will surely go back to using online services rather than go to a btc ATM.

Quote from: TheUltraElite on July 06, 2024, 05:10:24 AM

The Bitcoin ATMs are still scarce in the Indian subcontinent and I am not so sure they will anytime soon unless the rest of the world goes way ahead of them and their shitty politicians educate themselves about bitcoin.

Definitely it is good seeing the high numbers but we should aim for even higher and continue the development. I dont know if any of the forum users here run some local businesses and if they are, they should attempt to get a Bitcoin ATM installed if feasible and profitable, of course keeping local legal issues in mind and the local buzz on bitcoin.

For those who might want to install one in your location - https://coinatmradar.com/submit-host/

Aside from complying legal aspects of this business, they should look into these following aspects in order for them to attract local patrons to use it regularly -
> keep tab of the fees as compared to your local online crypto-exchange, it should at least not very far from your rates
> can easily see user-friendly instructions how to use the ATM, make it simple and straightforward; sometimes people are hesitant to use a new gadget because of ignorance how to use it
> contact details for technical support should be seen on the ATM itself; with this visible, people have the assurance that they can call someone for help in case of trouble using the machine

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The biggest secret of the success of developed countries is that they adopt new inventions quickly and they understand that if they adopt what is popular in the world, they will develop more, that is why in all the big countries that you have mentioned, Bitcoin has been introduced there, ATMs for Bitcoin users have been installed, and Bitcoin has been legalized in those countries.

Looking at the day-by-day development of Bitcoin and the trend of people towards Bitcoin, it is not difficult to say that Bitcoin is the future and in the future people will move into and trust Bitcoin to the exclusion of all other sources. People are investing in Bitcoin hoping that in the future it will be more than what it is, so it is very good that the countries are adopting Bitcoin, and I think all other countries should also legalize Bitcoin so that their Economy can grow over time.

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So anyway, I applied as a merit source :)

The Bitcoin ATMs are still scarce in the Indian subcontinent and I am not so sure they will anytime soon unless the rest of the world goes way ahead of them and their shitty politicians educate themselves about bitcoin.

Definitely it is good seeing the high numbers but we should aim for even higher and continue the development. I dont know if any of the forum users here run some local businesses and if they are, they should attempt to get a Bitcoin ATM installed if feasible and profitable, of course keeping local legal issues in mind and the local buzz on bitcoin.

For those who might want to install one in your location - https://coinatmradar.com/submit-host/

retreat

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But from the news I read, the US hosts 82.7% of the bitcoin and altcoin ATMs, which means we cannot say that ATM growth is increasing globally because most of them are in the US. And also I don't know why people are more interested in buying Bitcoin at ATMs, even though there are applications that they can use to buy Bitcoin directly from their devices, don't they know that?
But whatever it is, this is quite a good development because the increasing number of Bitcoin ATMs will increase the ease of access for people to be able to buy Bitcoin in public places.

Justbillywitt

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Quote from: DiMarxist on July 03, 2024, 10:53:21 AM

That can be done only in the countries bitcoin and other Cryptocurrencies. And if the ATM machines were declined in year 2023 In July from 39,541 to 32,471 then it was because of the bitcoin dip in 2022 and increase in 11 months interval again and then again it is because of the increase in price on bitcoin. Bitcoin started it increased signal from September 2023 so in this period investors have interest to build more and that is the business strategy.
Investors must be calculative.

That might not actually be the case. It cost a lot of money to install a bitcoin ATM machine. So a dip in bitcoin price won't make people remove bitcoin machine. Bitcoin transactions are always ongoing wether there is a dip or not. So I don't think the dip will make people remove bitcoin machines. Government regulations/clampdown on bitcoin ATM machines could be one of the major reasons why those machines were removed or possibly low interest from bitcoin users could also be a reason for it's removal. People who installed it in the first place knew that bitcoin is not a stable coin, so a dip in bitcoin price couldn't have led to the removal of those machines.

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Quote from: DiMarxist on July 03, 2024, 10:53:21 AM

That can be done only in the countries bitcoin and other Cryptocurrencies. And if the ATM machines were declined in year 2023 In July from 39,541 to 32,471 then it was because of the bitcoin dip in 2022 and increase in 11 months interval again and then again it is because of the increase in price on bitcoin. Bitcoin started it increased signal from September 2023 so in this period investors have interest to build more and that is the business strategy.
Investors must be calculative.

You need to back your speculation with research or a study that indicates that there is a correlation between the price of Bitcoin and the installation of Bitcoin ATMs. I suspect that the decline of Bitcoin ATMs in 2023 was due to government regulations. It was reported that many crypto ATMs were shut down in many European countries, especially in the UK due to regulatory laws.

Quote from: Ojima-ojo on July 04, 2024, 02:49:48 PM

I don't expect the number of bitcoin ATM or other bitcoin payment gateways to increase in this year 2024 because right from the early days of 2024, bitcoin network have witnessed alot of network crisis and this have resulted into high fees and network congestions, all this will contribute negatively to the motivations of bitcoin users to adopt such services as bitcoin ATMs because using such platforms will requires payment of high fees and longer waiting time.

So bitcoin users can't afford to be subjected to such exorbitant fees because of that there will be decreas in the demands for bitcoin ATM in some place.

High transaction fees in the Bitcoin network are not permanent. It happens when there is an attack on the network and in some cases, it lasts for a few days. So you cannot conclude that it will scare people away from using Bitcoin ATMs. If you do a quick research you will know that even in the face of these challenges more ATMs are been installed. Maybe there are other motivating factors that you and I have not recognized for the increase of these machines. In any case, the increase of crypto adoption globally is a determinant factor.

Darker45

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Despite the high numbers, the room for growth is still huge. The reality is that Bitcoin ATMs are still sparse all over the world. Since their existence is only concentrated in a few countries, it's still possible that the number would even double in several years.

However, the convenience offered by Bitcoin ATMs could be easily matched by the convenience offered by online platforms. Aside from high fees, there's the strict KYC that most Bitcoin ATMs are implementing.

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Quote from: Z-tight on July 01, 2024, 02:17:04 PM

Quote from: Fiatless on July 01, 2024, 12:30:41 PM

Bitcoin ATM might have its shortcomings but its spread is showing that Bitcoin adoption is growing even in the face of stringent government policies.

The news article reports that the U.S has > 82% of BTC atm's worldwide, so i don't think there is that 'spread' that you are talking about. However, it is not a bad news, so..yeah. The government of countries where BTC ATM's operate do not have a problem it, as long as the BTC atm operators have been approved by the authorities to operate and set up their machines in the country.

I thought US is that strict when it comes to crypto/BTC, so I was surprised when I see that data. But even if the spread is mostly happening on one country only, that can still be considered as a spread and we can still say that the adoption is growing. News like this are not an example of bad news but it is automatically a good one.

I think government and authorities are the same but I know there are also other authorities like for example Police. Anyway, government still has the power before them and can dictate whether this or that thing is allowed or not. There are reasons on why a government can ban a crypto but only if they will try to be more open-minded, they can only gain a benefit with it.

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Quote from: Ojima-ojo on July 04, 2024, 02:49:48 PM

I don't expect the number of bitcoin ATM or other bitcoin payment gateways to increase in this year 2024 because right from the early days of 2024, bitcoin network have witnessed alot of network crisis and this have resulted into high fees and network congestions, all this will contribute negatively to the motivations of bitcoin users to adopt such services as bitcoin ATMs because using such platforms will requires payment of high fees and longer waiting time.

So bitcoin users can't afford to be subjected to such exorbitant fees because of that there will be decreas in the demands for bitcoin ATM in some place.

I think that is a wrong conclusion. Most crypto ATMs (all of them, actually?) and other payment gateways support a wide variety of cryptocurrencies, not just Bitcoin. This means they can offer transactions on faster, less congested networks for users who are not hung up on using Bitcoin specifically.

Besides, did you check the sources posted in the OP? The actual data contradicts your statement completely.

Quote from: https://cointelegraph.com/news/crypto-atm-installations-inch-toward-all-time-high

As of 2024, there have been 2,564 new cryptocurrency ATMs installed, indicating a positive trend compared to the net loss of 2,861 machines in 2023, according to Coin ATM Radar.

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Quote from: Doan9269 on July 01, 2024, 02:00:40 PM

1. Bitcoin transaction fee with using its ATM is high and many will rather consider the comfort from their mobile device than using the ATM machine for making a transaction.

Who uses ATMs for making transactions? An ATM is supposed to be used to get cash, which means that if you are using a Bitcoin ATM, you are converting your Bitcoin into your local currency, the fees might be high for that but it serves the purpose for people who might not want to go through the longer process of first using a P2P service to get money and then using a traditional ATM to get their money.

Quote from: Doan9269 on July 01, 2024, 02:00:40 PM

2. We can also consider the adoption and regulations over bitcoin and crypto at large by some countries as one of the major determining factors hindering the demand for the use of bitcoin ATM as some may require government approval before installation and do on, but only for countries like El-Salvador and others where Bitcoin is being supported by the government may have increasing demands on the use of bitcoin ATM.

Less adoption might be a bigger issue because, in a place where not a lot of people use or know Bitcoin, there is no point in installing a Bitcoin ATM since it wouldn't get used a lot. And, as far as I know, for a service to install a Bitcoin ATM in a country, the country doesn't specifically have to have Bitcoin as a legal tender, if it's not illegal or banned and is regulated, it can be done.

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I don't expect the number of bitcoin ATM or other bitcoin payment gateways to increase in this year 2024 because right from the early days of 2024, bitcoin network have witnessed alot of network crisis and this have resulted into high fees and network congestions, all this will contribute negatively to the motivations of bitcoin users to adopt such services as bitcoin ATMs because using such platforms will requires payment of high fees and longer waiting time.

So bitcoin users can't afford to be subjected to such exorbitant fees because of that there will be decreas in the demands for bitcoin ATM in some place.

Dr.Bitcoin_Strange

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Well, it doesn't matter if they have a shortcoming, but it is usually the choice of individuals to use Bitcoin or another crypto ATM in the country where it is launched, as long as it is helping them to acquire the bitcoin and the crypto they want. I saw some posts about people who have been using Bitcoin ATMs, and the fees they charge for every transaction are usually so high that some people don't like to use them too. Anyway, it is good news that the Bitcoin ATM is increasing. It is for the good.

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The number of ATMs seems to be rising, but I wouldn't call it global because the diversity of locations or share of ATMs in the regions isn't changing much. I'm talking about the fact that 90% of Bitcoin ATMs are in North America, with almost 83% in the USA. So while it's technically true that ATMs are available all over the world, they aren't nearly as widespread in practice as that statement might entail. If 90% is in one region, I don't think of it as global, and these new ATMs didn't change this North American crypto ATM dominance.

Topic: The number of Bitcoin and other crypto ATMs has kept increasing this year. (Read 474 times)