Topic: Why arnt we seeing more bitcoin ATM popping up? (Read 7737 times)
ATM machines for bitcoin cost a lot so only a few take risk of making a business with it. I am sure if the need for it rises, Bitcoin ATM machines will flourish.😀
Right now, with BTC at $660, LocalBitcoin is at about $690 to buy. So that is about 5%.
This compares pretty evenly to most Local Bitcoin dealers though does it not? Or what's the mark up in your area that people sell at for cash?
Just did a search for BTC ATM for this city, one of the top 10 in the US. Found 6 BTC ATM. All have about a 7% fee to buy, except for 1 which is 10%, and 5% to sell. One has 0% to sell.
This compares pretty evenly to most Local Bitcoin dealers though does it not? Or what's the mark up in your area that people sell at for cash?
I really thought this time last year that we would have a lot more
bitcoin ATM machines. There is so many people on localbitcoin especailly
in certain areas. I just really thought I would see more in heavily populated
areas. Why do you guys think there isn't many out there still? I know the one
I saw in California had ridiculous fee's but I think people still used it a lot.
One of the important reasons why atm are not popping up are because they have high fees and another more important reason is because near them are security cameras which is not good for privacy of the bitcoin users.bitcoin ATM machines. There is so many people on localbitcoin especailly
in certain areas. I just really thought I would see more in heavily populated
areas. Why do you guys think there isn't many out there still? I know the one
I saw in California had ridiculous fee's but I think people still used it a lot.
Just did a search for BTC ATM for this city, one of the top 10 in the US. Found 6 BTC ATM. All have about a 7% fee to buy, except for 1 which is 10%, and 5% to sell. One has 0% to sell.
This compares pretty evenly to most Local Bitcoin dealers though does it not? Or what's the mark up in your area that people sell at for cash?
Just did a search for BTC ATM for this city, one of the top 10 in the US. Found 6 BTC ATM. All have about a 7% fee to buy, except for 1 which is 10%, and 5% to sell. One has 0% to sell.
I really thought this time last year that we would have a lot more
bitcoin ATM machines. There is so many people on localbitcoin especailly
in certain areas. I just really thought I would see more in heavily populated
areas. Why do you guys think there isn't many out there still? I know the one
I saw in California had ridiculous fee's but I think people still used it a lot.
One of the important reasons why atm are not popping up are because they have high fees and another more important reason is because near them are security cameras which is not good for privacy of the bitcoin users. bitcoin ATM machines. There is so many people on localbitcoin especailly
in certain areas. I just really thought I would see more in heavily populated
areas. Why do you guys think there isn't many out there still? I know the one
I saw in California had ridiculous fee's but I think people still used it a lot.
I think because Bitcoin needs to grow more for them to have any reason to put out more ATM's. Maybe in the future when Bitcoin is more popular there will pop up more ATM's.
Yeah that's one reason why Bitcoin ATMs aren't popping out and about today. Another reason is the operability of that Bitcoin ATM, because it would definitely need a daily capital. Think of it, the ATM needs to be resupplied of bitcoins every time someone withdraws bitcoin from the atm, or it would be rendered useless if it doesn't have any bitcoins in it.There are too few users for the bitcoin ATM to be profitable for the operators. I never used the ATM before.
I think because Bitcoin needs to grow more for them to have any reason to put out more ATM's. Maybe in the future when Bitcoin is more popular there will pop up more ATM's.
Yeah that's one reason why Bitcoin ATMs aren't popping out and about today. Another reason is the operability of that Bitcoin ATM, because it would definitely need a daily capital. Think of it, the ATM needs to be resupplied of bitcoins every time someone withdraws bitcoin from the atm, or it would be rendered useless if it doesn't have any bitcoins in it. 
http://www.coindesk.com/bitcoin-atms-gray-areas/?utm_source=feedburner&utm_medium=feed&
...
Thought this might go a long with the chat here,took out the garbage about drugs and made up stories by the writer.
...
Thought this might go a long with the chat here,took out the garbage about drugs and made up stories by the writer.
That was the best part tho
Bitcoin Helps The Really, Really Ill
Yet the $10,000 monthly BTC limit remains a stumbling block for the critically ill sufferers who routinely smoke $10,000 of life-saving weed per week.
http://www.coindesk.com/bitcoin-atms-gray-areas/
"Bitcoin seems just as popular as a payment method for marijuana purchases in Colorado. According to an associate at a dispensary in Colorado Springs, a city that only allows medical marijuana sales, one customer comes in weekly and purchases marijuana using bitcoin.
Another sales associate was unclear what merchant processor the dispensary uses to accept the bitcoin payments, but she said that there’s a $10,000 limit for bitcoin transactions per month.
Notably, she said the customer routinely spends this amount in a given week."
One could only hope ObamaCare covers the $40,000 per months
Yet the $10,000 monthly BTC limit remains a stumbling block for the critically ill sufferers who routinely smoke $10,000 of life-saving weed per week.
http://www.coindesk.com/bitcoin-atms-gray-areas/
"Bitcoin seems just as popular as a payment method for marijuana purchases in Colorado. According to an associate at a dispensary in Colorado Springs, a city that only allows medical marijuana sales, one customer comes in weekly and purchases marijuana using bitcoin.
Another sales associate was unclear what merchant processor the dispensary uses to accept the bitcoin payments, but she said that there’s a $10,000 limit for bitcoin transactions per month.
Notably, she said the customer routinely spends this amount in a given week."
One could only hope ObamaCare covers the $40,000 per months
Edit: But the reason bitcoin ATMs aren't more common is a chicken/egg problem. The rates are outrageously high (https://www.reddit.com/r/Bitcoin/comments/4mmlpq/travelers_in_vietnam_can_now_use_a_bitcoin_atm_in/d3wt15c, I think OP runs this site https://coinatmradar.com/), and the rates need to be high because not too many people use the ATMs.
I think because Bitcoin needs to grow more for them to have any reason to put out more ATM's. Maybe in the future when Bitcoin is more popular there will pop up more ATM's.
I think because they maybe need more people to come and make use of it, if people are not making use of there Bitcoins then they have no reason to place more ATM's. I think that in the future there will be more because Bitcoin is becoming more popular.
I really thought this time last year that we would have a lot more
bitcoin ATM machines. There is so many people on localbitcoin especailly
in certain areas. I just really thought I would see more in heavily populated
areas. Why do you guys think there isn't many out there still? I know the one
I saw in California had ridiculous fee's but I think people still used it a lot.
bitcoin ATM machines. There is so many people on localbitcoin especailly
in certain areas. I just really thought I would see more in heavily populated
areas. Why do you guys think there isn't many out there still? I know the one
I saw in California had ridiculous fee's but I think people still used it a lot.
Because people don't really need bitcoin atms when they can trade bitcoins more anonymously and quickly with sites like localbitcoins and paxful. With bitcoin atms you have to provide ID.
They are probably running low of volume as well, which decreases the profitability of these ATMs. That's why there are no new ones right now.
When I use traditional ATM I know more or less what to expect. I know that I can withdraw my money from my bank account and it is pretty straightforward process.
On the other hand with Bitcoin ATM it is a lottery and you are never sure, I keep asking myself:
What can I do with machine like this? Can I buy BTC from it for FIAT, or can I load it with my BTC and then withdraw FIAT?
What kind of fees I have to pay? Do I need some kind of ID to use it?
All these thoughts have successfully discouraged me from using a Bitcoin ATM.
On the other hand with Bitcoin ATM it is a lottery and you are never sure, I keep asking myself:
What can I do with machine like this? Can I buy BTC from it for FIAT, or can I load it with my BTC and then withdraw FIAT?
What kind of fees I have to pay? Do I need some kind of ID to use it?
All these thoughts have successfully discouraged me from using a Bitcoin ATM.
If you have the money to build a network it can be very succesfull. Coin Source and Digital Mint have the 2 biggest networks. They can benifit from economies of scale.Plus most Newbies have no idea how to trade on an exchnage so thats a deterent. They will pay the higher fees for speed, convenience and ease of use on BTM's. People pay a
10% premium on localbitcoins are anon starter.
I think because not many people know about bitcoin
That's one of the many reasons, yes. I think the main thing is that there is no demand for a Bitcoin related ATM. Even if there is a Bitcoin ATM just a mile away from here I will most likely never use it. Here in my country there are several services where I can sell my coins directly and receive the money in my bank account the same day without paying any fees.
They are expensive + people dont buy BTC from them because it is exansive It is cheaper to buy them at Bitcoin exchange places.
It is cheaper to buy them at Bitcoin exchange places.as far as i'm aware a lot of people use them for convenience.
especially if you need small amounts, ATMs are saver and easier than going to an exchange or using localbitcoins.
I think because not many people know about bitcoin
They are expensive + people dont buy BTC from them because it is exansive It is cheaper to buy them at Bitcoin exchange places.
It is cheaper to buy them at Bitcoin exchange places.as far as i'm aware a lot of people use them for convenience.
especially if you need small amounts, ATMs are saver and easier than going to an exchange or using localbitcoins.
yeah, these are really convenient for any of the bitcoin user as when we want to withdraw our bitcoin, we are relying on banks and they are cutting big fees from them, and with bitcoin ATM we can get our money instantly.
especially if you need small amounts, ATMs are saver and easier than going to an exchange or using localbitcoins.
Not at all. It depends because of distance matter.
Yes easy for a person if the station is just an inch away or easy to access but not at all are like that.
That's why good thing here in our country, even without Bitcoin ATM, cashing out is less hassle using any form of receiving money available here in our country.
http://www.coindesk.com/bitcoin-atms-gray-areas/?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+CoinDesk+%28CoinDesk+-+The+Voice+of+Digital+Currency%29
From Seeds to Weed, Bitcoin Finds a Home Where Local Commerce Goes Gray
Thought this might go a long with the chat here,took out the garbage about drugs and made up stories by the writer.
From Seeds to Weed, Bitcoin Finds a Home Where Local Commerce Goes Gray
Quote
Bitcoin ATMs were seen as transformative for consumer acquisition of bitcoin when the devices first appeared on the market, but they’ve become less fashionable over the past year because of complicated user experiences and compounding regulatory pressure.
Like most parts of the bitcoin economy’s infrastructure, bitcoin ATMs are evolving, and operators in the industry are looking to identify and correct these issues, while still enabling buyers to access bitcoin conveniently.
Aaron Williams, founder of Coinnections, is one entrepreneur who is seeking solutions to ease the KYC requirements bitcoin ATM owners would need to implement. Currently developming the beta for an anti-money laundering software product for cryptocurrency businesses, Coinnections’ creator believes US consumers will prefer bitcoin ATMs over bitcoin exchanges in the future.
“Bitcoin ATM operators benefit from their small size in that they can implement a true risk-based AML program,” Williams has said. “A true risk-based AML program can allow for lower identification thresholds while still allowing the user to buy a useful amount of bitcoin. ATM operators can also benefit from not having to comply with multiple regulatory regions.”
Though it might seem that the use of these machines has slowed, several Bitcoin ATM operators who wanted to remain anonymous said they’re still pulling in large amounts of cash from underbanked minorities.
Gil Luria, an analyst focusing on bitcoin and blockchain at Wedbush Securities, believes that bitcoin ATMs may play a key role in other less controversial gray areas of the financial system, such as helping the underbanked and migrant workers.
“The main use case for a bitcoin ATM is a consumer that wants another level of anonymity since linking bitcoin wallets to a bank account or credit card defeats the purpose. Funding a bitcoin wallet with cash may be helping these consumers maintain their privacy,” he said.
How the bitcoin ecosystem will develop along this fine line remains an ongoing narrative in the industry, though it’s one that, for now, might not have the benefit of venture capital or big bank investment.
Out of this association with crime has come the “blockchain without bitcoin” movement that has found regulated, risk-averse financial institutions and enterprises opting to build their own blockchain protocol without the bitcoin currency riding on top.
But whether or not bitcoin is used for the gray areas of commerce, it still stands as the only blockchain project that is currently in the wild and innovating on the clunky traditional payments process.
Like most parts of the bitcoin economy’s infrastructure, bitcoin ATMs are evolving, and operators in the industry are looking to identify and correct these issues, while still enabling buyers to access bitcoin conveniently.
Aaron Williams, founder of Coinnections, is one entrepreneur who is seeking solutions to ease the KYC requirements bitcoin ATM owners would need to implement. Currently developming the beta for an anti-money laundering software product for cryptocurrency businesses, Coinnections’ creator believes US consumers will prefer bitcoin ATMs over bitcoin exchanges in the future.
“Bitcoin ATM operators benefit from their small size in that they can implement a true risk-based AML program,” Williams has said. “A true risk-based AML program can allow for lower identification thresholds while still allowing the user to buy a useful amount of bitcoin. ATM operators can also benefit from not having to comply with multiple regulatory regions.”
Though it might seem that the use of these machines has slowed, several Bitcoin ATM operators who wanted to remain anonymous said they’re still pulling in large amounts of cash from underbanked minorities.
Gil Luria, an analyst focusing on bitcoin and blockchain at Wedbush Securities, believes that bitcoin ATMs may play a key role in other less controversial gray areas of the financial system, such as helping the underbanked and migrant workers.
“The main use case for a bitcoin ATM is a consumer that wants another level of anonymity since linking bitcoin wallets to a bank account or credit card defeats the purpose. Funding a bitcoin wallet with cash may be helping these consumers maintain their privacy,” he said.
How the bitcoin ecosystem will develop along this fine line remains an ongoing narrative in the industry, though it’s one that, for now, might not have the benefit of venture capital or big bank investment.
Out of this association with crime has come the “blockchain without bitcoin” movement that has found regulated, risk-averse financial institutions and enterprises opting to build their own blockchain protocol without the bitcoin currency riding on top.
But whether or not bitcoin is used for the gray areas of commerce, it still stands as the only blockchain project that is currently in the wild and innovating on the clunky traditional payments process.
Thought this might go a long with the chat here,took out the garbage about drugs and made up stories by the writer.
They are expensive + people dont buy BTC from them because it is exansive It is cheaper to buy them at Bitcoin exchange places.
It is cheaper to buy them at Bitcoin exchange places.as far as i'm aware a lot of people use them for convenience.
especially if you need small amounts, ATMs are saver and easier than going to an exchange or using localbitcoins.
In my region there was a bitcoin atm. The only one for about 300 miles. Placed right in the capital of my state.
It got shut down because nobody used it. Probably because bitcoin is not very much known here at the moment yet.
Oh yes, I live in an industry nation.
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