Why arnt we seeing more bitcoin ATM popping up? - page 8.

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Quote from: The Sceptical Chymist on December 03, 2015, 09:13:31 PM

Well, what's the main use of bitcoin at the moment? Online stuff--dark and clear markets. In the community where an ATM would be, cash is king not bitcoin and so they're just not necessary.

Whoever it was who said bitcoin is a solution in search of a problem was right. Still, I'd use a bitcoin ATM if I could find one and if the fees were fair.

If a certain Bitcoin related startup is smart, it could launch a competitor for Western Union. By placing a lot ATMs around the world in well known stores and supermarkets, you can send a person an x amount in Bitcoin, and he or she can directly convert it to cash if they so wish at one of these ATMs.

That would be a killer idea and a real threat to Western Union. The only problem would be the amount that you can turn into cash. At this point the policies that many countries are using regarding Bitcoin are a huge mess at this point, and they are constantly changing. And I am sure the media will jump on it and say it will be used by criminals, etc. Cheesy

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Quote from: btc_enigma on December 04, 2015, 01:36:55 AM

I guess tight regulations in many countries llike India is preventing Bitcoin ATM adoption

That is the idea, if they regulate it to death, they could buy some time to slow it down. They might not be able to stop it, because it's decentralized, but they can over complicate it to make it difficult for people to

migrate from fiat to Bitcoin. These ATM's are also more expensive than normal ATM's, and people would much rather invest in a old ATM, because the profits from that is higher. {Or so I was told, by a vendor

who wanted to invest in one of those} Roll Eyes

Fidemoga

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The cost of bitcoin ATM is still much higher than buying from exchanges directly. If you are frequent trader, it is better to buy directly.

TastyChillySauce00

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i think ATM provider just still seeing what will happen next, and after some site provide bitcoin debit card (which is really good for bitcoin to be popular) , probably they will provide and adding few atm around the world, im really waiting this to be happen in my country, but the provider must take care of it

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Quote from: Rubberduckie on December 03, 2015, 10:41:22 PM

Quote from: Quantus on December 03, 2015, 06:13:59 AM

Huge, massive fees and all that info you have to hand over, I would never use one.

wow lots of great answers. I have heard the fees are massive
but didnt realize you had to put in so much private info. Seems
crazy to have to put in so much info to use an ATM. I mean
they get money and give you btc I dont understand why this
cant be streamlined. I mainly asked the question because a lot of
my friends would take bitcoin more seriously if there were more
atms also. It gives it a more stable look and a form of free advertising

You do need to provide your driver's license for scanning and that's pretty much it. Exchanges requires more information and time to process it. KYC/AML policies require ATM operators to report suspicious transactions and hence they need IDs. In my country, the Lamassu ATM did not require any verification mainly because they don't deal with large amounts. ATMs are rare and they are hence quite expensive.

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Quote from: CoinBateman on December 03, 2015, 10:25:11 PM

Quote from: MicroGuy on December 03, 2015, 10:21:38 PM

Quote from: Clint on December 03, 2015, 10:13:54 PM

I was wondering the same thing. It's either because of government issues with the bitcoins, and not many people in the whole population uses it. It costs money to install too.

No one on this Flat Earth is going to take a currency seriously that has developers at odds with each other. That's the problem today.

The core developers are acting like a bunch of spoiled kids on a playground. Don't fool yourselves into believing that the rest of the world can't see that. Yes, cryptocurrencies will replace traditional fiat, but it won't be the original crypto that gets it done. Never in history has the contestant with first-mover advantage prevailed. Just ask altavista or the webcrawler.

Fiat has replaced Gold as a medium of exchange. Doesn't mean gold has lost value over time has it ?

but it did not increased either, it stuck there at 1k since age, and still need to top its last ath, which was above 2k

a similar scenario can happen in the future with bitcoin, reaching for example 1200 again and remian there until the fee era or simply die..

btc_enigma

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I guess tight regulations in many countries llike India is preventing Bitcoin ATM adoption

Kakmakr

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I should say, Bitcoin Vending machines would be a better investment in countries where the regulations are less intense, because the regulations and the effort people have to go through at a Bitcoin ATM, would chase away customers. They are used to much less complicated Fiat ATM's and the Bitcoin ATM's is just too much effort.

Once again governments are putting stumbling blocks in the path of Bitcoin's progress. ^hmmm^

Nagle

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Because the buy/sell spreads are huge (10% is common), there are substantial fees, the machines cost far more than standard ATMs, and the companies behind them provide lousy support or go out of business.

Robocoin stopped selling real Bitcoins and started selling access to Bitcoins via their "hosted wallet". "Hosted wallets" have a terrible track record. You don't own the Bitcoins, the wallet company does. They just owe them to you.

Rubberduckie

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Quote from: Quantus on December 03, 2015, 06:13:59 AM

Huge, massive fees and all that info you have to hand over, I would never use one.

wow lots of great answers. I have heard the fees are massive
but didnt realize you had to put in so much private info. Seems
crazy to have to put in so much info to use an ATM. I mean
they get money and give you btc I dont understand why this
cant be streamlined. I mainly asked the question because a lot of
my friends would take bitcoin more seriously if there were more
atms also. It gives it a more stable look and a form of free advertising

CoinBateman

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Quote from: MicroGuy on December 03, 2015, 10:21:38 PM

Quote from: Clint on December 03, 2015, 10:13:54 PM

I was wondering the same thing. It's either because of government issues with the bitcoins, and not many people in the whole population uses it. It costs money to install too.

No one on this Flat Earth is going to take a currency seriously that has developers at odds with each other. That's the problem today.

The core developers are acting like a bunch of spoiled kids on a playground. Don't fool yourselves into believing that the rest of the world can't see that. Yes, cryptocurrencies will replace traditional fiat, but it won't be the original crypto that gets it done. Never in history has the contestant with first-mover advantage prevailed. Just ask altavista or the webcrawler.

Fiat has replaced Gold as a medium of exchange. Doesn't mean gold has lost value over time has it ?

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Quote from: Clint on December 03, 2015, 10:13:54 PM

I was wondering the same thing. It's either because of government issues with the bitcoins, and not many people in the whole population uses it. It costs money to install too.

No one on this Flat Earth is going to take a currency seriously that has developers at odds with each other. That's the problem today.

The core developers are acting like a bunch of spoiled kids on a playground. Don't fool yourselves into believing that the rest of the world can't see that. Yes, cryptocurrencies will replace traditional fiat, but it won't be the original crypto that gets it done.

Never in history has the contestant with first-mover advantage prevailed long-term. Just ask altavista or the webcrawler.

CoinBateman

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the bitcoin debit cards themselves are becoming more popular. I think these may make Bitcoin ATM's obsolete

Clint

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I was wondering the same thing. It's either because of government issues with the bitcoins, and not many people in the whole population uses it. It costs money to install too.

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Quote from: prodigy8 on December 03, 2015, 02:43:19 PM

The maintenance for the ATM could be more expensive and that's why the number of these is not high.

In many countries bitcoin is illegal to use so this maybe can stop this journey.

The fees aren't same as in online exchanges, also it isn't anymore anonymous because there should be security cameras near the ATM

I agree, I think in many countries legality and security is a big concern which is why the companies are not eager to set up BTC ATMs. I don't have a problem with ATMs charging a little extra fee as they do provide convenience even if they lack to provide any anonymity but if we're to take Bitcoin mainstream, I think we'll have to give up that.

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Quote from: Rubberduckie on December 03, 2015, 04:58:46 AM

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.

In all honesty, I blame Satoshi. Yes, he's a genius. And yes, he invented bitcoin! Cheesy

But Christopher Jones didn't jump overboard and pu$$y out during the Mayflower's voyage. And I believe the Crypto that will eventually make inroads into the mainstream will have a strong and courageous developer. Someone that's tough, intelligent, brave, and bold.

foxbitcoin

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IMO bitcoin adoption hasn't reached to a level that bitcoin ATM can make a profit except some populated area. When bitcoin is recognized by majority, bitcoin ATM will be like the bank ATM one day.

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Quote from: megatron1337 on December 03, 2015, 09:17:36 PM

We have atm machines in Canada. We have a few in the city of Montreal.
http://www.autocoinage.com/
http://instacoinatm.com/index-en.html

Theres really have bitcoin atm out there??
I never thought that have atm for bitcoin. In my country i believe they doesn't had it yet.
Maybe just few atm in this world?

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We have atm machines in Canada. We have a few in the city of Montreal.
http://www.autocoinage.com/
http://instacoinatm.com/index-en.html

The Sceptical Chymist

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Well, what's the main use of bitcoin at the moment? Online stuff--dark and clear markets. In the community where an ATM would be, cash is king not bitcoin and so they're just not necessary.

Whoever it was who said bitcoin is a solution in search of a problem was right. Still, I'd use a bitcoin ATM if I could find one and if the fees were fair.

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