Bitcoin Forum

Welcome!
Kazakhstan, Almaty, Samal 3 1, Ritz Palace, ritz.kz
24/7
5% fee,
https://twitter.com/arruah/status/679996457764536322

This is pretty surrealistic. I didn't know there were Bitcoiners in Kazakhstan, let alone getting involved with physical stuff related to Bitcoin.

These machines are expensive. To place them, owners are expecting a ROI more or less soon. I also don't know how's the Bitcoin scene there but if the machine exists there's probably a small community using Bitcoin around that place :)

Yup, the owners must've seen some incentives in placing that atm in there in the first place, so that probably means there must be something happening in the background that is not known in the mainstream bitcoin community. Overall, this is a pretty good start in Kazakhstan. Bitcoin acceptance is gaining traction. :)

The owner must not thinking about getting ROI, he/she must be think about spreading Bitcoin to his/her own country :)

I really doubt about it....definitely the owner looking for a business and not charity. But it's ok, bitcoin is all about earning money.

Not impossible but very difficult :D It would have to be someone with a lot of money to burn to do that...

So does it just convert Bitcoin into local banknotes?  That seems to be a bit of a limited function. Why would people pay 5% when they can pay for items directly?

Because not all stores accept Bitcoin yet.

Anyways, the tweet says "#dontbeapussybuybitcoin ", so I assume it also allows converting fiat to Bitcoin.

Thank you very much :)

No it is only one way bitcoin terminal. Bitcoin -> cash.

Oh my God its nice news that Bitcoins teller machine has set up in Kazakhstan really a mind blowing. It will sure help people to trust more on Bitcoins existence. That its a true money in this generation. A new digital money for business. Buy or sell goods too.

The owner could be helping to spread the use because he has thousands of Bitcoins that were bought or mined early and wants the value to go much higher. I know if I had 10k+ bitcoins, I would definitely spend some money on ways to encourage more adopters. I suspect there are a lot of people holding thousands of coins and not doing much to help it become more widely adopted, just sitting around waiting for it to happen. I believe it will happen, anyway. It could a lot sooner if more people with the means to do so did more.  I'll just take the time to acquire more now at what I believe will be seen as a great price a decade or so later.

alot of people have the naive belief that people in the middle east are cave dwellers, with no technical skills and no internet..

but i think a picture of Almaty in Kazakhstan says it all..
http://www.beh-llc.com/Media/General/AlmatyLg.jpg

remember folks.. when america was still a land full of native indians.. the middle east had buildings, houses, hotel bars(Inn's), farms, stables, they invented maths, they had record keeping and written language.

quote author=arruah link=topic=1303439.msg13354690#msg13354690 date=1451057015]
Welcome!
Kazakhstan, Almaty, Samal 3 1, Ritz Palace, ritz.kz
24/7
5% fee,
https://twitter.com/arruah/status/679996457764536322
[/quote]

Uow, this is great.

There is one machine in Brazil as well, São Paulo city.

Will update with adress soon.

The BTM's are unexpected news to me because Kazakhstan was considering banning Bitcoin in 2014. It's stance on cryptocurrency must have significantly softened since then. It's amazing the difference a year or two can make to attitudes towards Bitcoin.

http://www.coindesk.com/kazakhstans-central-bank-ban-bitcoin-protect-bankers/

Pretty risky investment in my opinion, would be cool if there were more of these but I don't really think it's a good RoI rate.

I must say that it is to the goodness of bitcoin as a digital currency at large. The inventions and implementations tellers in Kazakhstan implies that the bitcoin has been accepted in this region and is actively being used. It also shows that the bitcoin as a currency is growing and being used to make purchase of the physical items in the area. It is a gesture of good things to come when talking of the bitcoin and the entire digital economy.

wooow that's really awesome, i dont even know so many bitcoiner from kazakhsthan, anyways i just saw this machine on youtube, i wish someday i can use it to convert my bitcoin to the cash
well congratulation again

Most governments are, that's why they are imposing different laws in line with cryptocurrencies. As for the atm, 5% is indeed a big fee but business is business; the owner of this atm took the risk on spreading the word by installing a bitcoin atm in the country. That itself, I think is charity. ::)

3 percent VAT. 1 percent of the rental. 1 percent of profits. You're right, I do not expect to profit. But we need to talk about it, and we heard the regulators. In neighboring Kyrgyzstan, a terminal has been running for a year. I do not know if they have a profit machine :) But they are even more expensive of my terminal. (Lamassu)

If that was the case and this bitcoin machine was owned by rich millionaire who loves bitcoin then why set 5% fee?
Don't be deluded, bitcoin ATMs are way of earring money for the owner in the first place. Promotional motives come second.

if you are looking for a way to try 'hiding' the fee so it doesnt appear as bad, play the spreads of the markets.

for instance in america
coinbase $426
bitfinex $421

when selling bitcoin to users, you first buy it (behind the scenes) from bitfinex and sell to others at the coinbase price (1% profit). customers dont see it as a 1% fee because you are offering it to them at the exact price coinbase does

when buying bitcoin you display to customers the bitfinex price, but then sell it (behind the scenes) on coinbase (1% profit). customers dont see it as a 1% fee because you are offering it to them at the exact price bitfinex does.

so by displaying it as a 'spread' it feels less like a fee, and many customers complain less because of it

Thats true.It will encourage more and more people to use bitcoins not only in Kazakhstan but also in other countries as well as more nations and people join in,bitcoin will soon become global currency replacing dollar :D

I saw the picture,and i think not just me who ask to you like this : its a bitcoin teller or bitcoin ATM?
Maybe you are have other view for thus machine?or teller and ATM are same?

if you understand the T of ATM or BTM .. you will have your answer

spoiler: T=Teller

I can not buy coins on coinbase because I am not a resident of the United States.

i didnt literally mean coinbase or bitfinex.. they were just examples.. but if you can get access to any 2 exchanges.. the quote the low price exchange when buying bitcoin from people (secretly selling the coin you received on the high price exchange for profit) and vice versa.

in short you are in control of the spread. so use it to buffer out the "fee" that way people dont notice it as much to complain about.
EG
book costs $10, dont say 'book for sale $10+$1 admin fee'.... just say $11

I understand, thank's.