Bitcoin Forum

Hello All,

Since getting into Bitcoins, I have noticed in my local area that there are hardly any ATM's to convert Bitcoins into cash to spend and I guess many others feel the same from time to time.

So I spoke to my local store owner and he might be interested in getting a BTC ATM if all the sums add up and he will make a profit from it.

Are there any places that I would be able to enquire to find out where I would be able to get one of these ATM's?

Also does anyone else know if it increases the people using the store and by how much in percentage wise?

I might have further questions.

Thank you in advance.

Hello, what kind of store is this? And which country is that? If it's USA, bitcoin ATMs are very common and people really like them for small cash outs. For bigger transactions, its fee is high.

I know for a fact you can get Bitcoin ATMs at LocalBitcoins. I don't know how it works though, so you will need to look that up.

Otherwise, why not do a simple Google search? I am sure a quick search for how to buy Bitcoin ATM will give you lots of potential places to buy one and sell and/or link to the store owner.

And as for making money, this is a no-brainer. Do you think a gumball machine would make more? I don't think so. ;D

I think it's hard to make bitcoin atm, while its bitcoin is still legal and has not been authorized by the government, could be later if there is atm, there must be a bank, and certainly there will be taxes. So do not be too hasty to take such a decision, wise, and think carefully

I am one of the bitcoin users from 2013. I also have not found many ATMs available, even in my country with a total population of 200 million there are only 3 ATM bitcoin available. infrastructure and capital are likely to still be a major problem to make many ATMs. oh yes for me actually bitcoin ATM is less effective because every transaction can be done in bitcoin wallet application and also withdrawal to local currency it seems to be more secure if sent to conventional bank have respectively.

I live in a major city and have maybe seen 1 Bitcoin ATM, although cannot even remember. Not very many around here either.

Oh wow, that's cool. Good on you for asking your local shop about getting a Bitcoin ATM! That's how we spread the adoption around our local community!

Check out this site. (https://coinatmradar.com/operators/) They list several Bitcoin ATM operators, which you could then contact directly to see if they serve your area and what the costs are, etc.

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A few clarifications needed for this comment...

First, Bitcom ATMs are not very common around the US. Maybe in your city, but not in every city.

Second, Bitcoin ATMs don't have high fees for larger transactions. They don't charge fees that way. What they do is offer you an inflated price if you're buying or discounted price if you're selling. They make money on the spread they between what they buy or sell bitcoin for on the market and what they buy and sell bitcoin for to you at the ATM.

Yeah i noticed that almost all bitcoin atm's are in the us, why is that happening? in south america there is not even only one btc atm, only in europe and asia, and they are so useful, i dont know why there are not too many atm's. I wish i have one here in city, it would make all the things a lot more easier for me.
So i guess i will have to wait a few years before that happens here, since we dont have too much bitcoin technology.

Not true at all.

- Argentina will gain 200 ATM's in October according to this news[1].
- Last month, Australia announced plans to retrofit 500 machines with Bitcoin selling and purchasing functionality[2].

You can also check CoinATMradar[3] to see that there are Bitcoin ATM's in over 59 countries. My country (Brazil) for example, already got 1 ATM and some companies over here are planning to add more.

[1] https://cointelegraph.com/news/argentina-jumps-on-bitcoin-atm-bandwagon-with-200-expected-in-october
[2] https://cointelegraph.com/news/number-of-bitcoin-atms-will-increase-in-australia-from-20-to-500
[3] https://coinatmradar.com/

I can't tell you how many times I have thought about investing in Bitcoin ATMs. It would be cool to have a bunch of them around my city and make passive Bitcoin from it.

I used the Bitcoin Atm, it's quite complex, but it's handy, but the numbers are pretty small, there are only 2 in my town, and one does not work, unfortunately. Also the fees are high.

if there is an ATM machine is very good, but in my area also there is no ATM machine for bitcoin, maybe in developed countries there are ATM machines for bitcoin like AMERICA, JAPAN and other countries again, I also hope in my area there is also a bitcoin ATM machine .

I have never seen a Bitcoin atm in my entire life. I'd be ecstatic if I see one, but all I ever do is hold, so I would not use it anyway. It would be very convenient if I had a massive amount though.

That being said, most people I know also usually just hold, so I don't think it would attract enough customers to justify the cost. It might depend on the country though. There might be stats floating around on the internet somewhere.

We have two bitcoin ATM's at my location. I like to keep my cryptocurrency, so I made a small test transaction once, and it was fast.  I would say it took about 1 minute to get my funds.  This was about one year ago so the speed may have changed.

Because of the hodlers, few people use the Bitcoin ATM regurarly, maybe those who mine bitcoin and have to pay for the electricity bill and they can't exchange their bitcoins on normal bitcoin exchanges because their bank doesn't allow to receive transfers from bitcoin exchanges. And of course, those who want to keep their anonymity and don't want to receive transfers to their personal bank accounts.

Bitcoin ATMs don't really do much, at least not where I am, and they at best have a few people who buy or sell Bitcoin for some of the novelty of doing it. It doesn't increase business, especially because there is a relatively small Bitcoin community here. ATMs also have stupid fees attached to them a majority of the time as well, I personally don't use them and likely will never end up using one of them. It's simply not something that I can find attractive to use when I can use any number of other exchanges which offer smaller fees and are easier to use.

I think ATMs are for people who are just walking by and getting started in crypto.

I have not yet made it come true. for now. maybe later for the future. I dont know. but this looks silly because bitcoin values ​​can change at any time.

I´m with you!
IlDario

Exactly, what is presently in my country only sells bitcoins and doesn't buy bitcoins to give you cash and so I think it's basically been designed to help newbies get their first couple of bitcoins into their wallets.

If done correctly the shop owner should make bank if everything is done correctly. I'm not sure where you would get an actual atm though. I think if you live in an urban area you would see a little increase in people going to the shop. But at first it will probably be very insignificant because there aren't a lot of people (globally) who frequently buy and use bitcoins.

Yes I do not understand how this machine works, while Bitcoin fluctuates. there is some bitcoin moment very sensitive when there is a negative issue bitcoin will decrease in price.
ATM machines need a stable price.

Wow ATM's bitcoin is a good idea. It will make all people that have bitcoin to get cash money. But maybe it needs a long time to be in my country. And I hope someday it can be reality.

If that is been hacked account. You can direct report to the moderators in the forum. Themos would be the right person to take these kind of complaint dude. Hilariouscando will be available in online to discuss about it. Create a thread in a scam and accusation section to discuss about it. You will get the better clarification to solve this issue.

Many people have problems in converting cryptos to fiat. Maybe it's a good solution for them and it will increase crypto community.

It would be great to see more bitcoin atms and like people say it is a great way to get people their very first bitcoin as for big cash outs it is not very viable for that but for small cash outs it would be.

I think it depends on what country you want to put the bitcoin ATM with. It is actually a great idea to put Bitcoin ATM's even in the grocery store. I do hope you would be successful on your plans of putting up a bitcoin ATM.

It would be insanely convenient if traditional banks at some point in the far future will allow their ATMs to process Bitcoin cashouts as well, and who knows, maybe even deposits too.

Bank ATMs are wide spread already, and thus lend themselves perfectly for that purpose. The only question is whether or not banks will agree with this ~ it's very recently that this happened, which was in Slovenia I believe.

It would allow banks to benefit from Bitcoin's popularity as well, and eventually offer fiat like services in Bitcoin. It's probably more a fantasy than reality right now, but it would be a major push forward for Bitcoin's adoption.

I think this topic always surface here in the forum and I think a lot just ask about OP's country and what place he reside, you can not get any great information if the info is incomplete well in the US bitcoin ATM's is very common and since you have said that you can not see any thing like that in your place to convert your bitcoin to fiat money then you are from a country that doesn't give something about bitcoin and it is not very common,

just like that I think you need to provide specific info so we could provide with best answer.

I have seen in the news and posts around this forum, that there are some BTC atm's in USA. Don't know their locations though. Before this, there was in Portugal some ATM's that were discontinued unfortunately. Has the concept already exists, I think that when BTC becomes to get more popular, there would be ATM's in most of the countries.

At first Bitcoin ATMs were very popular and they were opening all the time. But now this situation has changed to my opinion because there are so many other ways to buy Bitcoins or convert them to fiat so people don't use ATMs so much. At least in my country users don't show so much interest for Bitcoin ATMs like before.

Hi. First thing, where is your location? If you're in the US, well its not that hard to put up a bitcoin atm machine. Before purchasing from the bitcoin atm manufacturer there are a few steps you need to consider. Check this website that might help you https://www.acfcs.org/news/330368/A-Beginners-Guide-to-Operating-Your-Own-Bitcoin-ATM-and-complying-on-AML.htm

Country after country is installing a btc atm , for exemple my country has 3 on the capital and another 3 spreads on the rest of the country and is not a big one.

You know since that bitcoin is known in the whole world right now. But only few in the population know btc. Your proposal to your store owner is good! I am not gonna lie. But you need to consider that, is your store known? And another one, is majority of your hometown knows bitcoin? If yes and yes again on those questions, then go and buy an ATM! :D

Well yes, but the main problem is that at the moment there is more demand than ATM's, ofc services like localbitcoins help a lot but is not enough at least in my own case, is not the first time that i want to convert my bitcoins into cash and i can't do it as fast as needed... Let's hope that with time i will have not this problem anymore...

I find the real trick to it is knowing what your urban context is. I live in LA and because of this there are certain cities bound to have bitcoin ATMS. often they are located next to specific telling tech shops like tesla to name one. The closest one to me is around 7 miles away.

Depends on what country you are on. Here in the Philippines, it isn't really hard to start and operate one. Just make sure that all the necessary documents have been submitted accordingly and you need to comply to the AML regulations available so that the central bank would issue you a permit on operating one of these machines. As for general profit and whatnot, I don't know what are the numbers but I'm pretty sure that it takes a cut of 1-5% every transaction since I've tried to buy bitcoins using those machine and it took a small fee based on my transaction.

It is a great idea to make a Bitcoin ATM's. If all country use bitcoin atm that is a very useful thing for all people . Every bank or Dollar use or case our via ATM but still now no ATM for bitcoin withdraw. As like any kind of bank have a ATM so we need to Bitcoin atm for cash out any time any where.

ATM it is our past. Now, even banks are reducing their use. Online applications allow you to bring yourself to a Bank card of any amount and use it for any purchases. It seems to me that ATMs can bring only losses. Maybe they need to get the black money. In my country there is a bitcoin ATM and it does not prevent me.

wow its a great idea, in my country there are not bitcoin near of me, and as i know that bitcoin atm just 1 in my country, that city is the bali,, as i know that bali is vity in indonesian that mostly visited by tourist, so there are bitcoin atm on bali, i hope it will grow to make bitcoin atm in other city so i can make it too hehehe

It's great to hear that there is an ATM for bitcoin in bali, as we know that bali is a touristic city, I think for that, it have an atm which it accept bitcoin, because i know  lot of people they want to travel using they bitcoins.

Unfortunalty, In my country there is not an bitcoin ATM, so here, we should exchange our bitcoin to our local currency.

We got a bitcoin atm here in the philippines and it is located at ortigas center pasig , my friend tried to withdraw some cash there using his bitcoin but the atm got high withdrawal fee its fast but it has big fee wish it can lower its fee so we can enjoy using it. It is great to have an atm machine that you can encash your bitcoin from it but it is more enjoyable if it has a low withdrawal fee.

I don't know the same as you. but I think in some developed countries it seems to have existed and operated like a local bank atm.
maybe for japan and europe in particular, they have more advanced about the digital world and its technology. in my country there is also no atm or offline store that concerns bitcoin.

I wish there were one in my country. I don't think the cost of setting up an ATM would justify the possible increase of customers though, since very people use Bitcoins.

There are few problems with Bitcoin ATM.
Most of the people are not interested to sell their bitcoin but rather in HODL mode. There is not a lot pf people suing Bitcoin for their daily life.
Secondly, for people thinking to buy some bitcoins, it can be easy and quick but at a cost.
If the machine is used 2 times per month, then there is no use for the owner

most of us always hold bitcoin for investment purposes. I think atm bitcoin is not very effective. maybe for some people will be happy, but not with me. I'm more interested in storing bitcoin until it gets bigger.
and to my knowledge, until now there is no atm based bitcoin.

Buying and selling through the Bitcoin ATMs typically it's not cheap. Most ATMs are sitting at between 6-8%. You end up paying for the convenience and anonymity. Online exchanges are cheaper by a long shot, it just depends if you want to upload your ID and personal information.If you want to buy a Bitcoin ATM you can find it online cost between $3000 and $9000.

Bitcoin is the not at it a better way to get the money, but you out an effort is must so you will improve the process and development bitcoin will give the most information, analyzing the development bitcoin the give more opportunity you will get the money for the future investment and process bitcoin give more opportunity for improve the skill and knowled

There are no bitcoin ATMs near me, that I know of. It would be very handy to have - I wonder how the tax authorities would feel about it, having a totally anonymous cash dispensing machine - in place that have these how does it work out?

Bitcoin atms seems impossible to adapt to, as the no. of people investing in bitcoin is quite low, the common man, for instance who doesn't know at all about any cryptocurrency related stuff, wont even both to look at this atms, where as in countries like Japan, Bitcoin ATM are definitely possible. As the government itself has adopted the cryptocurrency, for daily usage, so have the citizens.

ATM machines are now available in Japan and Hongkong for BTC transactions. But it seems that the news says that no one is going to trade. This promotion takes a lot of time. Moreover, the price of goods in small shops is not high, is it easier to use other coins to promote it?

bitcoin atm wow ....
in my country the official bitcoin bank has no building yet what else atm.
but I hope in my country there will be a bitcoin official bank so all bitcoin farmers can easily exchange and take the hard work.
and bitcoin can be for shopping at all stores.

Oh really?  There have ATM machine in Japan. As far as i know in my country we also have ATM Machine, but it is not use for now.

I must admit I was surprised that India did not have any BTC ATMs in this moment,considering the size of the country and the number of inhabitants is really strange.To my knowledge there is quite an interest for BTC in India and it is only a matter of time when the first ATMs will appear.It seems that the main obstacle for any BTC ATMs is that Indian government is not regulated cryptocurrencies,but they are working on that and maybe next year first ATMs will appear in India.

I have not yet met such an ATM, and until they are so accurate, because there was no legalization of the coin, that's why it's an illegal business, if it's rough, that means an offense. It would be nice, but unfortunately.

There are several manufacturers of the machine that offers this, try using google to search for one.




Unless your government specifically identified that trading or possession of bitcoin is illegal that is the only time that it is considered illegal. It doesn't mean that if they don't recognize the coin as of now it is illegal, There is no existing law before the creation of the law that declares it as illegal that is why it was created. only few countries declared it as one. I think less than 10 nations prohibits its use.

maybe if there atm bitcoin will be easier to transact the bitcoin we just wait for the existence of bitcoin atm hopefully received by all parties ... hopefully

I have only heard of bitcoin  ATMs and don't have an idea of what the interface would look like. I think I heard of it seen in the US by a friend. Countries that are still finding it difficult to adopt it might be having it later on. And I hope it is well secured and not having a backend decrypting one's details. As regards local stores having ATMs, it is a welcome idea and easy conversions are made with transaction fees summing up correctly. I believe all these and much more are in the pipeline waiting to be implemented once the adaptation processes starts.