Bitcoin Forum

Do people actually use these machines or is it something noone is really interested in? Please share your opinions.

https://www.statista.com/statistics/343127/number-bitcoin-atms/

I'm assuming based on the statistics on that website, people are using ATM's because its growing year-to-year. At a business standpoint, why would someone put a ATM when people are not going to used it?

So for me, people are actually using it but we might not have the statistics. And as crypto adoption grows overtime, perhaps people will find convenience using Bitcoin ATM just like regular fiat ATM in my opinion.

Yes people that are close to these ATM's are actually using it. Having a nearby ATM is very helpful if you need cash or you have spare money and you wanted to buy if you are an investor.

How can people aren't interested with bitcoin ATM? it's very interesting to have this on your locale and this only means that adoption in your locale is increasing.

If you want to know if there's one nearby you.
https://coinatmradar.com/

Depends on the situation.

Here in my country, there was an installed Bitcoin ATM machine few (https://coinatmradar.com/bitcoin_atm/475/bitcoin-atm-genesis-coin-makati-sunette-towers/) blocks away near in my former workplace wherein everyday I used to get passed on that tower where the ATM was located. In my months or nearly years of seeing that machine everyday, I never see any single person using it. Maybe I just don't have a chance to see it but it's impossible that whenever I passes there, no one is using. So my conclusion is, there are only rare usage of that machine.

I just don't know if that machine is still there as I changed my job several months ago so I don't have a chance now to see that machine.

Well, the fees mostly are pretty high and the maximum tradeable amount is low.
It is much easier / more convenient to register at an exchange and buy/sell there.




No. They are not from banks. And these ATM's are not related to banks in any way.
Private businesses/institutions/people buy or build them and deploy them at local places. That's a business model.

Yeah the fees are pretty high but that's just it, bitcoin ATM providers are companies that has to earn as well for providing this type of service and I'm sure that every coiner will understand the fees.

This is just a case that if you ever want to use it and experience on how it is integrated in real life just like our bank accounts.

I´m not so sure about this. Most Bitcoin ATMs that I have seen
are not exactly transparent about the fees that they charge.
Instead of displaying in red letters that you are paying a 6 %
fee to cover the costs of the operator and the BTC transaction, they
simply give you a worse rate that includes the fee.
By doing this, a newcomer may be completely unaware that he
is getting screwed by an uncompetitive rate.

Professional buyers surely don´t use these ATMs, because why would
you want to pay a 6 % premium when you can buy Bitcoin at an exchange
like Bitstamp for 0.25 % in fees.

I've never used an Bitcoin ATM. First reason why - there are no Bitcoin ATM in my location.
Secondly, I don't see many reasons to use it. Their fees are high, trading rates aren't very competetive, this is why I would prefer to use common Bitcoin/crypto exchange. But probably I would try Bitcoin ATM just for curiosity.

Thank you all for the input.

From my impression so far these things are working better in some countries than others, probably related to the level of economy and general trust within that country. A transparent fee structure should be mandatory, otherwise these machines are no less than a scam and most people would not use them again.

Can't see any interest in bitcoin ATM, especially when rates are so out from reality. How much do they have to earn? Unlimited? They have worst prices on bitcoin exchange in this unvierse, you lose so much if you use them that it worth to stay without money for some time or get XAPO or any other debit card and exchange/withdraw cheaply. Personally I am amazed but number of Bitcoin ATMs worldwide are nearly 4000 if not more.

I agree with you partially, I don't see any other situation to use ATM to buy crypto just for the normies, newbies, etc, the people who want to get "some bitcoin" just to have it, because it's cool and everyone is talking about it become digital gold or something like that. I wouldn't use crypto ATM because I know how to do it with lesser fees and using just web exchanges or app.

About this ATM/crypto ATM which you can buy and widraw a money out it that came from bitcoin to foriegn money.

This bitcoin ATM is unique in our country which 2 ATM are standing here in the philipines in the city of Manila. Still I would say that even if this is 2 bitcoin is papular but not that much because for me I would see half the people in the Philippines here are not interested. Even if people in the country of mine know all about bitcoin andwill not say  no more that bitcoin is a scam.
PS
Also you can also widraw or buy bitcoin at our 7/11 store here in the Philippines ang that is great but it has fee which is small.

I myself totally underestimated Bitcoin ATMs. As a Bitcoin user who's lived and worked in 3 varied places since first owning Bitcoin... I can't understand why anyone would want to use those machines when the fees are at a premium, when you're out in public... and worse, when you buy, you probably still have to sweep the wallet if you really want to be sure.

Of course, tech's probably upgraded a lot from when I first read about them (actually only seen two up close) so maybe the fees have become more attractive, maybe security's better. But it's just so much easier to just get it P2P.

OK the KYC factor's there, but there's still enough p2p options to get around that too.

Perhaps I would try just to get the experienced.  :)

But with the premium fees, its not a good option for anyone at this point. I lived where I can get it bitcoin in a convenient store, haven't tried it as well but there's one across the street that anytime I go to and buy and see how it goes.

Probably what a Bitcoin ATM machine can offer is less risk as compare to P2P and meeting someone who is a total stranger.

That's what I thought as well, especially with fees being close to 5%, but turns out a Bitcoin ATM close to where I live is being used nearly all the time I walk in the gas station to pay for my gass.

Once the queue was so insanely long that it instantly made me look up what the price did that day, and turns out it went down another ~10% which definitely stimulated people to buy that dip.

If the price tanks 10% the 5% fee won't hurt you that much, so it's really an opportunity for people.

Could very well be. I don't think I'll ever try to arrange a deal with a complete stranger to buy or sell crypto. It's pretty much asking for problems with how you turn yourself into an easy target for ill minded people.

I really do not think most people utilize this for a lot of reasons with most of it being the fees charged for its usage. What is the point anyway when I can get my transaction done on any exchange that allows fiat like luno in my location and get my account loaded up instantly.

Secondly, since it is something a lot rare to see and usually centred within one location maybe in a town or even country, it makes it inaccessible to everyone and you will be lucky to find anyone within that location that will try it once and be willing to go back due to my first point.

People use crypto ATM's, in one of the clubs where ATM is placed here in my country I constantly read about promotions they make in that club with one goal, to rise awareness of crypto in my country. It's just one place like that one here, but it's good to have it and I believe we will have more similar places.
People use ATM's generally, it's be easy for people to transfer from using fiat ATM's to crypto ATM's. I need to point out one thing we use ATM's to withdraw cash, but if we know that cash will be a thing of history and that we will do everything from our wallets on the phones will there be a need for ATM machines? It's a big question, and I believe in cashless society that will come sooner or later, but until that there will be a need for ATM's.

For us that does have way to sell and buy bitcoin through exchanges, there's few interest on it. But look on different social media pages, there are people who are so happy boasting that they have bitcoin ATM nearby them.

I'm only looking to the good part of it that this can boost the adoption though the fees are really high.

When we don't have choice to sell or buy and there's only a bitcoin ATM near to us, at least we've got an option.

Actually I have never even seen any of these ATMs except on pictures online and how people talk about them. So like you I am probably curious to get some. Actually where I am living now, even localbitcoin fees and prices from Sellers are almost 10% at times especially with recent demand and that stupid crypto ban in my country. So if I could get ATM Bitcoins at 10% I probably would. I don't like meeting strangers too. So many crime from those meetings happened in my country.

It's a strange thing to imagine for me, to be able to buy Bitcoin everywhere. Perhaps one day if I can travel I will see all of these amazing sights.

I have never seen a bitcoin ATM directly at the location where I am and I have never used it, but I've heard that there is already a bitcoin ATM in Bali, if all that is true this is an appropriate ATM machine creation and placement. in Bali is an island that is visited by many foreign tourists and of course this is a right decision. there are many foreign tours from various foreign countries that certainly many know bitcoin, and I think they are happy if at the tourist sites they visit there are facilities the ATM machine.

we have one here @Basel Switzerland, right behind the train station.. never used it, but heard it has quite high fees when withdraw cash, wich sounds logical.

I just had to come across an ICO with its best project which is bringing up ATM machines for crypto transactions. The ICO is "Investa". They almost captured the market and heard that they started marketing themselves in the local zones. The investment the ICO has put on the project is so huge. This is  taking the ICO to the next level. https://investaco.in/ would detail you more.

This is a lousy website.

This is an awesome website.  The closest one to me is like 60 miles away, and I refuse to own a car so I won't be getting there anytime soon, and there aren't any in my state.  I didn't even think there was one closer than NYC, but there is.  Pretty damn cool, and I'd love to try one of these out.

In the US, I doubt they get much use since there aren't many merchants that accept bitcoin, and even if there was one near the ATM machine, they most likely accept fiat.  Why would you go out of your way to buy bitcoin from an ATM machine just to spend it?  That's always been my question and I've yet to hear a good argument.

https://zycrypto.com/researched-and-reported-bitcoin-atm-market-to-grow-by-50-in-the-next-5-years/


I'm not surprised by this news because we have expecting a crypto boom in the next 5 years. Its interesting that the growth should come in North America, but I believed that Asia is a good market for Bitcoin ATM as well, with Japan and South Korea leading the way.

Hope this will be much helpful information for op want to get the information for ATM machine setups mate.

However in the localbitcoins.  They have given out the list of ATM list available through the world. Mostly you may find the machines on the European and south american countries as I know. Why not Russia, Asian and australian region not available with the ATMs.

From the because I was there I used 2 while in Las Vegas for DefCon last month.
Both were overpriced.


1st one I pulled out $80 of BTC that cost me close to $90 [bitstamp rate]
2nd one I pulled out $100 of BTC that cost me close to $120 [bitstamp rate]

However, I also had some ETH to burn. Was going to trade it sooner or later and was just sitting on wallet on my phone.
The rates were a joke they were so bad. BUT I was happy to get out of *this* ETH deal for various personal reasons so getting a 20% haircut was worth it to me.
So close of $620 of ETH got me $500 USD. 
However ETH has dropped so hard it's now only worth $460 so I won that because I was going to get have to get out of it now at the latest anyway.

-Dave

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Do people actually use these machines or is it something noone is really interested in? Please share your opinions.
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I have never seen a bitcoin ATM before and I don’t know how it works, but I’ve used a my Bitcoin debit card (Xapo Debit card) in a bank’s ATM which has the MasterCard logo on it and I was able to withdraw from it, not just once, I have used it several times but I no longer use it now.

But assuming there is a Bitcoin ATM in my country I don’t think there will be much people making use of it because not much people knows about Bitcoin or interested in it.

Bitcoin ATMs strategically placed may be a good business for the vendors.  However, unfortunately it’s a great way for the local government to monitor BTC users because they demand ID.  Which means it’s only good for the rest of us if we want some quick cash out of a btc account.  Bitcoin ATMs put up in casinos would probably be great for the ‘house’.  Also, developers of other coins could contact the machine vendors and offer their coin or token for great exposure  while marketing the use of their coin to vendors in the casino. 

Casinos probably don't want them *IN* the casinos due to KYC / AML issues.
They do want them *NEAR* the casinos because they want your money. And for the most part if they are not exchanging it they don't care where it came from.

General Bytes ATM support alt coins:

https://www.generalbytes.com/altcoin-support-added/ (https://www.generalbytes.com/altcoin-support-added/)

-Dave

ATM for cryptocurrencies are not readily available in most locations. As the crypto sphere is still at an early stage.
Many ICOs and projects are leaning towards debit cards so the adoption is increasing.

Of course people use them, however one of the problems with those ATMs is that until bitcoin ATMs become a lot more common then it's likely that there are people watching those ATMs to try to find identity of those that are holding cryptocurrencies, remember every centralized instance that you go through is an opportunity for the government to take away your anonymity.

I find this to be a good idea but to apply in practice there are many inadequate problems. For example, it needs to be allowed by the government, banks, speed of transaction processing and security issues.

I recently came across the ICOs 'Investa". Their project is bringing out their own ATMs for crypto currencies. They have already placed ATMS and in progress of the same. To say the fact, the ATMs are used among-st crypto users as like fiat ATMs. Easy way of converting from one crypto to other crypto. Crypto ATMs are really useful. Its just less in numbers. As its the beginning, ATMs are placed in countries where crypto coins are accepted and where crypto transactions are high. Hope crypto is accepted world wide and all facilities come in place.

As as Bitcoin ATM is becoming popular its now a target for hackers as well.

https://www.ccn.com/malware-targeting-bitcoin-atms-goes-on-sale-for-us25000/

Damn, those hackers are really one step of the game. I'm not sure if this so called hacks can put a stop on the booming Bitcoin ATM manufacturing business, but I do hope that they can immediately resolved this issues otherwise people aren't going to used Bitcoin ATM.

We do have crypto ATM machines already in place. Crypto users do use it to exchange from one crypto to other crypto currency. ATMs are facilitated in  places where crypto is accepted and used in a wider manner. We do have many ICOs with crypto ATM projects using their own tokens. This makes their tokens value grow up every moment their coins are circulated in the ATM machines.  

Here in my country there are no bitcoin ATMs but I am certain if they exist everyone will use it because we face many problems to buy bitcoin or to cash it out.

So yes, ATMs are very useful and can make dealing with bitcoin easier.

Same I am facing in my country too buddy.

What is the use of bitcoin ATM but I believe we will not be able to anonymous on using this bitcoin ATM.
It will be good to have the Bitcoin usage in the form of application or direct web wallet. Most of the people have concern on paper and hardware wallet as a main option.

Curious but there are more than 4000 bitcoin ATM worldwide. Why curious? Because fees of those ATMs are very, very high and it doesn't worth to use them. I highly doubt people use them often. Maybe some bitcoin enthusiasts just test them and then go away because you have to be crazy to accept their exchange rates. But still interesting if anyone has statistics of how much bitcoin has withdrew from those ATMs.

Hackers are experts at finding vulnerabilities, there are very smart and they have a very deep knowledge about technology and about human nature so I'm not surprised that they have found a way to hack ATMs when there have been many cases of fiat ATMs being hacked in the past, this is something that we will have to learn to live with and if you are going to use a bitcoin ATM you need to make sure that you take the necessary precautions.

I think all are interested in the machines currently available, but in the crypto community that tends to be small, there are still very few machines in their area. machines tend to be placed near communities that use crypto

Crypto's ATM will be more popular in the future, in my country Vietnam, there are only several ATMs in large cities.  ;D

Still i am hoping to have that in my area like in your country only few machine operate in different areas in my country but i am wishing to have this near in my area also to make it more popular and will have massive adoption to increase the demand and the price will go high again and again.

I can remember back when I was a newbie, I once read a news that FBI seized thousands of dollars from a Bitcoin ATM in New York. I believe there are people who make use of Bitcoin ATM but that’s if it’s available in your country. There is no Bitcoin ATM in my country, I have not seen one and haven’t heard anyone in my country talk about it. But if you have a Bitcoin MasterCard debit card you can use it in Bank ATM with the MasterCard & Visa Logo on it. I have used a Xao debit card once, but I stopped using it cause of the expenses was too much.

Yeah you are right that the ATMs worldwide are not in use. Nobody withdraw their coins from ATMs. So the management of cryptocurrency thought that when people do not use ATMs why we should install more machines. That’s why that has stopped installing more machines. It is good because it is just a waste of money. People use their coins directly from their wallets.

Many countries are facing the same. It is not so easy to install ATMs machine in every country because many countries do not allow cryptocurrency in their countries. It will take long time. In my country to the government has banned cryptocurrency and now they are investigating of the black money which have been invested in cryptocurrency by the people.

I don't doubt that hackers are experts at that, and they have probably found several vulnerabilites with Bitcoin ATMs, but the problem is still finding a way to hack *Bitcoin* itself.

You see, the thing with these machines is that, even if somehow you could trick the machine into spitting out a wallet and private key with Bitcoins, they're all tagged immediately as stolen. How would they be able to liquidate them?

ATMs haven't been hacked yet, or if they have, they wouldn't be sold the way the fakes are now.

There are places where ATMS are kept for crypto users. Investa is another ICO came up with projects, This would enhance their coins's values as well the values of other crypto currencies when transactions happen via the machines placed. They are in midst of placing ATMs around the market places. They have paired 200 crypto currencies in their exchange and yes this is really tremendous step taken. The marvelous project.  

That indeed is a very good project to come up with. In the near future when mass adaption of Bitcoin takes place, the kind of project will have a good future in the long run.
While on the other hand, Bitcoin ATMs is very useful and convenient to the people who are close to these machines. I really wish to see one of these, but its absolutely too far from where I am located lol.

Already existing ATMs are providing the services of only bitcoin and no other currency as I know but that is also useless. Nobody use those ATMs. My country also has no ATM for cryptocurrency. The people who have invested in cryptocurrency do not use their coins for daily needs; they have held their coins for earning more and more money, that’s why there is no need for ATMs.

Yeah you are right, if people do not use cryptocurrency ATMs, then there is no need to install them. Many people put their money in their wallets to earn more and more money from their holdings, very small number of people is using their cryptocurrency. I also think that in this day there is no need of ATM machines. When the use of it increases then it should be installed.

I don’t think that people are using crypto ATMs, because nobody wants to use his coins. Everybody wants to more and more money from his investment and that is the holding reason. The time will come that people will use these ATMs but till date nobody is using it and I think there is no need to install more ATMs in those places where people are demanding.

You are right that Crypto ATMs are convenient for people but till date the users are few and it will take long time to increase the number of users. Therefore I suggest that in this day there is no need for ATMs and hold this project for future. I don’t think that these ATMs will be used once in a month because investors do not use their coins in local market.