Bitcoin Forum

Lot's of Bitcoin ATMs keep popping in the developed countries such as US, Canada, Japan, Hong Kong etc. But I have been thinking why don't the owner's target countries without much economic stability? Like Venezuela (btw they just got their first Bitcoin ATM (https://blockmanity.com/news/bitcoin/venezuela-to-get-its-first-bitcoin-atm/)). That would increase the adoption. Something like backpropagation. What do you think?

Someone tried and got arrested in India - https://qz.com/india/1435092/unocoins-bitcoin-atm-seized-by-indian-police/

yes, Bitcoin ATMs will help to increase adoption, no doubt.

blockmanity, I think the reason why this is not happening lies in the fact that in most economically underdeveloped countries there is simply no legal basis to start ATM business. If something is not legally regulated every attempt to work in this sector will end in failure, loss of investment and possible even with a prison sentence.

It is true that most of crypto ATMs are located in USA&Canada (3200+), and Austria is in third place by number of ATMs (264). But Japan have only 10 of them, although they are crypto friendly country.

I think things will start to change slowly in favor of some other countries, but it depends how fast or slow their governments will work on regulations and laws regarding cryptocurrency.

Developing countries are the best place to advertise Bitcoin, and it can create more income for them,but not all government are agree to adopt crypto,some of the are banning it because they don't know the effect of adopting it and the government are afraid crypto going to make the economic become worse

I think that this industry will develop as users of cryptocurrency is growing every year with almost geometric progression. Manufacturers of cryptomate make a profit based on the fee for your purchase and the results and benefits from it. So I think that cryptomate will soon have its own Internet exchange.

There are 4 bitcoin atm here in my country and I'll tell you why it isn't helping adoption-wise. The fees are too high when you use it it almost feel like a rip-off. This makes people think that bitcoin is just another scheme to take advantage of people's curiosity.

When you use an ATM, you withdraw cash and then spend it at the bakery, supermarket or whatever. If you use an ATM to get bitcoins then what do you do? Nothing at all, you can't pay anything with it. So why should a buyer use an ATM when it is more convenient to do it online and cheaper. Likewise, if you want to sell bitcoins, why would a typical user go to an ATM to sell his bitcoins?
There may also be a cost that makes these countries unprofitable for companies. If you're paid in BTC and can pay everything in BTC then the question won't be no more.

The ATMs are going to go where there is a demand for them. People in the US have a wealth of spare income, they have easy access to the internet and there are plenty more options for them to spend of use their bitcoin. That's not so much the case in developing countries. ATM machines aren't set up to try and benefit communities or countries, they're set up for the owners to make money.

Because maintenance cost of the ATM's will be higher than compared to the profits in a third world country. Venezuela is a different case. Consider other third world countries like India where lot of people don't have access to the Internet and it will be a waste to implement bitcoin ATM's there. Might work out in the metropolitan cities though.

Bitcoin ATM is completely a new concept differently from the conventional ATM thus this new btc ATM usage in third world or developing countries will quite be cumbersome to operate due to lack of exposure and transaction of cryptocurrencies thus there is need for a lot sensitization and education towards adoption of Cryptos in those countries.

Well you can also use the Bitcoin ATM to withdraw cash.
Let's say you're visiting a country and you need cash in the local currency, all you need is a Bitcoin ATM. No bank, no credit cards...

I think that legal regulations and security are a big problem for investors. Another thing is that investors want to get return from investment as soon as possible. And as we all know, Bitcoin is the most popular in the countries you mentioned, so that's where you can earn the most and get ROI faster.

Unfortunately in Venezuela it would probably infringe the draconian foreign currency exchange control. Even if you obeyed the government "official" exchange rate, you would immediately go bankrupt. Example: The current official rate is 1000 VES for 1 USD, street price is 2500 VES for 1 USD. Very few people can get the official price (and its actually a lie, inside that system most people end paying closer to the street price anyway).

Also, even if you managed to trade at the street/localbitcoins exchange rate, the time you take to collect the fiat from the ATM and exchange it back for bitcoin (or anything else) it would be worth half or less (even if you emptied the box daily).

There have been banknote shortages in the past, and its probable that will repeat again, as those in power keep feeding inflation because they think they can command the market by force. And you'd also need an insanely large amount of bank notes for a few satoshis.

Perhaps you have not noticed but they are selling higher than buying at localbitcoins, that should give you a hint of the time it takes to complete the loop:

https://i.ibb.co/zHN7tDm/image.pnghttps://i.ibb.co/zPdm6LL/image.png

And if that occurs to an online exchange, just imagine having to physically keep and maintain the ATM, which would need to remain in private property and under surveillance. Venezuela is a country where regular Bank ATMs are vandalized if left unprotected (there are banks that keep them inside). I'm sure you will find a similar criminality problem in most poor countries, where this is ironically most needed...

Therefore, they should be told that crypto currencies make it very easy for them to do anything to translate, maybe if all of them have been told or learned about crypto maybe in some countries that do not have Bitcoin ATMs or who don't know for sure they will agree that it's good in their future.

In most African countries bitcoin is legal and there is freedom to trade, own, buy and sell. I do not think the lack of a active regulations from the government should limit the growth of the industry, when it is considered legal and acceptable by that government. The citizens are the community base in those nations

Yes the improvement of Bitcoin ATM centres will be the most satisfying things for the development of the Bitcoin in the minds of the Bitcoin users so targeting the countries like more improved developed countries will be more useful for quick reach the Bitcoin so it will be the right idea.

But the prices are very high, I would still prefer to use an online exchange and get my money within 24h or less. Also, most, if not all, the machines need to scan your ID and some even take a photo of your face. I admit it can be useful in an emergency in a foreign country but other than that....

Poor countries have rampant corruption, which means risks and additional costs in form of bribes for business operators. Additionally, you'll have to expect much smaller volumes from poor countries, so it would be much harder to make profits with a business that relies on fees. You can look at localbitcoins or coinmarketcap to see yourself how low in the volume in Venezuela or Zimbabwe when compared to Western countries.

The problem is that most of these developed countries where these ATMs are manufactured and distributed are getting good returns on their investment, because these ATMs are getting a lot of traffic in developed countries and if something goes wrong, then they have maintenance technicians close at hand.

Distributing these machines to developing countries comes with a lot of challenges, like regulatory differences, currency exchange rates <charging local rates can make these machines very expensive>, taxes and less traffic.  ::)   

as far as I know ATMs have higher fees and in short it would cost you more to buy from an ATM compared to buying using most other methods. that means ATM machines only have a certain client type, they are not exactly for increasing adoption. at least not yet.
the developing countries first need some regular places such as exchanges to buy bitcoin at then move to additional options for special purposes such as ATMs. otherwise it will be an unused option in my opinion.

What the media didn't cover was that the arrest was false. The government or the bank did not authorize it, but rather policemen acted on their own behalf. Once the matter was cleared, the founder was free to go.

Bitcoins vouchers can be bought from Amazon these days and be fulfilled by global stores. What developing country needs is a quick access of funds, ATMs provide that. Moreover Cash cannot be traced, an online bank transfer can be traced, and the person can be flagged.

I agree, small steps though can improve the experience.

well, speaking about majority, my point was that they don't really care much about that kind of anonymity that ATMs and "cash" provides for them which is why purchasing from a bitcoin ATM costs more in first place. they want more convenient ways to purchase bitcoin and at a cheaper rate. and exchanges can provide that for them. specially some local exchange that doesn't require oversees wire transfer of money with high fees to get to foreign exchanges like Coinbase, bitstam,...

I agree focusing only on developed countries like USA, Canada,Japan can make a imbalance on the use of bitcoin in the world but when putting ATM machines in developing countries people should consider about there technological advancement too because even the world is very developed in technology still majority of developing country people have very low knowledge of using even basic technological facilities so ATM machines should be placed by considering essential facts for more balance to increase btc users

          Bitcoin ATMs will go where there is a request for them. People in developed countries know the crypto market well, so demand is high. I think the bitcoin ATM number will grow in developing countries, when more and more people will discover the crypto market and use cryptocurrency. Unfortunately, the countries of the world 3 are strong with poor people, so the implementation of ATMs will be very difficult or almost impossible.

Source for this?
Note that the fact that there is no legislation about it doesn't make it legal.


Yeah, the truth nobody wants to hear.
Bitcoin business are not about principles, dreams, blue unicorns, but like others business about one thing: Profit!!!
And you won't make a profit if the richest guy in town is earning barely two times the transaction fee a day.

Every time I read about the 3rd world countries here on btctalk I wonder what is this obsession people have with them, thinking bitcoin will start a new revolution and suddenly because of a few satoshis Mali will surpass Japan.

If you were right, Unocoin would not have to close their ATM. It is closed till date.

yes i got this idea too but  in developing counties banks and all the financial institutions belong to the politician .. so they know what bitcoin can do to stop them from cheating and stealing peoples money so they are trying to everything they can to paint bitcoin and other Altcoin as a scam..  I am from West Africa Ghana ..  Bank of Ghana has officially announce crypto as a scam and ponzi scheme .. So its hard to get people to trust bitcoin in my country now ..  But very soon me and my team will start putting  Bitcoin ATM in my county  ..

I don't know who are the guys using ATM nowadays. It is much more easier to get BTC from the online exchanges.

Yes, I think you're right. However, I believe that Bitcoin ATM manufacturers mainly install them in the developed countries for greater legal certainties that they found there rather than in the developing countries and also because, being companies, they have to make profits. In the richest countries, there are more probably more customers and more transactions that let them earn money.

Bitcoin ATM's are made for profit, because they have big difference in buy and sell price and big transaction fees. So it isn't really profitable for those companies to put the ATM's in non developed countries because they can put them in big cities where Bitcoin is endorsed and adopted so they can make a lot of money.

Operating an ATM without the banks permission is illegal in India. Although the founders did everything they can to use ther term "Kiosks" in their internal company documents, the Indian media used the term ATM everywhere. Due to this and the fact thay they didn't have a proper bank account to store fiat, they were forced to shut down.

so it was NOT "policemen acting on their own behalf". they were arrested because they were indeed doing something illegal. and from what i understand they were only taking advantage of desperation for buying bitcoin that resides in India ever since their big exchanges were closed. and that's not cool...

I came from a developing & third world country and Bitcoin has already been adopted here allowing its holders to pay their bills and buy loads. It has been quite convenient & hassle-free to us to use this instead of going to payment centers which is time-consuming. I also found some shops/stores that offers Bitcoin payment. I believe someday somehow Bitcoin adoption will be global as long as some of its major issues will be fixed.

Here in one of the developing countries, bitcoin ATM is far from what we need. Quite a number of people have heard about the word bitcoin but only few really understood its features and usage while many will consider it scam due to bad experiences people have had with online deals. I think education on bitcoin is what we need here for more adoption.

Bitcoin in many country prohibited and banned. Most government in the world not accept and regulate bitcoin. I think thats the reason why bitcoin ATM not in many country. In several advance country, government allowing bitcoin ATM and bitcoin transaction in merchant but mostly still ban bitcoin

How do you know? have you ever used it? ATM will help people convert bitcoin to fiat directly if they out of internet, of course it will help users even though it uses fees and bitcoin ATMs will certainly make a lot of people curious and help with adoption

Which is why more should be launched. Some competition will help lower the fees.

Lol bitcoin ATM has been spread in third world countries long time ago,in the Philippines there are two bitcoin machine thats been operational several years before now

The latest update is one big Banking company are going to put Bitcoin/Bank ATM machine in which we can use as bank atm and also bitcoin as well

Theres no black propaganda on Venezuela to have their own atm,instead that would spread the usage of cryptocurrency in that region and blockchain as well

Go to coinradar and check the ATMs listed there
Some don't show the fees but most do, and they range from 3% (very rare) to the most common 7%-10% range.

And no, you can't really say you're "helping" somebody when you charge him a hefty fee for it. It more like offering a service at outrageous prices.

Besides, most of them as the OP said they are placed in developed countries where banking is cheap and bank transactions pretty fast (SEPA in my case). It makes no sense to use them more than once for fun to see how it works, but to think of them as a serious weekly service or main point of exchange is insane.

Yes, numbers might influence their decision, but the problem is that most of the population are very poor and widely distributed in rural villages. Another problem is the political instability and crime levels in a developing country, because criminals and dictators are operating in the same arena.  >:(

You can have 300 000 000 people in a country, but more than 80% of them are surviving on less than $10 wages a week.  :(

Good point, but these people doesn't seem to be the "target audience" crypto companies, considering their lack tech to trade crypto. They're never really the target audience for any company since there's not much profit to pull out of them.

Yeah that's a problem with blockchain in general. It's difficult to explain it shortly enough for people to keep their interest, without losing all the small points that shows exactly why we are so obsessed with it.

that is right but I think the is a bitcoin ATM in Venezuela recently installed, developing countries should be the Central of new development such as bitcoin and it development having a bitcoin ATM in a developing countries will help to increase the access to bitcoin by the members of this countries which will result in high demands of the commodity.

although Indian government acted damn stupid when someone in India tried that, but I think this will be a great step to open BATMs in world countries.

I just wonder how ATMs work in third world countries when they have a more "digital platform" for cryptocurrency. For me, using a wallet with online transactions actually sounds better. Like I can actually focus on the simpliest actions, which can keep me interest in continuing using this.
I found and tried FIATO, pretty simple and convenient. You guys can also try this https://fiato.kryptono.exchange/

Right,the more competitors the lower the rate in fees but banks now are starting to adopt blockchain and some of them are creating an ATM to use as bitcoin and fiat atm things that may help this transaction fees issue to be more competitive and friendly user in future

And also OP in above are right about the people curiously wanted to have bitcoin and other cryptos but the idea of being scheming is in their heads because of this one

So better this will be addressed soon for the betterment of cryptoworld

Of course, it all depends on the demand for crypto-bankomats.I think that first of all ATMs will appear in developing countries.It just does not make sense to put such ATMs in poor countries.In poor countries, alas, people do not even have fiat money to pay. It is logical that there will not be many users there.

Bitcoin automatic teller machine is quite an advance technology and it's being developed on.
For now I don't think developing countries are ready to adopt that technology

According to my understanding targeting developing and third world countries to place bitcoin ATM machines will not do anything effective because Bitcoin is another level of digital advancement which required at least basic level of technological improvement to understand, use and do transactions by using the network which are not common among many citizens who are in both developing or third world countries so nothing effective can be expect if ATM machines are placed in such areas

The problem now is the adoption and the governments permit is not clear yet, I agree that bitcoin will grow better in third world countries because crypto can give a new job opportunities, but in third world countries not all people understand and got the facility to used crypto, and for Atm it won't be too popular in third world countries since it charge a high fee, it will be more appropriate to put atm in wealthy countries

I think you underestimate the level of competence you'll find among the youth in these countries.
The use of BTMs here can have quite a significance, considering these individuals have high technological understanding.
Because of the state of their country, high tech payment solutions aren't available. These individuals will have a higher income and all you need for paying in crypto is a internet connection.

Sure it won't have the same impact as in north america, but i'm sure there's a market for BTMs.

An introduction for the BTMs will be possible though. Just not at the same capacity as in developed countries.
If we want crypto to make an impact, making the tech world-wide is crucial. Even for the underdeveloped countries, where crypto could really make a difference in peoples life, in case of insane inflation, political disturbances and natural disasters. (assuming internet connection will survive ofc)

Thats not good to hear buddy  .  under estimating other country is bad . so what if they are from the 3rd world country . not all people on that country are slow .  with the growth of smartphones and internet , im sure anyone can catch up and learn techy stuffs  .   thats why i think its also possible for them to learn cryptos and use btc atm's  in the future  .

Another third world country having their crypto ATM.

https://news.bitcoin.com/union-bank-philippines-cryptocurrency-atm/

What makes this impressive is that it came from one of the largest banks in the Philippines. I created a discussions here: https://bitcointalk.org/index.php?topic=5108095.0

I get the point that it's good for adoption but I think the reason why they tend to put up bitcoin ATMs on developed country is that, it's already developed. They're ahead when it comes to technology compared to third world countries. So it's much easier for them. Putting up bitcoin ATMs cost a lot so it's hard for third world countries to invest such things, not knowing if it'll be worth it and if they can gain profit from it.

First Bitcoin ATM machines should target developed countries because if bitcoin to do some change in the future it need to gather more users and cash flow into its market to increase demand and adoption and that can be effectively and easily done through developed countries because they already have basic foundations like IT knowledge, understanding of online transactions, Internet facility and many other facilities for bitcoin ATM machine network to grow smoothly and once the network gets stable targeting developing countries would be effective and possible because then the resources and the necessary acceptability by people will be already there to implement Bitcoin ATM's in those regions  

I don't know why that sad new on India happened but I think the ATM machine is against or violating some rules and regulations in India and maybe it is the cause of terminating that service and arresting the owner of it.

That is correct the legality issue is one of the reasons why the underdeveloped countries do not have this kind of ATM machines for Bitcoin and other forms of Crypto Currencies.

The government's rules and regulation and jurisdiction is the key in here if they are open-minded about the technology of blockchain and Crypto Currencies they might create rules and regulations about it in a rush but some of the governments in the world do not like this kind of technology and these governments look at it as a threat to their economy and citizens.

A few weeks ago one of the top banks in our country released a Crypto ATM machine and it is the first in our country and they are planning to create more of it in the future.  :)

Have you seen how the Nicolas Maduro government is a dictator government? who is the brave one who dares to go to venezuela and set up an ATM bitcoin? In many African countries they are in the same position as venezuela, it only has the difference that these corrupt African leaders are smarter than Maduro, they pretend that there is democracy for the international community to see, but the laws they approve is only to benefit their corruption. So things like bitcoin and ATM bitcoin will be seen as an enemy in these corrupt African countries

Actually not really, in my opinion the typical Diebold type ATM, a model with camera, would do just fine (they are just PCs). They are expensive because of the vault that needs to be rugged, and the mechanism that push/pulls/sorts banknotes. But i wouldn't dare recommend putting one in the street, especially in third world countries with rampant crime...

I guess some people are building them from scratch, which is probably cheaper than getting a typical bank ATM. Perhaps something raspberry pi like...

Bitcoin ATM will reach the whole world like what ATM for fiat happened before.
All i want to say is there are no more 3rd world country for many years now.
We are divided as DEVELOPED and DEVELOPING country. ever country will have their ATM in such time!

In third world countries people haven't got adopted to the usage of bitcoin atm. Though Japan is a cryptocurrency adopted nation, what we find is very small number of bitcoin ATMs. Recently the very first ATM got implemented in India which has got a large number of cryptocurrency users, but in the day of opening it was taken away by the government. In this regard it needs time for for people to know and begin using bitcoin ATMs.

And which of those two is Venezuela?
You should really add a new category, going the wrong way, and even that doesn't show the full picture, or if we speak about Chad, maybe better would be "stagnating" cause it's developing for the last 30 years....into the same.
But again, maybe the term 3rd world country might be inappropriate, how about 4th world countries?


I think you're overestimating it by a factor of a few thousand.
If we had anything like that we would see a change in those countries but for years and years nothing happens and the ones with a bit of "competence" decide to run wherever their eyes see rather than fighting for a failed cause.

- Well, the appearance of ATM bitcoin is really a good tool to advertise bitcoin and make it more friendly and accepted by people in that country, and the characters who will be the most profitable are the government, they provide and support bitcoin to become popular, what they get will be taxes from bitcoin holders. And we will share part of our benefits with the government and there is no guarantee from them, we will even face new opponents in many crypto fields, the appearance of bitcoin ATM is a disadvantage for the pioneers, so I don't hope that ATM bitcoin will appear in my country

I think that Bitcoin ATMs should specially target tourist countries and places around the world.
Tourists don't like exchange offices because of high exchange fees so Bitcoin ATMs can be very convenient for them.
For example, many tourists visiting my city and they are happy when they hear abut 2 Bitcoin ATMs we already have in our city.

The main reason is that every bitcoin ATM has a lot of charges they levy to the users and if they are planning to install in a developing country which is basically poor population, it wont be a success like they are successful in developed countries and more over these developing countries does not have a regulation relating to bitcoin as someone mentioned earlier, an exchange in India installed an ATM and they got arrested for it, so if there is no legal status you might end up in trouble too.

It could be an ideal but not all countries may allow it, it depends on how their government treat crypto because before you operate that kind of business you should pass tons of qualifications and filter to get approved. Some are conservative that are contented with the current financial system which are hard to please.

Right now it is very difficult to make countries accept the usage of bitcoin atm. Very few people have known about bitcoin, while majority still doesn't use cards. In this regard it is impossible to make everyone use cryptocurrency atm. Third world country have lot many issues to face, upon which this will a very minor thing which won't get importance that easy. When this becomes popular on first world countries automatically it'll reach the third world countries with ease.

The presence of bitcoin ATMs in various countries of course will really be helpful, and this will facilitate transactions which are related to bitcoin both as a medium of payment, transfer and others. Besides that, the growth of people who adopt bitcoin will usually occur, especially in the surrounding environment where the ATM's located. However before they place the bitcoin ATM, they should think wisely, especially regarding laws or restrictions that apply in the local country, the location where the bitcoin ATM will be placed. This's done solely to provide security for both the user and the owner of the ATM so that unwanted things don't happen, as 100bitcoin said.


Because until now most of the government still insisted on maintaining their ego to ban bitcoin and other cryptos.

In order for bitcoin ATMS to appear in some country, it is necessary to determine what percentage of people use cryptocurrency. In the third world, the technology is not very developed and the establishment of bitcoin ATMS will be impractical.

Of course the government should be the first to check whether there is restrictions for cryptocurrency or not. Now, the hardest part is the adaption of people in a certain country especially the third world countries. Companies who build Bitcoin ATMs might have a survey on their targeted location for the next machine deployment, and I guess it will be the mass adaption is the first thing to be tackled.

They could start in Central Business Districts, wait for users to come in before spreading out in the outskirts.

That's right, I'm living in a developing country and I can say we already have Bitcoin ATM machine though its still not that popular but I know there will be more development like this. Yes, in time many countries will support cryptocurrency and many project will have their own ATM's machine to give convenience to the investors and newbies, it will happen no matter what.

But it will be monopolized at first meaning high charges will be taken advantage of which the pubic might shun away from but later on as competitors creep up which will lower the service or transaction fees of using the Bitcoin ATM.

Here in India, a private crypto firm had installed a few Bitcoin ATMS in the city of Bangalore (South India). But only after a few days, these ATMs were confiscated by the authorities and the people who were behind the installation were charged with criminal charges. This was really confusing, because Bitcoin is currently not banned in India (although the politicians have plans for doing that) and no law or regulation states that it is illegal to own or operate a Bitcoin ATM within the national borders.

No but if the government or a company embrace the technology they can use it or maybe create their own cryptocurrency with their own ATM machines.


India sounds like a horrible place to live... -_- So they just take what is not theirs and steal it? The ATM is full of money and they just take it. Wow. Criminal charges such as? I can't see them being charged with anything.
What have they done? Nothing.

I think there has to be some sort of understanding with the financial institution in the country so as the fellow pioneering it doesn't get into trouble with the jealous financial regulators. It can be deported to libra developing nations and third world nations.

Apart from perhaps being impractical with this provision, it is also important to know that for developing countries there is still a major problem, namely approval from crypto itself. because there are still many who have not acknowledged and stated that they can accept crypto. perhaps the main thing is a more comprehensive introduction to developing countries.

here in our country we only had two Bitcoin ATM, we are very open to cryptocurrency we have an online exchange, but unfortunately, only two Atm that are both located in one metropolis, ABitcoin Atm operator in our country should target another city, we have a silent majority of Bitcoin users that will support this.

yes you are correct.Bitcoin ATMs should expand the area to 3rd world countries.3rd world market is very big market.Alsobitcoin is world currencies.King of the world crypto currencies why don't have right to use bitcoin.Sometimes it hard to sell or buy.If these ATM machines came to 3rd world money.There will can get huge benefits .Its matter of time.Just press few buttons to click and money is yours.So simple

The main reason is economics, people in developed countries are more likely to use these ATM machines and the companies installing them will have their profits and that will not be the case with third world countries as there might not be having the same profit percentage they get in bitcoin centric developed countries and the legal formalities they have to overcome are denting these developments, adoption will not increase if there is a bitcoin ATM machine as most of the machines i came across have high service charges and i would rather opt for other options to trade bitcoin rather than depending on ATM machines. ;)

I don't understand the reason why people prefer to use a Bitcoin ATM instead of free centralized markets? There are no high fees for buying and selling Bitcoin but average people demand a new ATM everywhere. It will not profitable to put an ATM on the third world countries due to the cost and return on the investment.

Funny you say it wouldnt be profitable to put a bitcoin atm at a location where there wouldnt be anybody who can afford to use it.
I remember seeing a picture of one put in the middle of the forest in costa rica. :D
Now that was an usual place to put it. Would the sloths there be making purchases. ;D
Kidding aside. In these third world countries they still have tourists who go there and these are machines used for their point of convenience no matter the location. It just costs the owner who is running it the operating costs. And if they arent profitable they would just shut them down.

I think that we will actually see more ATMs popping up all over in countries. esp now that they are moving towards having AML compliance https://cryptobriefing.com/ciphertrace-easy-aml-bitcoin-atms/

but I do agree I would like to see these all over the world.

This has to be the most remote location for one of these atms to be located in the middle of the jungle of central america. ;D
https://i.ibb.co/F3bGsYf/y5ky76yanfi01.jpg (https://ibb.co/xLSVmgc)
https://www.reddit.com/r/mildlyinteresting/comments/807wnk/this_bitcoin_atm_in_the_middle_of_the_costa_rican
But I can still see people using it since it is a tourist destination and if they can get it powered by electricity then it has to be near some sort of resort.
Dont know if it is on the atm locator as some users have mentioned with most of them being on a map to find where the closest one to you might be.

A Bitcoin operator should be interested in setting up in countries you mentioned. I don't think it has something to do with the makers of Bitcoin ATM. can someone share a link of a Bitcoin ATM maker? I am wondering how much would it cost for a Bitcoin ATM including shipping fees. I guess added cost will be the permits since an operator needs a license from the government to operate an exchange or something to that nature.

I like this ideas especially since they just announced they will all have AML compliance with ciphertrace tech

I think they really want it, want to spread more Bitcoin ATMs in more other countries. However, it depends on the rule and regulation in those countries. Not all countries will accept and legalize this. When you make it, you will be punished. So, it is better for them to pick and select the right country to put BTC ATM.

If someone wants to be progressive strange, then the growing demand for cryptocurrencies cannot be denied. ATMs that support cryptocurrency is a really progressive solution that also simplifies the life of investors and attracts new ones. This means who has more support for convenient cryptocurrency exchange services and attracts more people to create new projects on the blockchain.

So far, ATMs for cryptocurrency and even crypto payment cards are a new phenomenon. And although many people have heard the words bitcoin and cryptocurrency, but the minimum number of people who are able to appreciate the benefits.

even if we do not specifically follow the example of cryptocurrency, but blockchain technologies could in many ways help improve the management of many sectors of the country's economy. And whoever will begin to actively learn and integrate new technologies into himself, that country will remain in the black. The USA is one of the leaders in blockchain projects, so such a large distribution of crypto-currency ATMs simply reflects their status.

I heard that an exchange owner tries to install a bitcoin owner in India and was arrested for this, so this can be risky.

Quite funny that you say this because most people only complain about how steep the fees are (which they actually are) and how they only allow you to purchase relatively smaller amounts per time.

Only the initial verification process takes time, where after that you can directly withdraw your funds. What may take some time is if you use your credit card to purchase Bitcoin through an exchange such as Coinbase.

Some times it can take like 3 days before they finally release the coins you bought, but then again, don't buy Bitcoin with money that isn't yours. I have never been a fan of investing in crypto in general with credit.

I don't think they will be able to make much money if they target the countries with much more economic stability , the problem is the countries with bad economic development they are already against bitcoins and in many either it's banned of have problems with the government daily.
It's only the high income countries where ATM's does have a chance of being used.
The developing ones first need education and good support then only will they be able to tell people about bitcoins and how it works.

If you are talking about the major population of the developing world, then you might be talking about 1-2 Bitcoin ATM's in every major city. There won't be demand as most have no money to gamble on Bitcoin.
Still I've noticed in google trends a few countries (as Ghana and Nigeria) having increased interest in Bitcoin. Perhaps the companies that install them can survey the interest in these countries and install a few as a test.

I think crypto suites third world countries perfectly. Phones are easily available today and you do not need a powerful one to use crypto. Using an ATM that requires no more then your phone makes ease of access a big factor.
The fees will be cheaper and transactions faster. No need for documents to open a bank account and no banking fees or strings attached. It is as simple as simple can be.

Some insights from the location owner of Vietnam's first Bitcoin ATM:

https://news.bitcoinvn.io/interview-with-ariel-nguyen-of-italianis/?lang=en

https://news.bitcoinvn.io/wp-content/uploads/2019/12/interview-with-ariel-nguyen-696x452.jpg

Very few third world countries give restriction free access for the usage of bitcoin. In this manner we've got to see bitcoin growing through the implementation of bitcoin ATM. Right now rather than usage these atm's create awareness about the existence of such a revolutionary technology. Here in Vietnam at least they aren't disturbed by the government. Other countries we can't expect the same to take place.

The problem lies in the infrastructure and the size of the market, I think a crisis-stricken country like Venezuela will not be able to meet it. The people of Venezuela, although desperate to own bitcoins, find it difficult to do so with their nearly worthless currency.

What free centralized markets? Many of these people don't have access to a bank never mind that. With an ATM they don't need any documents or anything for getting fiat. Normally they will use a bank to get fiat but that costs money and proof of residence and they most like to live on an informal settlement. It will make a profit because it will be including transactions from people who otherwise would not make them.

the number of bitcoin ATMs every year continues to grow and currently there are 5000 bitcoins around the world and there are 90 countries that have bitcoin ATMs. and currently I live in a third country and in my country there are already 3 bitcoin ATM machines. so maybe if you want to research the majority of developing countries and third already have a bitcoin ATM. and in my opinion the presence or absence of a bitcoin ATM has nothing to do with adoption. Bitcoin adoption can be realized when bitcoin can be used significantly.

The thing about those ATMs are that for them to getting a place into developing countries it requires more government action and measures against all types of illegal casualties.

It all depends on how big the economy potential will be for them and if they have a win to win situation.
They also will have to get more understanding and explanation to their citizens else it will not be worth at all on having them there.

Overall yes i agree it is still a very good thing nowadays to have in every country.

It is easier said than done. The biggest problem is the vague legal definition regarding cryptocurrencies in many of the third world nations. Here in India, a few months back a few guys installed a Bitcoin ATM (in the city of Bangalore). But within hours, the authorities confiscated the ATM and arrested the promoters. They even seized their mobile phones and laptops. The authorities were claiming that the ATM was opened without obtaining a license. The promoters on the other hand claimed that they had requested for a license, but the authorities were not willing to issue the same.

Developing countries should establish an economic model for the blockchain. It would be in their best interest to allow Bitcoin ATMs. Because they are already back economically. A very good example of Malta allowed institutions like Binance.

Surely this bitcoin ATM's is helping and promoting cryptocurrencies in a lot of countries. With this kind of ATM, it is not just a thing that a lot of people could see this ATM and wondering what is bitcoin, for me this could influence them to search about it or buy it. Probably this day this kind of ATM has a high fee since it was not yet fully implemented but still, it is a big help having this kind of technology.

I totally agree. Maybe things would work more for bitcoin ATMs in the developed countries but we are talking about the economy of the world and we cannot disregard the pull that third world countries may cause. It would be best if they would adopt on crypto as early as possible so that it may help their economy to rise up and keep up with the developed countries. We should use bitcoin and other altcoins capability of reviving the economy of some struggling countries so that the blockchain system all over the world would work even more functional and beneficial to everyone around the globe.

Well Costa Rica isn't that bad of a country. Do that in Venezuela and the whole thing disappears overnight. They might survive inside private property, with constant surveillance (ie. a Mall), but ATMs are useless with hyperinflation unless they stick to foreign currency. They just can't hold or give enough banknotes...

What the tourists need is for the merchants, restaurants, hotels, etc. to accept bitcoin directly. Besides the fees ATMs take are outrageous. Something like a sign with "BTC is welcome" would do wonders, even better if they could give price in bitcoin (and they use a rational exchange rate to the equivalent in fiat).

In my opinion ATMs have a bigger chance in developed countries, or at least in countries without rampant criminality or inflation, such as safe tourist spots.

Developing this kind of  ATM was new to a lot of people since ATM was more on withdrawing cash if could now use it to buy bitcoin or even cash out or sell out bitcoin in the market,
for me it is a big step up in the bitcoin and cryptocurrency community telling a lot of people that bitcoin era was already getting started.

Well, you’re right, there should be lots of ATM machines being launched in developing countries but the problem is that since there isn’t much people who are making use of cryptocurrency, it might not benefit those that are running the ATM, so a lot of people are going to give up on it. Running a bitcoin ATM is going to be profitable if it’s being run in a country where there are lots of people making use of it.

I guess Venezuela is a good place because to what it seems there are lots of people that are adopting Bitcoin there. For other countries I believe that when the rate of adoption starts being noticeable, then there will be more features being released to them.

That sounds reasonable but on the other hand there are two issues that might appear. Quality of infrastructure and knowledge and awareness of people about cryptocurrencies. If they are not familiar with Bitcoin and other crypto they will not use ATMs. So, fiirst there is some education and promotion needed in ordee that Bitcoin ATMs have the desired effect.

Can you address this before bringing these ATMs to third world countries.

Yes, exactly. I mean they should target countries which the economy is not stable, there like in 3rd world countries. Bitcoin ATMs will help them for sure to surpass the economic crisis and we'll see an improvement, As well as the people who will use crypto will grow more if bitcoin ATMs will be available in a lot of countries and it will be more famous, so people will be so satisfied with that and use it in a daily basis.

Bitcoin ATM never actually induces market adoption to bitcoin completely with newbies seeing this. They need people to introduce bitcoin so their questions about bitcoin could be answered right away.

I my self, in my first encounter to it, I think many times about trusting this system. How come if there is an ATM where they could readily put their money onto it, do we think they will trust it right away? No, for greater market adoption, conceptualization of bitcoin's principles are what we needed first before the implementation of it.

I think we all know what happened when an exchange tried to put up Bitcoin ATM in India, Legal actions still going on and the team is still on target. Major reason why the ATMs are not popping up in third world countries. Too much negativity about crypto.

There are a lot of additional expenses involved in running a Bitcoin ATM, and it is not as cheap as trading your cryptocurrency using an exchange. It may be possible to bring down the fee to somewhere around 5%, but I don't think that any further reduction is possible. If you reduce the fee any further, then you will be making compromises on other factors such as security, real-time exchange rates, legal support, technology.etc. IMO, 5% is not a huge amount. It is very much fair, especially if you are going for long term investment.

I think Bitcoin ATMs should target on countries which open to Bitcoin and have large Bitcoin user not matter they are poor or rich. Especially country which have much foreign tourist, because it would be very convenient to convert their money to local cash.

the legalization is needed if you want to build it. in my country, there are just three atm and they placed on popular place that many tourism. so when build on strange place like useless though they want to spread bitcoin existance. many people know about bitcoin but many people still ignorance about this one

Yes, in fact, for tourists, the presence of bitcoin ATMs would save a lot of time and effort. Suppose I was on vacation in one country and I just could not buy local currency for settlements. As a result, through a third party I bought this currency, but lost a decent amount on the exchange .If there was a Bitcoin baknomat in this country, then it would be a huge happiness for me at that time.How efficient the location of such ATMs in the countries of the 3rd world is, I don’t know. But if people have small incomes, then why do they need such ATMs at all. Agree?

I am not supporting centralizing the cryptocurrency market, but for efficient operation and, above all, to protect normal people from scammers, regulations are needed. Without them, scammers will feel that no one can punish them, and honest companies will not be able to grow normally. The same applies to Bitcoin ATMs - there must be regulations first, and then the development of the network will start.

Right now it is very difficult to make countries accept the usage of bitcoin atm. Very few people have known about bitcoin, while majority still doesn't use cards. In this regard it is impossible to make everyone use cryptocurrency atm. Third world country have lot many issues to face, upon which this will a very minor thing which won't get importance that easy. When this becomes popular on first world countries automatically it'll reach the third world countries with ease.

Bitcoin ATM is good at being implemented to these countries but is more appropriate if it would be implemented to countries which in fact, have a huge economic currency inflation rate, at this moment, people need to choose to still support fiat system, or to completely transition their fiat to open up better opportunities for them to have currency. One problem I saw about them is to carry enormous that consists of cash and for me it hassle. Indeed, turning their currency to crypto will just need a phone and an internet to transact, plus they have their own financial freedom to transact.

Nah, those people don't need it, it's just helping those tourists who visit the country and they don't have an account on the local exchange in order to convert their bitcoin into the cash. The local exchange offers a cheaper fee than bitcoins ATM. They just simply request a withdraw and cashout the money through their Banks ATM machine it's really simple than going to the bitcoins ATM which located a hundred miles far away from their house. Besides that, it is not easy to gain permission from the government moreover if that developing country is unfriendly with bitcoin.

Yes, but for that regulations must be in favor for it, like first comment said, unocoin installed atm in India but later they got in trouble by officials, you just can't go there and place your atm.

These are mostly countries that are having conflict with their monetary system. Implementing bitcoin ATM's there would be a great help but when that happens, people is surely wiping out the authority of their government to unify them in terms of their currency. I better consider them to fix their currency first, lower the inflation rate, then have enough laws and jurisdiction to support cryptocurrency in their country. When that happen, they might have a more stable economy and bitcoin ATM's will be accepted nationwide.

why would get in trouble ? cause its illegal and they dont know it ? well that is thier problem  and that isnt because of the need of regulations .

crypto is fine and workable on most countries without being the need of regulations .  btc atm shouldnt only target those specific countries but it would be better if it can target the whole world countries so that btc can become well known rapidly .

IMO installing a bitcoin ATM on a developing country would do more harm than good considering how huge the fees these machines impose for a single trade/transaction.

Imagine paying for more than 3% per transaction instead of paying a flat fee for a purchase/sell that you have done. People from those regions obviously need any extra dollar/penny that they can get so what good does a bitcoin ATM do? Convenience? That's the last thing people from those region needs.

Also, the concern for these people should be focused on their own economy, shifting all of their attention towards strengthening their GDP and per capita income, above everything else. Bitcoin does not and will not alleviate poverty magically on a developing country. It has to happen among themselves first before they adopt bitcoin to which they can place their own money on if they want to.

This is one of the factors to consider too before placing your atm machine in a country. Not all country supports bitcoin and cryptocurrency some of them are against it and will just bring you to trouble instead of profit. And there is a reason why those countries are called developing and third world countries it is because they struggle to get financially stable or some of them are totally poor country which can be a hindrance for them using bitcoin at all. It will just spread awareness but not total adoption.

Yes. These machines are only of value in places where there is no exchange and therefore no other means of buying bitcoin. Otherwise there is no point to them (especially as most of the machines only let you buy bitcoin but don't let you sell it in return for fiat).

Hopefully it can get in third world countries like us here. I guess there taking actions on it and it just maybe about legalization issues etc. It would be more helpful I guess. But hearing that high charges issues is not so good to know. Maybe they still having the returns of there investment in atm (machines). If that's the case they must regulate the charge fees and/or might not having fees if possible.

It won't make much of the economical sense then. Many such countries have regulated cryptos such as India, Bangladesh etc. There it is illegal to set up such things. Plus, people who are not really into trusting anything else than government when it comes to money. Bringing change though ATM will not achieve anything.
I guess these ATMs need to be properly embraced in developed countries and then only the wave will reach developing or their world countries.

True, there are many loopholes we can take that will enable us to put more strictness towards keeping and investing on bitcoins without centralizing the market itself. To just add up, technology on the other hand is needed to support these ATMs to ensure that all users get high quality service and to reduce errors.