Bitcoin Forum

According to some sources, Bitcoin ATMs are the rage thing now. They have doubled in number every year since 2015, and the trend has continued. There have been reports of even one of these being installed in Venezuela, and it seems that people is using them, even with the disastrous fees that they are collecting. what do you guys think of Bitcoin ATMs? are they a viable source of onboarding normal people into cryptocurrencies?
Source: https://www.btcnn.com/news/bitcoin-atms-have-doubled-for-the-past-four-years/

cryptoatms are being installed by they are not exclusive Bitcoin ATMs Anymore, they are more and more flexible ATMs

regards

On the whole the bitcoin atm into usage might have increased, but in some localities ATMs have taken back as it hasn't got increased usage and wouldn't yield an earning. The usage of bitcoin atm decreased because of the increased withdrawal fee compared to the transaction fee levied on an exchange for cashing out.

There's a huge possibility that it will attract more people to get in to cryptocurrency especially if most of them heard many good news from bitcoin.

Most of the time I suggest my friend's to invest in cryptocurrency but they are too busy to listen on my explanations and didnt focus on me.

That's a great statistic, as posted above it certainly introduces
now people to Bitcoin and Crypto, it also makes it accessable
and easier to purchase although im sure there is a premium.

I know if I had access to an ATM in my local town I would use it
every week after my wage landed.

Would anyone here use one if they got the chance?

It only means that adoption is increasing, those fudsters should read this kind of news and tell us on where bitcoin or crypto is heading. Companies won't waste their budget for having this kind of operation through Bitcoin ATM's.

It is one good industry that has few in the competition and just like the ICO days, this industry is still on the early days. But few years from now, it will be crowded and competition will be tough for these companies.

While this is great news for the increased amount of exposure that Bitcoin's getting, I wonder how much volume those ATM's are getting combined.
I've tried searching for any sort of statistics regarding the trading volume of these ATMs and can't seem to find anything.

If anyone has any numbers on that, please do share.

It is the first step but on the end this should only be for deposit or buying bitcoin and not the other way around.

If we just keep on selling our bitcoin for fiat then what is the use of having a crypto currency?
It should just circulate online and not be used back to withdrawal into fiat.
That way we are just making the fiat system strong again instead of the crypro currencies being promoted more into online transactions.

I am against it but for now it could be one of the more good reasons to shed some light to people who do not have any clue about it.

No because doing the same with localbitcoins or some other exchange would be much cheaper (fees). Also my country's garbage fiat would fill the poor thing safe box before i could even manage to buy 0.01 BTC. 36 USD would need 216 banknotes of 500 VES, which are rare btw, more likely 5x that using 1080 banknotes of 100 VES. Next month is probably double that...

The irony is, the poorest the country's fiat is, the less useful an ATM becomes. Only those countries with a "strong" fiat money, where a single banknote can buy plenty of satoshis, an ATM makes sense. But in those countries there is little incentive to do so.

Just like electric cars where the gasoline costs nearly nothing.

I read some sources that amoun tof bitcoin ATMs was lowered last year.  Its difficult to get an accurate measure and the sources I read may have been wrong.

There are still not any Bitcoin ATMs located in my local area, there just seems to be better investments than ATM machines.  Real investors can easily transfer money to an exchange themselves.

People are already noticing what bitcoin ATM can bring. Ots convinience is something we can look forward to. You can see that it doubled because people who are investing in bitcoin are multiplying to and the demand of that ATM is increasing. Its a good sign that crypto is still healthy.

They offer convenience where convenience is scarce, so I don't think they really are a plague to the crypto-economy since they are helping a certain niche that needs their service. Also, if bitcoin ATMs doubled every year, this means that there is a significant demand for ATM operators to keep on introducing one. Though the fees aren't really inviting, if one needs a quick cash, or need to convert to bitcoins quickly, they'd just do it on an ATM rather than wait for transfers and completed trades on an exchange.

I assumed that the volume is just small because (1) the fees are higher and (2) not very convenient as others prefer P2P transactions, I reckon. What we need is adoption from merchant and now the numbers of bitcoin ATM as of the moment, imho.

The number of ATMs might be increasing, and it might be a good sign. After all, people don't use ATMs for trading. I am trying to say that the people using them are probably treating bitcoin as money, and we certainly cannot have too many of such people. It's nice that people can avoid using exchange websites when they want to buy or sell cryptos from time to time. I guess ATMs also mean no KYC, so that's another positive thing. What might be a downside to all this is the ATM additional fees. Bitcoin transactions are so cheap nowadays, and high fees of ATMs deprive us of this value.

Hopefully, this ATMs will make those who are not familiar with Bitcoins become familiar and interested with Bitcoins. Another thing is this ATMs will help those who have difficulty in finding local sellers of Bitcoin and don't trust anyone (person to person) in the net selling Bitcoins. I hope those who installed ATMs would consider installing ATMs in every City to make it more convenient to us Bitcoin users to have access to it.

For the record! PHILIPPINES has their own ATM machine also.
And now Bank of the Philippine ISLAND will launch their own ATMs in the METRO this year.
I think PH is really on the track add CEZA on this!

Therefore ATM will grow more year by year for the whole world counts.

For ATMs be doubled every year since 2014 have shown to us that Bitcoin cannot be destroy by the government. Even in my country ATMs have been installed around for buying of Bitcoin which make things more easier than before. With this development i strongly believe that sooner the government will fulling embrace the power of Bitcoin   

Most importantly, at least some of them allow you to buy/sell BTC anonymously, which can be quite useful in some cases. It can be also much faster to buy/sell via ATM, you don't have to wait for a bank transfer.

I didnt knew that there were now btc powered atm's back then on the year 2014  .  why the earth they will built it if the adoption is not yet bigger ?  Back then , people arent really aware about the existence of the crypto currencies but overall i still salute those guys who insist to put up an btc atm business  . 

Right now i wont doubt anymore because we already see the improvement of btc adoption  .  btc atm's are surely be a good hit  because sooner or later the btc users are expected to double up or even tripple .

I'm also not thinking of bitcoin ATM's existence on that year, I may think that is just usual ATM cards we used from the banks.
But across its crypto developments, we are now hearing crypto ATM's not just only for Bitcoin but it also happen into altcoins. In fact, many project were promoting ATM's with the used of of their tokens which we can say that crypto will have a great future.

To be honest, I do like the fact that crypto ATMs are being installed over the world and I am more than happy now to find out that amount of crypto ATMs has been doubled this year.
This will create more awareness of crypto among the people. But if we see through Satoshi's vision then there is no point of installing crypto ATMs.
His vision was that bitcoin should be accepted as a globally accepted payment and that is possible only when bitcoin is accepted worldwide.
In his view people should not be selling bitcoin for cash and used that money for payments instead they should use bitcoin itself for payments.

Well it's all about mass adoption and these atms will certainly generate curiosity among people which is always good. Though even if the number of btc atms doubled, i think we're still at the initial stage and it would take a longer time for what we're hoping for.

Though there is an increase of its numbers but somehow people aren't particularly seeing it good to used since only few companies were accepting cryptocurrency. It can be taking into the account if big companies will used to accept crypto and so small establishments will follow by then.
Anyway,  to see those ATM's installed we can formulate some instances that crypto will totally legalize in all areas in the coming days

Thank you for these informations. I have also been able to read something about them which explained how it was being processed all in the backend which was wonderfull.
Also loved this: Several reasons have been attributed to the sudden spike in the number of these machines and notable among them, is the ease and convenience.
That will surely give new investors a new feeling on no investment fear. Since more new people will start buying Bitcoins thus price rising. 8)

Here's some example on other Company using Bitcoin as payment (where ATM are convenient):
https://youtu.be/kag6TX5xkok

I just confirmed the availability of the bitcoin Venezuela and it very portable and mobile and it not like the faint cash ATM around, am very happy that the popularity of the bitcoin ATM is becoming a rend with it recent increase in the number of the  ATM's being installed all around.

I have also recently saw a report saying there are thousands of bitcoin ATM's available all around the world today and I think that is very good for everyone. In the last years bitcoin really became a very popular thing because so many people are talking about it everywhere and there are dozens of new coins appearing that, by promoting themselves they are also promoting bitcoin. Now what we need to do is convince more merchants to accept bitcoin.

If it is true?This only means that cryptocurrency especially bitcoin now expanding their network and people are now starting to embrace cryptocurrency to apply and use in their daily life. But I think here in the Philippines it is not easy to adopt the cryptocurrency banking system because as far as I know there is only one bank who already have an bitcoin atm in whole country which is Unionbank.

Is it not really good news for bitcoin user and whole crypto-currency users? I hope so, it one of the most important and positive things about bitcoin and crypto-currency. If this trends continue then once a day we will see everywhere and every country have bitcoin ATM. So it will be more easy to cash out and convert bitcoin to real money. I believe within next few years someone or some company will start installation of bitcoin ATM globally. Also it would be popular business. Not is it?

It seems that in my country there are already bitcoin atm, and it has started to grow in several places, but it seems not and there are still many who have not been excited about the arrival of the bitcoin atm. they are still making transactions that have been carried out so far compared to using Bitcoin ATMs, because they don't consider them too important for the time being.

Bitcoin ATM is good but it can't create big effect to the price movement of the market. Bitcoin ATM's is growing everyday, its good in terms of spreading the news about cryptocurrency but it must be more convenient of course. We have an bitcoin atm here in my place but you need to travel in the city just to experience that which is too hassle I think. I hope for a more ATM's around the world so people will be more knowledgeable and be more confident about bitcoin.

The news would be very great if Bitcoin ATMs that doubled are in a particular country or area. Like example in our country. So far there is only 1 ATM operating and there were news that another ATM will be installed. However, if you check how many cities are there in my country, as of 2016 there are 145 cities, that means only 1% of the cities have Bitcoin ATM.

Bitcoin ATM is issued by third parties, and my country has only 3 ATMs, it hasn't increased since a few years ago. I dont know why. but I think it needs a lot of other platforms to make bitcoin ATMs, however it is very helpful for the convenience of users doing transactions..

Bitcoin ATM is one of masa addoption of the bitcoin, however bitcoin is something new in the world so although the fees transaction of bitcoin ATM is expensive than cryptocurrencies exchangers, it is needed by us as sample of masa addoption of the bitcoin in the real of world. Mostly people does not have account on the cryptocurrencies exchangers, will be easy to tell the people about the bitcoin with bitcoin ATM.

At present from my view the usage of bitcoin ATMs were very low, people prefer making use of the exchanges. As mentioned it's been placed on places were it gets used. Likewise there are places from which this has got removed as it didn't get expected usage among users. From my view the usage hasn't increased much, but there is increase in number of ATM all around.

We still prefer to use the exchange because of the limited supply on the ATM machines, how can people use that if you need to travel for another 3hrs just to withdraw money. It's still convenient for now but this kind of growth is something very important for the cryptomarket. We only have 2 Bitcoin ATM in my place, and right now few people are using it aside from a higher fees its also far from the town.   

If people can found or see where the ATMs locate, they will become curious, and they will search on the internet. That will help the adoption as you say and the more ATM installed in the shopping centre or malls, more people will see and try to use but only after they learn how to use the ATMs. I am sure that this will attract government attention and they will learn bitcoin too.

Number of Bitcoin ATMs have significantly increased but as I see fees are still as huge as always. So for this reason I want to know despite the big supply, is there really any demand on bitcoin ATMs? Is there any statistics of how much bitcoins are withdrew daily/monthly? I want to know this because fees are insane, it's better to own xapo or similar card and withdraw from any ATM worldwide with fixed and low fee.

I have heard already about bitcoin atm machine in our country but not in my own locality. This just proves that bitcoin inspite of its tough times has continued to soar high and even conquering most of the countries. Hopefully these atm machines will be seen too in our locality so we can also experience the convenience it brings .

But the question is,do the ATMs of Bitcoin is being used?here in our place we have 2 bitcoin ATMs installed in the locations that crypto is appropriate but still users are very few to come instead they are buying bitcoin to our local wallets in which very friendly users

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But now theres other banks thay opens ATM for cryptocurrency and not just for bitcoin and i am looking for what will happen in future

Doubled :o It's increasing in a number I must say, and it is making things convenient for people to use Bitcoin in their routine. :) I have doubt that is it fully dedicated for Bitcoin (as a Bitcoin ATM)? ???

It's a good progress here in crypto, but it would be nice if these ATM will also cater fiat withdrawal.
ATM exclusive for bitcoin alone not on demand, maybe depending on a certain location or a country, in our country, I believe we have
crypto ATM but it's not increasing in numbers because people can easily convert their BTC to fiat and then just withdraw in a regular ATM machine.

I agree. My friends told me that they have tried cashing out with Bitcoin atm's but withdrawal fees sucks. Local exchanges are way more convenient to use that these atm's. Bitcoin atm's are also limited that is why I think fees are high due to no possible competence. These Bitcoin atm's are also not accessible with  every Bitcoin enthusiasts as here in my country as only tow or three units has known to be installed that is why we prefer to use local exchanges in cashing in and out.

In my country, Croatia, we got first Bitcoin ATMs 2-3 years ago but already from last year we have 3 Bitcoin ATMs, in 2 different cities, Zagreb and Rijeka.
Also, they are fully dedicated for BItcoin :)
I hope we will have more very soon.

For this year 2019 the ATMs around the world increase again and that's good for us because it can help us to promote cryptocurrency to the people who did not know this. But maybe other people still choosing exchanges site or wallet to buy and sell bitcoin because fees is low compared to the bitcoin ATM.

Easy to double when the number was 0 previously. No idea why they extend the number because almost nobody is interested in selling their bitcoins, nor buying via ATM.
People are not in the mentality to use BTC as a currency but rather as a store of value. They hold and that's all. People who buy via ATM pay high fees compared to the traditional was to acquire bitcoins.

It must not be double instead that must be x10 since 10 years of bitcin existence so we should not be amazed on that volume.people need to learn about crypto so thats why we need many atms for people familiarity on cryptocurrency and specially bitcoin

That is very impressive to know that the number of this ATM  are increasing hopefully this will create more awareness of btc and crypto in general, i see it as way a of making it more convenience for buyers of btc to easily access btc without stressing too much with exchanges, btc is gaining recognition globally and as such it requires to increase the numbers of ATM to meet the demand or whatever other purpose they are created for.

Don't have a chance yet to use this system but I like the idea of increasing the numbers it's symbolizing that the system is really moving forward, attracting more people to ride in and start believing that crypto will be part of future currency, it's needs to start as early as now.

its a good thing it can become one of the reason for more adoption
but a few bitcoin atm is not enough i hope the number of bitcoin atm will grow more in the future

The growth we have gone through is actually quite impressive, especially if you take into consideration that operating an ATM gets more difficult instead of easier with how regulatory frameworks are slowly but surely taking shape. On top of that, regulators are more actively enforcing their rules/policies, so the risk of operating an ATM has increased exponentially.

The good thing about more ATM's is that competition leads to lower fees, and that's definitely what the ATM space needs with how fees range from 5-10% in some cases.

we are close to bull season, we saw the dips, and now golden cross time at btc, we need to break 6000 usd, everyone will sell around 6000 usd but it will break it :D dont fall that trap, probably it will be a bull trap , if we break 6k we will see 8000 or 8500 than we will test 6k usd again.

For sure it's a good way to grab new crypto investors and to make the marketcap grow. Bitcoin is getting famous day by day and i think that the marketcap will reach 1 billion in the upcoming years if nothing bad happens here.We have to think about the effects of btc if a hard dump takes place, it would be a disaster. About the ATM's, it's normal to double because of the ability of earning big profits.

I think that the main reason they haven't taken off since the beginning is because of the heavy penalties from regulators.
In order to operate an atm requires money business transfer licenses and things of that nature.
   At least in the states it does. I think you have to register both with state and federal government but I'm not 100% sure. It's best to check with you're local parliament and financial professionals.

Makes sense in Venezuela seeing as how their currency is all but worthless.  Bitcoin might not have been a great choice for an alternative currency this past month when they had the power cuts.  In fact if the locals were using any cryptocurrency for day to day transactions they would have been screwed unless they could somehow power their cell phones and had their wallet on the phone.

I have never seen a bitcoin ATM in real life, and I can tell you that they are not all the rage in the states.  There may be some in large urban centers like NYC but nowhere in the suburbs that I know of.  Citizens here just have no need to acquire bitcoin at a machine since no one uses it to buy things at the stores where an ATM might be near.

I have a feeling that this is another reason why there aren't more bitcoin ATMs in the states.  Our gov't just does not like its slaves owning anything but the debt backed paper they print at will.  I imagine anyone wishing to install an ATM somewhere in the US would run into a massive amount of bureaucratic resistance which would all but smother their efforts.

Well said.

Don't forget also the insurance. Maybe some security to protect it if you want, depends on what your numbers tell.

It is normally a pretty cool business, especially when the price skyrockets. That's definitely and by far the best time to do it. If they wait until then and put it in a really good place then it would be pretty good for them.

Yeah, when there is many more ATM at every big city, this could be a way for bitcoin to get attention from people, I am sure they will curious how to use that machine. If we are the owner of that ATM, make sure we are following with the regulations in our city, so we don't have any problem in the future. We can also give information about how to use the machine, and maybe it's like a small outlet to explain people about bitcoin itself and the machine.

I think theres no such thing that Heavy penalties from regulators in countries that has no regulations,that will be depending on which area the ATMs was installed,just like in asia when most of the countries have nothing against or favor cryptocurrency,the ATM can be installed withiut any of you mentioned

But in places where there are governments greed then for sure those what you said is the hindrance why bitcoin ATM wasn’t putted that fast and many

Goes to show that to be completely safe you need your own power generators (solar power on the roof or some such).

Based on those achievements and acquisitions we are also seeing more and more Bitcoin investors (even with bad news).
Bitcoin has been stable between $5.000 which means it's becoming a secure cryptocurrency to use for any kind of real life situation which in this care are ATMs.

This is a good tendency to promote and advertise cryptocurrencies in the word community . Like any service, ATMs of BTC have a right to exist. All legal questions on installation and maintenance are assumed by the company,therefore, the ATMs transaction  fee is higher.

I used to work in the bitcoin ATM industry during 2017's bull run, and let me tell you people were crazy about getting their hands on some bitcoins. It was incredible, some platforms charged as high as 18% over price and would still see traffic on the machines, they weren't in for cashing out, they wanted to be a part of it, buying was what was on people's mind, I'm sure that when bull market comes, this will happen again.

And even on bull market times, with the difference that more people will want to sell rather than just buy. Remember everyone hears about bitcoin at different stages of their life, and I think bitcoin ATMs are a good way to get people used to the idea that we're here to stay. Where I live bitcoin ATMs are not really popular though, I'd like to be able to use one some day :)

I am noticing more bitcoin ATMs in my area, so this is a good sign. Another exciting development is the sale of BTC at Coinstar coin counting locations. From a basic Google search it appears the growth of bitcoin ATMs (https://coinatmradar.com/charts/growth/) has been exponential.

Yes, I already noticed that. Here in our place bitcoin ATM's is increasing also but some of the people are stealing it without the proper knowledge that it has no cash inside. It is good news that bitcoin atm's are increasing year by year it means people are adapting.

Unlike some other people here I have to say that I haven't noticed increased number of Bitcoin ATMs, at least not in my country. Just the opposite, new ones are not appearing for a while. I guess they were not so popular and many people found some other ways to buy or sell Bitcoin.
But on the general level it might happen that their number increases, in some countries they are probably popular. Also, I think they are kind of good advertising for Bitcoin, a kind of way to improve the visibility of Bitcoin in our every day lives.

I find bitcoin ATMs a little bit underwhelming due to the high transaction fees provided by the system. In addition, only a limited number of ATMs are in my country and most of them are still under development due to maintenance. I do not see the project materializing in the near future but we cannot deny the fact that it's a good start in introducing cryptocurrencies to the public.

If you really want to withdraw your bitcoins for cash, better use your local wallet as some offer exchanges from third-party establishments.


They really need to address the high transaction fees or else people would continue to ignore it. But you are right though, it still a continuous development in the widespread adoption of bitcoin and exposure to the public.