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Title: Why arnt we seeing more bitcoin ATM popping up? Post by: Rubberduckie on December 03, 2015, 09:58:46 AM I really thought this time last year that we would have a lot more
bitcoin ATM machines. There is so many people on localbitcoin especailly in certain areas. I just really thought I would see more in heavily populated areas. Why do you guys think there isn't many out there still? I know the one I saw in California had ridiculous fee's but I think people still used it a lot. Title: Re: Why arnt we seeing more bitcoin ATM popping up? Post by: unamis76 on December 03, 2015, 10:17:28 AM There aren't many because they're expensive, they require a space to stay, they aren't quickly profitable, their fees are big, some required too much personal information... I think these are the main reasons, there are probably quite a few more
Title: Re: Why arnt we seeing more bitcoin ATM popping up? Post by: Amph on December 03, 2015, 10:22:35 AM also they are not really needed, you can buy easily on any exchange, localbitcoin, i can't really see the point of atm for bitcoin
also everything that increase the fee for bitcoin is a no no in my view, instead they should offer a discount, if you purchase from an atm... Title: Re: Why arnt we seeing more bitcoin ATM popping up? Post by: mocacinno on December 03, 2015, 10:30:06 AM also they are not really needed, you can buy easily on any exchange, localbitcoin, i can't really see the point of atm for bitcoin also everything that increase the fee for bitcoin is a no no in my view, instead they should offer a discount, if you purchase from an atm... But ATM's are owned by a person or a company that payed a lot of cash for the ATM, connectivity, power, rent for the space where the ATM is installed. If they would offer bitcoins with a discount, i don't think it would be a viable business model. I think this is one of the main reasons why you don't see a lot of ATM's: it takes a lot of effort, time and money to install and maintain an ATM... Title: Re: Why arnt we seeing more bitcoin ATM popping up? Post by: Mickeyb on December 03, 2015, 10:35:45 AM There aren't many because they're expensive, they require a space to stay, they aren't quickly profitable, their fees are big, some required too much personal information... I think these are the main reasons, there are probably quite a few more Exactly this! Also how many do you need? For one city for example, if you already have 5 ATMs, do you need another 5? I don't think so. You are just raising yourself costs and losing money. It's all about the demand. When we will be more mass adopted, the demand will be much higher and then we will see other machines popping out everywhere! Title: Re: Why arnt we seeing more bitcoin ATM popping up? Post by: unamis76 on December 03, 2015, 10:42:26 AM There aren't many because they're expensive, they require a space to stay, they aren't quickly profitable, their fees are big, some required too much personal information... I think these are the main reasons, there are probably quite a few more Exactly this! Also how many do you need? For one city for example, if you already have 5 ATMs, do you need another 5? I don't think so. You are just raising yourself costs and losing money. That's something that really bothers me. If you look at Europe, as an example, many big/medium cities have 2, 3, 4 or more Bitcoin ATM's and some others don't have any. They aren't evenly distributed in most places! Where they exist, there are a few of them, and in the other places around there aren't any! Title: Re: Why arnt we seeing more bitcoin ATM popping up? Post by: rich93 on December 03, 2015, 10:47:09 AM also they are not really needed, you can buy easily on any exchange, localbitcoin, i can't really see the point of atm for bitcoin also everything that increase the fee for bitcoin is a no no in my view, instead they should offer a discount, if you purchase from an atm... But ATM's are owned by a person or a company that payed a lot of cash for the ATM, connectivity, power, rent for the space where the ATM is installed. If they would offer bitcoins with a discount, i don't think it would be a viable business model. I think this is one of the main reasons why you don't see a lot of ATM's: it takes a lot of effort, time and money to install and maintain an ATM... Any high volume ATMs would have to pay for an armored van with security guards to move fiat between the ATM and a bank. That service wouldn't be cheap, and securing the premises an ATM is installed in would cost an operator more money. If it was highly profitable more operators would be prepared to pay those expenses, but it can't be profitable enough yet. Title: Re: Why arnt we seeing more bitcoin ATM popping up? Post by: JeWay on December 03, 2015, 10:50:39 AM Maybe the company of the Bitcoin ATM is still developing the better ATM for the customer to use.
Title: Re: Why arnt we seeing more bitcoin ATM popping up? Post by: Light on December 03, 2015, 10:55:39 AM I really thought this time last year that we would have a lot more bitcoin ATM machines. There is so many people on localbitcoin especailly in certain areas. Because amongst the mainstream public there isn't enough usage or interest to maintain more than a handful of ATMs. The ATMs have associated operating costs (maintenance, rental space, initial capital) and these have to be recouped before anyone would consider producing more. I don't think we'll see an significant increase in ATMs until Bitcoin is adopted by a significantly larger proportion of society than it is now. Title: Re: Why arnt we seeing more bitcoin ATM popping up? Post by: jacee on December 03, 2015, 11:02:25 AM I don't think it's necessary to have a bitcoin ATM that is why there are not much popping anywhere. If there is some kind of necessity in it then expect everyone to make one. I mean there are other options that you can also get your bitcoins other than atm plus the current state of bitcoin now, I don't think those atm operators will benifit much from all the fees in building one.
Title: Re: Why arnt we seeing more bitcoin ATM popping up? Post by: Quantus on December 03, 2015, 11:13:59 AM Huge, massive fees and all that info you have to hand over, I would never use one.
Title: Re: Why arnt we seeing more bitcoin ATM popping up? Post by: amacar2 on December 03, 2015, 03:16:38 PM Bitcoin need more mass adaption for the ATM owner to get some profit out of it. And the legal requirement to setup atm is quite tedious for a private company or a person. Big banks are still being afraid of installing bitcoin atm with their atm machines.
Title: Re: Why arnt we seeing more bitcoin ATM popping up? Post by: bearex on December 03, 2015, 03:27:05 PM They are expensive + people dont buy BTC from them because it is exansive :D It is cheaper to buy them at Bitcoin exchange places.
Title: Re: Why arnt we seeing more bitcoin ATM popping up? Post by: ultimatesky on December 03, 2015, 03:41:01 PM Because not even half of the worlds population are using bitcoins, some don't even know it exists.
That would be some expensive ATM if nobody is going to use it Title: Re: Why arnt we seeing more bitcoin ATM popping up? Post by: Mickeyb on December 03, 2015, 04:03:59 PM There aren't many because they're expensive, they require a space to stay, they aren't quickly profitable, their fees are big, some required too much personal information... I think these are the main reasons, there are probably quite a few more Exactly this! Also how many do you need? For one city for example, if you already have 5 ATMs, do you need another 5? I don't think so. You are just raising yourself costs and losing money. That's something that really bothers me. If you look at Europe, as an example, many big/medium cities have 2, 3, 4 or more Bitcoin ATM's and some others don't have any. They aren't evenly distributed in most places! Where they exist, there are a few of them, and in the other places around there aren't any! You are right there. When I looked at some ATMs maps in Europe, this is the first thing that has crossed my mind. How unevenly they are spread. And then sometimes, some much bigger cities don't have any ATMs, and some smaller ones have an ATM, even in the same country. United States is much more in the equilibrium when it comes to this problematic. Then again, the adoption and Bitcoin awareness in the US is higher than in Europe. Title: Re: Why arnt we seeing more bitcoin ATM popping up? Post by: nydiacaskey01 on December 03, 2015, 04:11:07 PM 1. Bitcoin ATM unit is expensive
2. Who will buy the Bitcoin ATM and maintain those units. Banks can do it because they have a lot of transactions per day so it's sustainable for Banks (fiat) not with Bitcoins. 3. There should be a demand in that area where Bitcoin ATM will be stationed. Title: Re: Why arnt we seeing more bitcoin ATM popping up? Post by: darkangel11 on December 03, 2015, 04:11:52 PM There aren't many because they're expensive, they require a space to stay, they aren't quickly profitable, their fees are big, some required too much personal information... I think these are the main reasons, there are probably quite a few more Exactly this! Also how many do you need? For one city for example, if you already have 5 ATMs, do you need another 5? I don't think so. You are just raising yourself costs and losing money. That's something that really bothers me. If you look at Europe, as an example, many big/medium cities have 2, 3, 4 or more Bitcoin ATM's and some others don't have any. They aren't evenly distributed in most places! Where they exist, there are a few of them, and in the other places around there aren't any! You are right there. When I looked at some ATMs maps in Europe, this is the first thing that has crossed my mind. How unevenly they are spread. And then sometimes, some much bigger cities don't have any ATMs, and some smaller ones have an ATM, even in the same country. United States is much more in the equilibrium when it comes to this problematic. Then again, the adoption and Bitcoin awareness in the US is higher than in Europe. That's normal. People don't know if it's a good investment so are waiting for others to try it first. Once they see ATM's being popular they buy more. That's why in some cities you have a lot of them. Title: Re: Why arnt we seeing more bitcoin ATM popping up? Post by: whizz94 on December 03, 2015, 04:17:54 PM I really thought this time last year that we would have a lot more bitcoin ATM machines. There is so many people on localbitcoin especailly in certain areas. I just really thought I would see more in heavily populated areas. Why do you guys think there isn't many out there still? I know the one I saw in California had ridiculous fee's but I think people still used it a lot. One possibility is that the long term purpose of bitcoin with $8 per transaction is not to replace the small change which you buy a newspaper or a bread roll with, but to replace gold billion bars in Fort Knox and numbers on the reserve bank ledgers with something a little less heavy to carry around than solid gold and a little less fictional than the ledger. I don't think that anyone has yet complained at there not being an ATM for gold bullion bars. If this is the case then we saw few installed ATM this year while the developments of low TX fee fast transaction time altcoins get evaluated, to see which of those should proliferate into a multitude of bitcoin-backed sidechains. This would see altcoin-sidechain atm's appearing in a later year, which must be suited to the small everyday transactions which people presently do with pocket money. Has anyone had a go at evaluating point-of-sale use of Freicoin ? Title: Re: Why arnt we seeing more bitcoin ATM popping up? Post by: franky1 on December 03, 2015, 04:27:20 PM think logically..
if a BTM fee is 1%, the BTM owner would need a living wage income just to be happy operating it. thus for an BTM to be a semi success, it requires: atleast 200 people putting in regular weekly amounts in of half thier wage. (week wage= $300, half week wage=$150) (1%fee of $150=$1.50) (200x$1.50=300) atleast 400 people putting in regular weekly amounts in of 25% their wage. (week wage= $300, half week wage=$75) (1%fee of $75=$0.75) (400x$0.75=300) so do you know 400 people in your town or city that want to buy $75 worth of bitcoin EVERY week. just to give the operator a weekly income as compensation for operating a BTM (yes the fee would probably be 2%+ to cover rental equipment and utility costs). or if you live in an area where that many people invest that amount. or know the total bitcoins processed exceeds $30,000 worth every week. ..then maybe its worth having a BTM in your city. but if you only know of 5 people in your area, and they rarely buy bitcoin, or when they do, its only $10-$20 a time........... forget it Title: Re: Why arnt we seeing more bitcoin ATM popping up? Post by: CoinATMRadar on December 03, 2015, 07:34:00 PM There are quite many new installations (I run coinatmradar.com). However, I must admit there are many which close business.
In the end of the day - the main reason is probably lack of demand. Masses are still not looking of entering into bitcoin. So sometimes the machine might be not profitable, taking into account initial costs (machine price, legal costs) - not that many operators might want to try it. However, I know operators who earn a lot via bitcoin ATM business, of course, they run a network, not just one machine. Other reasons are regulation and high fees. Regulation and all compliance stuff made the operators very careful of entering this business, both from the cost and organizational perspective. As the result fees are quite high, now about 6% commission on average. With increased competition fees didn't go lower. I think mainly it's because the most of buyers will buy the same amount of bitcoins at 3% commission or 6% or 10%. So basically these high fees are kind of equilibrium operators find in order to maximize profits. If you make fees lower - you won't get that much new customers in order to cover the commission difference via volume. Title: Re: Why arnt we seeing more bitcoin ATM popping up? Post by: prodigy8 on December 03, 2015, 07:43:19 PM The maintenance for the ATM could be more expensive and that's why the number of these is not high.
In many countries bitcoin is illegal to use so this maybe can stop this journey. The fees aren't same as in online exchanges, also it isn't anymore anonymous because there should be security cameras near the ATM Title: Re: Why arnt we seeing more bitcoin ATM popping up? Post by: ranochigo on December 04, 2015, 01:50:36 AM In many countries, there is strict regulations with Bitcoins. It is not easy to get a permit, Taiwan did not have a Bitcoin ATM due to this reason. The machine itself would cost around $1000+. With the low adoption rates, it is highly impossible for the owners to make any profit if they do not already have a land space or placed it at areas with low human traffic. Exchanges are much more convenient for most users since it only requires the transfer of money from bank account.
Title: Re: Why arnt we seeing more bitcoin ATM popping up? Post by: The Sceptical Chymist on December 04, 2015, 02:13:31 AM Well, what's the main use of bitcoin at the moment? Online stuff--dark and clear markets. In the community where an ATM would be, cash is king not bitcoin and so they're just not necessary.
Whoever it was who said bitcoin is a solution in search of a problem was right. Still, I'd use a bitcoin ATM if I could find one and if the fees were fair. Title: Re: Why arnt we seeing more bitcoin ATM popping up? Post by: megatron1337 on December 04, 2015, 02:17:36 AM We have atm machines in Canada. We have a few in the city of Montreal.
http://www.autocoinage.com/ http://instacoinatm.com/index-en.html Title: Re: Why arnt we seeing more bitcoin ATM popping up? Post by: nickaizoku on December 04, 2015, 02:29:33 AM We have atm machines in Canada. We have a few in the city of Montreal. Theres really have bitcoin atm out there??http://www.autocoinage.com/ http://instacoinatm.com/index-en.html I never thought that have atm for bitcoin. In my country i believe they doesn't had it yet. Maybe just few atm in this world? Title: Re: Why arnt we seeing more bitcoin ATM popping up? Post by: foxbitcoin on December 04, 2015, 02:52:26 AM IMO bitcoin adoption hasn't reached to a level that bitcoin ATM can make a profit except some populated area. When bitcoin is recognized by majority, bitcoin ATM will be like the bank ATM one day.
Title: Re: Why arnt we seeing more bitcoin ATM popping up? Post by: MicroGuy on December 04, 2015, 03:01:53 AM I really thought this time last year that we would have a lot more bitcoin ATM machines. There is so many people on localbitcoin especailly in certain areas. I just really thought I would see more in heavily populated areas. Why do you guys think there isn't many out there still? I know the one I saw in California had ridiculous fee's but I think people still used it a lot. In all honesty, I blame Satoshi. Yes, he's a genius. And yes, he invented bitcoin! :D But Christopher Jones didn't jump overboard and pu$$y out during the Mayflower's voyage. And I believe the Crypto that will eventually make inroads into the mainstream will have a strong and courageous developer. Someone that's tough, intelligent, brave, and bold. Title: Re: Why arnt we seeing more bitcoin ATM popping up? Post by: bitbaby on December 04, 2015, 03:12:00 AM The maintenance for the ATM could be more expensive and that's why the number of these is not high. In many countries bitcoin is illegal to use so this maybe can stop this journey. The fees aren't same as in online exchanges, also it isn't anymore anonymous because there should be security cameras near the ATM I agree, I think in many countries legality and security is a big concern which is why the companies are not eager to set up BTC ATMs. I don't have a problem with ATMs charging a little extra fee as they do provide convenience even if they lack to provide any anonymity but if we're to take Bitcoin mainstream, I think we'll have to give up that. Title: Re: Why arnt we seeing more bitcoin ATM popping up? Post by: Clint on December 04, 2015, 03:13:54 AM I was wondering the same thing. It's either because of government issues with the bitcoins, and not many people in the whole population uses it. It costs money to install too.
Title: Re: Why arnt we seeing more bitcoin ATM popping up? Post by: CoinBateman on December 04, 2015, 03:19:22 AM the bitcoin debit cards themselves are becoming more popular. I think these may make Bitcoin ATM's obsolete
Title: Re: Why arnt we seeing more bitcoin ATM popping up? Post by: MicroGuy on December 04, 2015, 03:21:38 AM I was wondering the same thing. It's either because of government issues with the bitcoins, and not many people in the whole population uses it. It costs money to install too. No one on this Flat Earth is going to take a currency seriously that has developers at odds with each other. That's the problem today. The core developers are acting like a bunch of spoiled kids on a playground. Don't fool yourselves into believing that the rest of the world can't see that. Yes, cryptocurrencies will replace traditional fiat, but it won't be the original crypto that gets it done. Never in history has the contestant with first-mover advantage prevailed long-term. Just ask altavista or the webcrawler. Title: Re: Why arnt we seeing more bitcoin ATM popping up? Post by: CoinBateman on December 04, 2015, 03:25:11 AM I was wondering the same thing. It's either because of government issues with the bitcoins, and not many people in the whole population uses it. It costs money to install too. No one on this Flat Earth is going to take a currency seriously that has developers at odds with each other. That's the problem today. The core developers are acting like a bunch of spoiled kids on a playground. Don't fool yourselves into believing that the rest of the world can't see that. Yes, cryptocurrencies will replace traditional fiat, but it won't be the original crypto that gets it done. Never in history has the contestant with first-mover advantage prevailed. Just ask altavista or the webcrawler. Fiat has replaced Gold as a medium of exchange. Doesn't mean gold has lost value over time has it ? Title: Re: Why arnt we seeing more bitcoin ATM popping up? Post by: Rubberduckie on December 04, 2015, 03:41:22 AM Huge, massive fees and all that info you have to hand over, I would never use one. wow lots of great answers. I have heard the fees are massive but didnt realize you had to put in so much private info. Seems crazy to have to put in so much info to use an ATM. I mean they get money and give you btc I dont understand why this cant be streamlined. I mainly asked the question because a lot of my friends would take bitcoin more seriously if there were more atms also. It gives it a more stable look and a form of free advertising Title: Re: Why arnt we seeing more bitcoin ATM popping up? Post by: Nagle on December 04, 2015, 05:30:53 AM Because the buy/sell spreads are huge (10% is common), there are substantial fees, the machines cost far more than standard ATMs, and the companies behind them provide lousy support or go out of business.
Robocoin stopped selling real Bitcoins and started selling access to Bitcoins via their "hosted wallet". "Hosted wallets" have a terrible track record. You don't own the Bitcoins, the wallet company does. They just owe them to you. Title: Re: Why arnt we seeing more bitcoin ATM popping up? Post by: Kakmakr on December 04, 2015, 06:10:25 AM I should say, Bitcoin Vending machines would be a better investment in countries where the regulations are less intense, because the regulations and the effort people have to go through at a Bitcoin ATM, would chase away customers. They are used to much less complicated Fiat ATM's and the Bitcoin ATM's is just too much effort.
Once again governments are putting stumbling blocks in the path of Bitcoin's progress. ^hmmm^ Title: Re: Why arnt we seeing more bitcoin ATM popping up? Post by: btc_enigma on December 04, 2015, 06:36:55 AM I guess tight regulations in many countries llike India is preventing Bitcoin ATM adoption
Title: Re: Why arnt we seeing more bitcoin ATM popping up? Post by: Amph on December 04, 2015, 08:27:05 AM I was wondering the same thing. It's either because of government issues with the bitcoins, and not many people in the whole population uses it. It costs money to install too. No one on this Flat Earth is going to take a currency seriously that has developers at odds with each other. That's the problem today. The core developers are acting like a bunch of spoiled kids on a playground. Don't fool yourselves into believing that the rest of the world can't see that. Yes, cryptocurrencies will replace traditional fiat, but it won't be the original crypto that gets it done. Never in history has the contestant with first-mover advantage prevailed. Just ask altavista or the webcrawler. Fiat has replaced Gold as a medium of exchange. Doesn't mean gold has lost value over time has it ? but it did not increased either, it stuck there at 1k since age, and still need to top its last ath, which was above 2k a similar scenario can happen in the future with bitcoin, reaching for example 1200 again and remian there until the fee era or simply die.. Title: Re: Why arnt we seeing more bitcoin ATM popping up? Post by: ranochigo on December 04, 2015, 09:10:45 AM Huge, massive fees and all that info you have to hand over, I would never use one. wow lots of great answers. I have heard the fees are massive but didnt realize you had to put in so much private info. Seems crazy to have to put in so much info to use an ATM. I mean they get money and give you btc I dont understand why this cant be streamlined. I mainly asked the question because a lot of my friends would take bitcoin more seriously if there were more atms also. It gives it a more stable look and a form of free advertising Title: Re: Why arnt we seeing more bitcoin ATM popping up? Post by: TastyChillySauce00 on December 04, 2015, 09:16:49 AM i think ATM provider just still seeing what will happen next, and after some site provide bitcoin debit card (which is really good for bitcoin to be popular) , probably they will provide and adding few atm around the world, im really waiting this to be happen in my country, but the provider must take care of it
Title: Re: Why arnt we seeing more bitcoin ATM popping up? Post by: Fidemoga on December 04, 2015, 09:25:31 AM The cost of bitcoin ATM is still much higher than buying from exchanges directly. If you are frequent trader, it is better to buy directly.
Title: Re: Why arnt we seeing more bitcoin ATM popping up? Post by: Kprawn on December 04, 2015, 09:46:06 AM I guess tight regulations in many countries llike India is preventing Bitcoin ATM adoption That is the idea, if they regulate it to death, they could buy some time to slow it down. They might not be able to stop it, because it's decentralized, but they can over complicate it to make it difficult for people to migrate from fiat to Bitcoin. These ATM's are also more expensive than normal ATM's, and people would much rather invest in a old ATM, because the profits from that is higher. {Or so I was told, by a vendor who wanted to invest in one of those} ::) Title: Re: Why arnt we seeing more bitcoin ATM popping up? Post by: 1Referee on December 04, 2015, 10:02:54 AM Well, what's the main use of bitcoin at the moment? Online stuff--dark and clear markets. In the community where an ATM would be, cash is king not bitcoin and so they're just not necessary. Whoever it was who said bitcoin is a solution in search of a problem was right. Still, I'd use a bitcoin ATM if I could find one and if the fees were fair. If a certain Bitcoin related startup is smart, it could launch a competitor for Western Union. By placing a lot ATMs around the world in well known stores and supermarkets, you can send a person an x amount in Bitcoin, and he or she can directly convert it to cash if they so wish at one of these ATMs. That would be a killer idea and a real threat to Western Union. The only problem would be the amount that you can turn into cash. At this point the policies that many countries are using regarding Bitcoin are a huge mess at this point, and they are constantly changing. And I am sure the media will jump on it and say it will be used by criminals, etc. :D Title: Re: Why arnt we seeing more bitcoin ATM popping up? Post by: Mickeyb on December 04, 2015, 10:43:57 AM The cost of bitcoin ATM is still much higher than buying from exchanges directly. If you are frequent trader, it is better to buy directly. Yes, but ATMs are not here for us experienced users. ATMs are here for the new people and they are also very cool and are great for promotion. I think that costs of these ATMs will slowly decrease in the future. Then we will see more of them as well. Title: Re: Why arnt we seeing more bitcoin ATM popping up? Post by: Altynbekova on December 04, 2015, 02:49:44 PM Well because I this is kinda expensive to have some atm bitcoin.
Also they aren't a lot of people that use bitcoin or know bitcoin. Title: Re: Why arnt we seeing more bitcoin ATM popping up? Post by: AncilVTwo on December 04, 2015, 02:55:34 PM I really thought this time last year that we would have a lot more i think it might be because it would take alot of money to build and place one, and keep it regularly maintained, while the income from it would be minimal.bitcoin ATM machines. There is so many people on localbitcoin especailly in certain areas. I just really thought I would see more in heavily populated areas. Why do you guys think there isn't many out there still? I know the one I saw in California had ridiculous fee's but I think people still used it a lot. Title: Re: Why arnt we seeing more bitcoin ATM popping up? Post by: ShrykeZ on December 04, 2015, 02:57:13 PM It requires a lot of upkeep and based on how high the fees are for the majority of currently available ATMs they do not get used that often so isn't a highly profitable investment.
Title: Re: Why arnt we seeing more bitcoin ATM popping up? Post by: DebitMe on December 04, 2015, 03:06:07 PM There is very little information about ATM's available. I have been trying to reach out and compile information to get a business plan together to open 3 test units in the Kansas City area and grow from there, but people aren't very willing to open up about sales and profit information, which makes it very hard to put any kind of reliable forecasts together.
I would love to open up some ATM's, my main challenge is finding a place, and now that I have a potential place, getting reliable and accurate estimates. Title: Re: Why arnt we seeing more bitcoin ATM popping up? Post by: tiggytomb on December 04, 2015, 03:32:37 PM I was thinking the same thing, once I heard about them being installed in a few places I imagined a time when a lot of cities would have a bitcoin ATM. Where I am in EU there is only 1 accessible to me and it only a one way machine so you are able to purchase but not withdraw into Fiat.
One of the main reasons I think that we do not find ourselves with an ATM in every city is down to the cost of the machine and I would imagine ongoing cost to maintain it, bitcoin has not taken off as quickly as a lot of people assumed it would so to host an ATM for the occasional visitor just doesn't make much sense. There are also other ways available to the public to buy and sell their bitcoin, localbitcoins being one but there are also other service such as Coinbase and the like so for now I think we will need to wait until bitcoin becomes the best it is intended to be before we see an ATM in every city. Title: Re: Why arnt we seeing more bitcoin ATM popping up? Post by: harizen on December 04, 2015, 03:38:49 PM I really thought this time last year that we would have a lot more bitcoin ATM machines. There is so many people on localbitcoin especailly in certain areas. I just really thought I would see more in heavily populated areas. Why do you guys think there isn't many out there still? I know the one I saw in California had ridiculous fee's but I think people still used it a lot. Others exchanges like here in our country, preferred to do withdrawing with a use of third party method (banks, money transfer, network money services etc) rather than a direct one like Bitcoin ATM. Here bitcoin is not regulated so why bother to build a Bitcoin ATM. *this case only applied in our country. Title: Re: Why arnt we seeing more bitcoin ATM popping up? Post by: HarryKPeters on December 04, 2015, 05:29:25 PM Either the initial investments or the regulations are the sole reason investors and merchants decide not to invest in this machines.
I wanted to buy one but when being longer in the game, seeing the volatiliy, i decided to hold off. There are too many factors to consider which makes it too risky for me. Title: Re: Why arnt we seeing more bitcoin ATM popping up? Post by: CoinATMRadar on December 04, 2015, 10:46:40 PM There is very little information about ATM's available. I have been trying to reach out and compile information to get a business plan together to open 3 test units in the Kansas City area and grow from there, but people aren't very willing to open up about sales and profit information, which makes it very hard to put any kind of reliable forecasts together. I would love to open up some ATM's, my main challenge is finding a place, and now that I have a potential place, getting reliable and accurate estimates. Here are couple of useful links: http://coinatmradar.com/blog/bitcoin-atm-profitability-part-2-real-examples/ http://coinatmradar.com/blog/how-to-start-a-bitcoin-atm-business/ Title: Re: Why arnt we seeing more bitcoin ATM popping up? Post by: DebitMe on December 04, 2015, 11:08:20 PM There is very little information about ATM's available. I have been trying to reach out and compile information to get a business plan together to open 3 test units in the Kansas City area and grow from there, but people aren't very willing to open up about sales and profit information, which makes it very hard to put any kind of reliable forecasts together. I would love to open up some ATM's, my main challenge is finding a place, and now that I have a potential place, getting reliable and accurate estimates. Here are couple of useful links: http://coinatmradar.com/blog/bitcoin-atm-profitability-part-2-real-examples/ http://coinatmradar.com/blog/how-to-start-a-bitcoin-atm-business/ Why thank you, I partially read each of those so far and they seem to contain some very helpful information. I have to go out now, but will definitely continue reading this weekend. Title: Re: Why arnt we seeing more bitcoin ATM popping up? Post by: spirit of btc on December 05, 2015, 03:39:18 PM To see more bitcoin ATM's popping up VISA/PLUS should integrate bitcoin fully into their platform. Visa or mastercard is accepted globally, if this happens we will see Bitcoin ATM's in each and every corner of the world
Title: Re: Why arnt we seeing more bitcoin ATM popping up? Post by: Jeremycoin on December 05, 2015, 04:10:56 PM I think because it's enough for this year, but it would popping up again in next year. Just wait for it ;)
Title: Re: Why arnt we seeing more bitcoin ATM popping up? Post by: michietn94 on December 14, 2015, 05:31:58 AM I think if more people acknowledge and using bitcoin it will pop up more ATM
for now people still adapting the usage of bitcoin and if more people request it I think the company or third party will place more bitcoin ATM machine Title: Re: Why arnt we seeing more bitcoin ATM popping up? Post by: WENGER on December 14, 2015, 05:52:24 AM Base on my personal experience, it's a lot easier to buy bitcoins in person from someone than to use an ATM machines an go through the long process before having your bitcoin so I assume there's a lot lesser demand for bitcoin ATM machines than you might thought and that's the main reason that lesser investors invest their money's into buying and establishing an ATM machine in bitcoins.
Title: Re: Why arnt we seeing more bitcoin ATM popping up? Post by: harizen on December 14, 2015, 03:02:42 PM I think if more people acknowledge and using bitcoin it will pop up more ATM for now people still adapting the usage of bitcoin and if more people request it I think the company or third party will place more bitcoin ATM machine Yes you are right here. And I will add, if one country's government will truly regulates bitcoin as a whole, expect more Bitcoin ATM will be built eveywhere especially in the urban areas. Base on my personal experience, it's a lot easier to buy bitcoins in person from someone than to use an ATM machines an go through the long process before having your bitcoin so I assume there's a lot lesser demand for bitcoin ATM machines than you might thought and that's the main reason that lesser investors invest their money's into buying and establishing an ATM machine in bitcoins. Hmm quite disagree. Trading from person is risky except if you are doing your transaction by meetups. Title: Re: Why arnt we seeing more bitcoin ATM popping up? Post by: OROBTC on December 14, 2015, 03:42:28 PM ...
The metropolitan population of my city is almost 3,000,000 yet there is only one BTC ATM (BTM) that I know of. They charge 9% premium over "spot". The machine (or maybe the wifi network it is hooked into) does not always work. That 9% premium *seems* like it would be attractive. I should reach out to the owners and find out just how good an investment this is, and if good enough..., join them! Title: Re: Why arnt we seeing more bitcoin ATM popping up? Post by: CoinATMRadar on December 14, 2015, 10:51:23 PM Base on my personal experience, it's a lot easier to buy bitcoins in person from someone than to use an ATM machines an go through the long process before having your bitcoin... In many cases the process of buying bitcoins is simple as scan code, feed cash, click send = 15 seconds. No registration or verification. Almost all lamassu machines (~30% of all bitcoin ATMs) work like this. Title: Re: Why arnt we seeing more bitcoin ATM popping up? Post by: lolgato on December 14, 2015, 10:52:35 PM We don't really need them and there very expensive to produce.
Title: Re: Why arnt we seeing more bitcoin ATM popping up? Post by: smiletyson on December 14, 2015, 11:07:36 PM Most of them get robbed (if they're not protected well by the shop owner etc).
Also they're really expensive and there's not much people who use them, so the expected roi is many years. Nobody finds them profitable to invest in. Title: Re: Why arnt we seeing more bitcoin ATM popping up? Post by: chennan on December 14, 2015, 11:23:59 PM Most of them get robbed (if they're not protected well by the shop owner etc). Also they're really expensive and there's not much people who use them, so the expected roi is many years. Nobody finds them profitable to invest in. Idk, they could be profitable in a country or state that has a lot of tech savvy people that at least know and understand a little bit about bitcoin. They probably sometimes check and see every now and then if there are new ATM's popping up around them every now and then, and I would think that you could potentially bring in a lot of business if you decided to get one. Title: Re: Why arnt we seeing more bitcoin ATM popping up? Post by: Hellacopter on December 15, 2015, 12:07:37 AM I really thought this time last year that we would have a lot more bitcoin ATM machines. There is so many people on localbitcoin especailly in certain areas. I just really thought I would see more in heavily populated areas. Why do you guys think there isn't many out there still? I know the one I saw in California had ridiculous fee's but I think people still used it a lot. I think that's because the price flexibility , and people want to wait till reaching some fixed price of Bitcoin online, that's facilitate converting it via ATM and so on Title: Re: Why arnt we seeing more bitcoin ATM popping up? Post by: OROBTC on December 15, 2015, 03:06:03 AM Base on my personal experience, it's a lot easier to buy bitcoins in person from someone than to use an ATM machines an go through the long process before having your bitcoin... In many cases the process of buying bitcoins is simple as scan code, feed cash, click send = 15 seconds. No registration or verification. Almost all lamassu machines (~30% of all bitcoin ATMs) work like this. The Lamassu machine in my city requires a scan of the state Driver's License. "Debbie Downer" It also does not work right all the time, the owners are always having to fiddle with it (reboot, etc.). That MIGHT be a network or WiFi issue, I cannot say. I bought some BTC at a BTM in NYC once. No ID! I put in almost ALL the FIAT$ I had in my wallet. Then went to a regular ATM to replenish my cash. Title: Re: Why arnt we seeing more bitcoin ATM popping up? Post by: chennan on December 15, 2015, 03:46:57 AM Base on my personal experience, it's a lot easier to buy bitcoins in person from someone than to use an ATM machines an go through the long process before having your bitcoin... In many cases the process of buying bitcoins is simple as scan code, feed cash, click send = 15 seconds. No registration or verification. Almost all lamassu machines (~30% of all bitcoin ATMs) work like this. The Lamassu machine in my city requires a scan of the state Driver's License. "Debbie Downer" It also does not work right all the time, the owners are always having to fiddle with it (reboot, etc.). That MIGHT be a network or WiFi issue, I cannot say. I bought some BTC at a BTM in NYC once. No ID! I put in almost ALL the FIAT$ I had in my wallet. Then went to a regular ATM to replenish my cash. Just be glad that you have a city that has an ATM in your state in general, let alone your city... It would be so convenient to exchange cash for bitcoin directly and not have to worry about my bank verifying my transaction that takes 4 business days. I think the closest one to me is around maybe 4 hours away? So unless I had a huge amount of fiat that I was willing to deposit directly into bitcoin, it will never be reasonable for me to make that drive. Title: Re: Why arnt we seeing more bitcoin ATM popping up? Post by: avw1982 on December 15, 2015, 04:27:43 AM Most of them get robbed (if they're not protected well by the shop owner etc). Also they're really expensive and there's not much people who use them, so the expected roi is many years. Nobody finds them profitable to invest in. No one will rob the machine or bitcoins from that. Still not most of the people in Europe and rest of the countries people are not aware bitcoins and usages. Due to that Bitcoins wallet companies like Coinbase and others are not ready install their ATM in many places. That's why they are very little. Title: Re: Why arnt we seeing more bitcoin ATM popping up? Post by: 7788bitcoin on December 15, 2015, 04:30:41 AM The price drop since the peak has caused many ATM in my town to stop opeartion... Hope the new price increase will bring them back...
Title: Re: Why arnt we seeing more bitcoin ATM popping up? Post by: bearex on December 15, 2015, 08:19:09 AM Base on my personal experience, it's a lot easier to buy bitcoins in person from someone than to use an ATM machines an go through the long process before having your bitcoin... In many cases the process of buying bitcoins is simple as scan code, feed cash, click send = 15 seconds. No registration or verification. Almost all lamassu machines (~30% of all bitcoin ATMs) work like this. The Lamassu machine in my city requires a scan of the state Driver's License. "Debbie Downer" It also does not work right all the time, the owners are always having to fiddle with it (reboot, etc.). That MIGHT be a network or WiFi issue, I cannot say. I bought some BTC at a BTM in NYC once. No ID! I put in almost ALL the FIAT$ I had in my wallet. Then went to a regular ATM to replenish my cash. Just be glad that you have a city that has an ATM in your state in general, let alone your city... It would be so convenient to exchange cash for bitcoin directly and not have to worry about my bank verifying my transaction that takes 4 business days. I think the closest one to me is around maybe 4 hours away? So unless I had a huge amount of fiat that I was willing to deposit directly into bitcoin, it will never be reasonable for me to make that drive. Sure, you get BTC instantly, but at a 4% fee cost. So if you are planning on buying a good ammount, it might be better through an exchange, but if you need it fast, you could use the ATM. Title: Re: Why arnt we seeing more bitcoin ATM popping up? Post by: Fidemoga on January 08, 2016, 10:08:31 AM The price drop since the peak has caused many ATM in my town to stop opeartion... Hope the new price increase will bring them back... In my town, there was a ATM. It was installed in 2014. It disappeared last year. If the bitcoin price rise to $1000, it might reappear. Title: Re: Why arnt we seeing more bitcoin ATM popping up? Post by: Altynbekova on January 08, 2016, 10:59:10 AM It cost so much money to just make a ATM for bitcoin we just need to be patient.
I think this year we will see more and I hope also that it will be in Europa and Asia and America. That it will so easy to just cash out your bitcoin. Title: Re: Why arnt we seeing more bitcoin ATM popping up? Post by: xuan87 on January 08, 2016, 11:18:25 AM bitcoin still in middle of adaptation, so need more time to be accepted by people and also not all country is support the usage of bitcoin
and many crypto coins is out, so its making the investor kind of hesitating about how long bitcoin can survive, but am sure this year we will see a lot of ATM will come out Title: Re: Why arnt we seeing more bitcoin ATM popping up? Post by: quentincole32 on January 08, 2016, 11:31:11 AM bitcoin still in middle of adaptation, so need more time to be accepted by people and also not all country is support the usage of bitcoin and many crypto coins is out, so its making the investor kind of hesitating about how long bitcoin can survive, but am sure this year we will see a lot of ATM will come out People or investor are looking for something real investment, a clear future investment, currently bitcoin still on progress to make investors convinced and see that bitcoin are real investment with bright future. So many company already used bitcoin as payment and it's a good progress , leading people on need an ATM . Let's hope 2016 the year of bitcoin investors and see many ATM built around the world. Title: Re: Why arnt we seeing more bitcoin ATM popping up? Post by: dk8218 on January 08, 2016, 11:43:28 AM It would be good if ATM of btc are put everywhere..
But there are many factors affecting their possibility to be everywhere Main from them should be higher fees as you said.. And it will be there because ATM is owned by a person or a company, so there should be considered space rent , ATM machine cost , maintenance etc to be on the way... Like this ATM of btc are not much populated yet.. Title: Re: Why arnt we seeing more bitcoin ATM popping up? Post by: dk8218 on January 08, 2016, 11:53:06 AM And because BTC is still on the way of growth..
So it would take some time to get popular everywhere.. And also blockchain site is also everywhere with you and many shops and other have started accepting payments in btc.. So why to pay extra charges for ATM fees.. Although I'm hoping that this year ATM machines for btc get popular and get placed.. Title: Re: Why arnt we seeing more bitcoin ATM popping up? Post by: oblomov on January 08, 2016, 12:49:36 PM The Bitcoin ATMs in NYC charge a 15% fee.
Why would I pay this? Coinbase fees for a bank draft purchase of BTC are 1%. I talked with an owner of several of these ATMs. He justified the fees in terms of his costs. He obviously does not understand the concept of market pricing. The market does not care what your costs are. I don't buy BTC to fund the lifestyle of ATM owners. Compete or starve. Title: Re: Why arnt we seeing more bitcoin ATM popping up? Post by: rektDude on January 08, 2016, 12:50:25 PM Mostly because of the fees and the place that you're picking, you have to pay for that spot as well.
Title: Re: Why arnt we seeing more bitcoin ATM popping up? Post by: OROBTC on January 09, 2016, 02:30:20 AM The Bitcoin ATMs in NYC charge a 15% fee. Why would I pay this? Coinbase fees for a bank draft purchase of BTC are 1%. I talked with an owner of several of these ATMs. He justified the fees in terms of his costs. He obviously does not understand the concept of market pricing. The market does not care what your costs are. I don't buy BTC to fund the lifestyle of ATM owners. Compete or starve. 9% "over spot" in my city. I did hear that a second BTM went in as well, but I have yet to go and see. More competition might lower premia, maybe. But, I am OK with a fairly high premium, as localbitcoins works so poorly here, and they all want "spot + 5%". I forget what I paid a year or two ago at a NYC BTM, but it was high ("Sonny's Grocery", about 60th & Amsterdam, no ID!), that no ID led me to dump all my FIAT$, and get BTC. I then went to an ATM to replenish my CA$H. Title: Re: Why arnt we seeing more bitcoin ATM popping up? Post by: btcprospecter on January 09, 2016, 03:19:16 AM It would be great if there were more bitcoin atms about it would make it more accessible to nearly everyone and help bitcoin flourish as a major player in every day currency. More and more people would use it if there were more.
Title: Re: Why arnt we seeing more bitcoin ATM popping up? Post by: jethrorn99 on January 09, 2016, 01:33:53 PM Bitcoin is still a rare thing to public, heck there's a lot of people that dont know bitcoin.
The user of the ATM will be low, soo it will not be profitable Title: Re: Why arnt we seeing more bitcoin ATM popping up? Post by: teddy5145 on January 09, 2016, 02:21:48 PM Bitcoin is still a rare thing to public, heck there's a lot of people that dont know bitcoin. Agree, but the point of building Bitcoin ATM in the first place is to introduce people to Bitcoin ;)The user of the ATM will be low, soo it will not be profitable I think we should build more ATM in public places just for people to see and hopefully use Would be a good idea if we all meet at one ATM and then we try to promote that ATM to peoples there :P Title: Re: Why arnt we seeing more bitcoin ATM popping up? Post by: jethrorn99 on January 09, 2016, 02:25:19 PM Bitcoin is still a rare thing to public, heck there's a lot of people that dont know bitcoin. Agree, but the point of building Bitcoin ATM in the first place is to introduce people to Bitcoin ;)The user of the ATM will be low, soo it will not be profitable I think we should build more ATM in public places just for people to see and hopefully use Would be a good idea if we all meet at one ATM and then we try to promote that ATM to peoples there :P It's better to advertise bitcoin worldwide to a lot of people first. After a lot of people know and use bitcoin, then Bitcoin ATM will surely pop up in a lot of public places Title: Re: Why arnt we seeing more bitcoin ATM popping up? Post by: mtnsaa on January 09, 2016, 02:28:35 PM Correct me if I'm wrong but what is the purpose of these ATMs besides the novelty? Doesn't something like the Xapo debit card acts as a bridge already? I know many don't like how it works compared to other wallets but if we want mainstream adoption more user friendly systems and sites like this need to emerge.
Title: Re: Why arnt we seeing more bitcoin ATM popping up? Post by: Denker on January 09, 2016, 02:38:25 PM The number of Bitcoin ATMs is constantly growing.
http://www.statista.com/statistics/343127/number-bitcoin-atms/ (http://www.statista.com/statistics/343127/number-bitcoin-atms/) Just alone from december 2015 with a total of 486 to today, january 9th 2016, 52 more ATMs had been installed to a total of 538 worldwide.That is the biggest increase on a monthly basis ever!!! Title: Re: Why arnt we seeing more bitcoin ATM popping up? Post by: defaultking on January 09, 2016, 02:56:15 PM Noon question but it a bitcoin atm a way to use money to buy bitcoins or can you deposit bitcoins to withdraw money. If they can't do both that's a big weakness to me.
Title: Re: Why arnt we seeing more bitcoin ATM popping up? Post by: teddy5145 on January 09, 2016, 03:04:33 PM Noon question but it a bitcoin atm a way to use money to buy bitcoins or can you deposit bitcoins to withdraw money. If they can't do both that's a big weakness to me. I never use the ATM but from what i understand you can both withdraw your BTC to money or Deposit your money that will be turned to BTC ;)There's many videos on youtube on how these thing works, should probably check that for a better understanding :) Title: Re: Why arnt we seeing more bitcoin ATM popping up? Post by: gentlemand on January 09, 2016, 03:39:40 PM I can imagine maintaining a business bank account is hard work in a lot of places. I don't think a dedicated ATM will ever be much of a money spinner or very attractive for customers. A voucher system from regular shops like mobile phone credit makes far more sense. There've been a few attempts. I dunno how many have lasted.
Title: Re: Why arnt we seeing more bitcoin ATM popping up? Post by: BTCBinary on January 09, 2016, 04:02:13 PM We aren't seeing too many BTC ATMs pop out because it is almost a non profitable business to instal one. That's why the majority of people chooses to put their Bitcoin in other type of investments!
Title: Re: Why arnt we seeing more bitcoin ATM popping up? Post by: Mr. Forum on January 09, 2016, 05:36:38 PM Bitcoin is still spreading and you do not expect to have the ATM shooting rapidly when compared to other financial institutions. I am so sure that this is a good year for us and we are going to grow as the bitcoin family. With seeing some countries accepting the bitcoin as foreign currency, it shows that there are hopes that we will spread and be used across the globe. Being a formal currency means that we will have more persons using the coins and hence the increase in atms. It is all a matter of time buddy, all will be well.
Title: Re: Why arnt we seeing more bitcoin ATM popping up? Post by: Fidemoga on January 21, 2016, 04:30:07 PM Because bitcoin ATM isn't profitable at all. High machine & maintenance cost while most people don't use it regularly. This ATM can be available (and might be profiable) if most people & merchant around it use or accept bitcoin. Also, i think we don't really need bitcoin ATM expect we're desperately need it. High fees, non-anonymous & can't do both buy and sell bitcoin are also serious problem. Better see merchants accept bitcoin before see bitcoin ATM. There are not many people using the bitcoin so the per user cost is very high for the ATM operators. It is not worth it. Title: Re: Why arnt we seeing more bitcoin ATM popping up? Post by: romero121 on January 21, 2016, 05:24:15 PM Because bitcoin ATM isn't profitable at all. High machine & maintenance cost while most people don't use it regularly. This ATM can be available (and might be profiable) if most people & merchant around it use or accept bitcoin. Also, i think we don't really need bitcoin ATM expect we're desperately need it. High fees, non-anonymous & can't do both buy and sell bitcoin are also serious problem. Better see merchants accept bitcoin before see bitcoin ATM. There are not many people using the bitcoin so the per user cost is very high for the ATM operators. It is not worth it. The number of users is getting increased, major group of users can't be found in a specific place so an ATM can't be opened at that place. This is the major cause for why we aren't seeing much ATM popping up. Title: Re: Why arnt we seeing more bitcoin ATM popping up? Post by: pinoycash on January 21, 2016, 05:27:21 PM Luckily Coins.ph partnered with a bank here on the Philippines , and we can withdraw BTC from wallet to ATM instantly.
Title: Re: Why arnt we seeing more bitcoin ATM popping up? Post by: RodeoX on January 21, 2016, 05:32:02 PM In the U.S. the answer can be found in the question "Do you have a money transmitter license?" And if you want to expand you will need one for each state. Some states charge millions of dollars for this license.
Another historic vestige of bank power, a law to keep the "little man" (that's you and me) out of the money. Title: Re: Why arnt we seeing more bitcoin ATM popping up? Post by: Kevin77 on January 23, 2016, 03:00:57 PM We aren't seeing too many BTC ATMs pop out because it is almost a non profitable business to instal one. That's why the majority of people chooses to put their Bitcoin in other type of investments! But BTMs must be established for the success and propagation of the bitcoin ecosystem. It is not enough that the making of their ATM will depend on their internet users they attract through internet, there should also be need that they come out to the real as faster as they can. Title: Re: Why arnt we seeing more bitcoin ATM popping up? Post by: xdrpx on January 23, 2016, 03:15:43 PM From what I've gathered based on knowing prices of Bitcoin ATM units, is that they're quite expensive to setup, and not all country's Governments allow private parties to setup a Bitcoin ATM, usually a regulator's authorization and permission would be required for it.
Also, people can easily access Bitcoin exchanges from their homes and trade effortlessly than finding for an ATM. Title: Re: Why arnt we seeing more bitcoin ATM popping up? Post by: nydiacaskey01 on January 27, 2016, 08:18:55 AM This Bitcoin ATM will not show up definitely in Countries where Bitcoin is not yet accepted or not yet mainstream. Furthermore, there is an investment attached to installing Bitcoin ATM's like electricity and lease of a small space where large number of people passes by.
Title: Re: Why arnt we seeing more bitcoin ATM popping up? Post by: romero121 on January 27, 2016, 10:59:20 AM This Bitcoin ATM will not show up definitely in Countries where Bitcoin is not yet accepted or not yet mainstream. Furthermore, there is an investment attached to installing Bitcoin ATM's like electricity and lease of a small space where large number of people passes by. Bitcoin ATM's can be seen only if lot of users get increased. When user gets increased over every country, probably corporate will start opening bitcoin ATM's at least over the major cities. The benefit we get is when Bitcoin ATM's get operated automatically transfer charge get reduced Title: Re: Why arnt we seeing more bitcoin ATM popping up? Post by: MedaR on January 27, 2016, 02:38:39 PM Private investors will realise this is good opportunity for investments and this is just a matter of time when ATMs will be normal things in every country..
People still have little fear and looking to government when they thinks about Bitcoin, this is human nature fear of unknown. Title: Re: Why arnt we seeing more bitcoin ATM popping up? Post by: MedaR on January 27, 2016, 02:43:14 PM But lack of ATMs do not need to be a bad thing at the moment.
You always can use those exchanges , also there is lot of people that for small fee wants to buy every shatoshi you have.. AtMs are very convenient , but adoption is better thing! Title: Re: Why arnt we seeing more bitcoin ATM popping up? Post by: allthingsluxury on January 27, 2016, 03:09:03 PM I personally would like to see more of them as well. I'd like to see some usage reports. Hopefully its not due to a lack of interest and use.
Title: Re: Why arnt we seeing more bitcoin ATM popping up? Post by: jethrorn99 on January 27, 2016, 03:40:26 PM I personally would like to see more of them as well. I'd like to see some usage reports. Hopefully its not due to a lack of interest and use. The problem is that there's still not enough people to use Bitcoin ATM. The maintenance price is going to be higher than the profit.Maybe in the future it's possible , but for now? nah. Title: Re: Why arnt we seeing more bitcoin ATM popping up? Post by: Daniel91 on January 27, 2016, 03:45:14 PM I can't say for other countries but in my country is only one Bitcoin ATM.
Why only one? I guess because of a few reasons. We don't have much bitcoin users here. No so many merchants accepts bitcoin. I'm sure ATM also comes with high maintenance cost etc. Title: Re: Why arnt we seeing more bitcoin ATM popping up? Post by: elizabethqueen on January 27, 2016, 04:26:21 PM I really thought this time last year that we would have a lot more yes i also not see many bitcoin ATM on my country,just on some big city or capital city of course,i'm sure this is about the customer of that ATM,bitcoin user still have no knowledge about using bitcoin ATM,and they still comfort being use bitcoin with online transaction on computer or smartphone.bitcoin ATM machines. There is so many people on localbitcoin especailly in certain areas. I just really thought I would see more in heavily populated areas. Why do you guys think there isn't many out there still? I know the one I saw in California had ridiculous fee's but I think people still used it a lot. Title: Re: Why arnt we seeing more bitcoin ATM popping up? Post by: fdylstyx on January 27, 2016, 10:26:02 PM The city I live in has but one that I am currently aware of. Same location (Hemp Clothing store) going on 2 years now I believe. I've used it a half dozen times and though I'm uncertain that there's a camera I think it most likely. The fee to buy is 5% in USD. There is no ID requirement to purchase bitcoin and the maximum one time purchase is $5,000.00 CAN. No minimum!
I have yet to withdraw cash for bitcoin but I believe there is a similar fee and cash limit. I believe higher amounts do require scaled ID requirements. The store itself offers a 10% discount on purchase of goods with bitcoin. It's situated in a high traffic area and it's a tourist/university town I live in, which is also the Provincial Capitol. I haven't been lately but I expect they're doing as good as ever with the low Canadian dollar. It's a Robo brand BTM, simple to use, so I expect there is always a way when the will is there. I do know the store does not own the machine so they are more than likely compensated to their satisfaction for having it placed not more than 3 strides from their door. A local bitcoin group owns it and I can only surmise they have recouped their cost for the machine and any maintenance required. So it's a win win proposition for all concerned. Unless of course you don't want your image recorded while making a transaction. There's business cards and pamphlets available if one should choose to go the local bitcoin route at a nearby coffee shop. All in all a smooth operation. imho fdyl Title: Re: Why arnt we seeing more bitcoin ATM popping up? Post by: Moneyburner on January 27, 2016, 10:37:27 PM I think it is mostly due to how expensive it is to buy on, plus it's an internet thing so why get it from the 'real world' when you can just get it on a computer
Title: Re: Why arnt we seeing more bitcoin ATM popping up? Post by: ShrykeZ on January 27, 2016, 11:19:06 PM Apparently Bitcoin ATM's are expensive to use and take a long time to yelled back their initial cost This is pretty much it, the return of interest on these machines varies heavily on location and usually people don't use these machines as some have high fees. Title: Re: Why arnt we seeing more bitcoin ATM popping up? Post by: Tavos on January 27, 2016, 11:25:11 PM I think it is because they are expensive and costly to run. Will also take a while to get a ROI from running the machine.
Title: Re: Why arnt we seeing more bitcoin ATM popping up? Post by: Evildrum on May 11, 2016, 02:55:34 AM Interesting to think the atms are expensive to buy and run. Always feel like I am the only guy using them, yet they keep popping up. Its like a shadow economy or people that are here using bitcoin that I never see.
Title: Re: Why arnt we seeing more bitcoin ATM popping up? Post by: btcjoin14 on May 11, 2016, 02:57:43 AM They are very expensive to install and maintain. There's none in my area which is quite sad for me. As they are expensive they take awhile to get back their original cost back.
Title: Re: Why arnt we seeing more bitcoin ATM popping up? Post by: specown on May 11, 2016, 02:59:33 AM probably because bitcoins is anonymous currency and basically by using ATM you're showing your identity?
Title: Re: Why arnt we seeing more bitcoin ATM popping up? Post by: Evildrum on May 11, 2016, 03:02:23 AM Only in some Countries do you need to supply a photo or palm scan. I just need to scan the code or have it scan mine and the transaction is done in a short time. Just waiting for . confirmation.
Title: Re: Why arnt we seeing more bitcoin ATM popping up? Post by: Slark on May 11, 2016, 03:06:05 AM I don't think Bitcoin ATMs are the way bitcoin should follow. I don't like them - maybe they are good as promotional tools and cool gadgets, people will be talking about them etc.
But their real use is limited AFAIK, fees are ridiculous and I doubt that anyone who never used bitcoin before will be buying first BTC through ATM. Title: Re: Why arnt we seeing more bitcoin ATM popping up? Post by: nydiacaskey01 on May 11, 2016, 03:07:02 AM Those Bitcoin ATM should be operated by exchanger's because if it's owned and operated by an individual, who will pay for the electricity, lease of space and maintenance. Who ever will operate and run a Bitcoin ATM must have a very deep pocket to begin with.
Title: Re: Why arnt we seeing more bitcoin ATM popping up? Post by: Evildrum on May 11, 2016, 03:15:59 AM Do they really pull that much juice? Most if the big chain atms are run out of cafes and I do not think they would be bringing them to so many locations if this was the case. Not sure about this aspect and will look into it.
The fees can be as low as 1 percent if you know when to buy, merchants offer special days here. I know some places are robbing people on fees but none of them here are doing that. Title: Re: Why arnt we seeing more bitcoin ATM popping up? Post by: bitkilo on May 11, 2016, 03:21:48 AM If anyone in Australia has a spot for a bitcoin ATM that they think might generate a lot of business send me a PM and i we can talk.
Title: Re: Why arnt we seeing more bitcoin ATM popping up? Post by: arwin100 on May 11, 2016, 03:35:03 AM The main reason there is bitcoin is really not known of all people globally and some doesnt bother to look at it now because banker do not really knew it was existing and those who knew they have few like here in philippines we have only one bitcoin atm machine here and located in makati city And its nice to see its really existing.
Title: Re: Why arnt we seeing more bitcoin ATM popping up? Post by: Superbitzz on May 11, 2016, 05:52:44 AM i think it some thing new. it need a little more time to be stable. i think there are still some banks who have no ATM system available. so i m hopeful that in future you will see a lot of ATM machines regarding bitcoins.
Title: Re: Why arnt we seeing more bitcoin ATM popping up? Post by: Junko on May 11, 2016, 07:49:59 AM FWIW, we have two bitcoin atm's in my city (Dallas, Texas, USA).
Title: Re: Why arnt we seeing more bitcoin ATM popping up? Post by: MyBTT on May 11, 2016, 08:16:27 AM There aren't more Bitcoin ATM's being built because they are very expensive to make and not many people would use them. In Sydney, Australia, there are only 3 Bitcoin ATM's. Like WTF.
Title: Re: Why arnt we seeing more bitcoin ATM popping up? Post by: DOGE12321 on May 11, 2016, 08:23:28 AM I really thought this time last year that we would have a lot more Personally, I don't see the need for a special Bitcoin ATM. The reason why no one makes them is because of their inconvenience, cost and the lack of usage. No one uses the machines because their fees are, as you said, 'ridiculous'. bitcoin ATM machines. There is so many people on localbitcoin especailly in certain areas. I just really thought I would see more in heavily populated areas. Why do you guys think there isn't many out there still? I know the one I saw in California had ridiculous fee's but I think people still used it a lot. Title: Re: Why arnt we seeing more bitcoin ATM popping up? Post by: Doms on May 11, 2016, 08:29:50 AM Honestly, I haven't seen any BTC machine in my country, much less had the need to use it. Maintenance would surely be an issue because of the operating costs associated with it. If it ain't a necessity and people are not looking for it, why bother having one?
Title: Re: Why arnt we seeing more bitcoin ATM popping up? Post by: DimensionZ on May 11, 2016, 09:42:14 AM The demand for Bitcoin ATM's is low probably due to the unreasonably high fees that operators of these machines tend to deliberately set up in order to price gouge their customers. I have seen Bitcoin ATM's only in the touristy areas in my country and in some of the bigger shopping malls. I don't see a reason to use them because I can get better rates and lower fees on the exchanges though. But I do admit that Bitcoin ATM's offer fast transactions when you need cash or coins urgently.
Title: Re: Why arnt we seeing more bitcoin ATM popping up? Post by: BitHodler on May 11, 2016, 10:01:34 AM The demand for Bitcoin ATM's is low probably due to the unreasonably high fees that operators of these machines tend to deliberately set up in order to price gouge their customers. I have seen Bitcoin ATM's only in the touristy areas in my country and in some of the bigger shopping malls. I don't see a reason to use them because I can get better rates and lower fees on the exchanges though. But I do admit that Bitcoin ATM's offer fast transactions when you need cash or coins urgently. Not only high fees are the problem but the demand for these Bitcoin related ATM's simply isn't there. I once heard some on in this forum say : You can bring a horse to a water pool, but you can't force it to drink. If there isn't any demand you can place as many ATM's as you want, but people will not use them. Title: Re: Why arnt we seeing more bitcoin ATM popping up? Post by: coinpr0n on May 11, 2016, 10:14:42 AM There's many more easy options when buying bitcoins today than there was when ATMs were first coming out. US and European have options to buy BTC with credit card like Coinbase and other services allow for bank withdrawals like Bit2Me.
Title: Re: Why arnt we seeing more bitcoin ATM popping up? Post by: Icathia on May 11, 2016, 11:15:36 AM Bitcoin needs to become far more popular in order to place more ATM's around the world. There are some countries that have Bitcoin ATM's but there still countries left where the people do not even know what Bitcoins are.
Title: Re: Why arnt we seeing more bitcoin ATM popping up? Post by: alyssa85 on May 11, 2016, 11:29:57 AM You only need bitcoin ATMs in places where it is impossible to transfer fiat to an exchange to buy bitcoin. If you can deal with an exchange, it's way cheaper (and more convenient - you can buy from the comfort of your sofa).
Title: Re: Why arnt we seeing more bitcoin ATM popping up? Post by: romero121 on May 11, 2016, 11:36:16 AM Only limited cities or localities have a large number of users, remaining were spread across various regions. For this reason ATM's will never be profitable for the company which implements it. Later we can see bitcoin ATM often.
Title: Re: Why arnt we seeing more bitcoin ATM popping up? Post by: mtnsaa on May 11, 2016, 03:42:00 PM I think it's pretty clear by now that BTC is not a payment system (and never will) but there are still many people trying to push this agenda god knows why. As a speculation and investor tool, commodity or storage of wealth, well that we can all agree it has certainly proven it's worth so far.
Title: Re: Why arnt we seeing more bitcoin ATM popping up? Post by: lastuser on May 11, 2016, 03:44:10 PM The rate of Bitcoin adoption is still extremely low. Most Bitcoiners would avoid going to Bitcoin ATM and use online exchange instead due to the lower fees. Bitcoin ATM operators also have to get through various regulatory measures.
Title: Re: Why arnt we seeing more bitcoin ATM popping up? Post by: sana54210 on May 11, 2016, 07:44:36 PM The demand for Bitcoin ATM's is low probably due to the unreasonably high fees that operators of these machines tend to deliberately set up in order to price gouge their customers. I have seen Bitcoin ATM's only in the touristy areas in my country and in some of the bigger shopping malls. I don't see a reason to use them because I can get better rates and lower fees on the exchanges though. But I do admit that Bitcoin ATM's offer fast transactions when you need cash or coins urgently. Not only high fees are the problem but the demand for these Bitcoin related ATM's simply isn't there. I once heard some on in this forum say : You can bring a horse to a water pool, but you can't force it to drink. If there isn't any demand you can place as many ATM's as you want, but people will not use them. Title: Re: Why arnt we seeing more bitcoin ATM popping up? Post by: Wendigo on May 11, 2016, 08:04:14 PM I don't think there are any regulatory measures for running a Bitcoin ATM. You can install one in your front yard near the sidewalk or you can rent a small place on a busy street and put it in there and set up whatever fees you want completely legally at the moment. If Bitcoin is not banned or regulated in your country the government can't fine you or tax you for running a Bitcoin ATM. But the problem is that people tend to use Localbitcoins and exchanges more than ATM's so the demand is kinda low right now and the ATM operators may not be making any profit whatsoever.
Title: Re: Why arnt we seeing more bitcoin ATM popping up? Post by: RodeoX on May 11, 2016, 08:20:49 PM I looked into buying a some of these here in the U.S. and found a problem I could not get around. The problem of becoming a money transmitter. The bank laws were sewn up long ago to keep the "little man" out of the banking profits. They did this by requiring a special license for each state and those can cost as much as $25 million USD :o ! Even if I bought a lot of them I would likely never be profitable.
Title: Re: Why arnt we seeing more bitcoin ATM popping up? Post by: OROBTC on May 12, 2016, 04:01:41 AM I looked into buying a some of these here in the U.S. and found a problem I could not get around. The problem of becoming a money transmitter. The bank laws were sewn up long ago to keep the "little man" out of the banking profits. They did this by requiring a special license for each state and those can cost as much as $25 million USD :o ! Even if I bought a lot of them I would likely never be profitable. That's my understanding as well. Here in my (US) state, a license is needed to "transmit money". And it is hard to get, and (probably) with lots of onerous rules (including knowing who is buying BTC). The few machines in my city run from 9% - 14% premiums vs. "spot" BTC price. I would guess that those high premiums reflect all the hoops the owners have to jump through as well as the costs of maintaining the machines and paying rent. Title: Re: Why arnt we seeing more bitcoin ATM popping up? Post by: Qunenin on May 12, 2016, 04:34:22 AM As bitcoins become popular, so is the ATM bitcoins will come for the benefit of the bitcoin holders
Title: Re: Why arnt we seeing more bitcoin ATM popping up? Post by: btccashacc on May 12, 2016, 05:40:33 AM You know what, using Bitcoin ATM is actually pretty expensive, i personally purchase bitcoin from our local exchanger or bought from my friends thus, i'm not surprised if there aren't many because the fees are too expensive,it's better to buy from exchanger directly
Title: Re: Why arnt we seeing more bitcoin ATM popping up? Post by: pureclckr on May 12, 2016, 05:45:52 AM Bitcoins dont need ATM. They alreay have Wallets to do transcations
Title: Re: Why arnt we seeing more bitcoin ATM popping up? Post by: Wendigo on May 12, 2016, 07:47:40 AM Bitcoins dont need ATM. They alreay have Wallets to do transcations Mate I don't think this is completely true. It's like saying people don't need ATM's because we have banks and credit cards. Well sometimes you may be in urgent need of cash and you can't use your bank account or credit card to do a transaction and you need to withdraw paper money instead. I have been in such situations before and it's not a great experience :D Plus Bitcoin wallets only transfer coins back and forth between users but you can't exchange it to fiat through a wallet. I think when Bitcoin becomes more mainstream and people tend to use it more Bitcoin ATM's will become an important part of the Bitcoin economy. Title: Re: Why arnt we seeing more bitcoin ATM popping up? Post by: PsursV on May 12, 2016, 11:20:27 AM i think it will take some time for bitcoin to be use as flat currency and we will do transaction using ATM.
Title: Re: Why arnt we seeing more bitcoin ATM popping up? Post by: HarryKPeters on May 12, 2016, 11:48:07 AM i think it will take some time for bitcoin to be use as flat currency and we will do transaction using ATM. Yeah, and don't forget that the cost of an ATM is quite large. Before an owner can earn on fees at least a year has been passed. Which makes it hard to gt Roi, since an ATM needs maintenance too. So the cost are also rising over time. Title: Re: Why arnt we seeing more bitcoin ATM popping up? Post by: GreenBits on May 12, 2016, 01:05:54 PM Bitcoin atms aren't that useful because there are too many other faster, easier and arguably safer ways to buy and sell btc. Any verified account on most services can purchase btc in a few clicks. No riding around with cash. No flimsy paper wallets on receipt paper to crease in your wallet. And most importantly, no 7% fee on buying and selling, if you haven't used one yet, they are expensive!
Title: Re: Why arnt we seeing more bitcoin ATM popping up? Post by: Jasad on May 12, 2016, 01:49:05 PM Honestly, I haven't seen any BTC machine in my country, much less had the need to use it. Maintenance would surely be an issue because of the operating costs associated with it. If it ain't a necessity and people are not looking for it, why bother having one? where do you life?i have same situation here,i know in my country have some bitcoin ATM,and its sound great when i first time know about it,but until now i dont see people talk about bitcoin AM,and look like not enthusias with this,yes might the problem is cost on maintance and distance.Title: Re: Why arnt we seeing more bitcoin ATM popping up? Post by: GreenBits on May 12, 2016, 01:55:54 PM That's another thing. These things are quasi legal in a great deal of states, and, living in NC, my closest options are a few in Durham, NC, or taking a trip to Georgia (we frequent there for family, it tends to work out when I truly need one). The point is, unless you live in an amazing area, even having access to a bitcoin atm is a rare luxury. Instead of a dedicated device, maybe this is functionality that should be included at existing atm terminals.
And the fees Diego, the fees. Title: Re: Why arnt we seeing more bitcoin ATM popping up? Post by: bitkilo on May 12, 2016, 11:31:09 PM There aren't more Bitcoin ATM's being built because they are very expensive to make and not many people would use them. In Sydney, Australia, there are only 3 Bitcoin ATM's. Like WTF. We don't need to build anymore bitcoin ATM's when there are dozens sitting in a warehouse gathering dust that nobody can find a place for, and guess what they are in Sydney!Lamassu brand, if you have a spot PM me. Title: Re: Why arnt we seeing more bitcoin ATM popping up? Post by: solid12345 on May 12, 2016, 11:51:17 PM Bitcoin ATMs always seemed like an oxymoron to me, it's a digital currency you can use on your phone, your phone IS an ATM practically.
Title: Re: Why arnt we seeing more bitcoin ATM popping up? Post by: bitkilo on May 13, 2016, 12:08:02 PM Bitcoin ATMs always seemed like an oxymoron to me, it's a digital currency you can use on your phone, your phone IS an ATM practically. Yes but if you want to stick with the anonymous properties of bitcoin you cant exactly insert a few bills into your smart phone and receive bitcoins.Some bitcoin atm's still let you purchase your coins without going through the id scan, palm print and whatever else the robocoin machines what you to do. There is a need for these machines i believe but not as big as i once thought, best used for beginners to get their 1st coins and also people who want some coins asap because maybe they predict a price spike or other reasons for urgent coins. Title: Re: Why arnt we seeing more bitcoin ATM popping up? Post by: DimensionZ on May 13, 2016, 12:31:22 PM Bitcoin ATMs always seemed like an oxymoron to me, it's a digital currency you can use on your phone, your phone IS an ATM practically. But an ATM machine turns your digital currency to paper money and vice versa. I don't know what phone you are using but I can't just print banknotes off my phone or feed it banknotes and receive Bitcoins on the other end ;D Credit cards and PayPal and Neteller etc. are digital currencies too but people use them to withdraw cash when in need so there is a demand for that. By the way the balance on your bank account is just numbers in digital format, they don't keep paper bills ready for you in a box somewhere equivalent to your funds. Title: Re: Why arnt we seeing more bitcoin ATM popping up? Post by: Druze on May 15, 2016, 02:33:34 AM there are huge fees and some places may not have enough demand for a bitcoin atm that it might not be profitable
Title: Re: Why arnt we seeing more bitcoin ATM popping up? Post by: Qunenin on June 04, 2016, 11:25:36 AM Bitcoin ATMs always seemed like an oxymoron to me, it's a digital currency you can use on your phone, your phone IS an ATM practically. Most of people spent bitcoins online, so there is less scope for ATM for physical cash. Also the Bitcoin ATM will have to first convert the currency in local and then give hard cash to the person. Conversion to local currency and conversations as which rate is also a factor for ATM not a suitable thing for bitcoin at the present moment. Title: Re: Why arnt we seeing more bitcoin ATM popping up? Post by: Evildrum on June 04, 2016, 06:10:12 PM You just presume we are all working off the same type of regulations when it comes to these BTMs.
Its pretty clear that some countries allow people to be extroted and ripped off through them. The fun part for me is where these bitcoin machines end up being set up. Yet another one opened up in a restaurant. Kind of a odd place to set up,especially due to the location drawing in mostly asian folks for dinner. Title: Re: Why arnt we seeing more bitcoin ATM popping up? Post by: Snorek on June 04, 2016, 06:23:48 PM When I use traditional ATM I know more or less what to expect. I know that I can withdraw my money from my bank account and it is pretty straightforward process.
On the other hand with Bitcoin ATM it is a lottery and you are never sure, I keep asking myself: What can I do with machine like this? Can I buy BTC from it for FIAT, or can I load it with my BTC and then withdraw FIAT? What kind of fees I have to pay? Do I need some kind of ID to use it? All these thoughts have successfully discouraged me from using a Bitcoin ATM. Title: Re: Why arnt we seeing more bitcoin ATM popping up? Post by: Cryptonitex on June 04, 2016, 06:38:49 PM I kinda agree, ATM's are kinda no point.
Buy from an exchange, or from localbitcoins.com Title: Re: Why arnt we seeing more bitcoin ATM popping up? Post by: yenxz on June 05, 2016, 08:44:30 AM Yes i'm agree,bitcoin ATM have no work ptogress and seems not have any user,in my country there onyl 2 ATM and its rare to usrd,night people more like to make online transaction.
Title: Re: Why arnt we seeing more bitcoin ATM popping up? Post by: michietn94 on June 05, 2016, 08:49:37 AM My goverment still forbid bitcoin usage so it mean that my goverment still not support bitcoin yet.
For some reason like money laundry , terorrist fund transfer , etc , they forbid bitcoin usage. Hope bitcoin ATM will be popping up at my place on the future when my goverment realize bitcoin in positive way Title: Re: Why arnt we seeing more bitcoin ATM popping up? Post by: Monnt on June 05, 2016, 08:53:48 AM Theres only one bitcoin atm I know of in my state in Australia, and that's about a 45 minute drive from my home. So it would be cool if we could see more, but there really isnt much of a demand for bitcoin. Bitcoin users may be using bitcoin more, but not many new people are coming over.
Title: Re: Why arnt we seeing more bitcoin ATM popping up? Post by: bSpend on June 05, 2016, 09:10:31 AM First Bitcoin ATM in Vietnam https://www.reddit.com/r/Bitcoin/comments/4mmlpq/travelers_in_vietnam_can_now_use_a_bitcoin_atm_in/
Title: Re: Why arnt we seeing more bitcoin ATM popping up? Post by: daringdiscovered on June 05, 2016, 09:40:34 AM I was thinking the same thing, once I heard about them being installed in a few places I imagined a time when a lot of cities would have a bitcoin ATM. But as we know, bitcoin has not taken off as quickly as a lot of people know about it. There are also other ways available to the public to buy and sell their bitcoin.
Title: Re: Why arnt we seeing more bitcoin ATM popping up? Post by: marcuslong on June 05, 2016, 09:46:48 AM I really thought this time last year that we would have a lot more bitcoin ATM machines. There is so many people on localbitcoin especailly in certain areas. I just really thought I would see more in heavily populated areas. Why do you guys think there isn't many out there still? I know the one I saw in California had ridiculous fee's but I think people still used it a lot. Bro because few people only use in bitcoin ATM Machines so dont expect that many bitcoin machines will pop up. And the first thing that i know why few only ATM machines pop up because few only know what is bitcoin and few people use it. And others didnt use it. Why? Because there are many company that allow few people to convert their money there so they can cashout in any ATM Machine thats only the reason that i knew. Title: Re: Why arnt we seeing more bitcoin ATM popping up? Post by: robelneo on June 05, 2016, 11:32:46 AM I really thought this time last year that we would have a lot more bitcoin ATM machines. There is so many people on localbitcoin especailly in certain areas. I just really thought I would see more in heavily populated areas. Why do you guys think there isn't many out there still? I know the one I saw in California had ridiculous fee's but I think people still used it a lot. This thread was created a year ago but still there are not much atm today but after the halving and bitcoin stabilize we'll hope to see more,here in our country cashing out my bitcoin is not really that hard we many exchanges here Title: Re: Why arnt we seeing more bitcoin ATM popping up? Post by: Denker on June 05, 2016, 12:21:02 PM I really thought this time last year that we would have a lot more bitcoin ATM machines. There is so many people on localbitcoin especailly in certain areas. I just really thought I would see more in heavily populated areas. Why do you guys think there isn't many out there still? I know the one I saw in California had ridiculous fee's but I think people still used it a lot. This thread was created a year ago but still there are not much atm today but after the halving and bitcoin stabilize we'll hope to see more,here in our country cashing out my bitcoin is not really that hard we many exchanges here At least the number of BTMs is growing continuously! Right now the number is ~670 and heading to 700 within the next 30 days if you take the average of 1,3 BTMs getting installed per day regarding coinatmradar. Title: Re: Why arnt we seeing more bitcoin ATM popping up? Post by: coinzat on June 05, 2016, 12:26:33 PM I do not see any point in bitcoin ATMs because their rates are always high because they charge their customers the electricity and place costs.
Title: Re: Why arnt we seeing more bitcoin ATM popping up? Post by: zimmah on June 05, 2016, 01:13:16 PM They are expensive + people dont buy BTC from them because it is exansive :D It is cheaper to buy them at Bitcoin exchange places. as far as i'm aware a lot of people use them for convenience. especially if you need small amounts, ATMs are saver and easier than going to an exchange or using localbitcoins. Title: Re: Why arnt we seeing more bitcoin ATM popping up? Post by: Carlsen on June 05, 2016, 02:43:32 PM They are expensive + people dont buy BTC from them because it is exansive :D It is cheaper to buy them at Bitcoin exchange places. as far as i'm aware a lot of people use them for convenience. especially if you need small amounts, ATMs are saver and easier than going to an exchange or using localbitcoins. In my region there was a bitcoin atm. The only one for about 300 miles. Placed right in the capital of my state. It got shut down because nobody used it. Probably because bitcoin is not very much known here at the moment yet. Oh yes, I live in an industry nation. Title: Re: Why arnt we seeing more bitcoin ATM popping up? Post by: DaddyMonsi on June 05, 2016, 04:48:30 PM They are expensive + people dont buy BTC from them because it is exansive :D It is cheaper to buy them at Bitcoin exchange places. as far as i'm aware a lot of people use them for convenience. especially if you need small amounts, ATMs are saver and easier than going to an exchange or using localbitcoins. In my region there was a bitcoin atm. The only one for about 300 miles. Placed right in the capital of my state. It got shut down because nobody used it. Probably because bitcoin is not very much known here at the moment yet. Oh yes, I live in an industry nation. Title: Re: Why arnt we seeing more bitcoin ATM popping up? Post by: Evildrum on June 05, 2016, 05:43:58 PM http://www.coindesk.com/bitcoin-atms-gray-areas/?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+CoinDesk+%28CoinDesk+-+The+Voice+of+Digital+Currency%29
From Seeds to Weed, Bitcoin Finds a Home Where Local Commerce Goes Gray Quote Bitcoin ATMs were seen as transformative for consumer acquisition of bitcoin when the devices first appeared on the market, but they’ve become less fashionable over the past year because of complicated user experiences and compounding regulatory pressure. Like most parts of the bitcoin economy’s infrastructure, bitcoin ATMs are evolving, and operators in the industry are looking to identify and correct these issues, while still enabling buyers to access bitcoin conveniently. Aaron Williams, founder of Coinnections, is one entrepreneur who is seeking solutions to ease the KYC requirements bitcoin ATM owners would need to implement. Currently developming the beta for an anti-money laundering software product for cryptocurrency businesses, Coinnections’ creator believes US consumers will prefer bitcoin ATMs over bitcoin exchanges in the future. “Bitcoin ATM operators benefit from their small size in that they can implement a true risk-based AML program,” Williams has said. “A true risk-based AML program can allow for lower identification thresholds while still allowing the user to buy a useful amount of bitcoin. ATM operators can also benefit from not having to comply with multiple regulatory regions.” Though it might seem that the use of these machines has slowed, several Bitcoin ATM operators who wanted to remain anonymous said they’re still pulling in large amounts of cash from underbanked minorities. Gil Luria, an analyst focusing on bitcoin and blockchain at Wedbush Securities, believes that bitcoin ATMs may play a key role in other less controversial gray areas of the financial system, such as helping the underbanked and migrant workers. “The main use case for a bitcoin ATM is a consumer that wants another level of anonymity since linking bitcoin wallets to a bank account or credit card defeats the purpose. Funding a bitcoin wallet with cash may be helping these consumers maintain their privacy,” he said. How the bitcoin ecosystem will develop along this fine line remains an ongoing narrative in the industry, though it’s one that, for now, might not have the benefit of venture capital or big bank investment. Out of this association with crime has come the “blockchain without bitcoin” movement that has found regulated, risk-averse financial institutions and enterprises opting to build their own blockchain protocol without the bitcoin currency riding on top. But whether or not bitcoin is used for the gray areas of commerce, it still stands as the only blockchain project that is currently in the wild and innovating on the clunky traditional payments process. Thought this might go a long with the chat here,took out the garbage about drugs and made up stories by the writer. Title: Re: Why arnt we seeing more bitcoin ATM popping up? Post by: harizen on June 05, 2016, 06:00:01 PM especially if you need small amounts, ATMs are saver and easier than going to an exchange or using localbitcoins. Not at all. It depends because of distance matter. Yes easy for a person if the station is just an inch away or easy to access but not at all are like that. That's why good thing here in our country, even without Bitcoin ATM, cashing out is less hassle using any form of receiving money available here in our country. Title: Re: Why arnt we seeing more bitcoin ATM popping up? Post by: gtglener on June 05, 2016, 06:01:37 PM They are expensive + people dont buy BTC from them because it is exansive :D It is cheaper to buy them at Bitcoin exchange places. as far as i'm aware a lot of people use them for convenience. especially if you need small amounts, ATMs are saver and easier than going to an exchange or using localbitcoins. yeah, these are really convenient for any of the bitcoin user as when we want to withdraw our bitcoin, we are relying on banks and they are cutting big fees from them, and with bitcoin ATM we can get our money instantly. Title: Re: Why arnt we seeing more bitcoin ATM popping up? Post by: cyberninja2 on June 05, 2016, 06:16:32 PM I think because not many people know about bitcoin
Title: Re: Why arnt we seeing more bitcoin ATM popping up? Post by: bittrojan on June 05, 2016, 06:45:27 PM They are expensive + people dont buy BTC from them because it is exansive :D It is cheaper to buy them at Bitcoin exchange places. as far as i'm aware a lot of people use them for convenience. especially if you need small amounts, ATMs are saver and easier than going to an exchange or using localbitcoins. Title: Re: Why arnt we seeing more bitcoin ATM popping up? Post by: richardsNY on June 05, 2016, 07:31:07 PM I think because not many people know about bitcoin That's one of the many reasons, yes. I think the main thing is that there is no demand for a Bitcoin related ATM. Even if there is a Bitcoin ATM just a mile away from here I will most likely never use it. Here in my country there are several services where I can sell my coins directly and receive the money in my bank account the same day without paying any fees. Title: Re: Why arnt we seeing more bitcoin ATM popping up? Post by: twinkletoes007 on June 06, 2016, 03:29:34 AM When I use traditional ATM I know more or less what to expect. I know that I can withdraw my money from my bank account and it is pretty straightforward process. On the other hand with Bitcoin ATM it is a lottery and you are never sure, I keep asking myself: What can I do with machine like this? Can I buy BTC from it for FIAT, or can I load it with my BTC and then withdraw FIAT? What kind of fees I have to pay? Do I need some kind of ID to use it? All these thoughts have successfully discouraged me from using a Bitcoin ATM. If you have the money to build a network it can be very succesfull. Coin Source and Digital Mint have the 2 biggest networks. They can benifit from economies of scale.Plus most Newbies have no idea how to trade on an exchnage so thats a deterent. They will pay the higher fees for speed, convenience and ease of use on BTM's. People pay a 10% premium on localbitcoins are anon starter. Title: Re: Why arnt we seeing more bitcoin ATM popping up? Post by: Cyaren on June 06, 2016, 07:25:06 AM I really thought this time last year that we would have a lot more bitcoin ATM machines. There is so many people on localbitcoin especailly in certain areas. I just really thought I would see more in heavily populated areas. Why do you guys think there isn't many out there still? I know the one I saw in California had ridiculous fee's but I think people still used it a lot. Because people don't really need bitcoin atms when they can trade bitcoins more anonymously and quickly with sites like localbitcoins and paxful. With bitcoin atms you have to provide ID. They are probably running low of volume as well, which decreases the profitability of these ATMs. That's why there are no new ones right now. Title: Re: Why arnt we seeing more bitcoin ATM popping up? Post by: BitsandBites on June 06, 2016, 07:30:07 AM I think because they maybe need more people to come and make use of it, if people are not making use of there Bitcoins then they have no reason to place more ATM's. I think that in the future there will be more because Bitcoin is becoming more popular.
Title: Re: Why arnt we seeing more bitcoin ATM popping up? Post by: Viakor on June 06, 2016, 01:22:48 PM I think because Bitcoin needs to grow more for them to have any reason to put out more ATM's. Maybe in the future when Bitcoin is more popular there will pop up more ATM's.
Title: Re: Why arnt we seeing more bitcoin ATM popping up? Post by: ahpku on June 06, 2016, 01:32:25 PM http://www.coindesk.com/bitcoin-atms-gray-areas/?utm_source=feedburner&utm_medium=feed& ... Thought this might go a long with the chat here,took out the garbage about drugs and made up stories by the writer. That was the best part tho :D Bitcoin Helps The Really, Really Ill Yet the $10,000 monthly BTC limit remains a stumbling block for the critically ill sufferers who routinely smoke $10,000 of life-saving weed per week. http://www.coindesk.com/bitcoin-atms-gray-areas/ "Bitcoin seems just as popular as a payment method for marijuana purchases in Colorado. According to an associate at a dispensary in Colorado Springs, a city that only allows medical marijuana sales, one customer comes in weekly and purchases marijuana using bitcoin. Another sales associate was unclear what merchant processor the dispensary uses to accept the bitcoin payments, but she said that there’s a $10,000 limit for bitcoin transactions per month. Notably, she said the customer routinely spends this amount in a given week." One could only hope ObamaCare covers the $40,000 per months :( Edit: But the reason bitcoin ATMs aren't more common is a chicken/egg problem. The rates are outrageously high (https://www.reddit.com/r/Bitcoin/comments/4mmlpq/travelers_in_vietnam_can_now_use_a_bitcoin_atm_in/d3wt15c, I think OP runs this site https://coinatmradar.com/), and the rates need to be high because not too many people use the ATMs. Title: Re: Why arnt we seeing more bitcoin ATM popping up? Post by: beerlover on June 06, 2016, 04:47:29 PM I think because Bitcoin needs to grow more for them to have any reason to put out more ATM's. Maybe in the future when Bitcoin is more popular there will pop up more ATM's. Yeah that's one reason why Bitcoin ATMs aren't popping out and about today. Another reason is the operability of that Bitcoin ATM, because it would definitely need a daily capital. Think of it, the ATM needs to be resupplied of bitcoins every time someone withdraws bitcoin from the atm, or it would be rendered useless if it doesn't have any bitcoins in it.Title: Re: Why arnt we seeing more bitcoin ATM popping up? Post by: Fidemoga on June 25, 2016, 06:34:30 PM I think because Bitcoin needs to grow more for them to have any reason to put out more ATM's. Maybe in the future when Bitcoin is more popular there will pop up more ATM's. Yeah that's one reason why Bitcoin ATMs aren't popping out and about today. Another reason is the operability of that Bitcoin ATM, because it would definitely need a daily capital. Think of it, the ATM needs to be resupplied of bitcoins every time someone withdraws bitcoin from the atm, or it would be rendered useless if it doesn't have any bitcoins in it.There are too few users for the bitcoin ATM to be profitable for the operators. I never used the ATM before. Title: Re: Why arnt we seeing more bitcoin ATM popping up? Post by: n691309 on June 25, 2016, 07:31:33 PM I really thought this time last year that we would have a lot more One of the important reasons why atm are not popping up are because they have high fees and another more important reason is because near them are security cameras which is not good for privacy of the bitcoin users.bitcoin ATM machines. There is so many people on localbitcoin especailly in certain areas. I just really thought I would see more in heavily populated areas. Why do you guys think there isn't many out there still? I know the one I saw in California had ridiculous fee's but I think people still used it a lot. Title: Re: Why arnt we seeing more bitcoin ATM popping up? Post by: BillyBobJoe on June 25, 2016, 11:32:48 PM Just did a search for BTC ATM for this city, one of the top 10 in the US. Found 6 BTC ATM. All have about a 7% fee to buy, except for 1 which is 10%, and 5% to sell. One has 0% to sell.
Title: Re: Why arnt we seeing more bitcoin ATM popping up? Post by: gogodr on June 25, 2016, 11:34:16 PM Just did a search for BTC ATM for this city, one of the top 10 in the US. Found 6 BTC ATM. All have about a 7% fee to buy, except for 1 which is 10%, and 5% to sell. One has 0% to sell. This compares pretty evenly to most Local Bitcoin dealers though does it not? Or what's the mark up in your area that people sell at for cash? Title: Re: Why arnt we seeing more bitcoin ATM popping up? Post by: MingLee on June 25, 2016, 11:37:12 PM I really thought this time last year that we would have a lot more One of the important reasons why atm are not popping up are because they have high fees and another more important reason is because near them are security cameras which is not good for privacy of the bitcoin users.bitcoin ATM machines. There is so many people on localbitcoin especailly in certain areas. I just really thought I would see more in heavily populated areas. Why do you guys think there isn't many out there still? I know the one I saw in California had ridiculous fee's but I think people still used it a lot. Title: Re: Why arnt we seeing more bitcoin ATM popping up? Post by: BillyBobJoe on June 25, 2016, 11:49:33 PM Right now, with BTC at $660, LocalBitcoin is at about $690 to buy. So that is about 5%.
Just did a search for BTC ATM for this city, one of the top 10 in the US. Found 6 BTC ATM. All have about a 7% fee to buy, except for 1 which is 10%, and 5% to sell. One has 0% to sell. This compares pretty evenly to most Local Bitcoin dealers though does it not? Or what's the mark up in your area that people sell at for cash? Title: Re: Why arnt we seeing more bitcoin ATM popping up? Post by: bitcoineverything on June 26, 2016, 04:39:54 AM ATM machines for bitcoin cost a lot so only a few take risk of making a business with it. I am sure if the need for it rises, Bitcoin ATM machines will flourish.😀
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