Bitcoin Forum

I am wondering while reading some Bitcoin ATM services ( http://coinoutletatm.com/service/ (http://coinoutletatm.com/service/) ). What do you think, is this the future?

ATM is not cost effective way to obtain bitcoin at this point in time.

When ATM owner lower the cost, may be it can become a norm.

What do you mean it's not cost effective? I think ATM owners can set the commission rate so if one is charging a lot don't use it or find another. The ATM units themselves can be quite cheap and will surely attract more people and businesses in the future.

I think as soon as the laws are clear, there will be an explosion of BTC/ATMs. Even if it costs a little more I would use one. They are especially helpful at airports and borders when you are trying to dump fiat. But I can see all sorts of use cases. For example, supose you own an amusement park. Instead of ticket booths for rides you could purchase some coins for your phone or rent a trezor while your there. At each ride you just do a spend while in line. A type of closed economy.

I have a question : If a country accepts BTC as reserve money what would change the next day?

If there are regulations for international use of BTC it will be a norm for ATM in a months time or sooner .

ATMs are like small gateways to exchanges. It provides an easy method to buy bitcoin. There is market now because there is no reliable exchange in every country. As more and more local exchanges are built, the market for ATMs will diminish. They could survive if their costs are slashed by a large margin, so operators can lower their fees.

They have to charge what we consider "high" fees because they obviously have to earn back their investment and make profit.

At this point regular used ATM's can generate a nice income if you have enough of them.

Are the operators willing to lower the fees eventually? I hope so.

As long as they are convenient like Lamassu and not like those shit Robocoin ones with the ridiculous hand scanning, then they will do extremely well and it will be just like having your average bank ATM, but it all depends on how easy it is to use.

No, because BTC will not be mainstream.

yes but, there will be new tech for sure in the future

Not for buying Bitcoin, I think buying of bitcoin will be more regulated, you'd be required to provide your information/ID etc but I think it will be easier to dispense cash out of ATMs in future using some sort of bitcoin debit cards.

well from tehnically point of wiev every shop with cash register could be bitcoin ATM

I think regular ATM's will "adjust" for bitcoin, when the banks understand the power of bitcoin...

ATMs will be more used and ubiquitous in areas that offer discounts for using coinage and/or fanboi locations. Certainly, the average person doesn't need access to one unless they're enticed to use BTC by paying for shit at a discount, so until this happens there really isn't any demand coming on the scene that I can see. Comparatively and similarly, if credit card usage is charged extra and the BTC price is the norm then I could see mainstreet coming our way.

yes, but now atm not effective

I would say that if bitcoin were to become a more common way to send money to people either overseas or domestically then we will see bitcoin ATM's at places like Wal-Mart that offer similar remittance services.

I would also agree that people would buy bitcoin at ATMs frequently (and ATMs would become more common) if/when merchants start to offer discounts in exchange for people paying in bitcoin.

I find it interesting that the ATMs that are in existence now do see several thousand dollars worth of commissions/trading spread/profit every month, so there is at the least a niche demand for them.

Changes will happen, when banks start to implement the BTC payment system in ATM - in future - it will depend from all BTC market expanding. After at least 10 years things will be more clear.  ;D

I'm not sure if Banks will ever agree to implement Bitcoin in their ATMs.

Several banks have already said that they like the blockchain technology, not Bitcoin itself.

Banks will implement what the market demands. If consumer adoption of bitcoin is high enough and banks can make enough money from selling bitcoin at their ATMs then they will make buying bitcoin an option. Exchanging bitcoin for cash is probably another story as it would involve different risks that banks are experienced in managing 

I will wait for the day when Bitcoin will become so ubiquitous that you don't have to covert bitcoins into fiat any more. If most places accept bitcoins, what is the need for a Bitcoin ATM?

If bitcoin was mainstream, the ATMs would be a bit pointless.



If the general trend of moving away from physical cash continues, any kind of ATMs will be a thing of the past. In a near future you'll be able to do anything on the smartphone (or other device it those too get replaced).

Edit:

@OP, there's an error in the poll: "Yes, one they day there will be BTC ATM's everywhere"