Bitcoin ATMs spreading very slowly it seems...

[gogxmagog]

Btc enthusiasts forget that they are a tiny minority. Btc is still too new. These machines probably don't do a lot of business. Also, any serious bitcoiners most likely have access to and have been verified with an online btc exchange already.

Maybe in a few years we will see more of these btc ATMs but by then I believe most banks and credit card companies will offer btc purchasing. If btc sticks around they will have no choice

[HI-TEC99]

They tend to be located in major cities. Capital cities often have a few, and the biggest city in each region might have one or two. If you live out in the sticks it's difficult finding a nearby ATM. It's probably not profitable to operate ATMs in smaller cities yet. They might start spreading everywhere the next time we go up to a new ATH because it will be more profitable to run one then.

[ranochigo]

The demand is going down. In my country, there are several Bitcoin ATMs (All of them installed in either 2013 or 2014). Until 2014, I could witness short, but healthy queues in front of these ATMs very frequently. But nowadays, I am hardly seeing anyone using them. The initial euphoria is over, and the interest seems to be going down. 

That's until the next swings/rally in price, you will see how people will line up again.

Once you learn about the exchanges, investing BTC, and connecting bank accounts, etc. you don't need to pay the ATM fees. 

Then you would start to pay exchange and bank fees. If you think about it, the ATM is much more convenient than using an exchange. Most of the time, exchange requires you to verify both address and ID, this can take several days depending on the exchange. After that, a SEPA/Bank transfer would usually take several days. For ATMS, you only require your driver license and cash. Your conversion is done in max two hours if you haven't verify yet.

[addy boy]

Maybe someday I or we will get one btm in my country too and I am eagerly waiting for it to watch that type of system really working in front of me.I heard some of my nebour countrys got it already

[xhoneyael]

Btc enthusiasts forget that they are a tiny minority. Btc is still too new. These machines probably don't do a lot of business. Also, any serious bitcoiners most likely have access to and have been verified with an online btc exchange already.

Maybe in a few years we will see more of these btc ATMs but by then I believe most banks and credit card companies will offer btc purchasing. If btc sticks around they will have no choice

i agree it just need time it just need to stick around when there are more user bank will have no choice.
but as of now we just need also to stick around and have some faith that it will happen soon.

[WhatTheGox]

...

Every month or so I check the couple of websites (showing BTC ATMs) as well as the Facebook page re the International Bitcoin group.

But, I am dismayed that these BTC ATMs (I saw "BTMs" written elsewhere, clever) do not appear anywhere near my city.

Maybe BTC is not catching on?  Or have they changed the rules FORCING showing ID?  (The one BTM I used in NYC required no ID).


How are BTC ATMs catching on (or not)?

Its a good hedge to own a BTC atm, if there is another bubble they will make a ton on comission, if not they still make a small amount here and there to pay for themselves.  Its win win.

[mallard]

I would use a Bitcoin ATM often if I didn't have to drive for hours to get to it.

[Sourgummies]

They do seem to like to set up in downtown cores or major traffic zones. Closest one for me is 45 minutes drive.

[thejaytiesto]

This certainly didn't work to spread the idea of a Bitcoin ATM

https://www.youtube.com/watch?v=vnm4xFC2xNo

We are way too early in the game. The more Bitcoin gets exposed in the mainstream the worse. We should only get mainstream exposure once it's all fine tuned and ready for average Joe consumption. But I guess it will be a nice piece of history to look back at those videos and laugh at

1) How archaic the technology was back then
2) The idiots that didn't see the potential and didn't buy cheap Bitcoin

[rubberbandloser]

Would love to get a bitcoin and put it in my city.  There is a local gaming pub where they have old school video games and a bar. With a young college crowd.  I think this would be a perfect place for one.

That is it.  I am gonna do some research.

edit-  I would have to set up an Anti-Money Laundering Program.  That sounds like fun.

[edric]

The demand is going down. In my country, there are several Bitcoin ATMs (All of them installed in either 2013 or 2014). Until 2014, I could witness short, but healthy queues in front of these ATMs very frequently. But nowadays, I am hardly seeing anyone using them. The initial euphoria is over, and the interest seems to be going down. 

That's until the next swings/rally in price, you will see how people will line up again.

Once you learn about the exchanges, investing BTC, and connecting bank accounts, etc. you don't need to pay the ATM fees. 

Then you would start to pay exchange and bank fees. If you think about it, the ATM is much more convenient than using an exchange. Most of the time, exchange requires you to verify both address and ID, this can take several days depending on the exchange. After that, a SEPA/Bank transfer would usually take several days. For ATMS, you only require your driver license and cash. Your conversion is done in max two hours if you haven't verify yet.

ATMs are nice when I need quick cash from my BTCs because it take several days to transfer BTC from my wallet to my bank account but I can buy BTC instantly to my wallet for 1% which is much less than an ATM, and sell for 1% fee which is also much less.  The 5-10% you pay each time for an ATM adds up tremendously over time and really eats at returns.

[LiteCoinGuy]

the machines will be like gold when we see the next wave of adoption. (but not with 1 MB blocks my friends)

[LFC_Bitcoin]

Nobody really wants to put a large investment into a machine that probably won't get much use. They're cool, and the concept is great but not that many people just go up to this machine and buy magic internet money.

Those are the issues, they cost a lot & literally nobody uses them. Are there any kind of records that indicate the usage statistics of bitcoin ATM's in the major cities of the world? I'd be interested to see such stats if there are any.

There's no point having bitcoin ATM's in smaller, less populated places.

[DeathAngel]

I have to be honest, I've never even seen a bitcoin ATM in real life.
There is a location map for lots of them on CoinDesk if anybody wants to take a look though.

http://www.coindesk.com/bitcoin-atm-map/

Not sure how often they update it.

[CoinATMRadar]

... Awesome chart CoinATMRadar

There are many other bitcoin ATM industry charts at http://coinatmradar.com/charts/

[Swordsoffreedom]

... Awesome chart CoinATMRadar

There are many other bitcoin ATM industry charts at http://coinatmradar.com/charts/

Those are quite good charts
Seeing how Asia only has 10% of the ATMS there is certainly a market that can be grown their for money remittance where I assume two way atms which convert to cash are in high demand.

[tom555]

bitcoin ATM is all about legalize,and many user in that country. its only matter of time..

[Nagle]

The SF bay area has maybe 3 Bitcoin ATMs. Two are at startups promoting Bitcoin, and one is a one-way (buy Bitcoins only) vending machine in a mall.

There used to be a Robocoin at Hacker Dojo, but few people used it. The terms sucked; the buy/sell spread was about 14% plus a sizable service charge. The machine used to display the buy/sell prices when idle, but that feature was removed, after which people stopped looking at it.

[Blue_Tiger73]

Where I live, there are no bitcoin ATMs. The problem is, no one goes to the ATM to get online money. They go to an ATM to get real money, so they can go pay for something in person rather than over the internet. I think slowly, as more people find out about bitcoin, there will be more and more built around the world.

[Swordsoffreedom]

The SF bay area has maybe 3 Bitcoin ATMs. Two are at startups promoting Bitcoin, and one is a one-way (buy Bitcoins only) vending machine in a mall.

There used to be a Robocoin at Hacker Dojo, but few people used it. The terms sucked; the buy/sell spread was about 14% plus a sizable service charge. The machine used to display the buy/sell prices when idle, but that feature was removed, after which people stopped looking at it.

Of all the ATM's the one that people just despise is Robocoin I can understand why their spreads were so High given the terms of the contract, the vending machine lamassus are where its likely seeing use.
That said 3 isn't too bad for the area they might pick up given time and some good PR.