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smiletyson
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December 14, 2015, 11:07:36 PM |
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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.
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"I'm sure that in 20 years there will either be very large transaction volume or no volume." -- Satoshi
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chennan
Legendary
 Offline
Activity: 1316
Merit: 1004
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December 14, 2015, 11:23:59 PM |
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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. |
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Hellacopter
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December 15, 2015, 12:07:37 AM |
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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 |
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OROBTC
Legendary
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Activity: 2912
Merit: 1852
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December 15, 2015, 03:06:03 AM |
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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. |
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chennan
Legendary
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Activity: 1316
Merit: 1004
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December 15, 2015, 03:46:57 AM |
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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. |
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avw1982
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December 15, 2015, 04:27:43 AM |
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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. |
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7788bitcoin
Legendary
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Activity: 2282
Merit: 1023
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December 15, 2015, 04:30:41 AM |
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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...
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bearex
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December 15, 2015, 08:19:09 AM |
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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. |
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Fidemoga
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January 08, 2016, 10:08:31 AM |
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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. |
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Altynbekova
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January 08, 2016, 10:59:10 AM |
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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.
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xuan87
Legendary
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Activity: 1666
Merit: 1001
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January 08, 2016, 11:18:25 AM |
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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
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quentincole32
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January 08, 2016, 11:31:11 AM |
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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. |
▃▃▌▌AMBROSUS▐▐▃▃▃ - TRUSTED QUALITY OF FOOD & MEDICINE ICO date 13 September |
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dk8218
Newbie
Offline
Activity: 56
Merit: 0
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January 08, 2016, 11:43:28 AM |
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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..
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dk8218
Newbie
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Activity: 56
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January 08, 2016, 11:53:06 AM |
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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..
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oblomov
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January 08, 2016, 12:49:36 PM |
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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.
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rektDude
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January 08, 2016, 12:50:25 PM |
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Mostly because of the fees and the place that you're picking, you have to pay for that spot as well.
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OROBTC
Legendary
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Activity: 2912
Merit: 1852
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January 09, 2016, 02:30:20 AM |
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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. |
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btcprospecter
Sr. Member
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★777Coin.com★ Fun BTC Casino!
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January 09, 2016, 03:19:16 AM |
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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.
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jethrorn99
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January 09, 2016, 01:33:53 PM |
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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
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teddy5145
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January 09, 2016, 02:21:48 PM |
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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
Agree, but the point of building Bitcoin ATM in the first place is to introduce people to Bitcoin  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  |
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