UK Members - Would you use a Bitcoin ATM?

[koiler]

Question to all UK members as per the title.

Doing a little research and am interested in gathering people's thoughts on it.

[1713872952]

1713872952

[1713872952]

1713872952

[1713872952]

1713872952

[1713872952]

1713872952

[1713872952]

1713872952

[BlindMelon]

Off the bat i'd be game. However i'll need to do some actualy research first.
Hasn't one already opened in London? 

[hownowbrowncow]

I imagine some would, they have obviously been useful in Canada and USA. Surprised UK doesn't have any yet.

[hilariousetc]

ATMs are great for newbies to get their hands on their first coins but I likely wouldn't use them due to the premiums and fees they charge.

no, i see btc as an investment not a thing for day to day use also our bank transfers are instant and free

Bank transfers aren't always free, especially to some exchanges.

I imagine some would, they have obviously been useful in Canada and USA. Surprised UK doesn't have any yet.

It does. There are several: https://coinatmradar.com/

[bitjoin]

Question to all UK members as per the title.

Doing a little research and am interested in gathering people's thoughts on it.

Yes i would use a bitcoin ATM in the UK.  The current one from me is about 100 miles which makes in too costly from petrol alone to ever bother with.  If there was 1 in ech city or town nationwide i would regularly use it.  Im guessing they only make decent profit in large uptrends else we would see more.

[mk4]

I mean, whether or not I'm from UK or not, in my opinion bitcoin ATMs are great because of the publicity and popularity it somehow creates, but damn, those markup prices. What's the markup? like more or less 10%? Unless I'm not home and I'm super in a rush to get a hold of a few bitcoins(very unlikely), hell no. I'll stick to exchanges for now.

[TryNinja]

I mean, whether or not I'm from UK or not, in my opinion bitcoin ATMs are great because of the publicity and popularity it somehow creates, but damn, those markup prices. What's the markup? like more or less 10%? Unless I'm not home and I'm super in a rush to get a hold of a few bitcoins(very unlikely), hell no. I'll stick to exchanges for now.

There is a reason why they charge that much for a simple transaction[1].

Honesly, I would use it even if it's way more expensive than using an exchange for the same reason why I still use Bitcoin to buy game at Steam: People won't care about pushing Bitcoin further if there is a low demand for its use. No merchant will care to accept Bitcoin if everybody is just "nah, Bitcoin price will rise even more, so I'm not spending them" or "I can pay 10% extra to buy this with Bitcoin or just use my credit card"

[1] https://coinatmradar.com/blog/revenue-and-costs-of-running-a-bitcoin-atm/

[mk4]

I mean, whether or not I'm from UK or not, in my opinion bitcoin ATMs are great because of the publicity and popularity it somehow creates, but damn, those markup prices. What's the markup? like more or less 10%? Unless I'm not home and I'm super in a rush to get a hold of a few bitcoins(very unlikely), hell no. I'll stick to exchanges for now.

There is a reason why they charge that much for a simple transaction[1].

Honesly, I would use it even if it's way more expensive than using an exchange for the same reason why I still use Bitcoin to buy game at Steam: People won't care about pushing Bitcoin further if there is a low demand for its use. No merchant will care to accept Bitcoin if everybody is just "nah, Bitcoin price will rise even more, so I'm not spending them" or "I can pay 10% extra to buy this with Bitcoin or just use my credit card"

[1] https://coinatmradar.com/blog/revenue-and-costs-of-running-a-bitcoin-atm/

I understand that to put up a bitcoin ATM you would need all those requirements and all those costs. But still. I'm also a bitcoin user when paying for Steam games, even in the past when bitcoin was significantly cheaper, and also even knowing that it would rise in price. But I honestly wouldn't go out and buy from an ATM with a 10% markup if I can simply go to an exchange site in the comfort of my own home, especially as an individual that isn't close to being financially wealthy.

[truthstalker]

A bitcoin ATM would be awesome here in the UK there was a meet up in London a few months back and one of the members was showing off his atm. Unfortunate he's run into some security issues of storing private keys and using them to verify the transaction with the atm.

[alyssa85]

I'm in the UK and the answer is NO.

Bitcoin ATM fees are too high, it's better to buy your bitcoins on an exchange, especially as you can do it from the comfort of your home, and don't need to travel anywhere.

That said, I can see bitcoin ATMS springing up in airports and places like that, especially if retailers start accepting bitcoin and tourists want to top up their bitcoin wallets before they go on a spending spree.

[Kyraishi]

Question to all UK members as per the title.

Doing a little research and am interested in gathering people's thoughts on it.

Only if it's situated in a place that is convenient. And it's hard since you're not going to have a whole branch of ATMs, probably just 1 in the city or w/e. That sort of defeats the purpose of it all, since it's only going to be convenient for people that live near the city.

Also, if it's only for profit-making don't bother either, not many people are going to be using it unless somehow mass adoption happens overnight.

I personally just use localbitcoins for all my btc needs, never had an issue.

[tora]

I would use it as it would allow fiat to buy bitcoin which does not happen on most exchanges.

[koiler]

Planning on having this up and running by mid January next year.

Going to initially have the one BTM and it's going to the located within Birmingham (UK) with plans to soon expand with a few more installations.

If anyone knows any good potential locations for them to be installed then let me know!

The first machines will solely be for individuals to purchase bitcoin and it'll be a fixed rate of +7.5% which is cheaper than a lot of cash traders on Localbitcoins.

[hilariousetc]

I'm actually thinking of opening up a brick and mortar retail business sometime next year and if I do I will definitely be putting a bitcoin ATM in it. Will be interesting to see if many people use it but hopefully it will garner quite a bit of interest because there's not many in the UK and especially up north. Does anyone have a list of companies that make them? Preferably European based. Need to start doing some research.

[Potato Chips]

I'm actually thinking of opening up a brick and mortar retail business sometime next year and if I do I will definitely be putting a bitcoin ATM in it. Will be interesting to see if many people use it but hopefully it will garner quite a bit of interest because there's not many in the UK and especially up north. Does anyone have a list of companies that make them? Preferably European based. Need to start doing some research.

In that case here's a site where most manufacturers are listed: https://coinatmradar.com/manufacturers. There are other articles there that might be useful to you since you're planning on getting a bitcoin ATM so I suggest that you should spend some of your time to navigate the site.

To add on, Aside from the lack of awareness, bitcoin ATM machines didn't really boomed in my country because of the high fees so you might wanna adjust it.

Mind telling us what kind of business is it? What are you planning to offer? Just a suggestion, but I really think that a combination of a brick and mortar plus an e-commerce would be good.

[p3ppymon]

Off the bat i'd be game. However i'll need to do some actualy research first.
Hasn't one already opened in London? 

There are a few actually. See here:
https://coinatmradar.com/city/92/bitcoin-atm-london-uk/

I bumped on one last night in a pub, looked at it and was pretty cool, but and sell. However, the spread beteeen what it offers and actual rates are outrageous. Hopefully, the scenario will improve globally.

[aoluain]

Yea I would be open to using one too for sure but Im in ROI.
I guess I would be using it mostly for buying bitcoin with cash,
i assume this would be feasable?

i recon they will become more common as the demand increases.

[koiler]

Off the bat i'd be game. However i'll need to do some actualy research first.
Hasn't one already opened in London? 

There are a few actually. See here:
https://coinatmradar.com/city/92/bitcoin-atm-london-uk/

I bumped on one last night in a pub, looked at it and was pretty cool, but and sell. However, the spread beteeen what it offers and actual rates are outrageous. Hopefully, the scenario will improve globally.

What was the buy rate if you don't mind me asking?

[gentlemand]

What are your plans for network fees? Will you try and keep them low or is it not worth the screeching from customers waiting?

You should definitely look into alts as well. Imagine how much business you'd be doing if you were selling LTC right now.

[hilariousetc]

Does anyone have a list of companies that make them? Preferably European based. Need to start doing some research.

In that case here's a site where most manufacturers are listed: https://coinatmradar.com/manufacturers.

Wow thanks. That's exactly what I needed. Looks like I've got some research to be doing.

To add on, Aside from the lack of awareness, bitcoin ATM machines didn't really boomed in my country because of the high fees so you might wanna adjust it.

The fees are how you make your money though. I think they benefit newbies who are scared of using exchanges and they will often pay a premium to avoid them. With that being said, I would try to keep the fees reasonable but I'd want the machine to actually pay for itself as well as bring in traffic to the store.

Mind telling us what kind of business is it? What are you planning to offer? Just a suggestion, but I really think that a combination of a brick and mortar plus an e-commerce would be good.

It would be a sports nutrition aka protein/supplement and/or vape shop, unless I think of anything better (though both are two of the fastest growing industries in Britain right now). I just want to invest my money into my own business of some sort but I'm certainly open to suggestions for other avenues.