VXII (OP)
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August 29, 2018, 06:04:12 PM |
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Do people actually use these machines or is it something noone is really interested in? Please share your opinions.
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Yaunfitda
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August 29, 2018, 08:31:11 PM |
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Do people actually use these machines or is it something noone is really interested in? Please share your opinions.
https://www.statista.com/statistics/343127/number-bitcoin-atms/I'm assuming based on the statistics on that website, people are using ATM's because its growing year-to-year. At a business standpoint, why would someone put a ATM when people are not going to used it? So for me, people are actually using it but we might not have the statistics. And as crypto adoption grows overtime, perhaps people will find convenience using Bitcoin ATM just like regular fiat ATM in my opinion. |
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sunsilk
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August 29, 2018, 10:18:57 PM |
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Yes people that are close to these ATM's are actually using it. Having a nearby ATM is very helpful if you need cash or you have spare money and you wanted to buy if you are an investor. How can people aren't interested with bitcoin ATM? it's very interesting to have this on your locale and this only means that adoption in your locale is increasing. If you want to know if there's one nearby you. https://coinatmradar.com/ |
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harizen
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August 29, 2018, 10:58:22 PM |
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Do people actually use these machines or is it something noone is really interested in? Please share your opinions.
Depends on the situation. Here in my country, there was an installed Bitcoin ATM machine few blocks away near in my former workplace wherein everyday I used to get passed on that tower where the ATM was located. In my months or nearly years of seeing that machine everyday, I never see any single person using it. Maybe I just don't have a chance to see it but it's impossible that whenever I passes there, no one is using. So my conclusion is, there are only rare usage of that machine. I just don't know if that machine is still there as I changed my job several months ago so I don't have a chance now to see that machine. |
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bob123
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August 30, 2018, 09:40:39 AM |
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How can people aren't interested with bitcoin ATM?
Well, the fees mostly are pretty high and the maximum tradeable amount is low. It is much easier / more convenient to register at an exchange and buy/sell there. Does all bank do that? Because as far as I know that there are limited ATM machines or banks accept it but I hope this will be applicable for everyone banks that they should consider cryptocurrency
No. They are not from banks. And these ATM's are not related to banks in any way. Private businesses/institutions/people buy or build them and deploy them at local places. That's a business model. |
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sunsilk
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August 30, 2018, 10:52:05 AM |
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How can people aren't interested with bitcoin ATM?
Well, the fees mostly are pretty high and the maximum tradeable amount is low. It is much easier / more convenient to register at an exchange and buy/sell there. Yeah the fees are pretty high but that's just it, bitcoin ATM providers are companies that has to earn as well for providing this type of service and I'm sure that every coiner will understand the fees. This is just a case that if you ever want to use it and experience on how it is integrated in real life just like our bank accounts. |
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Samarkand
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August 30, 2018, 10:55:49 AM |
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I'm sure that every coiner will understand the fees.
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I´m not so sure about this. Most Bitcoin ATMs that I have seen are not exactly transparent about the fees that they charge. Instead of displaying in red letters that you are paying a 6 % fee to cover the costs of the operator and the BTC transaction, they simply give you a worse rate that includes the fee. By doing this, a newcomer may be completely unaware that he is getting screwed by an uncompetitive rate. Professional buyers surely don´t use these ATMs, because why would you want to pay a 6 % premium when you can buy Bitcoin at an exchange like Bitstamp for 0.25 % in fees. |
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LTU_btc
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August 30, 2018, 10:56:34 AM |
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I've never used an Bitcoin ATM. First reason why - there are no Bitcoin ATM in my location.
Secondly, I don't see many reasons to use it. Their fees are high, trading rates aren't very competetive, this is why I would prefer to use common Bitcoin/crypto exchange. But probably I would try Bitcoin ATM just for curiosity.
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VXII (OP)
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August 30, 2018, 12:05:48 PM |
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Thank you all for the input.
From my impression so far these things are working better in some countries than others, probably related to the level of economy and general trust within that country. A transparent fee structure should be mandatory, otherwise these machines are no less than a scam and most people would not use them again.
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shield132
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August 30, 2018, 09:10:56 PM |
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How can people aren't interested with bitcoin ATM?
Well, the fees mostly are pretty high and the maximum tradeable amount is low. It is much easier / more convenient to register at an exchange and buy/sell there. Yeah the fees are pretty high but that's just it, bitcoin ATM providers are companies that has to earn as well for providing this type of service and I'm sure that every coiner will understand the fees. This is just a case that if you ever want to use it and experience on how it is integrated in real life just like our bank accounts. Can't see any interest in bitcoin ATM, especially when rates are so out from reality. How much do they have to earn? Unlimited? They have worst prices on bitcoin exchange in this unvierse, you lose so much if you use them that it worth to stay without money for some time or get XAPO or any other debit card and exchange/withdraw cheaply. Personally I am amazed but number of Bitcoin ATMs worldwide are nearly 4000 if not more. |
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shivansps
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August 30, 2018, 10:14:21 PM |
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How can people aren't interested with bitcoin ATM?
Well, the fees mostly are pretty high and the maximum tradeable amount is low. It is much easier / more convenient to register at an exchange and buy/sell there. Yeah the fees are pretty high but that's just it, bitcoin ATM providers are companies that has to earn as well for providing this type of service and I'm sure that every coiner will understand the fees. This is just a case that if you ever want to use it and experience on how it is integrated in real life just like our bank accounts. Can't see any interest in bitcoin ATM, especially when rates are so out from reality. How much do they have to earn? Unlimited? They have worst prices on bitcoin exchange in this unvierse, you lose so much if you use them that it worth to stay without money for some time or get XAPO or any other debit card and exchange/withdraw cheaply. Personally I am amazed but number of Bitcoin ATMs worldwide are nearly 4000 if not more. I agree with you partially, I don't see any other situation to use ATM to buy crypto just for the normies, newbies, etc, the people who want to get "some bitcoin" just to have it, because it's cool and everyone is talking about it become digital gold or something like that. I wouldn't use crypto ATM because I know how to do it with lesser fees and using just web exchanges or app. |
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Jaycee99
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August 31, 2018, 09:24:38 AM |
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Do people actually use these machines or is it something noone is really interested in? Please share your opinions.
About this ATM/crypto ATM which you can buy and widraw a money out it that came from bitcoin to foriegn money. This bitcoin ATM is unique in our country which 2 ATM are standing here in the philipines in the city of Manila. Still I would say that even if this is 2 bitcoin is papular but not that much because for me I would see half the people in the Philippines here are not interested. Even if people in the country of mine know all about bitcoin andwill not say no more that bitcoin is a scam. PS Also you can also widraw or buy bitcoin at our 7/11 store here in the Philippines ang that is great but it has fee which is small. |
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buwaytress
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August 31, 2018, 04:15:37 PM |
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I myself totally underestimated Bitcoin ATMs. As a Bitcoin user who's lived and worked in 3 varied places since first owning Bitcoin... I can't understand why anyone would want to use those machines when the fees are at a premium, when you're out in public... and worse, when you buy, you probably still have to sweep the wallet if you really want to be sure.
Of course, tech's probably upgraded a lot from when I first read about them (actually only seen two up close) so maybe the fees have become more attractive, maybe security's better. But it's just so much easier to just get it P2P.
OK the KYC factor's there, but there's still enough p2p options to get around that too.
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Kemarit
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August 31, 2018, 04:41:51 PM |
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Perhaps I would try just to get the experienced.  But with the premium fees, its not a good option for anyone at this point. I lived where I can get it bitcoin in a convenient store, haven't tried it as well but there's one across the street that anytime I go to and buy and see how it goes. Probably what a Bitcoin ATM machine can offer is less risk as compare to P2P and meeting someone who is a total stranger. |
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BitHodler
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August 31, 2018, 10:44:31 PM |
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But with the premium fees, its not a good option for anyone at this point.
That's what I thought as well, especially with fees being close to 5%, but turns out a Bitcoin ATM close to where I live is being used nearly all the time I walk in the gas station to pay for my gass. Once the queue was so insanely long that it instantly made me look up what the price did that day, and turns out it went down another ~10% which definitely stimulated people to buy that dip. If the price tanks 10% the 5% fee won't hurt you that much, so it's really an opportunity for people. Probably what a Bitcoin ATM machine can offer is less risk as compare to P2P and meeting someone who is a total stranger.
Could very well be. I don't think I'll ever try to arrange a deal with a complete stranger to buy or sell crypto. It's pretty much asking for problems with how you turn yourself into an easy target for ill minded people. |
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nl247
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September 01, 2018, 05:12:07 AM |
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I really do not think most people utilize this for a lot of reasons with most of it being the fees charged for its usage. What is the point anyway when I can get my transaction done on any exchange that allows fiat like luno in my location and get my account loaded up instantly.
Secondly, since it is something a lot rare to see and usually centred within one location maybe in a town or even country, it makes it inaccessible to everyone and you will be lucky to find anyone within that location that will try it once and be willing to go back due to my first point.
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iv4n
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September 01, 2018, 08:56:30 AM |
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People use crypto ATM's, in one of the clubs where ATM is placed here in my country I constantly read about promotions they make in that club with one goal, to rise awareness of crypto in my country. It's just one place like that one here, but it's good to have it and I believe we will have more similar places.
People use ATM's generally, it's be easy for people to transfer from using fiat ATM's to crypto ATM's. I need to point out one thing we use ATM's to withdraw cash, but if we know that cash will be a thing of history and that we will do everything from our wallets on the phones will there be a need for ATM machines? It's a big question, and I believe in cashless society that will come sooner or later, but until that there will be a need for ATM's.
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sunsilk
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September 01, 2018, 09:41:50 AM |
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How can people aren't interested with bitcoin ATM?
Well, the fees mostly are pretty high and the maximum tradeable amount is low. It is much easier / more convenient to register at an exchange and buy/sell there. Yeah the fees are pretty high but that's just it, bitcoin ATM providers are companies that has to earn as well for providing this type of service and I'm sure that every coiner will understand the fees. This is just a case that if you ever want to use it and experience on how it is integrated in real life just like our bank accounts. Can't see any interest in bitcoin ATM, especially when rates are so out from reality. How much do they have to earn? Unlimited? They have worst prices on bitcoin exchange in this unvierse, you lose so much if you use them that it worth to stay without money for some time or get XAPO or any other debit card and exchange/withdraw cheaply. Personally I am amazed but number of Bitcoin ATMs worldwide are nearly 4000 if not more. For us that does have way to sell and buy bitcoin through exchanges, there's few interest on it. But look on different social media pages, there are people who are so happy boasting that they have bitcoin ATM nearby them. I'm only looking to the good part of it that this can boost the adoption though the fees are really high. When we don't have choice to sell or buy and there's only a bitcoin ATM near to us, at least we've got an option. |
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slaman29
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September 02, 2018, 11:31:33 AM |
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Perhaps I would try just to get the experienced. But with the premium fees, its not a good option for anyone at this point. I lived where I can get it bitcoin in a convenient store, haven't tried it as well but there's one across the street that anytime I go to and buy and see how it goes. Probably what a Bitcoin ATM machine can offer is less risk as compare to P2P and meeting someone who is a total stranger. Actually I have never even seen any of these ATMs except on pictures online and how people talk about them. So like you I am probably curious to get some. Actually where I am living now, even localbitcoin fees and prices from Sellers are almost 10% at times especially with recent demand and that stupid crypto ban in my country. So if I could get ATM Bitcoins at 10% I probably would. I don't like meeting strangers too. So many crime from those meetings happened in my country. It's a strange thing to imagine for me, to be able to buy Bitcoin everywhere. Perhaps one day if I can travel I will see all of these amazing sights. |
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Maymun_lavigne
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September 02, 2018, 01:48:00 PM |
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Do people actually use these machines or is it something noone is really interested in? Please share your opinions.
I have never seen a bitcoin ATM directly at the location where I am and I have never used it, but I've heard that there is already a bitcoin ATM in Bali, if all that is true this is an appropriate ATM machine creation and placement. in Bali is an island that is visited by many foreign tourists and of course this is a right decision. there are many foreign tours from various foreign countries that certainly many know bitcoin, and I think they are happy if at the tourist sites they visit there are facilities the ATM machine. |
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