Bitcoin ATMs should target developing and third world countries

[WRAOUF]

Right now it is very difficult to make countries accept the usage of bitcoin atm. Very few people have known about bitcoin, while majority still doesn't use cards. In this regard it is impossible to make everyone use cryptocurrency atm. Third world country have lot many issues to face, upon which this will a very minor thing which won't get importance that easy. When this becomes popular on first world countries automatically it'll reach the third world countries with ease.

[Polar91]

Bitcoin ATM is good at being implemented to these countries but is more appropriate if it would be implemented to countries which in fact, have a huge economic currency inflation rate, at this moment, people need to choose to still support fiat system, or to completely transition their fiat to open up better opportunities for them to have currency. One problem I saw about them is to carry enormous that consists of cash and for me it hassle. Indeed, turning their currency to crypto will just need a phone and an internet to transact, plus they have their own financial freedom to transact.

[btccashacc]

Nah, those people don't need it, it's just helping those tourists who visit the country and they don't have an account on the local exchange in order to convert their bitcoin into the cash. The local exchange offers a cheaper fee than bitcoins ATM. They just simply request a withdraw and cashout the money through their Banks ATM machine it's really simple than going to the bitcoins ATM which located a hundred miles far away from their house. Besides that, it is not easy to gain permission from the government moreover if that developing country is unfriendly with bitcoin.

[libert19]

Yes, but for that regulations must be in favor for it, like first comment said, unocoin installed atm in India but later they got in trouble by officials, you just can't go there and place your atm.

[Polar91]

These are mostly countries that are having conflict with their monetary system. Implementing bitcoin ATM's there would be a great help but when that happens, people is surely wiping out the authority of their government to unify them in terms of their currency. I better consider them to fix their currency first, lower the inflation rate, then have enough laws and jurisdiction to support cryptocurrency in their country. When that happen, they might have a more stable economy and bitcoin ATM's will be accepted nationwide.

[imstillthebest]

Yes, but for that regulations must be in favor for it, like first comment said, unocoin installed atm in India but later they got in trouble by officials, you just can't go there and place your atm.

why would get in trouble ? cause its illegal and they dont know it ? well that is thier problem  and that isnt because of the need of regulations .

crypto is fine and workable on most countries without being the need of regulations .  btc atm shouldnt only target those specific countries but it would be better if it can target the whole world countries so that btc can become well known rapidly .

[dothebeats]

IMO installing a bitcoin ATM on a developing country would do more harm than good considering how huge the fees these machines impose for a single trade/transaction.

Imagine paying for more than 3% per transaction instead of paying a flat fee for a purchase/sell that you have done. People from those regions obviously need any extra dollar/penny that they can get so what good does a bitcoin ATM do? Convenience? That's the last thing people from those region needs.

Also, the concern for these people should be focused on their own economy, shifting all of their attention towards strengthening their GDP and per capita income, above everything else. Bitcoin does not and will not alleviate poverty magically on a developing country. It has to happen among themselves first before they adopt bitcoin to which they can place their own money on if they want to.

[Astvile]

Yes, but for that regulations must be in favor for it, like first comment said, unocoin installed atm in India but later they got in trouble by officials, you just can't go there and place your atm.

This is one of the factors to consider too before placing your atm machine in a country. Not all country supports bitcoin and cryptocurrency some of them are against it and will just bring you to trouble instead of profit. And there is a reason why those countries are called developing and third world countries it is because they struggle to get financially stable or some of them are totally poor country which can be a hindrance for them using bitcoin at all. It will just spread awareness but not total adoption.

[alyssa85]

IMO installing a bitcoin ATM on a developing country would do more harm than good considering how huge the fees these machines impose for a single trade/transaction.

Imagine paying for more than 3% per transaction instead of paying a flat fee for a purchase/sell that you have done. People from those regions obviously need any extra dollar/penny that they can get so what good does a bitcoin ATM do? Convenience? That's the last thing people from those region needs.

Also, the concern for these people should be focused on their own economy, shifting all of their attention towards strengthening their GDP and per capita income, above everything else. Bitcoin does not and will not alleviate poverty magically on a developing country. It has to happen among themselves first before they adopt bitcoin to which they can place their own money on if they want to.

Yes. These machines are only of value in places where there is no exchange and therefore no other means of buying bitcoin. Otherwise there is no point to them (especially as most of the machines only let you buy bitcoin but don't let you sell it in return for fiat).

[Asmonist]

Hopefully it can get in third world countries like us here. I guess there taking actions on it and it just maybe about legalization issues etc. It would be more helpful I guess. But hearing that high charges issues is not so good to know. Maybe they still having the returns of there investment in atm (machines). If that's the case they must regulate the charge fees and/or might not having fees if possible.

[SummerBliss]

It won't make much of the economical sense then. Many such countries have regulated cryptos such as India, Bangladesh etc. There it is illegal to set up such things. Plus, people who are not really into trusting anything else than government when it comes to money. Bringing change though ATM will not achieve anything.
I guess these ATMs need to be properly embraced in developed countries and then only the wave will reach developing or their world countries.

[CarnagexD]

the legalization is needed if you want to build it. in my country, there are just three atm and they placed on popular place that many tourism. so when build on strange place like useless though they want to spread bitcoin existance. many people know about bitcoin but many people still ignorance about this one

I am not supporting centralizing the cryptocurrency market, but for efficient operation and, above all, to protect normal people from scammers, regulations are needed. Without them, scammers will feel that no one can punish them, and honest companies will not be able to grow normally. The same applies to Bitcoin ATMs - there must be regulations first, and then the development of the network will start.

True, there are many loopholes we can take that will enable us to put more strictness towards keeping and investing on bitcoins without centralizing the market itself. To just add up, technology on the other hand is needed to support these ATMs to ensure that all users get high quality service and to reduce errors.