Bitcoin ATMs should target developing and third world countries

[stompix]

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How do you know? have you ever used it? ATM will help people convert bitcoin to fiat directly if they out of internet, of course it will help users even though it uses fees and bitcoin ATMs will certainly make a lot of people curious and help with adoption

Go to coinradar and check the ATMs listed there
Some don't show the fees but most do, and they range from 3% (very rare) to the most common 7%-10% range.

And no, you can't really say you're "helping" somebody when you charge him a hefty fee for it. It more like offering a service at outrageous prices.

Besides, most of them as the OP said they are placed in developed countries where banking is cheap and bank transactions pretty fast (SEPA in my case). It makes no sense to use them more than once for fun to see how it works, but to think of them as a serious weekly service or main point of exchange is insane.

[Kakmakr]

The problem is that most of these developed countries where these ATMs are manufactured and distributed are getting good returns on their investment, because these ATMs are getting a lot of traffic in developed countries and if something goes wrong, then they have maintenance technicians close at hand.

Distributing these machines to developing countries comes with a lot of challenges, like regulatory differences, currency exchange rates <charging local rates can make these machines very expensive>, taxes and less traffic.     

There's also a lot more users that trade in huge ammounts in the developed areas. In the undeveloped areas, the atms might find i difficult to create revenue with its few users, which will just make the fees go up...

Yes, numbers might influence their decision, but the problem is that most of the population are very poor and widely distributed in rural villages. Another problem is the political instability and crime levels in a developing country, because criminals and dictators are operating in the same arena. 

You can have 300 000 000 people in a country, but more than 80% of them are surviving on less than $10 wages a week. 

[BTMBitcoinVN]

The problem is that most of these developed countries where these ATMs are manufactured and distributed are getting good returns on their investment, because these ATMs are getting a lot of traffic in developed countries and if something goes wrong, then they have maintenance technicians close at hand.

Distributing these machines to developing countries comes with a lot of challenges, like regulatory differences, currency exchange rates <charging local rates can make these machines very expensive>, taxes and less traffic.     

There's also a lot more users that trade in huge ammounts in the developed areas. In the undeveloped areas, the atms might find i difficult to create revenue with its few users, which will just make the fees go up...

Yes, numbers might influence their decision, but the problem is that most of the population are very poor and widely distributed in rural villages. Another problem is the political instability and crime levels in a developing country, because criminals and dictators are operating in the same arena. 

You can have 300 000 000 people in a country, but more than 80% of them are surviving on less than $10 wages a week. 

Good point, but these people doesn't seem to be the "target audience" crypto companies, considering their lack tech to trade crypto. They're never really the target audience for any company since there's not much profit to pull out of them.

[BTMBitcoinVN]

are they a viable source of onboarding normal people into cryptocurrencies?

There's a huge possibility that it will attract more people to get in to cryptocurrency especially if most of them heard many good news from bitcoin.

Most of the time I suggest my friend's to invest in cryptocurrency but they are too busy to listen on my explanations and didnt focus on me.

Yeah that's a problem with blockchain in general. It's difficult to explain it shortly enough for people to keep their interest, without losing all the small points that shows exactly why we are so obsessed with it.

[cizatext]

Lot's of Bitcoin ATMs keep popping in the developed countries such as US, Canada, Japan, Hong Kong etc. But I have been thinking why don't the owner's target countries without much economic stability? Like Venezuela (btw they just got their first Bitcoin ATM). That would increase the adoption. Something like backpropagation. What do you think?

that is right but I think the is a bitcoin ATM in Venezuela recently installed, developing countries should be the Central of new development such as bitcoin and it development having a bitcoin ATM in a developing countries will help to increase the access to bitcoin by the members of this countries which will result in high demands of the commodity.

[bitfocus]

although Indian government acted damn stupid when someone in India tried that, but I think this will be a great step to open BATMs in world countries.

[JennyAurora]

I just wonder how ATMs work in third world countries when they have a more "digital platform" for cryptocurrency. For me, using a wallet with online transactions actually sounds better. Like I can actually focus on the simpliest actions, which can keep me interest in continuing using this.
I found and tried FIATO, pretty simple and convenient. You guys can also try this https://fiato.kryptono.exchange/

[Johnzky]

There are 4 bitcoin atm here in my country and I'll tell you why it isn't helping adoption-wise. The fees are too high when you use it it almost feel like a rip-off. This makes people think that bitcoin is just another scheme to take advantage of people's curiosity.

Which is why more should be launched. Some competition will help lower the fees.

Right,the more competitors the lower the rate in fees but banks now are starting to adopt blockchain and some of them are creating an ATM to use as bitcoin and fiat atm things that may help this transaction fees issue to be more competitive and friendly user in future

And also OP in above are right about the people curiously wanted to have bitcoin and other cryptos but the idea of being scheming is in their heads because of this one

So better this will be addressed soon for the betterment of cryptoworld

[Nolimitz84]

The ATMs are going to go where there is a demand for them. People in the US have a wealth of spare income, they have easy access to the internet and there are plenty more options for them to spend of use their bitcoin. That's not so much the case in developing countries. ATM machines aren't set up to try and benefit communities or countries, they're set up for the owners to make money.

Of course, it all depends on the demand for crypto-bankomats.I think that first of all ATMs will appear in developing countries.It just does not make sense to put such ATMs in poor countries.In poor countries, alas, people do not even have fiat money to pay. It is logical that there will not be many users there.

[kingpin4321]

Bitcoin automatic teller machine is quite an advance technology and it's being developed on.
For now I don't think developing countries are ready to adopt that technology

[SIDDHI777]

According to my understanding targeting developing and third world countries to place bitcoin ATM machines will not do anything effective because Bitcoin is another level of digital advancement which required at least basic level of technological improvement to understand, use and do transactions by using the network which are not common among many citizens who are in both developing or third world countries so nothing effective can be expect if ATM machines are placed in such areas

[Indrawan77]

The problem now is the adoption and the governments permit is not clear yet, I agree that bitcoin will grow better in third world countries because crypto can give a new job opportunities, but in third world countries not all people understand and got the facility to used crypto, and for Atm it won't be too popular in third world countries since it charge a high fee, it will be more appropriate to put atm in wealthy countries

[BTMBitcoinVN]

According to my understanding targeting developing and third world countries to place bitcoin ATM machines will not do anything effective because Bitcoin is another level of digital advancement which required at least basic level of technological improvement to understand, use and do transactions by using the network which are not common among many citizens who are in both developing or third world countries so nothing effective can be expect if ATM machines are placed in such areas

I think you underestimate the level of competence you'll find among the youth in these countries.
The use of BTMs here can have quite a significance, considering these individuals have high technological understanding.
Because of the state of their country, high tech payment solutions aren't available. These individuals will have a higher income and all you need for paying in crypto is a internet connection.

Sure it won't have the same impact as in north america, but i'm sure there's a market for BTMs.

[BTMBitcoinVN]

The problem now is the adoption and the governments permit is not clear yet, I agree that bitcoin will grow better in third world countries because crypto can give a new job opportunities, but in third world countries not all people understand and got the facility to used crypto, and for Atm it won't be too popular in third world countries since it charge a high fee, it will be more appropriate to put atm in wealthy countries

An introduction for the BTMs will be possible though. Just not at the same capacity as in developed countries.
If we want crypto to make an impact, making the tech world-wide is crucial. Even for the underdeveloped countries, where crypto could really make a difference in peoples life, in case of insane inflation, political disturbances and natural disasters. (assuming internet connection will survive ofc)

[jakezyrus]

According to my understanding targeting developing and third world countries to place bitcoin ATM machines will not do anything effective because Bitcoin is another level of digital advancement which required at least basic level of technological improvement to understand, use and do transactions by using the network which are not common among many citizens who are in both developing or third world countries so nothing effective can be expect if ATM machines are placed in such areas

I think you underestimate the level of competence you'll find among the youth in these countries.
The use of BTMs here can have quite a significance, considering these individuals have high technological understanding.
Because of the state of their country, high tech payment solutions aren't available. These individuals will have a higher income and all you need for paying in crypto is a internet connection.

Sure it won't have the same impact as in north america, but i'm sure there's a market for BTMs.

Thats not good to hear buddy  .  under estimating other country is bad . so what if they are from the 3rd world country . not all people on that country are slow .  with the growth of smartphones and internet , im sure anyone can catch up and learn techy stuffs  .   thats why i think its also possible for them to learn cryptos and use btc atm's  in the future  .

[Baofeng]

Another third world country having their crypto ATM.

https://news.bitcoin.com/union-bank-philippines-cryptocurrency-atm/

What makes this impressive is that it came from one of the largest banks in the Philippines. I created a discussions here: https://bitcointalk.org/index.php?topic=5108095.0

[plvbob0070]

Lot's of Bitcoin ATMs keep popping in the developed countries such as US, Canada, Japan, Hong Kong etc. But I have been thinking why don't the owner's target countries without much economic stability? Like Venezuela (btw they just got their first Bitcoin ATM). That would increase the adoption. Something like backpropagation. What do you think?

I get the point that it's good for adoption but I think the reason why they tend to put up bitcoin ATMs on developed country is that, it's already developed. They're ahead when it comes to technology compared to third world countries. So it's much easier for them. Putting up bitcoin ATMs cost a lot so it's hard for third world countries to invest such things, not knowing if it'll be worth it and if they can gain profit from it.

[johnny508]

First Bitcoin ATM machines should target developed countries because if bitcoin to do some change in the future it need to gather more users and cash flow into its market to increase demand and adoption and that can be effectively and easily done through developed countries because they already have basic foundations like IT knowledge, understanding of online transactions, Internet facility and many other facilities for bitcoin ATM machine network to grow smoothly and once the network gets stable targeting developing countries would be effective and possible because then the resources and the necessary acceptability by people will be already there to implement Bitcoin ATM's in those regions  

[denzkilim]

Someone tried and got arrested in India - https://qz.com/india/1435092/unocoins-bitcoin-atm-seized-by-indian-police/

I don't know why that sad new on India happened but I think the ATM machine is against or violating some rules and regulations in India and maybe it is the cause of terminating that service and arresting the owner of it.

blockmanity, I think the reason why this is not happening lies in the fact that in most economically underdeveloped countries there is simply no legal basis to start ATM business. If something is not legally regulated every attempt to work in this sector will end in failure, loss of investment and possible even with a prison sentence.

That is correct the legality issue is one of the reasons why the underdeveloped countries do not have this kind of ATM machines for Bitcoin and other forms of Crypto Currencies.

It is true that most of crypto ATMs are located in USA&Canada (3200+), and Austria is in third place by number of ATMs (264). But Japan have only 10 of them, although they are crypto friendly country.

I think things will start to change slowly in favor of some other countries, but it depends how fast or slow their governments will work on regulations and laws regarding cryptocurrency.

The government's rules and regulation and jurisdiction is the key in here if they are open-minded about the technology of blockchain and Crypto Currencies they might create rules and regulations about it in a rush but some of the governments in the world do not like this kind of technology and these governments look at it as a threat to their economy and citizens.

A few weeks ago one of the top banks in our country released a Crypto ATM machine and it is the first in our country and they are planning to create more of it in the future. 

[Slow death]

But I have been thinking why don't the owner's target countries without much economic stability? Like Venezuela

Have you seen how the Nicolas Maduro government is a dictator government? who is the brave one who dares to go to venezuela and set up an ATM bitcoin? In many African countries they are in the same position as venezuela, it only has the difference that these corrupt African leaders are smarter than Maduro, they pretend that there is democracy for the international community to see, but the laws they approve is only to benefit their corruption. So things like bitcoin and ATM bitcoin will be seen as an enemy in these corrupt African countries