Bitcoin ATMs should target developing and third world countries

[clair508]

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?

yes you are correct.Bitcoin ATMs should expand the area to 3rd world countries.3rd world market is very big market.Alsobitcoin is world currencies.King of the world crypto currencies why don't have right to use bitcoin.Sometimes it hard to sell or buy.If these ATM machines came to 3rd world money.There will can get huge benefits .Its matter of time.Just press few buttons to click and money is yours.So simple

[eaLiTy]

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 . That would increase the adoption. Something like backpropagation. What do you think?

The main reason is economics, people in developed countries are more likely to use these ATM machines and the companies installing them will have their profits and that will not be the case with third world countries as there might not be having the same profit percentage they get in bitcoin centric developed countries and the legal formalities they have to overcome are denting these developments, adoption will not increase if there is a bitcoin ATM machine as most of the machines i came across have high service charges and i would rather opt for other options to trade bitcoin rather than depending on ATM machines.

[Danslip]

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 . That would increase the adoption. Something like backpropagation. What do you think?

The main reason is economics, people in developed countries are more likely to use these ATM machines and the companies installing them will have their profits and that will not be the case with third world countries as there might not be having the same profit percentage they get in bitcoin centric developed countries and the legal formalities they have to overcome are denting these developments, adoption will not increase if there is a bitcoin ATM machine as most of the machines i came across have high service charges and i would rather opt for other options to trade bitcoin rather than depending on ATM machines.

I don't understand the reason why people prefer to use a Bitcoin ATM instead of free centralized markets? There are no high fees for buying and selling Bitcoin but average people demand a new ATM everywhere. It will not profitable to put an ATM on the third world countries due to the cost and return on the investment.

[rdbase]

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 . That would increase the adoption. Something like backpropagation. What do you think?

The main reason is economics, people in developed countries are more likely to use these ATM machines and the companies installing them will have their profits and that will not be the case with third world countries as there might not be having the same profit percentage they get in bitcoin centric developed countries and the legal formalities they have to overcome are denting these developments, adoption will not increase if there is a bitcoin ATM machine as most of the machines i came across have high service charges and i would rather opt for other options to trade bitcoin rather than depending on ATM machines.

I don't understand the reason why people prefer to use a Bitcoin ATM instead of free centralized markets? There are no high fees for buying and selling Bitcoin but average people demand a new ATM everywhere. It will not profitable to put an ATM on the third world countries due to the cost and return on the investment.

Funny you say it wouldnt be profitable to put a bitcoin atm at a location where there wouldnt be anybody who can afford to use it.
I remember seeing a picture of one put in the middle of the forest in costa rica.
Now that was an usual place to put it. Would the sloths there be making purchases.
Kidding aside. In these third world countries they still have tourists who go there and these are machines used for their point of convenience no matter the location. It just costs the owner who is running it the operating costs. And if they arent profitable they would just shut them down.

[jjbanks994]

I think that we will actually see more ATMs popping up all over in countries. esp now that they are moving towards having AML compliance https://cryptobriefing.com/ciphertrace-easy-aml-bitcoin-atms/

but I do agree I would like to see these all over the world.

[rdbase]

This has to be the most remote location for one of these atms to be located in the middle of the jungle of central america.

https://www.reddit.com/r/mildlyinteresting/comments/807wnk/this_bitcoin_atm_in_the_middle_of_the_costa_rican
But I can still see people using it since it is a tourist destination and if they can get it powered by electricity then it has to be near some sort of resort.
Dont know if it is on the atm locator as some users have mentioned with most of them being on a map to find where the closest one to you might be.

[nydiacaskey01]

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?

A Bitcoin operator should be interested in setting up in countries you mentioned. I don't think it has something to do with the makers of Bitcoin ATM. can someone share a link of a Bitcoin ATM maker? I am wondering how much would it cost for a Bitcoin ATM including shipping fees. I guess added cost will be the permits since an operator needs a license from the government to operate an exchange or something to that nature.

[jjbanks994]

I like this ideas especially since they just announced they will all have AML compliance with ciphertrace tech

[carrigan]

I think they really want it, want to spread more Bitcoin ATMs in more other countries. However, it depends on the rule and regulation in those countries. Not all countries will accept and legalize this. When you make it, you will be punished. So, it is better for them to pick and select the right country to put BTC ATM.

[zernaloot29]

If someone wants to be progressive strange, then the growing demand for cryptocurrencies cannot be denied. ATMs that support cryptocurrency is a really progressive solution that also simplifies the life of investors and attracts new ones. This means who has more support for convenient cryptocurrency exchange services and attracts more people to create new projects on the blockchain.

[gccigng]

If someone wants to be progressive strange, then the growing demand for cryptocurrencies cannot be denied. ATMs that support cryptocurrency is a really progressive solution that also simplifies the life of investors and attracts new ones. This means who has more support for convenient cryptocurrency exchange services and attracts more people to create new projects on the blockchain.

So far, ATMs for cryptocurrency and even crypto payment cards are a new phenomenon. And although many people have heard the words bitcoin and cryptocurrency, but the minimum number of people who are able to appreciate the benefits.

[bimvo]

even if we do not specifically follow the example of cryptocurrency, but blockchain technologies could in many ways help improve the management of many sectors of the country's economy. And whoever will begin to actively learn and integrate new technologies into himself, that country will remain in the black. The USA is one of the leaders in blockchain projects, so such a large distribution of crypto-currency ATMs simply reflects their status.

[sysoe]

I heard that an exchange owner tries to install a bitcoin owner in India and was arrested for this, so this can be risky.

[BitHodler]

Lucky for those who have access to ATMs for cryptocurrency.

Quite funny that you say this because most people only complain about how steep the fees are (which they actually are) and how they only allow you to purchase relatively smaller amounts per time.

Working with exchanges often takes a lot of time. And although the transactions themselves occur quickly, it is sometimes difficult to wait for the withdrawal of funds withdrawal due to the abundance of requests.

Only the initial verification process takes time, where after that you can directly withdraw your funds. What may take some time is if you use your credit card to purchase Bitcoin through an exchange such as Coinbase.

Some times it can take like 3 days before they finally release the coins you bought, but then again, don't buy Bitcoin with money that isn't yours. I have never been a fan of investing in crypto in general with credit.

[fiulpro]

I don't think they will be able to make much money if they target the countries with much more economic stability , the problem is the countries with bad economic development they are already against bitcoins and in many either it's banned of have problems with the government daily.
It's only the high income countries where ATM's does have a chance of being used.
The developing ones first need education and good support then only will they be able to tell people about bitcoins and how it works.

[astadbtc]

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?

If you are talking about the major population of the developing world, then you might be talking about 1-2 Bitcoin ATM's in every major city. There won't be demand as most have no money to gamble on Bitcoin.
Still I've noticed in google trends a few countries (as Ghana and Nigeria) having increased interest in Bitcoin. Perhaps the companies that install them can survey the interest in these countries and install a few as a test.

[Turk Ace]

I think crypto suites third world countries perfectly. Phones are easily available today and you do not need a powerful one to use crypto. Using an ATM that requires no more then your phone makes ease of access a big factor.
The fees will be cheaper and transactions faster. No need for documents to open a bank account and no banking fees or strings attached. It is as simple as simple can be.

[BTMBitcoinVN]

Some insights from the location owner of Vietnam's first Bitcoin ATM:

https://news.bitcoinvn.io/interview-with-ariel-nguyen-of-italianis/?lang=en

[AjithBtc]

Some insights from the location owner of Vietnam's first Bitcoin ATM:

https://news.bitcoinvn.io/interview-with-ariel-nguyen-of-italianis/?lang=en

Very few third world countries give restriction free access for the usage of bitcoin. In this manner we've got to see bitcoin growing through the implementation of bitcoin ATM. Right now rather than usage these atm's create awareness about the existence of such a revolutionary technology. Here in Vietnam at least they aren't disturbed by the government. Other countries we can't expect the same to take place.

[Mia44]

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?

The problem lies in the infrastructure and the size of the market, I think a crisis-stricken country like Venezuela will not be able to meet it. The people of Venezuela, although desperate to own bitcoins, find it difficult to do so with their nearly worthless currency.