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Author Topic: Bitcoin ATMs should target developing and third world countries  (Read 656 times)
blockmanity
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January 19, 2019, 10:32:08 AM
 #1

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?
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January 19, 2019, 10:34:21 AM
Merited by dbshck (4)
 #2

Someone tried and got arrested in India - https://qz.com/india/1435092/unocoins-bitcoin-atm-seized-by-indian-police/
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January 19, 2019, 10:46:13 AM
 #3

yes, Bitcoin ATMs will help to increase adoption, no doubt.
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January 19, 2019, 11:31:31 AM
Merited by dbshck (4)
 #4

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.

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.

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January 19, 2019, 11:54:43 AM
 #5

Developing countries are the best place to advertise Bitcoin, and it can create more income for them,but not all government are agree to adopt crypto,some of the are banning it because they don't know the effect of adopting it and the government are afraid crypto going to make the economic become worse


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January 19, 2019, 12:06:29 PM
 #6

I think that this industry will develop as users of cryptocurrency is growing every year with almost geometric progression. Manufacturers of cryptomate make a profit based on the fee for your purchase and the results and benefits from it. So I think that cryptomate will soon have its own Internet exchange.

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January 19, 2019, 01:34:39 PM
 #7

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.

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January 19, 2019, 02:17:41 PM
 #8

When you use an ATM, you withdraw cash and then spend it at the bakery, supermarket or whatever. If you use an ATM to get bitcoins then what do you do? Nothing at all, you can't pay anything with it. So why should a buyer use an ATM when it is more convenient to do it online and cheaper. Likewise, if you want to sell bitcoins, why would a typical user go to an ATM to sell his bitcoins?
There may also be a cost that makes these countries unprofitable for companies. If you're paid in BTC and can pay everything in BTC then the question won't be no more.

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January 19, 2019, 02:32:32 PM
 #9

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.

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January 19, 2019, 03:11:41 PM
 #10

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?
Because maintenance cost of the ATM's will be higher than compared to the profits in a third world country. Venezuela is a different case. Consider other third world countries like India where lot of people don't have access to the Internet and it will be a waste to implement bitcoin ATM's there. Might work out in the metropolitan cities though.


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January 19, 2019, 03:59:30 PM
 #11

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?
Bitcoin ATM is completely a new concept differently from the conventional ATM thus this new btc ATM usage in third world or developing countries will quite be cumbersome to operate due to lack of exposure and transaction of cryptocurrencies thus there is need for a lot sensitization and education towards adoption of Cryptos in those countries.

 
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January 19, 2019, 04:05:43 PM
 #12

When you use an ATM, you withdraw cash and then spend it at the bakery, supermarket or whatever. If you use an ATM to get bitcoins then what do you do? Nothing at all, you can't pay anything with it. So why should a buyer use an ATM when it is more convenient to do it online and cheaper. Likewise, if you want to sell bitcoins, why would a typical user go to an ATM to sell his bitcoins?
There may also be a cost that makes these countries unprofitable for companies. If you're paid in BTC and can pay everything in BTC then the question won't be no more.

Well you can also use the Bitcoin ATM to withdraw cash.
Let's say you're visiting a country and you need cash in the local currency, all you need is a Bitcoin ATM. No bank, no credit cards...
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January 19, 2019, 04:12:22 PM
 #13

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 think that legal regulations and security are a big problem for investors. Another thing is that investors want to get return from investment as soon as possible. And as we all know, Bitcoin is the most popular in the countries you mentioned, so that's where you can earn the most and get ROI faster.
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January 19, 2019, 04:21:20 PM
Last edit: January 19, 2019, 04:34:49 PM by Artemis3
 #14

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?

Unfortunately in Venezuela it would probably infringe the draconian foreign currency exchange control. Even if you obeyed the government "official" exchange rate, you would immediately go bankrupt. Example: The current official rate is 1000 VES for 1 USD, street price is 2500 VES for 1 USD. Very few people can get the official price (and its actually a lie, inside that system most people end paying closer to the street price anyway).

Also, even if you managed to trade at the street/localbitcoins exchange rate, the time you take to collect the fiat from the ATM and exchange it back for bitcoin (or anything else) it would be worth half or less (even if you emptied the box daily).

There have been banknote shortages in the past, and its probable that will repeat again, as those in power keep feeding inflation because they think they can command the market by force. And you'd also need an insanely large amount of bank notes for a few satoshis.

Perhaps you have not noticed but they are selling higher than buying at localbitcoins, that should give you a hint of the time it takes to complete the loop:



And if that occurs to an online exchange, just imagine having to physically keep and maintain the ATM, which would need to remain in private property and under surveillance. Venezuela is a country where regular Bank ATMs are vandalized if left unprotected (there are banks that keep them inside). I'm sure you will find a similar criminality problem in most poor countries, where this is ironically most needed...

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January 19, 2019, 04:24:40 PM
 #15

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?
Bitcoin ATM is completely a new concept differently from the conventional ATM thus this new btc ATM usage in third world or developing countries will quite be cumbersome to operate due to lack of exposure and transaction of cryptocurrencies thus there is need for a lot sensitization and education towards adoption of Cryptos in those countries.

Therefore, they should be told that crypto currencies make it very easy for them to do anything to translate, maybe if all of them have been told or learned about crypto maybe in some countries that do not have Bitcoin ATMs or who don't know for sure they will agree that it's good in their future.
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January 19, 2019, 04:26:29 PM
 #16

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.

In most African countries bitcoin is legal and there is freedom to trade, own, buy and sell. I do not think the lack of a active regulations from the government should limit the growth of the industry, when it is considered legal and acceptable by that government. The citizens are the community base in those nations

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January 19, 2019, 04:31:22 PM
 #17

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 the improvement of Bitcoin ATM centres will be the most satisfying things for the development of the Bitcoin in the minds of the Bitcoin users so targeting the countries like more improved developed countries will be more useful for quick reach the Bitcoin so it will be the right idea.
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January 19, 2019, 06:38:16 PM
 #18

When you use an ATM, you withdraw cash and then spend it at the bakery, supermarket or whatever. If you use an ATM to get bitcoins then what do you do? Nothing at all, you can't pay anything with it. So why should a buyer use an ATM when it is more convenient to do it online and cheaper. Likewise, if you want to sell bitcoins, why would a typical user go to an ATM to sell his bitcoins?
There may also be a cost that makes these countries unprofitable for companies. If you're paid in BTC and can pay everything in BTC then the question won't be no more.

Well you can also use the Bitcoin ATM to withdraw cash.
Let's say you're visiting a country and you need cash in the local currency, all you need is a Bitcoin ATM. No bank, no credit cards...

But the prices are very high, I would still prefer to use an online exchange and get my money within 24h or less. Also, most, if not all, the machines need to scan your ID and some even take a photo of your face. I admit it can be useful in an emergency in a foreign country but other than that....

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January 20, 2019, 05:50:52 AM
 #19

Poor countries have rampant corruption, which means risks and additional costs in form of bribes for business operators. Additionally, you'll have to expect much smaller volumes from poor countries, so it would be much harder to make profits with a business that relies on fees. You can look at localbitcoins or coinmarketcap to see yourself how low in the volume in Venezuela or Zimbabwe when compared to Western countries.

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January 20, 2019, 06:12:49 AM
 #20

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.  Roll Eyes   

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