[2019-01-29] Bitcoin ATMs Ignore Market Downturn, Rapidly Spread Throughout US C

[ruthbabe]

Bitcoin ATMs continue to spread across the United States at a rapid clip.

Chicago is the latest city to see an increase in ATMs supporting both the cryptocurrency market leader and various popular altcoins — thanks to an Atlanta-based company called Lux Vending, which has dropped 30 ‘Bitcoin Depot’ ATMs throughout the Chicago already this year.

The addition to Lux’s machines reportedly brings Chicago’s total Bitcoin ATM count up to nearly 100.

The fifth-most-populous North American city is already a hotspot on the Bitcoin radar, with major exchanges CME Group and Cboe Global Markets already offering non-physically-settled bitcoin futures contracts. San Francisco-based exchange giant Coinbase recently set up an office in Chicago, and various cryptocurrency-oriented startups currently call the Windy City home.

BROTHERLY BITCOIN LIVE

Philadelphia also reportedly has nearly 100 Bitcoin ATMs operating in its area — many of which are “hidden in plain sight” in places like Rittenhouse Square, South Philly, and Queen Villiage, according to Philly-based Straight Up Capital’s Sean Keefe.

Keefe also told KYW NewsRadio 1060 that he expects more business to begin accepting the dominant cryptocurrency as the ATM machines become more popular and more widespread.

KNOW YOUR COINSTAR

In related news, Coinstar recently launched support for the purchasing of Bitcoin with individuals’ ever-growing collections of spare change. Though this news caused a good deal of excitement when it broke, interested parties soon had their parades rained on after the machines reportedly required extensive know-your-customer (KYC) checks that validated in ultra-sluggish fashion.

Nevertheless, the developments from Bitcoin ATM companies and Coinstar are undeniably positive. The United States currently houses more than 3000 machines by itself — far more than any other country in the world — despite the year-long-and-counting market downturn.

Source:  BITCOINIST

[btyco]

These ATMs are popping up in places with a high crime rate. They know that criminals will want to swap their cash for bitcoins asap so they will make a lot of business from it. Also in trendy places with a glut of trendy tech professionals

[BitHodler]

These ATMs are popping up in places with a high crime rate. They know that criminals will want to swap their cash for bitcoins asap so they will make a lot of business from it. Also in trendy places with a glut of trendy tech professionals

I think it's more so that these ATMs are popping up strategically in places where there is a lot of activity during the day. Criminal use is something you can't avoid, and I don't see any point in focusing on that.

Criminals are better way off continuing using their cash for illegal transactions than doing it with Bitcoin, which significantly increases the risk of getting arrested one way or another.

They can spend their cash everywhere, in both legal and illegal manners. Bitcoin is nothing but a burden to their daily activities, especially if we're yet again going through a massive crash, which isn't that unlikely.

[gentlemand]

I've never really understood the ATM idea myself.

So many of them either have ludicrous KYC or the fees rape you. I don't see why anyone would use one more than once, or even the first time. If you're in the market for BTC you're already going to be internet savvy enough to shop there for it too.

The spread of them must mean they're getting enough customers. I wonder what they're thinking.

[squatter]

I've never really understood the ATM idea myself.

So many of them either have ludicrous KYC or the fees rape you. I don't see why anyone would use one more than once, or even the first time. If you're in the market for BTC you're already going to be internet savvy enough to shop there for it too.

There are/were ATMs that required no KYC or at most, just cell phone verification. You could use a burner for that. The old Lamassu machines don't even have cameras. I can see some appeal if you can avoid KYC. Other machines with their palm and fingerprint scanning are really over the top. I wouldn't go near those things.

The fees are crazy, comparable or higher than credit card buys through Coinbase or Bitstamp. During bubbles, people expect > 10% gains so they don't care, plus the ATMs get them their coins much faster -- no holds or reversals. But the rest of the time? It doesn't make sense.

[davis196]

These ATMs are popping up in places with a high crime rate. They know that criminals will want to swap their cash for bitcoins asap so they will make a lot of business from it. Also in trendy places with a glut of trendy tech professionals

Do you think that criminals are stupid?What if all those ATMs have hidden cameras installed and track everything.Criminals have hundreds of ways to swap their cash.
Bitcoin ATMs should located near to local businesses that accept bitcoin payments.