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Author Topic: Does Bitcoin really need an ATM?  (Read 6249 times)
hurain
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June 21, 2017, 08:34:40 PM
 #161

First of all i'm suprised that this is an old thread created by op in 2012, when bitcoin was very young so op asked those who never used bitcoin ATM before about, does bitcoin really need an ATM? Well from my experience, we have 2 bitcoin ATMs here btw i don't think that we really need bitcoin ATM since you can buy bitcoin easily with your smartphone in a single click from your bedroom without going outside and with the cheaper price than bitcoin ATM charges. However this is gonna be an advertisment for the bitcoin itself, but as i can see no one cares i mean the common people ( our ATM is located in the mall ) i don't know maybe they are just too lazy to convert their fiat to the bitcoin or didn't know about bitcoin and what can they do with it, hoping this only happened here.
in this respect we do not need for any ATM, but if we can use the ATM for depositing our fiat in to  Bitcoin or Bitcoin in to Fiat then we really need ATM and it will be really too much convenience to use it.
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June 21, 2017, 09:54:56 PM
 #162

First of all i'm suprised that this is an old thread created by op in 2012, when bitcoin was very young so op asked those who never used bitcoin ATM before about, does bitcoin really need an ATM? Well from my experience, we have 2 bitcoin ATMs here btw i don't think that we really need bitcoin ATM since you can buy bitcoin easily with your smartphone in a single click from your bedroom without going outside and with the cheaper price than bitcoin ATM charges. However this is gonna be an advertisment for the bitcoin itself, but as i can see no one cares i mean the common people ( our ATM is located in the mall ) i don't know maybe they are just too lazy to convert their fiat to the bitcoin or didn't know about bitcoin and what can they do with it, hoping this only happened here.
in this respect we do not need for any ATM, but if we can use the ATM for depositing our fiat in to  Bitcoin or Bitcoin in to Fiat then we really need ATM and it will be really too much convenience to use it.

In Nort America, people are facing difficulties on bitcoin to fiat currency transactions. It's saying Nort America has the plenty of bitcoin atms but it's not enough for user's need.
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June 21, 2017, 10:02:57 PM
 #163

I've seen in many posts that you are interested in something like a Bitcoin ATM, and there has even been someone who has built a Bitcoin ATM somewhere in the USA.

I believe that reprogramming an existing vending machine (specially condoms or parking meters for their size), or even taking an old motherboard or android phone, and attach a coin acceptor and a thermal printer is not exactly something revolutionary (technically speaking). But it hasn't been done yet (well, it has, but a big and mostly proof-of-concept project, diametrically different from the low cost, widely deployed EUR/USD/GBP2BTC machine everyone want).

So, my question is why. And thinking about the question I found that Bitcoin is not what people need. It will, when it  succeedes (I'm optimistic about Bitcoin) be an extraordinary medium of storing wealth, something like gold today, with the additional advantages that everybody in this forum knows. But I don't think that people need to change their salary to Bitcoin (price fluctuations aside), exactly, again, as they don't need to buy gold with their salary. It's just not worth it. Bitcoin is not useful for buying bread. You can argue, of course, that if the baker accepted Bitcoin, people could use them to buy bread. But why would the baker accept Bitcoin, if he must pay his taxes in euros? It just adds more headache to his accountant.

Another reason I think that people will not rush into the ATM to buy BTC is the responsibility. Who would want to be considered the only responsible of protecting its own wealth? If you are stolen/threatened/forgetful that's it, game over. With a bank, despite all the inconveniences, hidden fees etc, if your credit card is stolen, you can chargeback. And the Bitcoin community does not support the idea of trusting a Bitcoin bank (which, given the past experience, I understand).

So, when I enthusiastically tell my friends about the wonders about Bitcoin, they ask me, skeptically, "how can I use them?" And in the answer I realize that they don't really need them, as well as they don't need gold coins.
People don't mind paying 2 euros more in an item of 60 euros because of the fees of Paypal, if they know that they can recover their money if something goes bad. Bitcoin has primitive escrow services, but are they below the Paypal fees? If yes, for how long, when the Bitcoin economy expands?

In conclusion, when I was looking for a catch phrase to write in the ATM describing why everybody needs Bitcoin, I realized that Bitcoins are useful for wealthy individuals and from a macroeconomic point of view, but not for the people that would casually buy them in an ATM.
 
I hope with this post to get contrary opinions about this fact, since I want to be convinced that a Bitcoin ATM would be useful, since I find the project of building one really, really cool :-)

A bitcoin ATM could improve access to bitcoins to those that aren't willing to spend the time to figure out how to gets bitcoins. If a bitcoin ATM were user friendly, even people that aren't computer savvy might use it to get some bitcoins just for the novelty of it or to just try it out. It would bring bitcoin to a segment of the population that might not otherwise take the time to learn about it.
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June 25, 2017, 10:30:09 AM
 #164

First of all i'm suprised that this is an old thread created by op in 2012, when bitcoin was very young so op asked those who never used bitcoin ATM before about, does bitcoin really need an ATM? Well from my experience, we have 2 bitcoin ATMs here btw i don't think that we really need bitcoin ATM since you can buy bitcoin easily with your smartphone in a single click from your bedroom without going outside and with the cheaper price than bitcoin ATM charges. However this is gonna be an advertisment for the bitcoin itself, but as i can see no one cares i mean the common people ( our ATM is located in the mall ) i don't know maybe they are just too lazy to convert their fiat to the bitcoin or didn't know about bitcoin and what can they do with it, hoping this only happened here.
in this respect we do not need for any ATM, but if we can use the ATM for depositing our fiat in to  Bitcoin or Bitcoin in to Fiat then we really need ATM and it will be really too much convenience to use it.

In Nort America, people are facing difficulties on bitcoin to fiat currency transactions. It's saying Nort America has the plenty of bitcoin atms but it's not enough for user's need.

In north america people have no problem with that.
They can use thousands of alternatives for an atm and coinbase does a really good job at that.

That's why the atms many has stalled and they are charging those fees, trying to get money out of one time suckers rather than building a user base of some sorts.

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June 25, 2017, 10:51:00 AM
 #165

bitcoin atms require a lot of attention to keep running. You need to make sure it has enough cash for people selling and enough bitcoin for people buying. You need to physically visit the machine every now and then to make sure it's still working properly before you can withdraw cash. Frankly it is easier withdrawing with with the trusted debit cards like Bitpay, If I use an Atm, it will be for buying coins.
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June 25, 2017, 11:06:19 AM
 #166

bitcoin atms require a lot of attention to keep running. You need to make sure it has enough cash for people selling and enough bitcoin for people buying. You need to physically visit the machine every now and then to make sure it's still working properly before you can withdraw cash. Frankly it is easier withdrawing with with the trusted debit cards like Bitpay, If I use an Atm, it will be for buying coins.
Yes bitcoin ATM we must need in every country it is easy to withdraw and no risk. I heard that in some countries it is available, but in my country still, it not came. Once it comes, I will stop other wallets to withdraw my money. I use the only debit card to withdraw my money the charge is bit high, but still it's ok it is instant cash we don't need to wait for any confirmation and the exchanges will send money only in bank hours we can cut this time and get money instantly.
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June 25, 2017, 11:11:41 AM
 #167

bitcoin atms require a lot of attention to keep running. You need to make sure it has enough cash for people selling and enough bitcoin for people buying. You need to physically visit the machine every now and then to make sure it's still working properly before you can withdraw cash. Frankly it is easier withdrawing with with the trusted debit cards like Bitpay, If I use an Atm, it will be for buying coins.
Yes bitcoin ATM we must need in every country it is easy to withdraw and no risk. I heard that in some countries it is available, but in my country still, it not came. Once it comes, I will stop other wallets to withdraw my money. I use the only debit card to withdraw my money the charge is bit high, but still it's ok it is instant cash we don't need to wait for any confirmation and the exchanges will send money only in bank hours we can cut this time and get money instantly.

Yes it is available already in other country and here in my country still not available .  And perhaps it will take time before here in our country will have a btc atm.  I still wish we have it sooner but bitcoin is not yet that well recognized here in our country.
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June 25, 2017, 11:15:52 AM
 #168

Yes, I need it very Badly. I can't make it cash. If Bitcoin provides ATM service it will be very helpful for me and others like me.
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June 26, 2017, 01:52:24 PM
 #169

Yes, I need it very Badly. I can't make it cash. If Bitcoin provides ATM service it will be very helpful for me and others like me.

You need very badly something you don't have a clue how it works.
It is impossible for "bitcoin" to provide such service.
Bitcoin is a currency is a bunch of lines of code.
Bitcoin can't build atms juts like the usd can't build airplanes.

And why do you need it that badly?



Happydd
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July 27, 2017, 04:41:57 AM
 #170

In my opinion do not need an ATM, the cost to buy a machine and ATM care is very expensive, who will pay it? Even if it exists only in some special places, it is unlikely that bitcoin ATMs exist in every village, so bitcoin ATMs should not be a top priority
In whole thread i found your point is valid . Who will take care about ATM machine expenses ??. Here is my suggestion there is lots of exchange wallet in each country they can maintain machine if they are having proper plan and then they can charge small amount for transaction.

The fee for installing ATMs in countries is not a problem, the duration of bitcoin transactions is too long; it's a problem for an ATM, it needs speed in seconds, but bitcoin can not do that.
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