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Author Topic: Does Bitcoin really need an ATM?  (Read 6249 times)
michellee
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June 12, 2017, 03:12:59 PM
 #81

i think if bitcoin is growth too fast and people is thinking for a simple way to buy and sell bitcoin without having into the front of pc or laptop then we need an ATM to cover this and that machine is needed to placed into every where. but this will need attention with the government because if we need to place something into public area, then we need to asked permission with the government. i think the idea will be happen in future with many people is interesting with bitcoin and they needed other simple ways to buy and sell bitcoin with fast ways.


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June 12, 2017, 03:20:44 PM
Last edit: June 12, 2017, 03:33:55 PM by leyton11
 #82

In June-2016, my country owned this machine with name is "BTM" and place it in 2 big cities. It's look like as ATM Bitcoin!
The purpose of this machine want help new user Bitcoin can buy Bitcoin safe and easy, not have risk when use it (use Intermediary Service)
First, you need deposit your money and type number BTC you want buy. Then, you just place your smartphone (or device have QR-code address BTC) to scanner QR in "BTM". Wait scanning complete and confirm to receive your BTC Wink

Video Detail: https://goo.gl/O9B9oR
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June 12, 2017, 03:29:38 PM
 #83

Someday in the future when bitcoin has become something common in society to store, to spend, or to pay something on daily activities, we will need an ATM to make people get easy to use bitcoin. Maybe now it's not really worth because it is unfamiliar for all people, and there is not much demand for it in offline transactions.
Bitcoin need an ATM, not now, but next in the future.

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June 12, 2017, 05:24:22 PM
 #84

Maybe the term ATM is a bit confusing. With ATM I refer to a machine where you can buy Bitcoins.

This is like saying "Airplanes. pffft, how many people actually need to cross the ocean?". Uh, a lot more once there is a reasonable way to do it.

I love this example! Or like saying "Hey, why would an Australian care about the information of a server in Europe?"
ATM for bitcoin? This is a difficult thing to manage. Who will run this system? Who will pay for it? If it is ATM with bitcoin, how are we going to use them?
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June 12, 2017, 07:44:35 PM
 #85

Maybe the term ATM is a bit confusing. With ATM I refer to a machine where you can buy Bitcoins.

This is like saying "Airplanes. pffft, how many people actually need to cross the ocean?". Uh, a lot more once there is a reasonable way to do it.

I love this example! Or like saying "Hey, why would an Australian care about the information of a server in Europe?"
ATM for bitcoin? This is a difficult thing to manage. Who will run this system? Who will pay for it? If it is ATM with bitcoin, how are we going to use them?
yes that is very right to say for this purpose you need to make a whole system. and still people will not giving preference to it, because to me  think it is more convenient to use online wallet system for depositing and withdrawal of bitcoin as compare to any other source. therefore to me i think we do not need for any ATM machine and online wallet system is the best option with us.

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June 12, 2017, 08:06:46 PM
 #86

Someday in the future when bitcoin has become something common in society to store, to spend, or to pay something on daily activities, we will need an ATM to make people get easy to use bitcoin. Maybe now it's not really worth because it is unfamiliar for all people, and there is not much demand for it in offline transactions.
Bitcoin need an ATM, not now, but next in the future.
but i think that the ATM  of bitcoin always remain in my pocket. because i have the facility to use bitcoin from my online wallet anywhere and every time. i do not think that i can ever feel the need to use btcoin ATM. i will always like to use the online wallet system which is really more easy to use and in fact more safe as compare to bitcoin ATM.
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June 13, 2017, 01:49:07 AM
 #87

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 :-)



Yes it's better to have an ATM machine for bitcoin. The point of view to have an merchant is to easy access if you need to buy stuff using that.
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June 13, 2017, 07:00:39 AM
 #88

bitcoin is not like a traditional currency, it has a more secure system, anonymous and unique facilities, but if you think about the good facilities for the user then ATM would be a good option. the more it easier, the more it will get popular. so the authority may think about it...
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June 13, 2017, 07:17:15 AM
 #89

I have never understood bitcoin ATMs..

In daily life I hardly use a normal ATM anymore as I can pay by card almost everywhere nowadays.

The only thing these ATMs do is create visibility, but I don't see many people actually using them. Besides it is not really comforting to withdraw 100 USD and seeing BTC0.03xxxxxx on a flimsy piece of paper.
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June 13, 2017, 07:22:33 AM
 #90

I have never understood bitcoin ATMs..

In daily life I hardly use a normal ATM anymore as I can pay by card almost everywhere nowadays.

The only thing these ATMs do is create visibility, but I don't see many people actually using them. Besides it is not really comforting to withdraw 100 USD and seeing BTC0.03xxxxxx on a flimsy piece of paper.
It is necessary because now the exchange sites are collecting very high transaction fees for low amount transaction. And we need to wait for some time to deposit money in our bank account. Instead of doing this all process better we can withdraw money in ATM and use that money it is easy and safe am I right.
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June 13, 2017, 07:32:43 AM
 #91

Advances in technology science in the present very rapidly developing. As well as the way of payment, first money can only be taken through the bank only. But now we can make money through atm. As well as bitcoin, in the present development of bitcoin we can take in the special atm bitcoin or atm banks that cooperate with bitcoin. All now all easy and simple. Whether the future will be like ..
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June 13, 2017, 07:35:32 AM
 #92

Having an ATM would help promote bitcoin to the masses for sure. I think it is a good idea and would like to have one in my area.

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June 13, 2017, 07:41:38 AM
 #93

If there would be a program to directly convert btc to cold cash then it would be great.  I wish this kind of service would be available in our country soon. BTW,  our btc wallet have ability to transfer fund to ATM cards or banks but takes few days for processing.
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June 13, 2017, 08:37:08 AM
 #94

Those machines should instead be called kiosks rather than bitcoin ATMs. But since the aim is to raise its  awareness to the general public, they patterned it after the typical ATMs. The idea is to have as many options as possible for a person to buy, sell, or do transactions with cash and bitcoin. And for those who for some reasons can't do their transactions on their computer or mobile phone, a bitcoin kiosk is another option that they can consider.
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June 13, 2017, 08:54:02 AM
 #95

Those machines should instead be called kiosks rather than bitcoin ATMs.

Bitcoin ATMs are actually considered as Digital Vending Machines.

Having an ATM would help promote bitcoin to the masses for sure. I think it is a good idea and would like to have one in my area.

I agree, we need more Bitcoin ATMs. But the average fee charged by an ATM is around 7-8%, which is a lot.
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June 13, 2017, 09:06:32 AM
 #96

Those machines should instead be called kiosks rather than bitcoin ATMs. But since the aim is to raise its  awareness to the general public, they patterned it after the typical ATMs. The idea is to have as many options as possible for a person to buy, sell, or do transactions with cash and bitcoin. And for those who for some reasons can't do their transactions on their computer or mobile phone, a bitcoin kiosk is another option that they can consider.

I think you have been thinking wrong, I suppose people are discussing a real ATM, which they can withdraw bitcoin into cash, do you understand it? It's not a machine for doing business transactions. Although this idea sounds good and can be done, but if we look at the problem, we will find it impossible. The current bitcoin can not do this, its value does not stand still, this will cause a lot of difficulties for the business people who own the ATM bitcoin.
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June 13, 2017, 09:15:31 AM
 #97

There is no harm in installing and operating a few Bitcoin ATMs here and there. I know that a lot of the users still distrust the online exchanges. For such people, the ATMs can be very useful. They can just insert the banknotes and coins, and get Bitcoins in return. No need for any ID verification, and there is no risk of someone hacking in to your online account.
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June 13, 2017, 09:24:02 AM
 #98

There is no harm in installing and operating a few Bitcoin ATMs here and there. I know that a lot of the users still distrust the online exchanges. For such people, the ATMs can be very useful. They can just insert the banknotes and coins, and get Bitcoins in return. No need for any ID verification, and there is no risk of someone hacking in to your online account.

Don't forget that many banks don't really "like" their customers use Bitcoin. The reasons are many - it's the competition, it's somewhat more private than the use of banks (AML?).
Also many people prefer to buy Bitcoin without telling the bank they do that (whether they do that for shady reasons or not).
All in all, BTMs are useful, they show the Bitcoin name in more places around the world and make it more accessible.
Yes, the fees are higher, but for good reason. We need more of them, surely.

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June 13, 2017, 11:56:40 AM
 #99

there are plenty of these now 5 years into the future and I think they aren't a waste, Buying BTC through these is a very easy and non-communicative process and the fees are %5 or so and cheaper than LBC and Paxful merchant fees.
The most viable option is exchanges, but bank deposit and CC transfers take a while, and ATM with cash are instant.
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June 13, 2017, 12:27:49 PM
 #100

There is no harm in installing and operating a few Bitcoin ATMs here and there. I know that a lot of the users still distrust the online exchanges. For such people, the ATMs can be very useful. They can just insert the banknotes and coins, and get Bitcoins in return. No need for any ID verification, and there is no risk of someone hacking in to your online account.

I agree. There are a lot of pro for the customers, and the fee is not a lot. (Considering the pros.)

It's not easy to operate a BTM though. There's a lot of legal complications and risk involved. (Keeping in mind that no KYC is required by most BTMs)
Not to mention the costs and capital needed to run a BTM.
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