Post
Topic
Board Bitcoin Discussion
Re: Bitcoin ATM
by
yayayo
on 30/08/2016, 13:10:41 UTC
I think we have 2-5 bitcoin ATMs in my country, but i never met bitcoin ATM so far. In my opinion there should be more bitcoin ATM in my country, so people will notice it and maybe they can start using bitcoin.

I remember the hype around Bitcoin ATM's a few years ago. People expected that these would change everything and lead to Bitcoin mainstream adoption. Yet nothing like this happened. The reason is that Bitcoin ATMs were/are to expensive to buy/operate and are at the same time not attractive enough for potential users, since the associated fees are generally pretty high. The problem is that Bitcoin is not yet widely used, so the number of people that are already motivated to use a Bitcoin ATM is limited, which also limits the economical viability of Bitcoin ATMs for operators.

Another problem is the privacy-hostile design of the majority of Bitcoin ATMs, especially two-way fiat<->BTC machines, which treats every user like a potential criminal. Therefore a lot of potential users will resort to other means of acquiring BTC which are not as invasive.

Because of these reasons I'm skeptical if Bitcoin ATMs in their current form can really contribute to Bitcoin adoption.

ya.ya.yo!