Ninjastic
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Board Bitcoin Discussion
Re: Bitcoin ATMs should target developing and third world countries
by
rdbase
on 12/06/2019, 22:59:34 UTC
Quote from: Danslip on June 12, 2019, 10:53:54 PM
Quote from: eaLiTy on June 12, 2019, 10:43:01 PM
Quote from: blockmanity on January 19, 2019, 10:32:08 AM
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 . That would increase the adoption. Something like backpropagation. What do you think?
The main reason is economics, people in developed countries are more likely to use these ATM machines and the companies installing them will have their profits and that will not be the case with third world countries as there might not be having the same profit percentage they get in bitcoin centric developed countries and the legal formalities they have to overcome are denting these developments, adoption will not increase if there is a bitcoin ATM machine as most of the machines i came across have high service charges and i would rather opt for other options to trade bitcoin rather than depending on ATM machines. Wink
I don't understand the reason why people prefer to use a Bitcoin ATM instead of free centralized markets? There are no high fees for buying and selling Bitcoin but average people demand a new ATM everywhere. It will not profitable to put an ATM on the third world countries due to the cost and return on the investment.
Funny you say it wouldnt be profitable to put a bitcoin atm at a location where there wouldnt be anybody who can afford to use it.
I remember seeing a picture of one put in the middle of the forest in costa rica. Cheesy
Now that was an usual place to put it. Would the sloths there be making purchases. Grin
Kidding aside. In these third world countries they still have tourists who go there and these are machines used for their point of convenience no matter the location. It just costs the owner who is running it the operating costs. And if they arent profitable they would just shut them down.