Ninjastic
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Board Bitcoin Discussion
Re: Bitcoin ATMs should target developing and third world countries
by
Mike Mayor
on 21/12/2019, 19:05:15 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.

What free centralized markets? Many of these people don't have access to a bank never mind that. With an ATM they don't need any documents or anything for getting fiat. Normally they will use a bank to get fiat but that costs money and proof of residence and they most like to live on an informal settlement. It will make a profit because it will be including transactions from people who otherwise would not make them.