Re: Bitcoin ATMs should target developing and third world countries
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.
Now that was an usual place to put it. Would the sloths there be making purchases.
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.
I remember seeing a picture of one put in the middle of the forest in costa rica.
Now that was an usual place to put it. Would the sloths there be making purchases.
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.
Well Costa Rica isn't that bad of a country. Do that in Venezuela and the whole thing disappears overnight. They might survive inside private property, with constant surveillance (ie. a Mall), but ATMs are useless with hyperinflation unless they stick to foreign currency. They just can't hold or give enough banknotes...
What the tourists need is for the merchants, restaurants, hotels, etc. to accept bitcoin directly. Besides the fees ATMs take are outrageous. Something like a sign with "BTC is welcome" would do wonders, even better if they could give price in bitcoin (and they use a rational exchange rate to the equivalent in fiat).
In my opinion ATMs have a bigger chance in developed countries, or at least in countries without rampant criminality or inflation, such as safe tourist spots.