Any idea why the concept of crypto ATMs failed ? It failed to become big ? Is it because of strict goverment regulations ?
Nope. I don't think that the biggest reason why it flopped due to government regulations. But the very reason why is about its fee. The ridiculous fees that it charges to its customer is crazy. That's why even it is a good type of potential business model, those that are currently existing are given reviews of how they are charging a lot for conversion. So, I think this is the next problem that's needed to be solved by the manufacturers of it or the providers that are being used for it. Once the fees become justifiable, I think that the customers are going to patronize the usage of it.
That is what I thought. When Bitcoin ATMs launched, many people tried them, but when they found out that the fees were high, and so they stopped. Even though you are rich, that won't give them interest. But it was not just the fees, it was also confirmation delays. Waiting for a minute to confirm the transaction is already disappointing.
If we only have stable fees and instant confirmations, that absolutely gives a better experience for the users. Unfortunately, due to the uncontrollable situation of the market makes it impossible. And this gives them a reason to just prefer using fiat money.
Instead of convenience, everyone who has tried them told the same thing and that's about the inconvenience that the fees have brought to them. And aside from just preferring to use fiat money, they would just have to stick with the exchanges that gives them better fees and saves them the same time and option for being with them. I'm still optimistic about these Bitcoin ATMs because they'll play a huge role once Bitcoin becomes massive and everyone would crave to have their own Bitcoin holdings, maybe have a fix rate for the fees and a justifying exchange rate.