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Quote from: krishnaverma on March 29, 2025, 10:29:04 AM

March 30, 2025, 08:18:30 AM

#41

Any idea why the concept of crypto ATMs failed ? It failed to become big ? Is it because of strict goverment regulations ?

There are lots of reasons why crypto ATMs fail. First of all, there isn't a big demand or companies choose wrong locations. You have to open a crypto ATM in a city where lots of crypto enthusiasts live but that's not everything. Another reason why they fail is that fees are extremely high. I've heard that some ATMs have charged up to 25% of the value of your transaction. I am a crypto enthusiast and I'd happily use Bitcoin ATMs but why should I use them if I'm about to lose up to 25% of my money? Almost all of crypto ATM owners charge that much and make it impossible for people to use, so of course, they'll fail.

The third reason why they fail is that companies like Binance and XAPO make it very easy to use your Bitcoins in real life. You can send Bitcoins to your Binance or XAPO wallet and then withdraw with their card at any part of the world with very low commissions. It's hard to compete with this business model because it's very comfortable.

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Quote from: Ishicryptic on March 30, 2025, 07:41:38 AM

March 30, 2025, 04:34:32 PM

#42

don't understand the concept of ATM for cryptocurrency (Bitcoin), why carry out a transaction on an ATM machine when you can conveniently do the transaction on your smart phone. I believe that ATMs should be specifically for physical cash withdrawals because every other money transactions can be done on your online device so I won't be surprised if crypto holders are not interested in it. I hear that the transaction fees is quite high compared to transactions on your mobile device and that is another good reason why it is no longer popular. Besides you cannot find crypto ATMs everywhere and that is why the concept is probably failing.

Cash is always necessary, and I'd personally use them if I wanted to gradually withdraw my Bitcoin. They would make sense if they were completely anonymous, but at this point, it's literally no use. I can easily sell my Bitcoins to an exchange that has its own debit card, such as Crypto.com or Nexo Card. Since ATMs require KYC, why should someone use them if they can do the exact same thing with an exchange, without paying the extravagant fees? On top of that, that way, you can withdraw from every usual bank ATM, anywhere in the world.

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Quote from: krishnaverma on March 29, 2025, 10:29:04 AM

March 30, 2025, 04:37:58 PM

#43

Any idea why the concept of crypto ATMs failed ? It failed to become big ? Is it because of strict goverment regulations ?

I don't even like the idea of it in the first place. It defeats the privacy thing and exposes crypto fans and investors to attacks from criminals. I mean, why would I want to expose to the public that I hodl what majority of them think makes my different from them in terms of wealth? I rather sell or buy through P2P with ease, even from the comfort of my house.

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Quote from: Alphakilo on March 29, 2025, 11:39:17 PM

March 30, 2025, 07:41:13 PM

#44

~
A lunatic could be holding a $5 wrench near the crypto ATM waiting for their next victim.

This is why I may never use a crypto ATM.

Unlike regular ATMs? I dont know, but I dont really see a strong connection between the $5 wrench attack and crypto ATMs specifically. As far as I know, most such ATMs are located in very public places and surrounded by numerous surveillance cameras, just like regular bank ATMs. Wouldnt a regular ATM be just as appealing a target for someone looking to rob someone after they have withdrawn cash? People are getting cash out of those all the time. So if someone is desperate enough to try a $5 wrench attack, they are probably not going to be too picky about whether their victim just used a crypto ATM or a regular one. Cash is cash.

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Quote from: krishnaverma on March 29, 2025, 10:29:04 AM

March 30, 2025, 08:29:27 PM

#45

Any idea why the concept of crypto ATMs failed ? It failed to become big ? Is it because of strict goverment regulations ?

It's more than 3 years now I never own a fiat ATM card and I have never used an ATM machine all these years, yet I make transactions. This could also be likened to ATM machine. There might not be need for it since exchanges and p2p is now rampant.

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Quote from: mirakal on March 29, 2025, 02:18:24 PM

March 30, 2025, 08:55:56 PM

#46

Quote from: passwordnow on March 29, 2025, 11:22:38 AM

Quote from: krishnaverma on March 29, 2025, 10:29:04 AM

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.

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Quote from: krishnaverma on March 29, 2025, 10:29:04 AM

March 30, 2025, 09:27:37 PM

#47

Any idea why the concept of crypto ATMs failed ? It failed to become big ?

Do you mean BTC ATM? If you mean BTC ATM, it is untrue that it has failed already.
There are still thousands on BTC ATM around the world. People still can use the BTC ATM which are installed in some areas around the world. I know most of them are placed in USA, but it may spread out in more countries in the future. Although the adoption of BTC ATM isn't quite massive in all countries, it possibly grows toward the raise of the popularity of BTC.

- https://coinatmradar.com/countries/

Quote from: krishnaverma on March 29, 2025, 10:29:04 AM

Is it because of strict goverment regulations ?

Besides the factor of regulation made by the government, the high fees is also a big obstacle of the use of BTC ATM. People prefer to use CEX for any transaction since it offers cheaper fees. If the fees on BTC ATM is getting lower, people may use it more often in the future.

IMO, CMIIW..

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Quote from: BIT-BENDER on March 29, 2025, 11:50:19 AM

March 30, 2025, 09:47:46 PM

#48

Quote from: Ziskinberg on March 29, 2025, 10:52:00 AM

So, Bitcoin ATMs seem more like a way to showcase that Bitcoin exists rather than being a necessity. In reality, Bitcoin transactions can be easily done online, and since Bitcoin is already widely known, these ATMs have become less important.

I haven't used any Bitcoin ATM yet but I won't say that the reason for there being a Bitcoin ATM is to show that Bitcoin exist.
Bitcoin transactions always requires you to carry it out on a device, so imagine if you aren't with any device and you must have to perform an important transaction that is where the Bitcoin ATM comes in.

Although it's not very critical to have a Bitcoin ATM but it will be an added advantage to the crypto-currency community if there can be more Bitcoin ATMs around the world.

Bitcoin ATM may be seen increased in near future when majority of are beginning to use Bitcoin, I believe it may another trending after the Bitcoin strategic reserve has kicked into full action and more countries gets to adopt Bitcoin, this development is what I think may trigger the wide availability of Bitcoin ATMs.

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famososMuertos

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Quote from: krishnaverma on March 29, 2025, 10:29:04 AM

March 30, 2025, 10:16:45 PM

#49

Any idea why the concept of crypto ATMs failed ? It failed to become big ? Is it because of strict goverment regulations ?

I don't understand your premise that they failed. Where is that written? Who says so? Based on what data?
That is, that they still work, and some countries have even integrated. What are you basing your argument on to show that they have failed? I think the business model still exists. I think you should reconsider the idea if we're going to have a fair and well-directed discussion.

I recommend this source for you to consult the data:
https://coinatmradar.com

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tread93

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Quote from: krishnaverma on March 29, 2025, 10:29:04 AM

March 31, 2025, 01:50:36 AM

#50

Any idea why the concept of crypto ATMs failed ? It failed to become big ? Is it because of strict goverment regulations ?

I mean it's definitely not a small presence! There has been a stark drop this month in machines due to some regulation whispers and proposed senate bills to monitor the clients and put limits on buying, which is bullshit. Anyone won't just be able to drop 10k in a machine anymore which kills operations profits and therefore we are seeing maybe some divesting. They are targets for scsmmers to hack and also used as a vehicle to get bitcoin from their victims who fall for schemes. Bitcoin ATMs really aren't great in general because of high fees and not really any anonymous aspect due to KYC and AML. Still 35+k machines in the USA alone still which takes up the bulk of the market isn't bad. Slight drawback but I don't think we will see them going anywhere for good for sometime.

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FortuneFollower

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March 31, 2025, 10:18:47 AM

#51

What would be defined as a failure for ATMs?

That's the question I put into the perspective regarding the matter..

Orpichukwu

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Quote from: re-start on March 29, 2025, 03:40:22 PM

March 31, 2025, 01:03:16 PM

#52

I think this is due to government regulations and the restrictions that have been imposed in the US. In the US, new users can only withdraw up to $2,000 within 24 hours from ATMs, and some other regulations have discouraged many people from using Bitcoin ATMs.

That can't be the only reason. That's if there is a decline in the use of Bitcoin ATM machines. If you are to make use of your ATM card and you reach your limit, the Bitcoin ATM machine always has a slot for cash deposits, which you can use directly to buy Bitcoin.

I don't think there will be a limit to how much cash you can deposit directly into the ATM using it to acquire Bitcoin. If the ATM card limit was the only problem, people could have sought to use alternative options just to access the machine, but there is more to it.

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coolcoinz

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March 31, 2025, 07:48:12 PM

#53

I use ATMs from time to time because they don't require KYC up to a certain limit, which makes them great for people like me who don't spend much BTC, but from time to time in a bull run want to spend some cash. I can send BTC to an ATM from home, drive to its location and withdraw the money without waiting because my transaction is past confirmation.

Now let's compare that to any exchange. Even when I want just 500 EUR, i will have to send them all my data including a selfie with an ID and all that shit. Why would I want to sacrifice anonymity for a few hundred euro dollars? This is one of the reasons why ATMs have not failed, but if the laws change and they will start scanning your ID every time you want to buy a pair of shoes, they will.

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Quote from: krishnaverma on March 29, 2025, 10:29:04 AM

April 01, 2025, 08:28:51 AM

#54

Any idea why the concept of crypto ATMs failed ? It failed to become big ? Is it because of strict goverment regulations ?

It hasn't failed yet because there're numerous ATM spots in a lot of regions such as in the United States, El Salvador, Spain, Canada, Australia and even in my locality Nigeria, there's an bitcoin ATM.
Although the spreadout of the bitcoin ATM system is depends on each countries supports and regulatory involvement of the governments.
Bitcoin is decentralized and can't just get it ATM installed in the places where the government has not agreed to terms.
Also, a poor security networking system also utters barriers to why bitcoin ATMs can't be installed in a wider range in the society.

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