"Why or why not?"
It will be more accessible to people - Yeah true, but I really find it hard to see people buying from these ATMs. Personally, I find it hard to justify the high fees they charge. 🤔
Consumers are use to using atms rather than complexity of exchanges and managing private key - Yeah, this makes sense. 👍
I will upto a large extent because I can relate it to myself. I would have used it if it was available in the country I reside. I believe there are many in the world like me. - Hmm where are you from! Do share in the comments section in today's newsletter. I guess for countries where people don't have access to crypto exchanges, BTC ATMs would be more effective in driving adoption. 💭
i think more than ATMs we need businesses & merchants who can accept crypto. we already have exchanges which aid in buying crypto though fiat. - Totally agree. 🙌
I would say it differently. I do not believe bitcoin ATM alone will help drive adaptation. People don't buy products that they don't have an understanding of its value. The key to adaptation is education of crypto value and how it can be used. - I share the same sentiments. I feel that the true key to 'mainstream adoption' is education. I feel that the idea behind crypto isn't too hard to get behind once you have achieved a basic level of understanding. ✊
2. I think one of the biggest hurdles for a lot of people is actually obtaining BTC in the first place. Being able to use cash at a BTC ATM would theoretically make it easier for a lot of people to get access. I've personally used one before and it was a smooth experience! - Ahh interesting. Perhaps I am too used to buying it off exchanges. I hate paying high fees! Some of these ATMs charge up to 8% premiums. 💸
It will be hard to ignore contemplating Bitcoin usage once Bitcoin ATMs locations become as ubiquitous as street corner gas stations. - Can't wait to see that day. 😬
ATMs will get people more comfortable with cryptos - True. I guess it could be a good gateway for newbies. Seeing crypto ATMs can also help people view crypto as more 'legit'. 🤔
People love crypto and occasionally need to cash out. Crypto atms are critical! - Yeah I can imagine the experienced crypto person to use it for emergency cash outs. 🤔
When the large Financial Institutions are 'on-board' with Cryptocurrency they will upgrade the software in their current ATM's. This will dash the projections of growth or at least diminish the expansion curve of the Bitcoin ATM's. - We need this! 👍
99.99% of consumers don't have a clue about bitcoin transactions. - Yeah .
just the opposite, it will be effective . - I hope so! I have no doubts that it will help drive adoption. I just think that the extent at which it will help won't be as much as what most people expect it to be.
adoption comes at all levels. - True.
It will drive adoption because it will cause people to inquire about it. What is this? What is it for? How does it work. What is Bitcoin? - Inception muahaha. 😂
Outside of clunky ‘local bitcoins’, how else can the unbanked buy crypto? I think 2nd/3rd world regions (cash and barter economies) will require ATM’s for adoption. Rn, I can’t see any other feasible way for a massive shift (Indonesia, eg.) - This makes sense. I think the extent to which Bitcoin ATMs will help drive adoption depends on the economy maturity of the location. For more developed countries, it wouldn't help much. But for less developed countries, where there are significant numbers of unbanked/ low fiat-to-crypto access points, it would help a greater deal. 🤔
Most people already know bitcoin. I think what hold back the adoption is the 'difficulty' to keep your Bitcoin safe and the usage of wallets which people find overwelming. - I would say that most people probably have heard about Bitcoin, but a large percentage of them have yet to achieve a basic level of understanding of it. Most just think of 'virtual currency' when they think about Bitcoin.
I kind of on the fence with this. I guess it will help create awareness and therefore adoption but not in a significant way. I think it would be better if Bitcoin was integrated into cash ATM's and can see this happening in the near future. - Yeah that would be way more effective. It's being done atm too, but hopefully it ramps up.
Given that ATMs are disappearing by the shedload over here in the UK, hard to imagine take up of BTC ATM's by the general public as by and large they'd have no idea what to do with BTC in the transaction between consumer and retailer and vice versa!!! - True, ATMs will eventually be phased out once cash transfer apps like Venmo etc start to take over. 👋
People trust ATMs, the more the merrier! - Hahaha have you seen those ATM scams? 😲
I found it to be an easy process, some people don't want to buy via wallets because minimum buy price and don't want to pay high withdraw fees on exchanges. also, if you can sell BTC via atm it will be wise for businesses around an atm to accept BTC as payment and they can switch for cash if their suppliers choose cash over crypto. - Hmm interesting point. Yeah BTC ATMs for selling BTC would be really convenient for small business owners. 👍