I've read that 88% of Bitcoin ATMs are located in the US. It is a high number still. There should be more ATMs worlwide to spread the adoption of BTC and reduce the risk of having them all in one country (a single bad regulation could affect them all).
Have you used any BTC ATM in your location?
In the past few months we have bitcoin ATMs popping up everywhere. Their websites don't seem to disclose the fees, so you have to go to one to find out. All of them around me are doing on-chain only which certainly cramps your style if you need to wait around an hour to exchange for cash. Also, all of them in my area (midwest) require a phone number to send a verification code to. Apparently this satisfies their KYC policies, and allows them to verify you if there is a customer service need. I would like to see lightning bitcoin ATMs to sell bitcoin for cash, it seems like it would be a software-only change.
reply
I haven't used one. It always feels kind of risking trusting money - fiat or bitcoin - to some machine somewhere. It also feels cumbersome do be acquiring digital money at a physical location.
reply
It turns out there's a website for that, they list locations, (some) fees and network operator websites. There are hundreds of them just about everywhere. Lightning ATMs are available in some places. If you download their app, they give you a better search experience.
reply
Think on the other way. You go to a country and you need local money. All you do is sell btc and withdraw fiat (although the wolrd is moving to all digital money). My parents went to Europe and after dinner they asked them for fiat (no credit or debit). They discuss like half an hour. Also some Taxis or UBER in Latam do not accept anything but local currencies.
reply
I have personally not used a Bitcoin ATM because other services where you can buy Bitcoin are cheaper (have smaller fees) although I have pondered advertising on or near a Bitcoin ATM. I'm not sure how much usage they actually get.
reply
Bitcoin ATMs are crucial for sending remittances. That's why in some places (e.g., U.S.) you'll find many of the bitcoin ATMs (vending machines) concentrated in areas where there are a lot of immigrants and guest workers. For many, they operate hand-to-mouth, meaning as soon as they get paid they want to send funds immediately (or as close to immediate as possible). A bitcoin ATM can be the fastest way to obtain bitcoin.
Sure the fees are horrible with many (if not most). But they work (most of the time), and thus have, for many, become a crucial component of sending a remittance payment back home.
Now, there's a difference between a bitcoin ATM that is for buying only, versus a two-way bitcoin ATM (where you can cash out as well as buy bitcoin). There aren't all that many two-way bitcoin ATMs in the U.S., even, nonetheless in other countries.
This means that for remittances, the recipient of the funds likely needs to use an exchange (if they are available in the country), or maybe a P2P trading platform in order to obtain fiat.
Other than for remittance, these ATMs can be simpler than buying at an exchange, at least when there is no ID-verification (KYC) requirement. So that's the other main use case for these bitcoin ATMs.
Ultimately, we progress towards having a circular economy, so that you are able to earn in bitcoin. When you earn in bitcoin, you are then more likely to spend in bitcoin. And when you earn in bitcoin, you aren't needing to hit up a bitcoin ATM very often in order to convert cash to bitcoin (or vice-versa).
reply
Bitcoin ATMs are the best resource to exchange Bitcoin and physical cash absolutely anonymous. Great infrastructure.
Unfortunately Germany closed down most of them a few years ago.
The ones that are left need you to type in phone number (KYC) or you need to call the operator a few days in advance (KYC) and are like 10% or even 20% over market price.
So daytrips to Switzerland or Netherlands is the way to go. Which destroys all the convenience which was one of the main points in the first place.
reply
Then it would be better if stores or kiosks serves as ATMs instead. Always thinking on low amounts.
reply
Not yet, but i will try
In barcelona, Spain there are a few :)