Bitcoin ATM's popping up!

[DTEJD1997]

Hey all:

 

Has anybody else seen a Bitcoin ATM?

 

I have.  I have seen two now.  There is one installed in a gas station on 8 Mile road!!!!

 

I asked the clerk how long it has been there...a few months...how busy is it?  Never seen anybody use it was the answer.

 

I wonder who decided to place a Bitcoin ATM in a gas station on 8 Mile road? 

 

I wonder if it is like those frozen yogurt robot commercials that I hear every so often on obscure AM radio stations?  "Buy a frozen yogurt robot dispenser and you'll make tons of kash!  We will even help you place them in a great location!"

 

If frozen yogurt robot dispensing machines made TONS OF KASH, why would the company need to sell them to other people?

 

I can just imagine some person with more $$$ than common sense thinking this is a good idea.  They live in NYC or LA...and the seller tells them they've got a great gas station in Detroit on 8 Mile road where they can put BOTH a Bitcoin ATM & a frozen yogurt robot!  The kash is just waiting for you to pick it up!

 

Meanwhile, the dupe in LA/NYC has no idea that the infamous 8 Mile Road is just one step from Mad Max times...

[no_free_lunch]

Does the bitcoin ATM accept cash or only dispense?  I see this is a good idea honestly, from a customer perspective.  Might not be a great investment but it does increase the bitcoin network and given that bitcoins value is the strength of it's network this is a positive.

[Pelagic]

Do these ATMs function as a regular ATM as well or are they exclusively BTC? I have to imagine adding the ability to withdraw from a cryptocurrency account to cash (minus a healthy a transaction fee) wouldn't be that hard to program into new ATMs. Still, you have to ask yourself what percent of people have BTC and need to convert it to cash while paying the ATM's fees, and moreover, how many are going to be coming through that gas station and need it immediately - it can't be a large number of people.

[nodnub]

These have been around for a long time in some cities. Some users discover them as walk by traffic but I think most users discover them is from online directories that list different locations of ATMs, associated fees, etc.  https://coinatmradar.com/

 

These machines do not function as a regular ATM.  They only allow transactions to or from crypto currency. Many of them only work for cash --> crypto. If they do allow you to sell BTC for cash... round-trip fees can be very high (10-15%).

 

I don't imagine that these are stocked with much cash...  too much theft risk for the ATM owner. The machines are usually very small and could be carried away easily by 1 or 2 people.

[nodnub]

 

I wonder who decided to place a Bitcoin ATM in a gas station on 8 Mile road? 

 

 

It might seem crazy but it could be rational. Especially if people in the drug trade are using BTC.

 

Or... it might help to think of these ATMs as automated lottery ticket vending machines with very high fees paid to the owner. Poor people love to buy lottery tickets for a chance to dream of winning big.

 

 

[DTEJD1997]

 

I wonder who decided to place a Bitcoin ATM in a gas station on 8 Mile road? 

 

 

It might seem crazy but it could be rational. Especially if people in the drug trade are using BTC.

 

Or... it might help to think of these ATMs as automated lottery ticket vending machines with very high fees paid to the owner. Poor people love to buy lottery tickets for a chance to dream of winning big.

 

I need to get some caffeine and get up working speed with my brain!  YES, there is an INCREDIBLE drug trade on/near 8-Mile.  I once counted the number of dope stores and was astounded.  There are also unlicensed medicinal cocaine & heroine distributors along 8 Mile.  I imagine that you could get anything that you wanted. 

 

On the other hand...I can't imagine that most of the street level purveyors of the drugs would be sophisticated enough to use bitcoin...perhaps it is the upper level dealers?

 

People along 8-MILE love, Love, LOVE lottery tickets too!  some liquor stores advertise that they have more than lotto ticket dispenser so you don't have to wait as long...

 

It might also be a way to launder cash from the drug trade?

 

I'll look into it further....