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Built for Bitcoin. Next Run: Early 2014

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Re: Built for Bitcoin. Next Run: Early 2014

#11

Post by ok_craig »

luke_s wrote: post #8
ok_craig wrote: post #5

I used one of these the other day to try to buy $1 worth of bitcoin. It spun forever and I had to leave. Don't know if it ever actually went through or not, but it should've given me a timeout message way before 5 minutes of standing there.

Really? I'm kind of amazed by this whole thing - I never thought there would be a desire to purchase bitcoins in real life with physical cash. I always thought of it more as a online thing people would do via exchanges, smart phone apps, etc. If you don't mind me asking - Where was the machine? Why were you buying bitcoins there vs just using an online exchange?

It was at the money2020 conference and I work in the bitcoin industry so I was naturally curious.

Re: Built for Bitcoin. Next Run: Early 2014

#12

Post by haakon »

sktrdie wrote: post #10
mikkom wrote: post #4

I'm not sure if the "compact size" is such a good thing - There is a reason why ATMs are so big.. (A junkie with a crowbar)

I would love to see these in airports! There's already lots of security there so no need to make them huge.

I'd like to see the reverse in airports: Land in some strange country, immediately get local currency for bitcoins.

Re: Built for Bitcoin. Next Run: Early 2014

#13

Post by jwr »

It's not a "Bitcoin ATM". It's a "Buy Bitcoins for cash" machine. And there is a huge difference.

I'll get excited when I see a machine that DISPENSES cash for Bitcoin, anonymously. That will be a breakthrough. For the moment, in spite of many claims, Bitcoin remains the most easily trackable currency and there is no way that I know of to get money out of the Bitcoin system in a way that can't be tracked.

Re: Built for Bitcoin. Next Run: Early 2014

#14

Post by lewispollard »

luke_s wrote: post #8
ok_craig wrote: post #5

I used one of these the other day to try to buy $1 worth of bitcoin. It spun forever and I had to leave. Don't know if it ever actually went through or not, but it should've given me a timeout message way before 5 minutes of standing there.

Really? I'm kind of amazed by this whole thing - I never thought there would be a desire to purchase bitcoins in real life with physical cash. I always thought of it more as a online thing people would do via exchanges, smart phone apps, etc. If you don't mind me asking - Where was the machine? Why were you buying bitcoins there vs just using an online exchange?

I guess it adds another layer on anonymity to it. Online exchanges often require your name and address, and even if they don't, you're probably going to be funding it via a debit card or bank account which can be traced back to you. By using cash, there's no way of identifying who purchased the bitcoins (except via cctv I guess)

Re: Built for Bitcoin. Next Run: Early 2014

#16

Post by sktrdie »

jwr wrote: post #13

It's not a "Bitcoin ATM". It's a "Buy Bitcoins for cash" machine. And there is a huge difference. I'll get excited when I see a machine that DISPENSES cash for Bitcoin, anonymously. That will be a breakthrough. For the moment, in spite of many claims, Bitcoin remains the most easily trackable currency and there is no way that I know of to get money out of the Bitcoin system in a way that can't be tracked.

I wonder what the implications are of doing BTC->FIAT.

Re: Built for Bitcoin. Next Run: Early 2014

#17

Post by csomar »

haakon wrote: post #12
sktrdie wrote: post #10

Earlier quoted context omitted.

I would love to see these in airports! There's already lots of security there so no need to make them huge.

I'd like to see the reverse in airports: Land in some strange country, immediately get local currency for bitcoins.

The device might be interesting though. If you have some remaining bills and you are lazy to convert them. I have, maybe, $100 of cash in many different currencies remaining from my travels.

Re: Built for Bitcoin. Next Run: Early 2014

#18

Post by ccarpenterg »

jwr wrote: post #13

It's not a "Bitcoin ATM". It's a "Buy Bitcoins for cash" machine. And there is a huge difference. I'll get excited when I see a machine that DISPENSES cash for Bitcoin, anonymously. That will be a breakthrough. For the moment, in spite of many claims, Bitcoin remains the most easily trackable currency and there is no way that I know of to get money out of the Bitcoin system in a way that can't be tracked.

The definition of ATM From Wikipedia:

is an electronic telecommunications device that enables the clients of a financial institution to perform financial transactions without the need for a cashier, human clerk or bank teller.

Re: Built for Bitcoin. Next Run: Early 2014

#19

Post by oleganza »

It's a bitcoin vending machine. Owner of a bar/cafe/shop can accept bitcoins for payments and load them in this machine to convert them to cash. Those who want to spend bitcoins don't need to find those who want to buy them.

Shops have easier way to accept and convert bitcoins into local currency => more places to spend bitcoins => more places where to buy bitcoins => more people using bitcoins => value grows => more shop owners are interested in keeping some BTC as an investment => less need for local currency => less friction => more bitcoin adoption => local currencies die out of hyperinflation (aka massive sell off) => fully deflationary economy => we all die in a deflationary spiral (not really ;-)

Re: Built for Bitcoin. Next Run: Early 2014

#20

Post by selectstar »

luke_s wrote: post #8
ok_craig wrote: post #5

I used one of these the other day to try to buy $1 worth of bitcoin. It spun forever and I had to leave. Don't know if it ever actually went through or not, but it should've given me a timeout message way before 5 minutes of standing there.

Really? I'm kind of amazed by this whole thing - I never thought there would be a desire to purchase bitcoins in real life with physical cash. I always thought of it more as a online thing people would do via exchanges, smart phone apps, etc. If you don't mind me asking - Where was the machine? Why were you buying bitcoins there vs just using an online exchange?

Whatever the location, you can imagine the CCTV that will be around them when they appear in the wild.
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