Bitcoin Forum

I'm a fan when it comes to vending machines.

The first modern vending machines were developed in England in the early 1880s.
I have never seen an actual vending machine that accepts bitcoin. It would be so awesome watching how it works.

Can you please tell me what are the advantages and disadvantages of this invention? Please share your thoughts. Thanks in advance!

The advantages of having a bitcoin vending machine is that you can buy things on vending machine a lot faster than bringing bills or credit card. Because in bitcoin you only need a qr code of your wallet address to pay so the vending machine will scan it and you got your order, while the Disadvantages of it is the cost of the machine that uses bitcoin on payment i think it will cost a lot on the manufacturer but if the result is good then maybe thats one of the future technology using bitcoin.

I like the idea of a bitcoin vending machine but for me I don't see any advantage of it but some disadvantages.

Lets say we will use bitcoin credit or debit card to buy some in the vending machine and because you are paying using bitcoin, its price is higher than the normal price because of its fees.

Another disadvantage is its tx speed. Lets say there are many people falling in line just to buy something in the vending machine. How long they will wait for the confirmation to be done? Lets say 5-10 minutes maybe or more. Do you think most people like to wait?Definitely no and they will think of another option. Maybe they will just buy at a store or another establishment.

Maybe the only advantage I see in this idea is more people will know about bitcoin.

I think it should work the other way around, mate. You scan the QR code provided by the machine with your wallet and send the purchase amount to the machine's address.

If it were the way you suggested, what stops the machine from storing the QR code you provided and reusing it, or just emptying your address completely the moment you scan your QR code?

Lot's of good advantages with all the people wanting to invest in crypto this will be a big help. I like the idea that it is 24 hours open. The only thing I was wondering if how will they process big transactions and could it have a feature that limits money laundering? Hmmm.. But Bitcoin Vending Machines looks interesting. It will really speed up the adaptation process of bitcoin and other cryptocurrencies

It sounds like a great idea.
It seems that there are already vending machines that can buy and sell bitcoins, but I'm curious about which exchanges these machines are selling. Can they be sold in real time? ???

In my city, there are no merchants in the offline market who accept Bitcoin against the goods and services so I do see a huge opportunity for such vending machines, and while doing some research about the same I found that in some cases you have to take permission from the government to install such machines. I am not sure if it is the same requirement as that of a requirement for the ATM machine but there are legal complications in setting up such machine.

The idea of having those kind of machine is always great, easy transaction and availability as well the "free ads" to increase its popularity.
But I think it will be useless, since you can even use your smartphone to do all those transactions.

The whole point of vending machines is that you put your money in and get your product instantly, I really don't think people want to stand around for a few minutes whilst the transaction is confirmed, or potentially longer if they accidentally put a low fee. However, if you could pay with a bitcoin debit card where double spends are blocked, then it could certainly work, though I really doubt there is a market form them right now as adoption isn't high enough.

Wow! I never thought of that but it sounds cool! The advantage would be the convenience of not bringing cash always with you. Also, you do not need to worry about the change since probably the transaction would require that they will deduct the exact amount from your btc wallet. Just like when you pay via credit card. However looking at the financial side, it might be costly to replenish your wallet every time. Expect also higher goodies since the machine would be customized and needs a more expensive capital investment.

Do you refer to fiat payments? If so, then you do have a fair point, but in this case it would be great if people were given the option to either choose to pay with fiat, or with Bitcoin. It would make the most sense as well.

At the end of the day, it's all about generating income through these vending machines, so in current times it would be an utter waste of invested capital if such machines aren't accessible to all payment fields.

It's basically you saying no to potential revenue, which is not how things work in an economy. Bitcoin isn't yet at such a stage to completely rule over as payment option, and I don't know when and if it ever will.

Why not, there are also projects based on blockchain, casino.There are the same slot machines for Ethereum and bitcoin.

There are already some vending machines that accept Bitcoin but there are only few. I have read it long time ago that there are this aeguana vending machine that already did it and a marijuana vending machine (I forgot the name). But honestly I don't know how those machine works with Bitcoin payments (maybe just like how you cash out your Bitcoin in a Bitcoin ATM, by scanning qr code) or if it is really worth paying your Bitcoin with it. I can't see any advantage of using it because, lets say you want to purchase something with those vending machine that is worth $5, of course you will not only spend the price of that product because you will also pay for transaction fees and for you to not wait any longer you will pay higher transaction fees. If this is the case I would rather buy using a cash (even the transaction fee rates of Bitcoin already dropped). Maybe if the lightning network gets implemented it will be worth buying on those machines with Bitcoin.

I think it's an excellent idea regarding the evolution of Bitcoin in general. You have the fastest and safest transaction. You do not need to bring anything with you if not the QR code that you can very well keep on your smartphone.

Useless, why at least it would be the same for use.
And the main thing is that fiat is controlled, crypto not so.

the idea actually not very clear, how about prices?
we all know that btc's prices fluctuating and sometimes spikes are great.. so does it mean that the prices for good will be fluctuating as well? right?
and other thing - the transaction cost is really huge.. so you will not be able to buy some milk with BTC )) cause cost of transaction will be much much more then the cost of milk..

Reusing the code not enough if the user not approve the payment so we dont need to worry.
Another thing, the payment normally take longer time so its the first problem we will have. How to solve it?

Bitcoin Vending Machine is the leading ATM machine in the world. Publickly traded and building automated bitcoin solutions in top market.With the use of crypto currency solutions like bitcoin it could be a game changer for those hosting these devices.Bitcoin transactions provide more security and transfer of funds can be fully automated as human labor and cash handling cost are eliminated.Vending machine tethered to Bitcoin could have a bright future together if more owners decide to utilize the decentralized crypto currency with these nostalgic self automated vendors

Faster than a credit card?
Sorry but with a contactless card I usually get confirmation in 3-5 seconds.
You won't be able to even launch your wallet on your smartphone by the time I walk away with my drink.

LE.
Seems like bug.lady already corrected you on the actual way a purchase is done.
But that is a hint you have never actually made a purchase and paid with bitcoins.


That is just paying with a credit card with fiat. You could do that with your usual card that in 99% cases has lower maintenance fees.


You had to write down by yourself a single line. And it's such garbage it immediately made me think the rest is copied from somewhere....exactly from here
https://news.bitcoin.com/evolution-bitcoin-vending-machine/
Enjoy your ban!!!!

maybe fee to send the coins is the main problem, as we know if vending machine commonly sell cheap thing like foods & beverages. and we must pay higher for the transaction fee. that is major problem

currently people still can't know the advantages or disadvantages from bitcoin vending machines and correct me if i'm wrong but until now there is no bitcoin vending machines available but currently only bitcoin ATM are available which is the locations from other countries such as US, Canada, Singapore and etc

So far with are the the stage of ATMs, soon enough the integration of Blockchain will be wider and Vending machine will be able to accept Bitcoin as well.
Just give it time and everything will be possible.

Advantages:
- there isn't any.

Disadvantages:
- paying something what cost half dollar - half dollar + transaction fee
- waiting your transaction to confirm, I don't see point in waiting up to 45 minutes to get coffee or something thus said above.

I do apologize! reply to post deleted. My bad!

Vending machines are not going to add bitcoin as a payment method because there arent so many people that spend bitcoin to buy food. Probably there are going to be 2-3 people per month that buy from that vending machine so it does not worth the effort to add the software that accepts bitcoin to the machine. There are going to be some advantages because you could pay a lot faster just by scanning the QR code and pressing the pay button in bitcoin wallet. Another advantage is that you could pay directly through your phone if you dont have money or a credit card at you.

I don't think this is the best idea because it could have a lot of disadvantages for the seller. There's chances that someone might just double spend a transaction, cheat the machine, and get whatever they want out of it, all while being completely anonymous. Furthermore, it's just not time efficient when bitcoin transactions are flooding. There's going to be people who try to buy something and then have to wait for an absurd amount of time to get their item if they have to wait for one confirmation.

These reasons just make a bitcoin vending machine not really appealing, so I think there might be a better design here that could get it to work.

You could solve this problems but it would trigger others.
The most obvious solution would be to require an ID scan before you start the actual purchase.
But it will turn a lot of people from buying, not only because of privacy concerns but also because most of them don't carry their id all the time. Plus it would require a lot of extra paper work from the vendor.

An other way would be a special personal code or pass that you can get from the vendor, by this confirming each time your identity.That would protect a bit the seller from fraud but it would probably make him lose 90% of the customers.

There is no easy and fast way that doesn't involve risks.

It might not be a good idea as of now because when there is a lot of traffic it causes a lot of congestion which ultimately leads to very long confirmation times as well as very high fees. So if a person would like to use a bitcoin vending machine during such times he/she would have to pay far more than the actual price of the product.

How many years ago the list could include mining, but now the popularity of Bitcoin's crypto currency has gone too high with a restriction on the daily norm of the created blocks?

The representative of the STI Rolandas Punciavičius in the comment DELFI explained that these terminals should receive certificates of vending machines, included in the list of authorized STI cash registers and vending machines and registered with the STI. "Such equipment should ensure the safety of the data received, ie, the data on the number of sales or services provided should be accumulated in the memory, the amounts coming through the machine, and they must meet the following requirement: if they are disconnected from the power network, the financial data must be stored not less than 30 days, and the work of the terminal should be automatically blocked if you try to turn off the memory or the system of counting funds "

I rarely see vending machines which accept credit cards, I usually don't have any small change with me so it is really annoying, Vending machine which would accept Bitcoin would be interesting but there are few problems that concern me. Would you give snack or drink immediately after the transaction was sent? Someone could rebroadcast transaction with higher fee to different address and in result get really cheap drink. A big screen would also be needed for displaying the QR code and the address for additional confirmation.

Taking the bitcoin to the street by means of these vending machines is a great advantage for the currency, which allows greater disposition and use by the general public and also we observe vending machines that offer products paying with bitcoins, such as redbull, Without a doubt this is an excellent way to promote the use of digital currency.

This is a nice concept, if you can buy in vending machine using bitcoin, it can be very simple to do.
You just need to bring your wallet, it can be paper wallet, or mobile phone wallet, and just use it.

No it doesn't work like this in bitcoin, you don't approve any "incoming" payments, i.e. payments from your wallet cannot be initiated by the third party (vending machine). You can initiate your payment, but to do that you need to know the machine address and hence the machine should display its QR code.

Long processing time can be solved by accepting 0 confirmations, and it is strictly risk management related issue, it can be handled, corporations have means to calculate the risk involved and "incorporate" it in the vending price.