Bitcoin Forum

Economy => Trading Discussion => Topic started by: favelle75 on October 31, 2013, 01:04:27 AM



Title: Vancouver BTC ATM....
Post by: favelle75 on October 31, 2013, 01:04:27 AM
How is this not bigger news on this site?


Title: Re: Vancouver BTC ATM....
Post by: Unluckyduck on October 31, 2013, 10:52:26 AM
Why should it be? It's really not that life changing to people already on the btc scene.


Title: Re: Vancouver BTC ATM....
Post by: favelle75 on October 31, 2013, 04:34:12 PM
Why should it be? It's really not that life changing to people already on the btc scene.

You're right. The first ATM in the world that trades in BitCoins isn't news. Silly me.


Title: Re: Vancouver BTC ATM....
Post by: joesmoe2012 on November 01, 2013, 12:41:38 AM
I thought there was an ATM in Cyprus months ago...?


Title: Re: Vancouver BTC ATM....
Post by: LiteCoinGuy on November 01, 2013, 12:44:26 PM
the ATM is in every big press article...

did you miss the press - section here?


Title: Re: Vancouver BTC ATM....
Post by: Vancityguy on November 02, 2013, 04:51:18 AM
It's been all over Reddit and national news, I've seen ton's of pieces on it.  It's also getting a ton of coverage in the local media, there's quite frequently a line at the machine.

It's getting a lot of attention.


Title: Re: Vancouver BTC ATM....
Post by: Radelderth on November 02, 2013, 08:41:31 AM
No body really cares about BTC ATM... BTC is all about online.. am I right?


Title: Re: Vancouver BTC ATM....
Post by: f4tal1ty on November 03, 2013, 10:34:14 AM
I guess thats the point, with 7% of transaction fees compared to 0-2% at online exchanges, the Bitcoin Atm isnt really interesting for experienced Bitcoiners
But for newcomers it is just much easier to adapt to a simple cash machine, similiar to the ones all people are already used to, instead of trusting unknown exchange websites and working themselves through the verification, funding and trading process, which costs a lot of time and work. So it is perfect publicity for Bitcoin, bringing new users into the system.
But I guess the flexibility and instant way of transaction of the BTC Atms is an big advantage for every user.


Title: Re: Vancouver BTC ATM....
Post by: imrer on November 03, 2013, 03:11:04 PM
I guess thats the point, with 7% of transaction fees compared to 0-2% at online exchanges, the Bitcoin Atm isnt really interesting for experienced Bitcoiners
But for newcomers it is just much easier to adapt to a simple cash machine, similiar to the ones all people are already used to, instead of trusting unknown exchange websites and working themselves through the verification, funding and trading process, which costs a lot of time and work. So it is perfect publicity for Bitcoin, bringing new users into the system.
But I guess the flexibility and instant way of transaction of the BTC Atms is an big advantage for every user.

I believe there is 3% commision. Where have you bring that information? Anyway you are right about newcomers, it's great to them and amazing way to popularize bitcoin.


Title: Re: Vancouver BTC ATM....
Post by: f4tal1ty on November 04, 2013, 01:12:35 AM
Ya right, the transaction fee is 3%, so 2-6 times as much as on regular online exchanges.

Quote from: forbes
Though the machine makes a near instant exchange taking less than a minute reports Wired Demeter says there is a 3% fee to change money using the machine, making it pricier than most online exchanges. San Francisco-based Coinbase charges a 1% fee to change money to Bitcoin. Canadian Virtual Exchange has fees from .5% to 1.5%.

http://www.forbes.com/sites/kashmirhill/2013/10/31/why-are-people-so-excited-about-a-bitcoin-atm/


Do I get it right that it is possible to buy shares of upcoming BTC ATMs of Robocoin to make profit of the usage / fees?

https://bitcointalk.org/index.php?topic=324225.0



Title: Re: Vancouver BTC ATM....
Post by: exstasie on November 04, 2013, 02:55:04 AM
I guess because the whole idea of the BTC ATM is to get the mainstream population talking about BTCs, whereas everyone on here is already familiar, or in the process of getting familiar.  The ATM isn't really anything 'new', just a physical machine to do what everyone already is doing!

The only benefit would be for converting cash into Bitcoins...I wouldn't mind getting a machine downtown Toronto.  There would be TONS of volume i'd think.  There is a bit of hassle in Canada having to get verified for everything.