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Title: Dummies interesting question over Bitcoin ATM Post by: vmiss on January 28, 2015, 05:58:59 PM Hey guys,
I just saw a video of a guy which purchased 5 dollars worth of bitcoins with his bitcoin ATM. https://www.youtube.com/watch?x-yt-cl=84924572&x-yt-ts=1422411861&feature=player_detailpage&v=u3J2f6RXDeY (https://www.youtube.com/watch?x-yt-cl=84924572&x-yt-ts=1422411861&feature=player_detailpage&v=u3J2f6RXDeY) My question is, what is stopping him from have removing the money of the bitcoin machine and still having the bitcoins... I hope someone could clarify this, sorry for my ignorance on the subject. :-X Title: Re: Dummies interesting question over Bitcoin ATM Post by: notlist3d on January 28, 2015, 06:21:56 PM If you mean breaking ATM open it would be that most likely displayed where it can be seen. It is not like a bank atm that would be placed outdoors. It would be a horrible thing to do and ultimately cause a ATM to chances are close.
Title: Re: Dummies interesting question over Bitcoin ATM Post by: RodeoX on January 28, 2015, 06:28:38 PM Title: Re: Dummies interesting question over Bitcoin ATM Post by: vmiss on January 28, 2015, 07:41:39 PM Guys... hahaha You are so drastic! Let me better explain myself.
Lets say i buy $5 of bitcoins, then i open the machine myself and take the $5 dollars way of my own machine. How does the bitcoin knows that i have both money and bitcoins? I'm not understanding this. Hope someone can help! :) Title: Re: Dummies interesting question over Bitcoin ATM Post by: RodeoX on January 28, 2015, 08:10:12 PM I think I understand you. If I do the answer is that he could just open the machine and take out his cash. But it would be HIS cash and HIS bitcoins inside. If this is like other BTC ATMs I have seen, the owner must fund the machine. Kinda like a gumball machine you own. You could just open it and steal the gumballs or the money, but it's all yours already.
So the owner of this low security model must place it on the counter top or somewhere else that can be monitored. Title: Re: Dummies interesting question over Bitcoin ATM Post by: vmiss on January 29, 2015, 01:41:32 PM I think I understand you. If I do the answer is that he could just open the machine and take out his cash. But it would be HIS cash and HIS bitcoins inside. If this is like other BTC ATMs I have seen, the owner must fund the machine. Kinda like a gumball machine you own. You could just open it and steal the gumballs or the money, but it's all yours already. So the owner of this low security model must place it on the counter top or somewhere else that can be monitored. Thanks a lot, that answer my questions ! :-X :-X Title: Re: Dummies interesting question over Bitcoin ATM Post by: minerpumpkin on January 29, 2015, 01:50:14 PM Well the money would be yours anyways (if you own the machine). When purchasing the BTC at the ATM, you sell some of the Bitcoins you own to the person using the ATM. You can also re-buy the exact amount the person buys on an exchange with your own money. The money the person puts in the ATM becomes your money. Bitcoin has no central authority and doesn't know its price.
Title: Re: Dummies interesting question over Bitcoin ATM Post by: vmiss on January 29, 2015, 03:34:14 PM Well the money would be yours anyways (if you own the machine). When purchasing the BTC at the ATM, you sell some of the Bitcoins you own to the person using the ATM. You can also re-buy the exact amount the person buys on an exchange with your own money. The money the person puts in the ATM becomes your money. Bitcoin has no central authority and doesn't know its price. Yea, my doubt was if i was buying from an exchange like bitstamp or other. Since it looks like these machines need to have bitcoins in their addresses, this option is not possible. What you said makes sense. Thanks for that! Title: Re: Dummies interesting question over Bitcoin ATM Post by: locopao on January 29, 2015, 07:35:26 PM so how the atm owner makes some profit? he sells more / buy less than an exchange ?
Let's say i own an ATM machine like these and already put it in a well monitored place. How can i make some profit? Title: Re: Dummies interesting question over Bitcoin ATM Post by: Sindelar1938 on January 30, 2015, 06:20:36 AM The ATM machine takes a cut of between 5% and 8% if I am not mistaken
So quite profitable in theory if there is enough demand Title: Re: Dummies interesting question over Bitcoin ATM Post by: Sindelar1938 on January 30, 2015, 06:30:12 AM BitAccess machines allow for a 6% commission, if memory serves
Title: Re: Dummies interesting question over Bitcoin ATM Post by: locopao on January 30, 2015, 10:44:30 AM oh, i see.
So it can be real profitable if -as you said- there is enough demand. Probably not in my country (yet). On the other hand, the cost of a machine like this is not too much. I think around $1000, so maybe it will not be so hard to make at least a ROI. Thanks for your answer. |
