Reefer Addicts and Street Thugs Flock to New Jersey’s First Bitcoin ATM

[MicroGuy]

After 2 years of experimenting with various locations, Bitcoin ATM manufacturers are finally hitting their stride and identifying their core customer base – drug pushers, and bong addicts.

Out of the millions of places possible to locate New Jersey’s first BTM, Michael Singh, founder of Kointron, decided to place the company’s machine inside a Jersey City head shop. Locating the ATM in a head shop might seem like an unusual choice, but Singh says other companies are finding success with similar locations.

What’s a Bitcoin? According to Singh, Bitcoin is a digital currency currently gaining traction because it’s decentralized (no government or institution controls it) and it’s anti-inflationary.

The Bitcoin is very popular among drug addicts because it’s the only currency accepted by the black markets of the deepweb. These illegal dens of vice don’t take Visa or Mastercard, but they’ll gladly take BTC.

Using the Bitcoin ATM isn’t like your typical bank ATM. You’ll need to first download an electronic wallet, such as Blockchain, to your phone. That e-wallet will store your Bitcoins. Each wallet has an address associated with it. You’ll insert cash into the ATM (it only accepts cash), scan the code from your e-wallet, and get Bitcoins deposited electronically to your account.

The ATM officially opened Thursday, July 16, and is located at the Smoke Shop in Jersey City, at 2822 Kennedy Blvd. The head shop is open 9AM to 9PM everyday.

Full Story: http://altcoinpress.com/2015/07/reefer-addicts-and-street-thugs-flock-to-new-jerseys-first-bitcoin-atm/

[RocketSingh]

The Bitcoin is very popular among drug addicts because it’s the only currency accepted by the black markets of the deepweb. These illegal dens of vice don’t take Visa or Mastercard, but they’ll gladly take BTC.

Only currency ? So they dont accept GoldCoin ?

[QuestionAuthority]

Maybe they should load the ATM with Dopecoin.

[Bit_Happy]

We don't need to re-enforce the "Bitcoin is for drug users and other criminals" propaganda, but...



If the bong fits, smoke it. 

[unamis76]

It's indeed a market to explore... These guy from BTM companies are smart and looking for profit Unfortunately this on mainstream media will make people even more afraid of Bitcoin...

Despite this... we're the currency of freedom, if you look at it correctly. So it's fitting there are BTM's on these kinds of shops

[yayayo]

After 2 years of experimenting with various locations, Bitcoin ATM manufacturers are finally hitting their stride and identifying their core customer base – drug pushers, and bong addicts.

Why not? Even "reefer addicts" and "street thugs" are simply people after all. It doesn't matter for what Bitcoin is used, as long as it is used at all. From the view of the system any transaction (that gets into a block) is a good transaction.

Revolutionary technologies are often adopted first for "shady business", because these areas have the highest pressures for innovation. That doesn't impede later mainstream adoption in any way.

ya.ya.yo!

[achow101]

It's good for business. Now people in that area looking to get Bitcoin will visit that shop and check out the ATM. It also is good for the ATM owner since he is targeting a population with known users of Bitcoin, pretty much guaranteed income for him since the target demographic is known to use Bitcoin much more frequently than other groups.

[PenguinFire]

"Reefer addicts"  Seriously?  You guys say you like limited government but god forbid someone use bitcoin to buy cannabis.  It is just sooo bad!

[Dire]

...and bong addicts.

Glass made in the shape of a bong is now addictive?

I admit though, I get addicted to all kinds of inanimate objects. Pencils, crayons... and don't let me near a wood veneer table.

[QuestionAuthority]

...and bong addicts.

Glass made in the shape of a bong is now addictive?

I admit though, I get addicted to all kinds of inanimate objects. Pencils, crayons... and don't let me near a wood veneer table.

LOL  Here's a little porn for you.

[Dire]

...and bong addicts.

Glass made in the shape of a bong is now addictive?

I admit though, I get addicted to all kinds of inanimate objects. Pencils, crayons... and don't let me near a wood veneer table.

LOL  Here's a little porn for you.

Oh man. That's a damn fine table. It even has the grain of the wood veneer going in different directions. If I had a table like that, I wouldn't leave the house for months. Forget about it!

[Kprawn]

Hey, What will Bitcoin be, if you cannot buy Pot with it? Let's give the "Reefer addicts" some Satosho's too. 

The people who own the Bitcoin ATM's have to follow the money... They look at market trends and they proviide a service, that would guarantee a profit.

The banks are doing the same... We recently had a Fiat ATM removed in one of the suburbs, because the bank said, it was not doing the minimum transactions to sustain it's operating costs.

They need to make money, to provide the service... It's all about profit. 

[Amph]

this is only a transitory phase where all that no-sense that bitcoin is here to annihilate, like atm debit/credit card paypal for bitcoin, will be erased when bitcoin will be used to buy everything directly, without the need to dump everytime

by dumping you're only helping bitcoin fiat competitor

[turvarya]

So, is the head shop a legal business?
I guess: yes. So, what exactly is the problem?

[vervolioman]

The Bitcoin is very popular among drug addicts because it’s the only currency accepted by the black markets of the deepweb. These illegal dens of vice don’t take Visa or Mastercard, but they’ll gladly take BTC.

Only currency ? So they dont accept GoldCoin ?

I am pretty sure the hoops you have to jump threw to become fairly anonymous with bitcoin would make it much easier to use Darkcoin now Dash. I am going to take a look at that because I believe that bitcoin is the only digital currency used is wrong.

[TrueBeliever]

it is a fact that ATM operators seem to get the best business with ATMs in these locations.

it is an unfortunate fact that this fact gets such publicity still.  We need new use cases

[S4VV4S]

I know that too much of anything can make you an addict but, I did not know that there's an actual (physical) addiction to marijuana.
It's the first time I have heard of this. We live and learn I suppose

Apart from that, OP, do you have something against Bitcoin?
I need to ask because most of your posts are negative against Bitcoin, so I was just wondering.

[tiggytomb]

This article had me chuckling, popular with drug addicts and street thugs just like cash then eh?
all press is good press I suppose.

[NorrisK]

I guess this is the best way to generate a decent amount of transactions. It is only a matter of time for other people to want to go for it..

Although, with the fees currently applied, aren't we still close to paying bank fees?

[sani]

After 2 years of experimenting with various locations, Bitcoin ATM manufacturers are finally hitting their stride and identifying their core customer base – drug pushers, and bong addicts.

Why not? Even "reefer addicts" and "street thugs" are simply people after all. It doesn't matter for what Bitcoin is used, as long as it is used at all. From the view of the system any transaction (that gets into a block) is a good transaction.

Revolutionary technologies are often adopted first for "shady business", because these areas have the highest pressures for innovation. That doesn't impede later mainstream adoption in any way.

ya.ya.yo!

YAYAYO, I agree with you, Bitcoin definitely needs time to be generalized and not succeed because success has already happened, the technology works, the most important point is time. Things will happen by themselves.

I used your comment here.