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Author Topic: Building a Bitcoin ATM. Should I bother? Demo Video!  (Read 6672 times)
byronbb
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November 20, 2012, 05:52:36 AM
 #21

Here is another way to leverage the work of others:

Look at this prepaid phone card vending machine: http://www.onlinevending.com/catindex/items/C100-19-0.html

Simply load it with empty paper wallets with a Bitcoin address on them, pre-printed onto standard size plastic cards.

All it requires is that you have some way to know immediately when a card is sold (for example, a sensor that notifies your server of a sale via a cellular connection).  Your server automatically calculates the correct amount of BTC and sends it to the card at the time it is vended.  Assumption is you know in advance the sequence of the cards so you know which one just got sold.  Voila, bitcoin ATM with minimum engineering.

With even less engineering, you could activate the cards simply by pre-printing activation codes and then having the buyer use their cell phone to notify you they just bought the card by visiting a URL, scanning a QR code, or calling an activation number just like a prepaid phone card.  (they end up getting the exchange rate as of the time they activate it instead of the time they buy it, but it's sixes)

How about you vend bitcoin addresses as you say for a set $ amount ie a $20 card. User retrieves card and holds card's QR code up to vending machine's scanner. $20 worth of btc then sent to the address.


edit
Oh ya. Awesome job OP.

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November 22, 2012, 06:54:27 PM
 #22

Wasn't someone working on a BTC ATM about a year or two ago (it was a USD version, not a EUR version)?  What ever became of that?

Someone ought to help OP out with a link to that project so OP doesn't have to reinvent any wheels.
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November 23, 2012, 07:47:02 AM
 #23

Really a nice idea. A fast and convenient way to exchange fiat for bitcoin is really missing.
 

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November 23, 2012, 10:55:37 PM
 #24


I have parts for the enclosure on order and will post a video of the completed unit when completed.  I will be getting a web site together to start up a formal organization for this project. 

I have seen another bitcoin ATM from a year ago on You Tube.  I didn't quite understand if they where selling private keys with value on them or a similar system to what I am doing.  It really didn't show it function at all.

I am hoping to have a location in the Chicago area in early 2013. With locations in L.A. and New York to follow.
 

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November 23, 2012, 11:40:15 PM
 #25

Here is another way to leverage the work of others:

Look at this prepaid phone card vending machine: http://www.onlinevending.com/catindex/items/C100-19-0.html

Simply load it with empty paper wallets with a Bitcoin address on them, pre-printed onto standard size plastic cards.

All it requires is that you have some way to know immediately when a card is sold (for example, a sensor that notifies your server of a sale via a cellular connection).  Your server automatically calculates the correct amount of BTC and sends it to the card at the time it is vended.  Assumption is you know in advance the sequence of the cards so you know which one just got sold.  Voila, bitcoin ATM with minimum engineering.

With even less engineering, you could activate the cards simply by pre-printing activation codes and then having the buyer use their cell phone to notify you they just bought the card by visiting a URL, scanning a QR code, or calling an activation number just like a prepaid phone card.  (they end up getting the exchange rate as of the time they activate it instead of the time they buy it, but it's sixes)

How about you vend bitcoin addresses as you say for a set $ amount ie a $20 card. User retrieves card and holds card's QR code up to vending machine's scanner. $20 worth of btc then sent to the address.


edit
Oh ya. Awesome job OP.

That's essentially what I have suggested, other than that to do what you've suggested, that vending machine would have to be outfitted with a scanner, with an associated programming expense, maintenance expense, and recurring communication charges to keep that scanner in contact with home base.

There is value in simplicity, both in terms of cost to those who will use/own/operate/maintain the machines, as well as how long it would take to go from idea to fully functioning implementation.

Meanwhile, if the customer can just use his own cell phone, or go directly to the redemption URL printed on the card so he can enter his own destination bitcoin address, then the solution is that much simpler.  Someone can buy a phone card vending machine TODAY and start selling bitcoin cards TODAY without hiring programmers to implement that scanner... all that is needed is some cards to sell and a web platform for redeeming the cards.

Importantly, that web platform need only be created once by one company in the business of selling cards, and then thousands of internet cafes could start selling bitcoins from a vending machine TODAY.

Companies claiming they got hacked and lost your coins sounds like fraud so perfect it could be called fashionable.  I never believe them.  If I ever experience the misfortune of a real intrusion, I declare I have been honest about the way I have managed the keys in Casascius Coins.  I maintain no ability to recover or reproduce the keys, not even under limitless duress or total intrusion.  Remember that trusting strangers with your coins without any recourse is, as a matter of principle, not a best practice.  Don't keep coins online. Use paper or hardware wallets instead.
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November 23, 2012, 11:59:06 PM
 #26

Here is my prototype demo video http://youtu.be/EdR_fHr_6Eg
Man, "Big-Up yourself!"  Cheesy That is excellent!!!

Look forward to seeing one of your systems in the wild! Good luck!

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November 28, 2012, 02:55:26 AM
 #27


I have parts for the enclosure on order and will post a video of the completed unit when completed.  I will be getting a web site together to start up a formal organization for this project. 

I have seen another bitcoin ATM from a year ago on You Tube.  I didn't quite understand if they where selling private keys with value on them or a similar system to what I am doing.  It really didn't show it function at all.

I am hoping to have a location in the Chicago area in early 2013. With locations in L.A. and New York to follow.
 

Great project!

I am interested in doing exactly this in Australia. I was thinking about using the Mei AE2600 and raspberry pi with serial multi data bus as controller but the information is scarce and my knowledge is basic. I would really like to see some kind of wiki projects site!

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dmatthewstewart
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November 30, 2012, 04:00:13 AM
 #28

I would love to see one set up somewhere. I would be buying bitcoins like crazy. Right now I have to use BitInstant and drag my butt down to walmart and pay the stupid fees in that process. I bet a finished machine could be competitive against the fees associated with the cash transactions done through bitinstant

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December 01, 2012, 05:37:54 AM
Last edit: December 01, 2012, 05:56:05 AM by JayCoin
 #29

Registered BitVenders.com domain and put up a page that describes the plan for this bitcoin vending machine.

This should give anyone who wants to build a machine the information they need to do it.  I have some ways to go on the code before it's ready. Hopefully I will be ready by January.

Hello There!
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December 09, 2012, 05:16:10 AM
 #30

why doesn't this video have a bajillion views

were you throwing this project on kickstarter or anything?

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December 12, 2012, 09:05:44 AM
 #31

why doesn't this video have a bajillion views

were you throwing this project on kickstarter or anything?
Let the bitcoinaddress be scannable by qr as well.

Koop en verkoop snel en veilig bitcoins via iDeal op Bitonic.nl
Heroe7jng
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October 09, 2014, 03:50:39 AM
 #32

Any Updates on these projects?
jelt14
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October 09, 2014, 12:02:07 PM
 #33

great idea
deal
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October 12, 2014, 01:21:34 PM
 #34

Good idea. Maybe this will help:

http://www.instructables.com/id/Open-Bitcoin-ATM/
http://openbitcoinatm.wordpress.com/
Prompyboo
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October 12, 2014, 01:27:34 PM
 #35

good work guys



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