2013-02-23 cnet.com - Need Bitcoins? This ATM takes dollars and funds your accou

[Stephen Gornick]

New Hampshire entrepreneurs have created a dollar-converting anonymous Bitcoin ATM, which they hope to sell to bars, restaurants, and other retail locations nationwide.

Zach Harvey has an ambitious plan to accelerate adoption of the Internet's favorite alternative currency: installing in thousands of bars, restaurants, and grocery stores ATMs that will let you buy Bitcoins anonymously.

It's the opposite of a traditional automated teller that dispenses currency. Instead, these Bitcoin ATMs will accept dollar bills -- using the same validation mechanism as vending machines -- and instantly convert the amount to Bitcoins and deposit the result in your account.
[...]
"If we made these machines somewhere around $1,000 to $1,500 each, depending on the commission, they could be able to buy this and make it back within a reasonable period of time," Harvey says.
[...]
To obtain Bitcoins, people use an iPhone app like Blockchain or Android's BitcoinSpinner to show the ATM a QR code with their desired address for payments. After they insert a dollar bill (denominations up to $100 are accepted), the ATM automatically credits their Bitcoin account with the proceeds. There's a 1 percent transaction fee.

"Even people who have been in the Bitcoin world for a while and have used every type of exchange are blown away by the simplicity of this machine," Harvey says. "I'm just putting in a dollar. Before they really know what's going on, their phone tells them, 'You have Bitcoin.'"

 - http://news.cnet.com/8301-13578_3-57570925-38/need-bitcoins-this-atm-takes-dollars-and-funds-your-account/

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[lassdas]

Now THAT is awesome.
I hope they can sell a couple of thousands of those machines, that would be even more awesome. 

[21after2]

In freaking New Hampshire? Damn it, my area never gets anything cool... 

[dust]

Does anyone have a video of the ATM?

[nimda]

In freaking New Hampshire? Damn it, my area never gets anything cool... 

I want to move to NH. Seems like they have the most Bitcoin traction, and NH will probably be the first state to reach critical mass.

[Walter Rothbard]

Wow.

[Piper67]

Does anyone have a video of the ATM?

http://www.youtube.com/watch?v=BE5CEX4vRck

[Mike Christ]

Does anyone have a video of the ATM?

http://www.youtube.com/watch?v=BE5CEX4vRck

An unusually high influx of non-believers on that vid   But thanks!

[Piper67]

Does anyone have a video of the ATM?

http://www.youtube.com/watch?v=BE5CEX4vRck

An unusually high influx of non-believers on that vid   But thanks!

The more I think about this, the more awesome it becomes. Say someone in LA wants to send money to their relatives abroad: you make them a wallet with blockchain, print out the QR code, go to the nearest bar with a Bitcoin ATM and put in 100 dollars.

Really awesome.

[kiba]

In freaking New Hampshire? Damn it, my area never gets anything cool...  

That's where all the libertards live. If you want anything cool that libertards likes, you better move there.

[bbit]

In freaking New Hampshire? Damn it, my area never gets anything cool...  

That's where all the libertards live. If you want anything cool that libertards likes, you better move there.

Tons of Libertards live there.

[knight22]

Wow that's pretty impressive!

[bbit]

Wow that's pretty impressive!

Pretty amazing where everything is going these days!

[dust]

Does anyone have a video of the ATM?

http://www.youtube.com/watch?v=BE5CEX4vRck

Thanks.

[Rasko]

That is really cool, I bet its taking loads of money that went into investment!
Hopefully LA can get some! 

[bbit]

That is really cool, I bet its taking loads of money that went into investment!
Hopefully LA can get some! 

I'm ready to set-up a full business in L.A  ;-)

[Dusty]

Fantastic machine, but to be complete it should be able to do also the opposite: convert bitcoins to cash.

[molecular]

In freaking New Hampshire? Damn it, my area never gets anything cool... 

Isn't New Hampshire also considering to make gold and silver legal tender again?

[kiba]

Isn't New Hampshire also considering to make gold and silver legal tender again?

They should make everything legal tender! Although, I don't think the NH likes receiving trucks for tax payments.

[giszmo]

I wonder what the business model is though. As said on other threads, these machines need maintenance and are not vandalism stable. You can't just put it near the toilets and forget about them. Most likely you would put them on the bar with the bar tender pulling cash out every now and then.

Ok, so now there is this machine. I own a bar in NH. Why would I want it? Commission is 1%. Turn over is $1000 per month (as long as I'm the only one in town) and the machine costs $2000 with internet and electricity? That would mean the commissions pay for it in 200 months? Which bar would do that now? Ok, in New York it would have a turn over of maybe $10k paying for itself if 2 years but which bar would believe that? Sure the makers of the BATM dream of selling thousands but I guess they are ahead of time with this. Either they pay bars to be allowed to put the machine there and earn the commissions or the bars are not ready for that yet.