Jonesing for some Bitcoin excitement. Think I may go drive the wrong way down the interstate at 120mph.
I just got some Bitcoin excitement by going to see Toronto's first BTC ATM. It's also the first Canadian-made BTC ATM, made in Ottawa.
Unfortunately it wasn't running. Apparently it was working a couple of nights ago for the grand unveiling but I had something way better to do that night involving good company and good food. Dude said it should be fully operational within 2 weeks.
It was still a little rough, accepting only $5, $10 and $20 bills and was one-way, accepting fiat for bitcoins but not vice-versa. Dude assured me both matters would be rectified.
Like the Robocoin, it will either scan a QR code or print out a newly created paper wallet, but unlike the Robocoin there is no palm scan involved. I wonder how long that will last.
Oddly, dude said the exchange rate is based on Bitstamp, not Virtex. He also said that at the moment the ATM has to be manually loaded with coins until they establish a relationship with an exchange.
Current fees are 5% but dude said they would be reduced as more ATMs are added and as overall volume increases. He stressed that fees were intentionally less that Robocoin and implied active competition.
Still, 5% barely covers the cost of getting fiat over to Bitstamp. Maybe they're large-scale miners with a surplus to be converted to fiat to cover expenses/financing.
Whatever, it was an exciting break from watching the charts obsessively.
Edit- Here's a picture
https://i.imgur.com/O9MnxYn.jpg
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