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Question: Would you use an ATM machine to buy Bitcoins?
Yes - 46 (80.7%)
No - 5 (8.8%)
Maybe - 6 (10.5%)
Total Voters: 57

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Author Topic: Would you use an ATM machine to buy Bitcoins?  (Read 1643 times)
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CoinATM
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September 02, 2013, 12:51:30 AM
 #1

Would you walk up to a machine and insert money if it spit out a bitcoin address (private key) with a predetermined amount of BTC on it?

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September 02, 2013, 12:52:08 AM
 #2

Sure, if it's cheap
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September 02, 2013, 12:56:31 AM
 #3

Absolutely!  I think this is the BEST way to entice new bitcoin users to try it out....  if it is readily available, cheap, and easy to use, I think a lot of people will use it simply for the novelty of it
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September 02, 2013, 09:02:25 AM
 #4

The potential to get scammed is huge though. What do you do if someone has already stolen all the private keys and put the packets back? It's untraceable and somewhat anonymous after all. I suppose you can in some situations scan the address and check the balance before buying.

People may get confused and think that a physical gold coloured coin is a Bitcoin. Why do they give those away anyway, for novelty value? Perhaps the private key is inside the coin. Again I would worry that someone would give me one of these coins with an empty address in it.

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September 02, 2013, 09:27:46 AM
 #5

If the machine and operator is trusted sure, I buy my BTC for cash all the time through trusted sources and an "ATM" would eliminate the need to arrange a meeting to hand over cash Smiley
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September 02, 2013, 09:29:31 AM
 #6

I heard there was a bitcoin suitcase atm that sold btc at a convention somewhere Smiley
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September 02, 2013, 10:22:51 AM
 #7

Why would you trust them to not keep the private keys after selling it?



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September 02, 2013, 10:38:31 AM
 #8

If the ATM's are small(There is few youtube videos about it) it would be so good for Non-EU or Non-US countries, easier to get with the ATM.

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September 02, 2013, 11:48:10 AM
 #9

The issue with those services, is that the company would have to keep buying BTC. this means that when they run out, the ATM wouldn't work. Personally, I feel that this service would die out in a short life span. Many internet services dried up for that reason, and I would expect this one to do the same, unless it was run extremely well.

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September 02, 2013, 11:49:37 AM
 #10

You need a starting investment, but with the benefit, you can then run it quite easily.
You don't even need to buy btc in advance. You can have a partnership with mt.gox or some other exchanges and buy it at the current price whenever someone wants to withdraw btc Smiley



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September 02, 2013, 11:57:53 AM
 #11

Would you walk up to a machine and insert money if it spit out a bitcoin address (private key) with a predetermined amount of BTC on it?

Yes, I think that it would be nice.
Especially if it's cheap.

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September 02, 2013, 12:21:09 PM
 #12

sure, why the hell not? be a lot quicker too
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September 02, 2013, 12:30:52 PM
 #13

sure, why the hell not? be a lot quicker too


There won't be an ATM in every small town. But yes, it would be nice Smiley



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September 02, 2013, 01:08:56 PM
 #14

It would be great if the you can sell and buy bitcoins with it.

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September 02, 2013, 01:27:44 PM
 #15

https://bitcointalk.org/index.php?topic=283185.0 - Discussion about a ATM in San Francisco.

Having a ATM though, would be a really good idea. If you can go into more detail on how the process would work then that would be great also.

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September 02, 2013, 01:44:13 PM
 #16

Why would you trust them to not keep the private keys after selling it?

Assuming they don't know it has been sold, just transfer the balance immediately and then it's useless to them. After all you should be able to check the balance before sale. But I don't think many people will be as clued up as us, especially the people who would need to use an ATM / Vending machine. They might think, yey I have some Bitcoins and then just put it in a draw for later!
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September 02, 2013, 01:57:26 PM
 #17

Why would you trust them to not keep the private keys after selling it?

It seems unlikely to me that someone who would spend $20,000 to build a place a kiosk that sells bitcoin would be trying to rip off the users.  How would the ATM owner ever recover the $20,000 if the first user gets ripped off and reports that experience to the bitcoin forum?


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September 02, 2013, 02:07:16 PM
 #18

Why would you trust them to not keep the private keys after selling it?

It seems unlikely to me that someone who would spend $20,000 to build a place a kiosk that sells bitcoin would be trying to rip off the users.  How would the ATM owner ever recover the $20,000 if the first user gets ripped off and reports that experience to the bitcoin forum?



That's a good point. Where would you be aiming to place these atm?

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Cylon
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September 02, 2013, 02:11:43 PM
 #19

If the price was right and I received them quickly I would.
CoinATM
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September 02, 2013, 02:33:37 PM
 #20

That's a good point. Where would you be aiming to place these atm?


I live in Colorado so I'm hoping to place the first one in Denver.  My partner has extensive experience in programming ATM machines for large banks and he is confident we can build a prototype machine.

The only problem placing one in another city/state is finding a sponsor to manage it.  Initially it would only sell bitcoin (not buy it) so periodically cash would need to be unloaded from the machine.  We want to develop the first machine and then license the technology to others who want to place ATM machines in their home towns.


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