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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 1597 times)
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Hfleer
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September 02, 2013, 03:08:51 PM
 #21

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.



Sound like a good idea.  What is the timeframe on this?

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September 02, 2013, 05:15:06 PM
 #22

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.



@CoinATM -- awesome.... the $20,000 RoboCoin (or whatever it is) is just too expensive...if your solution is much cheaper, I am interested.  Let me know when you are able to expand to the Baltimore/DC area....I know of quite a few people here who could help me manage an army of these things
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September 02, 2013, 06:57:43 PM
 #23

I'm happy to have a conversation if you, or anybody else, who wants to employ "an army of these".

Here's one of the machines we are considering:
http://www.ncr.com/products/banking/deposit-atm-machines/selfserv-36

Here's my post in the lending forum:
https://bitcointalk.org/index.php?topic=286631.0

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September 07, 2013, 09:07:46 PM
 #24

The NCR machines run about $30-$50,000 USD.  (OUCH).


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September 07, 2013, 09:23:43 PM
 #25

Absolutely! Great idea. Shame the banks would never support it!
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September 07, 2013, 09:26:59 PM
 #26

This would be very vulnerable to skimmers who can just snipe the BTC address with mini cameras.

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September 07, 2013, 09:51:53 PM
 #27

Absolutely! Great idea. Shame the banks would never support it!

We don't need no stinkin banks!



This would be very vulnerable to skimmers who can just snipe the BTC address with mini cameras.

Not if we use EMV like our European friends.  

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September 07, 2013, 10:09:52 PM
 #28

Sure, if it's cheap

Yah, The fees will probably be pretty high.

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September 07, 2013, 10:11:35 PM
 #29

Yes, as long as the price was reasonable.
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September 12, 2013, 01:36:09 PM
 #30

Your price point needs to be $3-7K to be competitive in the ATM market.

No merchant or investor is going to risk more than that on hardware that has so many variables.



Focus on being the first AFFORDABLE ATM, not the first ATM released to the public.
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September 12, 2013, 02:15:27 PM
 #31

Any possibility of also being able to sell bitcoins? It would be nice to just walk up to the atm, transfer some BTC via whatever method and pull out the local currency.

I think if people feel BTC is easily convertible in both directions, then they will be a lot more comfortable picking some up. Having to do bank transfers and the like right now is really inconvenient vs walking up to a 24hr atm.

Check out my bitcoin blog 2BitHasher.com
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September 12, 2013, 02:18:34 PM
 #32

I know I can totally trust my USD Dollars to a guy who uses the term ATM Machine. It shows he is very knowledgeable in his area and most likely also has a Ph.D. Doctor.
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September 12, 2013, 02:19:40 PM
 #33

access to an btc atm would be great
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September 12, 2013, 04:59:19 PM
 #34

Definitely!
I hope that in future will be more and more ATMs
It's an easy way to convert money and shows the seriousness of the BTC project

Virtual currency mining pool with Dynamic Smart Mining feature!
Mine Bitcoins and altcoins (Litecoin,Terracoin,Novacoin,Freicoin,Feathercoin.....) automatically.
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September 12, 2013, 07:17:09 PM
 #35

Another solution might be that you input your address in the ATM and it sends you the bitcoins.
Perhaps you can just type in the address, or send it from your smartphone using NFC, or the ATM shows you a QR code of their webpage with a unique id in the link, and you send them the address over the internet (or with their custom app).
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September 12, 2013, 07:56:53 PM
 #36

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.




@CoinATM -- awesome.... the $20,000 RoboCoin (or whatever it is) is just too expensive...if your solution is much cheaper, I am interested.  Let me know when you are able to expand to the Baltimore/DC area....I know of quite a few people here who could help me manage an army of these things


Seems so expensive.  What goes into the cost on these?

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▓▓▓▓▓  BIT-X.comvvvvvvvvvvvvvvi
→ CREATE ACCOUNT 
▓▓▓▓▓
█████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████
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September 12, 2013, 07:58:24 PM
 #37

Government agents will wait till the ATM is full of cash before confiscating it.
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September 12, 2013, 07:58:42 PM
 #38

I say definitely no and I'm so surprised that almost everybody says yes. That's weird.
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September 12, 2013, 10:11:12 PM
 #39

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?

I'd prefer that the ATM have a built in QRcode reader.  Then I could scan in my bitcoin address, insert money, and the machine would send the bitcoins directly to my bitcoin receiving address.

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September 12, 2013, 11:36:48 PM
 #40

It would depend, I'm sure it would be extremely convenient, this may sound daft but for the first time I've started regularly using my debit card in stores recently and I imagine if it's as convenient as that I probably would end up using it. However, I have some pretty big concerns when it comes to these kind of machines about security and privacy, what's to stop people from setting up phony ATMs to get information from you and things like that? I also think that the more overbearing governments out there are definitely going to have something to say about it then there's the way you might get people using the Bitcoin ATMs being targeted either by criminals looking for an easy score or government agent doing profiling on Bitcoin users.

Yep, all sorts of worries and this is just off the top of my head, to be honest, I think what will more likely happen is we use Bitcoin for global trade over the internet and then Silver/Gold for local trading, this would probably be the most efficient trading because Gold/Silver would be incredibly hard to transfer over long distances safely and I think Bitcoin is a perfectly viable alternative if you don't want to risk the Gold/Silver.
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