Bitcoin Vending Machine

[CottonGuy]

I'm a fan when it comes to vending machines.

The first modern vending machines were developed in England in the early 1880s.
I have never seen an actual vending machine that accepts bitcoin. It would be so awesome watching how it works.

Can you please tell me what are the advantages and disadvantages of this invention? Please share your thoughts. Thanks in advance!

[xhoondilan]

The advantages of having a bitcoin vending machine is that you can buy things on vending machine a lot faster than bringing bills or credit card. Because in bitcoin you only need a qr code of your wallet address to pay so the vending machine will scan it and you got your order, while the Disadvantages of it is the cost of the machine that uses bitcoin on payment i think it will cost a lot on the manufacturer but if the result is good then maybe thats one of the future technology using bitcoin.

[LogitechMouse]

I like the idea of a bitcoin vending machine but for me I don't see any advantage of it but some disadvantages.

Lets say we will use bitcoin credit or debit card to buy some in the vending machine and because you are paying using bitcoin, its price is higher than the normal price because of its fees.

Another disadvantage is its tx speed. Lets say there are many people falling in line just to buy something in the vending machine. How long they will wait for the confirmation to be done? Lets say 5-10 minutes maybe or more. Do you think most people like to wait?Definitely no and they will think of another option. Maybe they will just buy at a store or another establishment.

Maybe the only advantage I see in this idea is more people will know about bitcoin.

[bug.lady]

The advantages of having a bitcoin vending machine is that you can buy things on vending machine a lot faster than bringing bills or credit card. Because in bitcoin you only need a qr code of your wallet address to pay so the vending machine will scan it and you got your order, while the Disadvantages of it is the cost of the machine that uses bitcoin on payment i think it will cost a lot on the manufacturer but if the result is good then maybe thats one of the future technology using bitcoin.

I think it should work the other way around, mate. You scan the QR code provided by the machine with your wallet and send the purchase amount to the machine's address.

If it were the way you suggested, what stops the machine from storing the QR code you provided and reusing it, or just emptying your address completely the moment you scan your QR code?

[jamiebear]

Lot's of good advantages with all the people wanting to invest in crypto this will be a big help. I like the idea that it is 24 hours open. The only thing I was wondering if how will they process big transactions and could it have a feature that limits money laundering? Hmmm.. But Bitcoin Vending Machines looks interesting. It will really speed up the adaptation process of bitcoin and other cryptocurrencies

[michael shikany]

It sounds like a great idea.
It seems that there are already vending machines that can buy and sell bitcoins, but I'm curious about which exchanges these machines are selling. Can they be sold in real time?

[Dudeperfect]

In my city, there are no merchants in the offline market who accept Bitcoin against the goods and services so I do see a huge opportunity for such vending machines, and while doing some research about the same I found that in some cases you have to take permission from the government to install such machines. I am not sure if it is the same requirement as that of a requirement for the ATM machine but there are legal complications in setting up such machine.

[ciciteng]

The idea of having those kind of machine is always great, easy transaction and availability as well the "free ads" to increase its popularity.
But I think it will be useless, since you can even use your smartphone to do all those transactions.

[onnz423]

The whole point of vending machines is that you put your money in and get your product instantly, I really don't think people want to stand around for a few minutes whilst the transaction is confirmed, or potentially longer if they accidentally put a low fee. However, if you could pay with a bitcoin debit card where double spends are blocked, then it could certainly work, though I really doubt there is a market form them right now as adoption isn't high enough.

[Unicorn_Heart]

I'm a fan when it comes to vending machines.

The first modern vending machines were developed in England in the early 1880s.
I have never seen an actual vending machine that accepts bitcoin. It would be so awesome watching how it works.

Can you please tell me what are the advantages and disadvantages of this invention? Please share your thoughts. Thanks in advance!

Wow! I never thought of that but it sounds cool! The advantage would be the convenience of not bringing cash always with you. Also, you do not need to worry about the change since probably the transaction would require that they will deduct the exact amount from your btc wallet. Just like when you pay via credit card. However looking at the financial side, it might be costly to replenish your wallet every time. Expect also higher goodies since the machine would be customized and needs a more expensive capital investment.

[BitHodler]

But I think it will be useless, since you can even use your smartphone to do all those transactions.

Do you refer to fiat payments? If so, then you do have a fair point, but in this case it would be great if people were given the option to either choose to pay with fiat, or with Bitcoin. It would make the most sense as well.

At the end of the day, it's all about generating income through these vending machines, so in current times it would be an utter waste of invested capital if such machines aren't accessible to all payment fields.

It's basically you saying no to potential revenue, which is not how things work in an economy. Bitcoin isn't yet at such a stage to completely rule over as payment option, and I don't know when and if it ever will.

[AndreyBitTalk]

Why not, there are also projects based on blockchain, casino.There are the same slot machines for Ethereum and bitcoin.

[VitKoyn]

I'm a fan when it comes to vending machines.

The first modern vending machines were developed in England in the early 1880s.
I have never seen an actual vending machine that accepts bitcoin. It would be so awesome watching how it works.

Can you please tell me what are the advantages and disadvantages of this invention? Please share your thoughts. Thanks in advance!

There are already some vending machines that accept Bitcoin but there are only few. I have read it long time ago that there are this aeguana vending machine that already did it and a marijuana vending machine (I forgot the name). But honestly I don't know how those machine works with Bitcoin payments (maybe just like how you cash out your Bitcoin in a Bitcoin ATM, by scanning qr code) or if it is really worth paying your Bitcoin with it. I can't see any advantage of using it because, lets say you want to purchase something with those vending machine that is worth $5, of course you will not only spend the price of that product because you will also pay for transaction fees and for you to not wait any longer you will pay higher transaction fees. If this is the case I would rather buy using a cash (even the transaction fee rates of Bitcoin already dropped). Maybe if the lightning network gets implemented it will be worth buying on those machines with Bitcoin.

[Brik03]

I think it's an excellent idea regarding the evolution of Bitcoin in general. You have the fastest and safest transaction. You do not need to bring anything with you if not the QR code that you can very well keep on your smartphone.

[Severniti]

The idea of having those kind of machine is always great, easy transaction and availability as well the "free ads" to increase its popularity.
But I think it will be useless, since you can even use your smartphone to do all those transactions.

Useless, why at least it would be the same for use.
And the main thing is that fiat is controlled, crypto not so.

[crocozino]

I think it's an excellent idea regarding the evolution of Bitcoin in general. You have the fastest and safest transaction. You do not need to bring anything with you if not the QR code that you can very well keep on your smartphone.

the idea actually not very clear, how about prices?
we all know that btc's prices fluctuating and sometimes spikes are great.. so does it mean that the prices for good will be fluctuating as well? right?
and other thing - the transaction cost is really huge.. so you will not be able to buy some milk with BTC )) cause cost of transaction will be much much more then the cost of milk..

[Memenya]

The advantages of having a bitcoin vending machine is that you can buy things on vending machine a lot faster than bringing bills or credit card. Because in bitcoin you only need a qr code of your wallet address to pay so the vending machine will scan it and you got your order, while the Disadvantages of it is the cost of the machine that uses bitcoin on payment i think it will cost a lot on the manufacturer but if the result is good then maybe thats one of the future technology using bitcoin.

I think it should work the other way around, mate. You scan the QR code provided by the machine with your wallet and send the purchase amount to the machine's address.

If it were the way you suggested, what stops the machine from storing the QR code you provided and reusing it, or just emptying your address completely the moment you scan your QR code?

Reusing the code not enough if the user not approve the payment so we dont need to worry.
Another thing, the payment normally take longer time so its the first problem we will have. How to solve it?

[Carmen03]

Bitcoin Vending Machine is the leading ATM machine in the world. Publickly traded and building automated bitcoin solutions in top market.With the use of crypto currency solutions like bitcoin it could be a game changer for those hosting these devices.Bitcoin transactions provide more security and transfer of funds can be fully automated as human labor and cash handling cost are eliminated.Vending machine tethered to Bitcoin could have a bright future together if more owners decide to utilize the decentralized crypto currency with these nostalgic self automated vendors

[stompix]

The advantages of having a bitcoin vending machine is that you can buy things on vending machine a lot faster than bringing bills or credit card. Because in bitcoin you only need a qr code of your wallet address to pay so the vending machine will scan it and you got your order, while the Disadvantages of it is the cost of the machine that uses bitcoin on payment i think it will cost a lot on the manufacturer but if the result is good then maybe thats one of the future technology using bitcoin.

Faster than a credit card?
Sorry but with a contactless card I usually get confirmation in 3-5 seconds.
You won't be able to even launch your wallet on your smartphone by the time I walk away with my drink.

LE.
Seems like bug.lady already corrected you on the actual way a purchase is done.
But that is a hint you have never actually made a purchase and paid with bitcoins.

However, if you could pay with a bitcoin debit card where double spends are blocked, then it could certainly work, though I really doubt there is a market form them right now as adoption isn't high enough.

That is just paying with a credit card with fiat. You could do that with your usual card that in 99% cases has lower maintenance fees.

Bitcoin Vending Machine is the leading ATM machine in the world. Publickly traded and building automated bitcoin solutions in top market.With the use of crypto currency solutions like bitcoin it could be a game changer for those hosting these devices.Bitcoin transactions provide more security and transfer of funds can be fully automated as human labor and cash handling cost are eliminated.Vending machine tethered to Bitcoin could have a bright future together if more owners decide to utilize the decentralized crypto currency with these nostalgic self automated vendors

You had to write down by yourself a single line. And it's such garbage it immediately made me think the rest is copied from somewhere....exactly from here
https://news.bitcoin.com/evolution-bitcoin-vending-machine/
Enjoy your ban!!!!

[iamsange]

I'm a fan when it comes to vending machines.

The first modern vending machines were developed in England in the early 1880s.
I have never seen an actual vending machine that accepts bitcoin. It would be so awesome watching how it works.

Can you please tell me what are the advantages and disadvantages of this invention? Please share your thoughts. Thanks in advance!

maybe fee to send the coins is the main problem, as we know if vending machine commonly sell cheap thing like foods & beverages. and we must pay higher for the transaction fee. that is major problem