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Author Topic: So lets see how bitcoin ATM's are doing  (Read 3459 times)
BitAddict
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October 31, 2013, 01:14:28 PM
 #21

I suspect that the quantity will drop after the first day excitement dies down.

I doubt someone would use this regularly because the exchange price is quite a bit. You would likely use it if you were in the area and were low on cash or if you were traveling to Canada and did not bring canadian dollars.

One of these in every international airport would be wonderful though.

The machine is charging 5% fee, right?

I'm sure you can change your foreign money in one normal exchanger or paying with your credit card for less than that 5%. So no point using bitcoin ATM (for that purpose) until they lower fees.

I read different articles in which a 3% fee is mentioned, not 5.

In the video they charge about 2% when buying bitcoins and 5% when cashing out. I don't know if it is updated.

http://www.youtube.com/watch?v=uoiAewo5K7s#t=50
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October 31, 2013, 01:25:26 PM
 #22

Free market bitch.

First they ignore you, then they laugh at you, then they keep laughing, then they start choking on their laughter, and then they go and catch their breath. Then they start laughing even more.
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October 31, 2013, 02:54:04 PM
 #23

One of these in every international airport would be wonderful though.

Exactly.

Also  this are excellent to internationally send money very quick. Like Parents send money to their Kids that study in an foreign country f.e. 1 Confirmation in between, usually 10 minutes and it's done. If these are available widespread everyone basically can send cash into the entire World withing seconds in any currency.

And if they are successful, hopefully the fees also go down.

One place they need to have them is at the cruise ship terminals... There are many workers from the Philippines and other places that work the cruise ships for North America and send cash back home.  Used to be a few years ago that the payphones and ATMs at the ship terminals were swamped with cruise ship workers when the ships docked; I haven't been down to the docks there recently, but the basics won't change.  If they need a place to put in money to send back home - well, there you go.

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October 31, 2013, 03:16:50 PM
 #24

I don't understand how this isn't bigger news on this site.  Amazing.

It is REALLY big news here. It's been every news station since it started. Really impressed with the coverage it is receiving.

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October 31, 2013, 03:26:26 PM
 #25

I expected a much higher amount than $10k. At least an order of magnitude higher. It seems a majority are dabbling in small amounts less than one bitcoin.

I guess it would look weird to be regularly seen stuffing $3000 in the machine, as I would have done if this were closer to where I live. Cheesy


Using an ATM is likely to always be more expensive than buying at an exchange, or OTC. There's so much overhead in getting and maintaining one, considering it's tied to a single location. Where they may shine, though, is small transactions. Right now it's not very easy to buy or sell small amounts of bitcoins. It's not worth the hassle for many to get registered at an exchange and wait for a bank transfer to clear for 20 USD or so. Most sellers on Localbitcoins seem to have relatively high limits - it's not worth their time to go meet someone for pocket change. So an ATM fits this niche quite well, but the users will have to pay a premium.

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October 31, 2013, 05:24:20 PM
 #26

I expected a much higher amount than $10k. At least an order of magnitude higher. It seems a majority are dabbling in small amounts less than one bitcoin.

I guess it would look weird to be regularly seen stuffing $3000 in the machine, as I would have done if this were closer to where I live. Cheesy


Using an ATM is likely to always be more expensive than buying at an exchange, or OTC. There's so much overhead in getting and maintaining one, considering it's tied to a single location. Where they may shine, though, is small transactions. Right now it's not very easy to buy or sell small amounts of bitcoins. It's not worth the hassle for many to get registered at an exchange and wait for a bank transfer to clear for 20 USD or so. Most sellers on Localbitcoins seem to have relatively high limits - it's not worth their time to go meet someone for pocket change. So an ATM fits this niche quite well, but the users will have to pay a premium.

It would also be perfect for trying to catch short-terms dips in price, if you don't have cash on an exchange and want to play that game.  With transfers to exchanges taking several days to process, any short-term dips would be missed (I know I missed a few opportunities I would have been happy about getting into).  And even on quiet days the price can easy jump around 2-5%, so the high fees to use the ATM could easily be offset by the opportunity it provides to day trade.  (Albeit small amounts - wouldn't make sense for the serious day trader)

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October 31, 2013, 05:47:27 PM
 #27

Biometric authentication sort of defeats the whole aspect of anonymity don't you think?

Dont see any problem about anonymity.. Using bitcoins, cash and a palm scan : none is tied to an ID at all.. It's just an image recognizable to make a user unique.  Anyway, you can always ask a friend or anyone passing by to put his palm on the scan and yours will not be scanned.

Tha national TV broadcasting here in Quebec/Canada had a clip about it in the news.. at Radio-Canada : http://www.radio-canada.ca/nouvelles/Economie/2013/10/29/005-distributrice-monnaie-virtuelle-bitcoin.shtml
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October 31, 2013, 06:01:02 PM
 #28

Biometric authentication sort of defeats the whole aspect of anonymity don't you think?

Dont see any problem about anonymity.. Using bitcoins, cash and a palm scan : none is tied to an ID at all.. It's just an image recognizable to make a user unique.  Anyway, you can always ask a friend or anyone passing by to put his palm on the scan and yours will not be scanned.

Tha national TV broadcasting here in Quebec/Canada had a clip about it in the news.. at Radio-Canada : http://www.radio-canada.ca/nouvelles/Economie/2013/10/29/005-distributrice-monnaie-virtuelle-bitcoin.shtml

Or, you can have a supply of palms on hand (no pun intended) in case the exchange rate dictates that several $3000 are in order. How hard is it to fabricate fake palms?

Boy, what I would give to have these 100,000++ on my mailing list: https://play.google.com/store/apps/details?id=com.frontmobile.palmscanner&hl=en
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October 31, 2013, 06:03:39 PM
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Biometric authentication sort of defeats the whole aspect of anonymity don't you think?

Dont see any problem about anonymity.. Using bitcoins, cash and a palm scan : none is tied to an ID at all.. It's just an image recognizable to make a user unique.  Anyway, you can always ask a friend or anyone passing by to put his palm on the scan and yours will not be scanned.

Tha national TV broadcasting here in Quebec/Canada had a clip about it in the news.. at Radio-Canada : http://www.radio-canada.ca/nouvelles/Economie/2013/10/29/005-distributrice-monnaie-virtuelle-bitcoin.shtml

Or, you can have a supply of palms on hand (no pun intended) in case the exchange rate dictates that several $3000 are in order. How hard is it to fabricate fake palms?

I too wondered where I would find a second palm.
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October 31, 2013, 06:09:06 PM
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Biometric authentication sort of defeats the whole aspect of anonymity don't you think?

Dont see any problem about anonymity.. Using bitcoins, cash and a palm scan : none is tied to an ID at all.. It's just an image recognizable to make a user unique.  Anyway, you can always ask a friend or anyone passing by to put his palm on the scan and yours will not be scanned.

Tha national TV broadcasting here in Quebec/Canada had a clip about it in the news.. at Radio-Canada : http://www.radio-canada.ca/nouvelles/Economie/2013/10/29/005-distributrice-monnaie-virtuelle-bitcoin.shtml

Or, you can have a supply of palms on hand (no pun intended) in case the exchange rate dictates that several $3000 are in order. How hard is it to fabricate fake palms?

I too wondered where I would find a second palm.

What if a Bitcoiner doesn't have any arms/hands? Is s/he discriminated against?
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October 31, 2013, 06:11:03 PM
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Biometric authentication sort of defeats the whole aspect of anonymity don't you think?

Dont see any problem about anonymity.. Using bitcoins, cash and a palm scan : none is tied to an ID at all.. It's just an image recognizable to make a user unique.  Anyway, you can always ask a friend or anyone passing by to put his palm on the scan and yours will not be scanned.

Tha national TV broadcasting here in Quebec/Canada had a clip about it in the news.. at Radio-Canada : http://www.radio-canada.ca/nouvelles/Economie/2013/10/29/005-distributrice-monnaie-virtuelle-bitcoin.shtml

Or, you can have a supply of palms on hand (no pun intended) in case the exchange rate dictates that several $3000 are in order. How hard is it to fabricate fake palms?

I too wondered where I would find a second palm.

What if a Bitcoiner doesn't have any arms/hands? Is s/he discriminated against?

idk maybe he could handle stuff with armory
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