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Author Topic: World’s first Bitcoin ATM sees 81 exchanges, $10,000 in transactions  (Read 4037 times)
WikileaksDude
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October 31, 2013, 01:03:42 AM
 #1

during its first day...

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History was made in Bitcoin world on Tuesday when the world’s first Bitcoin ATM opened in Vancouver, B.C.
At the Waves Coffee House in downtown Vancouver, 81 people made Bitcoin transactions that totaled $10,000. About one-third of those 81 were first-time Bitcoin users.
Operated by Las Vegas-based Robocoin and Vancouver-based Bitcoiniacs, the ATM scans your palm and allows you to exchange cash for Bitcoin, or do the reverse. Customers can make up to $3,000 worth of Bitcoin exchanges per day.
If you aren’t familiar with Bitcoin, it’s the emerging decentralized, digital currency gaining popularity and making mainstream news headlines lately in light of the FBI shutting down Silk Road.
We recently wrote about a Seattle grilled cheese foodtruck that is now accepting Bitcoin. While there’s no question that some people and businesses love the freedom, openness and low rates of the digital option, it’s unclear at this point how or if government institutions will try to regulate the system.

Source: http://www.geekwire.com/2013/world-bitcoin-atm-sees-81-exchanges-10000-transactions/

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October 31, 2013, 03:12:15 AM
 #2

FUCKIN 'TASTIC!

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October 31, 2013, 03:23:00 AM
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With the approx. 7% buy/sell rate premium the machine should be paying for itself quickly... that's roughly $700 in fees today alone.

This should get the attention of the private ATM market, where $70 in fees is probably a good day.

                         
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October 31, 2013, 04:00:33 AM
 #4

With the approx. 7% buy/sell rate premium the machine should be paying for itself quickly... that's roughly $700 in fees today alone.

This should get the attention of the private ATM market, where $70 in fees is probably a good day.

just waitin' for the competition! then the fees can get lowered

so 81 people gave their biometrics huh?


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October 31, 2013, 04:27:36 AM
 #5

On Bitcoin Talk the Robocoin CEO said machines run about $20,000 a piece, that's not bad in my opinion.  Might be a good investment for a bitcoin entrepreneur.  I wonder what kind of wait list they have for new machines.

If you live in a larger city it may be a cool new opportunity.  I'm in Seoul and thinking about trying to set one up.

7% on 10K is already $700 on day 1. 

Very neat to be able to trace these transactions too I might add. 

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October 31, 2013, 06:57:16 AM
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On Bitcoin Talk the Robocoin CEO said machines run about $20,000 a piece, that's not bad in my opinion.  Might be a good investment for a bitcoin entrepreneur.  I wonder what kind of wait list they have for new machines.

If you live in a larger city it may be a cool new opportunity.  I'm in Seoul and thinking about trying to set one up.

7% on 10K is already $700 on day 1. 

Very neat to be able to trace these transactions too I might add. 

transaction total should double day 2

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October 31, 2013, 08:16:10 AM
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time to buy more btcs.
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October 31, 2013, 08:35:36 AM
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History was made in Bitcoin world on Tuesday when the world’s first Bitcoin ATM opened in Operated by Las Vegas-based Robocoin and Vancouver-based Bitcoiniacs, the ATM scans your palm and allows you to exchange cash for Bitcoin, or do the reverse. Customers can make up to $3,000 worth of Bitcoin exchanges per day.


Pretty scary they scans your palm and store this information. Hopefully future ATMs will not do this
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October 31, 2013, 09:10:40 AM
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History was made in Bitcoin world on Tuesday when the world’s first Bitcoin ATM opened in Operated by Las Vegas-based Robocoin and Vancouver-based Bitcoiniacs, the ATM scans your palm and allows you to exchange cash for Bitcoin, or do the reverse. Customers can make up to $3,000 worth of Bitcoin exchanges per day.


Pretty scary they scans your palm and store this information. Hopefully future ATMs will not do this

seriously? and takes 7%?  but people are still using it?

i love the idea but anyone willing to pay 7% just defeats the whole point behind bitcoin... fees were supposed to come down not go up ... silly people

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October 31, 2013, 02:52:01 PM
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i love the idea but anyone willing to pay 7% just defeats the whole point behind bitcoin... fees were supposed to come down not go up ... silly people

Please spend a few more seconds thinking before you post, and I mean that in the nicest way.

Bitcoin transactions are low for bitcoin transactions.  This is someone providing a service of transferring physical currency to bitcoin.  The machine isn't free, the time to design and program the machine wasn't free.  The producers are allowed to recoup their capital and this is meant to be used for people who don't have the time or knowledge to get bitcoins any other way.


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October 31, 2013, 05:27:12 PM
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Isn't it 3% comision?
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October 31, 2013, 05:30:00 PM
 #12

From other discussion:


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

So I suspect this is where the 7% for buy/sell is coming from...

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October 31, 2013, 05:47:48 PM
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Ok but presumably you are only going one way at  a a time.  Unless you feel like burning money that is.
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October 31, 2013, 07:32:13 PM
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Ok but presumably you are only going one way at  a a time.  Unless you feel like burning money that is.

im sure a few people just tested the machine

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November 01, 2013, 02:10:21 AM
 #15

I would love to see day 2 numbers  Smiley

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November 01, 2013, 03:08:06 AM
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I would love to see day 2 numbers  Smiley

Day 2 was quite impressive:

"$30,000 on its second day (or $27,800 US/139 BTC), says Mitchell Demeter of Bitcoin broker Bitcoiniacs,"

http://www.forbes.com/sites/kashmirhill/2013/10/31/why-are-people-so-excited-about-a-bitcoin-atm/



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November 01, 2013, 03:43:08 AM
 #17

insult me Roll Eyes
I like your username. 
Wow on those day 2 numbers!!!

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November 01, 2013, 04:00:17 AM
 #18

One of the comments in the forbes article brought up a very good point.  Put these ATMs in or near international airports for quick and easy transfer to national currency.

Counterfeit:  made in imitation of something else with intent to deceive:  merriam-webster
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November 01, 2013, 04:09:38 AM
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OP please format correctly.  It helps when we research the archives if the date format is included.
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November 01, 2013, 08:08:47 AM
 #20

insult me Roll Eyes
I like your username. 
Wow on those day 2 numbers!!!

should be telling me that

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