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Author Topic: Will the world's first BTC ATM affect the price?  (Read 2074 times)
favelle75
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October 31, 2013, 01:06:12 AM
 #1

Vancouver just got one.  Surprised no one on this site is actually talking about it.

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BitcoinAshley
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October 31, 2013, 01:35:08 AM
 #2

Surprised no one on this site is actually talking about it.


Check News subforum.

Speculation subforum != this site  Wink

EDIT: Yes it will affect the price, but only so far as slowly adding long-term stability. Any initial market reaction has already happened.
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October 31, 2013, 02:27:10 AM
 #3

Vancouver just got one.  Surprised no one on this site is actually talking about it.

Do they have people using it? since BTC population is not really crowded yet like 0.001% of the world population only...

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October 31, 2013, 03:51:19 PM
 #4

Vancouver just got one.  Surprised no one on this site is actually talking about it.

Do they have people using it? since BTC population is not really crowded yet like 0.001% of the world population only...

one month ago i started accepting btc in my shop. no one ever asked to pay with it. today 3 people showed up independently and asked about bitcoin. but...  they all wanted to buy bitcoin. Grin
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October 31, 2013, 03:58:28 PM
 #5

It will affect, but as already mentioned - in long term.

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October 31, 2013, 04:08:00 PM
 #6

one month ago i started accepting btc in my shop. no one ever asked to pay with it. today 3 people showed up independently and asked about bitcoin. but...  they all wanted to buy bitcoin. Grin

Wow! All hail the bitcoiner from Oslo Wink Anyway, is your shop online? Just out of curiosity, especially because, as me, you are also German (if I remember correctly) Wink
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October 31, 2013, 04:11:00 PM
 #7

cavirtex price may be affected

these ATMs use virtex to trade right?

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October 31, 2013, 04:12:44 PM
 #8

if these ATMs are profitable, they will pop up all over the world. 

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October 31, 2013, 04:25:42 PM
 #9

if these ATMs are profitable, they will pop up all over the world. 
they cost what, 6k? the price of a miner? should be more profitable than a current-day miner  Cheesy

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adamstgBit
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October 31, 2013, 04:27:55 PM
 #10

if these ATMs are profitable, they will pop up all over the world.  
they cost what, 6k? the price of a miner? should be more profitable than a current-day miner  Cheesy

keeping it from overloading with cash and working properly could get pretty pricey

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October 31, 2013, 04:33:39 PM
 #11

if these ATMs are profitable, they will pop up all over the world.  
they cost what, 6k? the price of a miner? should be more profitable than a current-day miner  Cheesy

keeping it from overloading with cash and working properly could get pretty pricey

The trickiest part is going to be overcoming all the regulation issues, especially here in the US.  Otherwise I suspect we would have a few here already. 

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October 31, 2013, 04:35:31 PM
 #12

if these ATMs are profitable, they will pop up all over the world.  
they cost what, 6k? the price of a miner? should be more profitable than a current-day miner  Cheesy

keeping it from overloading with cash and working properly could get pretty pricey

No, the ones where you can buy/sell coins (they read your palm) they cost around 18k bucks. Plus the company splits the profits 70/30 (30 for the company that makes them)

I looked into purchasing a few. But the hoops you have to jump thru here in the USA to become a money transmitter are very difficult. Each State has their own rules and regulations. To get in to the Bitcoin ATM game, you have to have a lot of money. One State requires you to have a net worth of one million dollars, while another (Nevada) only requires 100k net worth..

I can see why Canada was the first. USA will get them, but Im betting there will only be a few companies that will own them. What would be smart is if a company that already had the MTL would get into it. The 18k per is the easy part.. On average, there are only about 30-50 money transmitters in any given state. Mostly, its paypal, greendot, etc. In my State, there were only 2 companies that had their MTL and were based here. Most were the big boys, WU, etc..
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October 31, 2013, 09:16:45 PM
 #13

if these ATMs are profitable, they will pop up all over the world.  
they cost what, 6k? the price of a miner? should be more profitable than a current-day miner  Cheesy

keeping it from overloading with cash and working properly could get pretty pricey

No, the ones where you can buy/sell coins (they read your palm) they cost around 18k bucks. Plus the company splits the profits 70/30 (30 for the company that makes them)

I looked into purchasing a few. But the hoops you have to jump thru here in the USA to become a money transmitter are very difficult. Each State has their own rules and regulations. To get in to the Bitcoin ATM game, you have to have a lot of money. One State requires you to have a net worth of one million dollars, while another (Nevada) only requires 100k net worth..

I can see why Canada was the first. USA will get them, but Im betting there will only be a few companies that will own them. What would be smart is if a company that already had the MTL would get into it. The 18k per is the easy part.. On average, there are only about 30-50 money transmitters in any given state. Mostly, its paypal, greendot, etc. In my State, there were only 2 companies that had their MTL and were based here. Most were the big boys, WU, etc..

This.  I looked into it here in WV.  To become a money transmitter who deals in electronic transactions requires a $300k surety bond.  Bitcoin price needs to be a bit higher before I can afford that.

https://www.bitcoin.org/bitcoin.pdf
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November 02, 2013, 05:52:55 PM
 #14

To answer the OP's question: we may be seeing affect on the price now, at least on virtex. The price there has been creeping up since Tuesday after a prolonged period (months) of lagging 5-10% behind gox, and even bitstamp. Now it's almost on part with gox.

This is what I would expect if people are converting cash to BTC using the ATM.

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November 02, 2013, 06:01:42 PM
 #15

That is adding up to the momentum, hopefully some of the countryside cooperatives do the same and accept bitcoins.
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November 02, 2013, 11:02:30 PM
 #16

Nah the price won't go up with just one ATM

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November 03, 2013, 12:47:35 AM
 #17

Nah the price won't go up with just one ATM

Don't be too sure... The volume on Wednesday on cavirtex was 563.72; if the ATM did $30k in sales, that's about 150 BTC or more than 25% of virtex's volume. Similarly low (or lower) numbers the next 3 days - 505, 181 and 351. Today hit $218 - just $1 shy of the 6 month high.

It might be coincidence but don't forget the machine just buys at the best selling price... It doesn't do limit orders. So any significant volume has the potential to affect a small volume exchange like virtex.

I think this is showing just how much need there is for an ATM.

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November 03, 2013, 09:14:49 AM
 #18

Yeh cant wait to sent my fingerprint to anyone who wants them. I can buy anything i want, but only to get some bitcoins at this machines i need to give a hand scan, truly ground-breaking.
Anonymity, LOL

BTW, ATM Uses Bitstamp price
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November 03, 2013, 07:50:40 PM
 #19

So weird seeing CAVirtex ahead of MTGox. CAV was always 5-10% cheaper than Gox.

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November 03, 2013, 07:59:55 PM
 #20

Yeh cant wait to sent my fingerprint to anyone who wants them. I can buy anything i want, but only to get some bitcoins at this machines i need to give a hand scan, truly ground-breaking.
Anonymity, LOL

I believe it scans your palm to create a unique image, blood vessels and all. This is to identify people so they don't cross the $3000 limit.
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