Would a Bitcoin ATM Solve the 3rd Party Payment Problem in China?

[thehedgemon]

Question is in the subject.... what do you think?

[1714707433]

1714707433

[1714707433]

1714707433

[Its About Sharing]

If we take what the government said at face value, then that means Banks will be one of the few ways to buy BTC's in China. (The Banks themselves can't deal in BTC's though - that was the prior announcement to the latest news.) The complication, is that BTC China suspended, not cancelled, deposits from banks - for what reason - I can only assume was to be careful and get further clarification???

That said, if a BTC ATM would allow cash to be directly transmitted to an exchange, then perhaps this is a possibility. I know some of the ATM's hold BTC's internal and other buy right off of the exchanges. Not sure how the latter will deal with law in China. Perhaps someone with knowledge here can chime in.

A pretty clear solution, I think,  would be a model like bitcoin.de, where as they act as an escrow account, and purchases/sales are essentially done person to person. There is another business like that in the UK I believe. The downside (or is that upside?) here is that you can't as easily trade, unless you have instantaneous transactions (Not in Germany, but pretty close in England.) I am really shocked we don't see more models like the Escrow model. Of note - the decentralized exchanges that will use mastercoin and ripple perhaps, I believe, are a sort of escrow model. Anyone?

Really, this discussion (and all the others) are being driven by a "crashing" price. But, that is BTC, that is it's history. People are extremely jumpy as it is an extremely risky investment, depending on where you are coming from. To me, it is a statement and a revolutionary bringer of change.   

IAS

[qualia8]

Why couldn't you ban bitcoin ATMs as easily as stopping deposits into an exchange?  Indeed, isn't that the current state of things in the USA?  (Not officially, but who wants to apply for money transmitter licenses in 50 states and comply with all the regs?

[beetcoin]

Why couldn't you ban bitcoin ATMs as easily as stopping deposits into an exchange?  Indeed, isn't that the current state of things in the USA?  (Not officially, but who wants to apply for money transmitter licenses in 50 states and comply with all the regs?

yes, that's the thing. if china bans ATMs, then how would they exist in china?

[Its About Sharing]

Why couldn't you ban bitcoin ATMs as easily as stopping deposits into an exchange?  Indeed, isn't that the current state of things in the USA?  (Not officially, but who wants to apply for money transmitter licenses in 50 states and comply with all the regs?

They didn't ban deposits into exchanges. BTC China suspended deposits from banks. The government banned deposits from 3rd party services. We need some time for clarification here though.

Regarding your American point, applying for liceneses in all 50 states is not needed. Just apply in the biggest states with the most returns. If BTC continues to take off, the others will get their BTC. 
Also, their is some money coming into to change these ridiculous money licensing laws e.g. to be more like Europe - i.e. one license applies to other states.

IAS

[beetcoin]

Why couldn't you ban bitcoin ATMs as easily as stopping deposits into an exchange?  Indeed, isn't that the current state of things in the USA?  (Not officially, but who wants to apply for money transmitter licenses in 50 states and comply with all the regs?

They didn't ban deposits into exchanges. BTC China suspended deposits from banks. The government banned deposits from 3rd party services. We need some time for clarification here though.

Regarding your American point, applying for liceneses in all 50 states is not needed. Just apply in the biggest states with the most returns. If BTC continues to take off, the others will get their BTC. 
Also, their is some money coming into to change these ridiculous money licensing laws e.g. to be more like Europe - i.e. one license applies to other states.

IAS

the whole point is to stop people from buying bitcoins. so if there were ATMs, they would just ban them.

[Joohansson]

We have one in Sweden. Don´t know if it´s activated yet.

[ArticMine]

Why couldn't you ban bitcoin ATMs as easily as stopping deposits into an exchange?  Indeed, isn't that the current state of things in the USA?  (Not officially, but who wants to apply for money transmitter licenses in 50 states and comply with all the regs?

Why would one need money transmitter licenses in 50 states in order to set up a Bitcoin ATM in 1 state?

[Its About Sharing]

Why couldn't you ban bitcoin ATMs as easily as stopping deposits into an exchange?  Indeed, isn't that the current state of things in the USA?  (Not officially, but who wants to apply for money transmitter licenses in 50 states and comply with all the regs?

They didn't ban deposits into exchanges. BTC China suspended deposits from banks. The government banned deposits from 3rd party services. We need some time for clarification here though.

Regarding your American point, applying for liceneses in all 50 states is not needed. Just apply in the biggest states with the most returns. If BTC continues to take off, the others will get their BTC. 
Also, their is some money coming into to change these ridiculous money licensing laws e.g. to be more like Europe - i.e. one license applies to other states.

IAS

the whole point is to stop people from buying bitcoins. so if there were ATMs, they would just ban them.

Respectfully disagree. There are too many ways into BTC and the ways are growing. You are not sure about "the whole point" - none of us are.
They haven't just banned buying BTC. It really looks like the government is just trying to slow things down.
We will see.

[luqash3]

No thehedgemon I don’t think ATM shall solve the third party payment problem because china the big power has made a plan to destroy bitcoin. You may witness how hard china is trying to ban it so if you bring new solution then china will bring new weapon to destroy bitcoin. So Rest in peace bitcoin

[franky1]

Why couldn't you ban bitcoin ATMs as easily as stopping deposits into an exchange?  Indeed, isn't that the current state of things in the USA?  (Not officially, but who wants to apply for money transmitter licenses in 50 states and comply with all the regs?

Why would one need money transmitter licenses in 50 states in order to set up a Bitcoin ATM in 1 state?

if the company running the ATM was not based in just one state EG they wanted to place an ATM in every state, they would need a licence for everystate. but if you personally bought an ATM machine and only wanted to set up in your home state then yes you just need one licence. i had the idea and posted it before, for the ATM creator to set themselves up as a franchise. where by anyone can become a franchisee and set up a business in their homestate, and buy the licence for their homestate. and then have control/monopoly of that state under the brand name of the ATM. that way the ATM creators do not need to be travelling each day to different states to repair, maintain, update, install new ATMS. they would have 50 franchisees (employees) who own their own little patch (their state). and the ATM creator just takes a small cut of the profits.

[TiagoTiago]

How would the operator get the Bitcoins to supply the machine in the first place without getting in trouble with Chinese law?

[moni3z]

"banned deposits from 3rd party services"

what does this mean exactly? so you have to pay directly to the exchange?

[timk225]

Isn't the whole point of BitCoin to be above government control, and outside the reach of laws?  C'mon Chinese BTC people, find a way and ignore the laws!