Boston has a Bitcoin ATM

[CJYP]

Their exchange rate was $590 when I bought, while Coinbase was at $550. I have no way of knowing if that was just lag in changing their rate, or if that's how they make money. My guess would be the former because of how fast the rate was going down today (they probably use a 24 hour average or something), but it might be 50/50. The only fee they explicitly charged was the .0001 btc transaction fee.
EDIT - There may have been a small fee and I didn't notice - I honestly just wanted to deposit $20 to say that I did, and I was talking to the people who set it up the whole time, so I wasn't paying much attention.

Coinbase btc price is highest in exchange market, and the atm is even higher, well for the difference in time it's a great deal

You usually wouldn't use it to invest serious money into bitcoin - just like you usually wouldn't use a regular atm to transact in large amounts of fiat.
The use case for this is, you're on the go and want to pay in bitcoin at one of the restaurants in Boston that accepts it (there are several). You don't have time to or can't get to wherever your bitcoins are stored, and you can't wait the amount of time it would take to get it out of an exchange. It might not be a common use case today, but it's necessary for bitcoin to become commonly used at local, physical shops.
When you're buying $20 of bitcoin every once in a while, $590 vs $550 really isn't that much - and they obviously have to make a profit somehow.

[kik1977]

Ive actually been thinking about bitcoin investing and Im starting to think that investing in an ATM machine might make more fiscal sense than investing in mining gear.
im pretty much "IN" when it comes to mining and one could say im addicted to it, but at the same time, I think owning an ATM machine would be awesome (assuming you found a very secure location for it).

anyone know how to buy these?

Here: https://lamassu.is/
But be aware, it's not a "real" ATM, since it doesn't allow BTC>FIAT, it's more like a vending machine. But who cares, I would love to have one close to me as well.

[kik1977]

Ive actually been thinking about bitcoin investing and Im starting to think that investing in an ATM machine might make more fiscal sense than investing in mining gear.
im pretty much "IN" when it comes to mining and one could say im addicted to it, but at the same time, I think owning an ATM machine would be awesome (assuming you found a very secure location for it).

anyone know how to buy these?

Here: https://lamassu.is/
But be aware, it's not a "real" ATM, since it doesn't allow BTC>FIAT, it's more like a vending machine. But who cares, I would love to have one close to me as well.

This is a "full" ATM: https://robocoinkiosk.com/

[LiteCoinGuy]

any news about ATM's in europe?

there are some. i heard about one in switzerland and eastern and north europe.

[kik1977]

any news about ATM's in europe?

there are some. i heard about one in Switzerland and eastern and north Europe.

The one in Switzerland was unfortunately just a show, to let it see to people, but I heard there are some in other countries like Finland (http://www.coindesk.com/europes-first-bitcoin-atm-installed-finland/)

[Armis]

Their exchange rate was $590 when I bought, while Coinbase was at $550. I have no way of knowing if that was just lag in changing their rate, or if that's how they make money. My guess would be the former because of how fast the rate was going down today (they probably use a 24 hour average or something), but it might be 50/50. The only fee they explicitly charged was the .0001 btc transaction fee.
EDIT - There may have been a small fee and I didn't notice - I honestly just wanted to deposit $20 to say that I did, and I was talking to the people who set it up the whole time, so I wasn't paying much attention.

Coinbase btc price is highest in exchange market, and the atm is even higher, well for the difference in time it's a great deal

You usually wouldn't use it to invest serious money into bitcoin - just like you usually wouldn't use a regular atm to transact in large amounts of fiat.
The use case for this is, you're on the go and want to pay in bitcoin at one of the restaurants in Boston that accepts it (there are several). You don't have time to or can't get to wherever your bitcoins are stored, and you can't wait the amount of time it would take to get it out of an exchange. It might not be a common use case today, but it's necessary for bitcoin to become commonly used at local, physical shops.
When you're buying $20 of bitcoin every once in a while, $590 vs $550 really isn't that much - and they obviously have to make a profit somehow.

Think about what you just said.  "The use case for this is, you're on the go and want to pay in bitcoin at one of the restaurants in Boston that accepts it (there are several). You don't have time to or can't get to wherever your bitcoins are stored, and you can't wait the amount of time it would take to get it out of an exchange." 

Here are a couple options:

use the cash that you are putting in the machine,
or the credit card that you had intended to used in the first place when shopping.


who goes to a mall or a restaurant expecting to use btc, but forget's their btc so decides to do some banking to get some btc so that they would pay for the meal with btc?


 

[Jcw188]

Hmm so you can deposit cash into the machine and get bitcoin.  But can you change your bitcoin into cash and take out cash?  That's what I would expect from an "ATM", otherwise get a new word for it.  "Bitcoin buying station"  BBS

[Armis]

Hmm so you can deposit cash into the machine and get bitcoin.  But can you change your bitcoin into cash and take out cash?  That's what I would expect from an "ATM", otherwise get a new word for it.  "Bitcoin buying station"  BBS

according to https://robocoinkiosk.com/" you can "sell" or buy btc with the machine

[Armis]

bitcoin atm's, a hacker's DREAM

[quone17]

I'd love to hear a testimonial of someone selling there.  I'd definitely try that out, if someone else tried it first (sorry I'm a wimp).

[thatbluedude]

it will take time to spread all over the world... and at least you cannot rob it phisicaly

I wonder when we will have the first irl fiat doublespend. buy bitcoins and then steal the atm with the cash.

[Lauda]

bitcoin atm's is a hackers DREAM

They aren't any less secure than other ATMs.

[Armis]

it will take time to spread all over the world... and at least you cannot rob it phisicaly

I wonder when we will have the first irl fiat doublespend. buy bitcoins and then steal the atm with the cash.

hahahahahahahahahahahahahahahahahahaaaaaaa

another piece of bitcoin history in the que

[Armis]

bitcoin atm's is a hackers DREAM

They aren't any less secure than other ATMs.

That may be true, however, the "real" atms are limited by the funds in them, where the btc atms funds are limited by the account balance funding the atm

[Lauda]

That may be true, however, the "real" atms are limited by the funds in them, where the btc atms funds are limited by the account balance funding the atm

Which is essentially the same. Please re-read, re-think this.

[CJYP]

Their exchange rate was $590 when I bought, while Coinbase was at $550. I have no way of knowing if that was just lag in changing their rate, or if that's how they make money. My guess would be the former because of how fast the rate was going down today (they probably use a 24 hour average or something), but it might be 50/50. The only fee they explicitly charged was the .0001 btc transaction fee.
EDIT - There may have been a small fee and I didn't notice - I honestly just wanted to deposit $20 to say that I did, and I was talking to the people who set it up the whole time, so I wasn't paying much attention.

Coinbase btc price is highest in exchange market, and the atm is even higher, well for the difference in time it's a great deal

You usually wouldn't use it to invest serious money into bitcoin - just like you usually wouldn't use a regular atm to transact in large amounts of fiat.
The use case for this is, you're on the go and want to pay in bitcoin at one of the restaurants in Boston that accepts it (there are several). You don't have time to or can't get to wherever your bitcoins are stored, and you can't wait the amount of time it would take to get it out of an exchange. It might not be a common use case today, but it's necessary for bitcoin to become commonly used at local, physical shops.
When you're buying $20 of bitcoin every once in a while, $590 vs $550 really isn't that much - and they obviously have to make a profit somehow.

Think about what you just said.  "The use case for this is, you're on the go and want to pay in bitcoin at one of the restaurants in Boston that accepts it (there are several). You don't have time to or can't get to wherever your bitcoins are stored, and you can't wait the amount of time it would take to get it out of an exchange." 

Here are a couple options:

use the cash that you are putting in the machine,
or the credit card that you had intended to used in the first place when shopping.


who goes to a mall or a restaurant expecting to use btc, but forget's their btc so decides to do some banking to get some btc so that they would pay for the meal with btc?


 

Well, for now it's more about the novelty. Maybe someone doesn't know much about bitcoin and doesn't have any. Without the ATM, they wouldn't have thought to use bitcoin at all - since it's there, they're curious and decide to try it.
In the coming years, if bitcoin gets more wide adoption, stores might offer a discount on bitcoin transactions because of the lower fee (bitcoin vs visa, obviously). If that happens, there will be plenty of reason to want to pay with bitcoin rather than cash. As for leaving your (not talking about you specifically) bitcoin home - of course that will happen. Maybe you didn't go out intending to pay in bitcoin. Maybe you spent whatever you had on your phone, but still want to buy something.

If you want to invest serious money into bitcoin at this atm, go ahead. I'll continue to use Coinbase.

[CJYP]

IN THE COMING YEARS?  Whoever invests $5K in the machine, and perhaps another $50K in infrastructure for the thing is looking to make money now.    Given the spread that was mentioned above, there is lots of profit to be had with the thing. 

That's almost certainly not true. Anyone with that much money to invest is looking to make a large profit long term, not a small profit short term.
Of course, there is lots of profit to be had with the thing in the short term too, partially from being first to market and having no competition (they can charge more than market value), and partially from the fact that most of the users don't even know the regular exchange rate.

No, it's not a novelty and not for novices, its for people who have a btc wallet, btc address and QR code and cash for the smaller machine,  or all of that with or without the QR code but with a full palm print for the larger machine. 

If you don't have your phone you can't use the little machine.

Both of these are also untrue, at least for the machine in Boston (I don't know about any of the other ones). The people who put it in have been spending the past few days standing next to it, explaining how to use it. They were handing out paper wallets stocked with small amounts of free bitcoin, and a QR code so you can use the machine with it.

And it's certainly not just for novices. They were impressed at the fact that I had a phone wallet, and had a backup of the wallet I use to store my savings. They're clearly not catering to power users.

[kik1977]

Hmm so you can deposit cash into the machine and get bitcoin.  But can you change your bitcoin into cash and take out cash?  That's what I would expect from an "ATM", otherwise get a new word for it.  "Bitcoin buying station"  BBS

You seriously took the time to post here without even reading 4 and 5 posts before your one, where the answer to your question is given? Seriously

[Armis]

IN THE COMING YEARS?  Whoever invests $5K in the machine, and perhaps another $50K in infrastructure for the thing is looking to make money now.    Given the spread that was mentioned above, there is lots of profit to be had with the thing. 

That's almost certainly not true. Anyone with that much money to invest is looking to make a large profit long term, not a small profit short term.
Of course, there is lots of profit to be had with the thing in the short term too, partially from being first to market and having no competition (they can charge more than market value), and partially from the fact that most of the users don't even know the regular exchange rate.

No, it's not a novelty and not for novices, its for people who have a btc wallet, btc address and QR code and cash for the smaller machine,  or all of that with or without the QR code but with a full palm print for the larger machine. 

If you don't have your phone you can't use the little machine.

Both of these are also untrue, at least for the machine in Boston (I don't know about any of the other ones). The people who put it in have been spending the past few days standing next to it, explaining how to use it. They were handing out paper wallets stocked with small amounts of free bitcoin, and a QR code so you can use the machine with it.

And it's certainly not just for novices. They were impressed at the fact that I had a phone wallet, and had a backup of the wallet I use to store my savings. They're clearly not catering to power users.

The MACHINES are for people who are btc literate and btc wallets ready.   A promo with great media hype and a host of people selling, discounting, explaining, and demoing the product is not how things will normally occur -- every reasonable adult knows that. 

BTC is a complex currency, not to mention all of the other things one must reasonable do to safeguard their coin, if some had $1 worth of btc at the time of the promo, and went back there today in an effort to see their balance or anything else they could with the 'receipt' (paper wallet), if they were able to actually get that type of info out of the machine they would see a 30% reduction in value simply because of the market rates.   

I don't know what you mean by "power users" but my point is they are SHOULD not be seeing susie-shopper as their key demographic.   Their key demographic is the bitcoin savvy buyer, user, and trader who might travel miles to get a coin(s) immediately, even at that premium rate.