Bitcoin Forum
December 09, 2016, 09:46:57 PM *
News: Latest stable version of Bitcoin Core: 0.13.1  [Torrent].
 
   Home   Help Search Donate Login Register  
Pages: [1] 2 »  All
  Print  
Author Topic: Bitcoin ATM (Automatic Teller Machine), with USB slot.  (Read 6135 times)
Alex Beckenham
Full Member
***
Offline Offline

Activity: 154


View Profile
March 29, 2011, 01:31:00 PM
 #1

Tell me to shut up if someone already thought of this, but I just suddenly had an idea.

What if there was an ATM that looked a bit like regular ATMs but instead of a card slot it has a USB port for people to load a wallet.dat.

The interface could tell you your balance, and you could make a cash withdrawal by sending BTC from your wallet to the wallet of the ATM owner, then it spits out the equivalent fiat.

Just thought of this 2 minutes ago, so I'm sure there are many details to consider... would be fun to discuss anyway Smiley

(I know you might have to trust the ATM operator not to copy and steal your entire wallet contents while it's loaded).

1481320017
Hero Member
*
Offline Offline

Posts: 1481320017

View Profile Personal Message (Offline)

Ignore
1481320017
Reply with quote  #2

1481320017
Report to moderator
1481320017
Hero Member
*
Offline Offline

Posts: 1481320017

View Profile Personal Message (Offline)

Ignore
1481320017
Reply with quote  #2

1481320017
Report to moderator
Advertised sites are not endorsed by the Bitcoin Forum. They may be unsafe, untrustworthy, or illegal in your jurisdiction. Advertise here.
1481320017
Hero Member
*
Offline Offline

Posts: 1481320017

View Profile Personal Message (Offline)

Ignore
1481320017
Reply with quote  #2

1481320017
Report to moderator
1481320017
Hero Member
*
Offline Offline

Posts: 1481320017

View Profile Personal Message (Offline)

Ignore
1481320017
Reply with quote  #2

1481320017
Report to moderator
mico
Jr. Member
*
Offline Offline

Activity: 58


View Profile WWW
March 29, 2011, 01:34:55 PM
 #2

The problem is that sharing your wallet is not secure. But it is a great idea in whole.

Alex Beckenham
Full Member
***
Offline Offline

Activity: 154


View Profile
March 29, 2011, 01:39:09 PM
 #3

The problem is that sharing your wallet is not secure. But it is a great idea in whole.

I agree, you wouldn't want to load your phat savings wallet.

But right now, can't 3rd-party (non-bank) ATM operators theoretically save your pin number and duplicate your card and empty your bank account? I guess the difference with that is you would have recourse by complaining to your bank.

nofuture
Member
**
Offline Offline

Activity: 94


View Profile
March 29, 2011, 01:48:08 PM
 #4

Tell me to shut up if someone already thought of this, but I just suddenly had an idea.

What if there was an ATM that looked a bit like regular ATMs but instead of a card slot it has a USB port for people to load a wallet.dat.

The interface could tell you your balance, and you could make a cash withdrawal by sending BTC from your wallet to the wallet of the ATM owner, then it spits out the equivalent fiat.

Just thought of this 2 minutes ago, so I'm sure there are many details to consider... would be fun to discuss anyway Smiley

(I know you might have to trust the ATM operator not to copy and steal your entire wallet contents while it's loaded).




Yes it is a good idea.   The trick is implenting it.   How do you convert BTC to USD?   Etc.   Anything that let's you convert btc to usd and vice versa is great.
Alex Beckenham
Full Member
***
Offline Offline

Activity: 154


View Profile
March 29, 2011, 01:54:25 PM
 #5

Yes it is a good idea.   The trick is implenting it.   How do you convert BTC to USD?   Etc.   Anything that let's you convert btc to usd and vice versa is great.

Well, the ATM operator would in essence just be an exchanger, with some customized and automated hardware to do the exchanges. Not that much different from a web-based exchange service really. They would set their own rates based on the market and their profit margin.

Jered Kenna (TradeHill)
Sr. Member
****
Offline Offline

Activity: 420



View Profile WWW
March 29, 2011, 02:27:47 PM
 #6

I like the idea, I have something similar but different, going to start my own topic though.

moneyandtech.com
@moneyandtech @jeredkenna
magots
Newbie
*
Offline Offline

Activity: 9


View Profile
July 13, 2011, 09:38:50 AM
 #7

http://biticon.wordpress.com/category/atm/     author of this blog is creating a bitcoin atm Cheesy
wareen
Millionaire
Hero Member
*****
Offline Offline

Activity: 742

bitcoin-austria.at


View Profile
July 13, 2011, 10:22:28 AM
 #8

I think trust here is a real problem. What if the ATM secretly keeps all the private keys of all wallets it sees and just waits for a time where it pays off for the operators to cash them all out at once?

I'm afraid such an ATM - while perfectly convenient - would somewhat defeat the original idea of Bitcoin (they are called private keys for a reason). On the other hand, the same could be said against online wallet services.

If such an ATM would be operated by an established bank I think it could work though!

Another idea could be a little program which generates new wallet.dat files, names them something like 1btc.dat, 5btc.dat, 10btc.dat, transfers the corresponding amount to them and encrypts them with different randomly generated keys. You save those files on the USB stick and take the list of the encryption keys with you (either printed out or stored on your smartphone). At the ATM, you plug in your USB stick, choose the amount (ie. wallet file) you want to withdraw and enter the encryption key from your key-list.

Obviously you pay for the added security with a loss in convenience.

The best solution in my opinion would be to have some infrastructure which can quickly detect double spends to make it safe for the ATM operator to hand out smaller amounts (<10BTC) without waiting for block confirmations and use your smartphone bitcoin client to transfer the amount you want to withdraw to a QR-coded address displayed at the ATM.
sadpandatech
Hero Member
*****
Offline Offline

Activity: 504



View Profile
July 13, 2011, 01:33:55 PM
 #9

I think trust here is a real problem. What if the ATM secretly keeps all the private keys of all wallets it sees and just waits for a time where it pays off for the operators to cash them all out at once?

I'm afraid such an ATM - while perfectly convenient - would somewhat defeat the original idea of Bitcoin (they are called private keys for a reason). On the other hand, the same could be said against online wallet services.

If such an ATM would be operated by an established bank I think it could work though!

Another idea could be a little program which generates new wallet.dat files, names them something like 1btc.dat, 5btc.dat, 10btc.dat, transfers the corresponding amount to them and encrypts them with different randomly generated keys. You save those files on the USB stick and take the list of the encryption keys with you (either printed out or stored on your smartphone). At the ATM, you plug in your USB stick, choose the amount (ie. wallet file) you want to withdraw and enter the encryption key from your key-list.

Obviously you pay for the added security with a loss in convenience.

The best solution in my opinion would be to have some infrastructure which can quickly detect double spends to make it safe for the ATM operator to hand out smaller amounts (<10BTC) without waiting for block confirmations and use your smartphone bitcoin client to transfer the amount you want to withdraw to a QR-coded address displayed at the ATM.


The problems related to trust are not unsolvable ones. I could see an app on the client side that could easily create a new wallet and only load what you intended to spend or wanted loaded onto it. Pop it on the usb and then at the atm all that is copied is a one time use wallet with the amount you are withdrawing in it. rinse and repeat.



pretty much what you were suggesting withoutt he risk of losing that wallet with all those dif amounts on it that you would still need to recreate eacht ime you used one of the amounts.

If you're not excited by the idea of being an early adopter 'now', then you should come back in three or four years and either tell us "Told you it'd never work!" or join what should, by then, be a much more stable and easier-to-use system. - GA
It is being worked on by smart people. -DamienBlack
Ryland R. Taylor-Almanza
Hero Member
*****
Offline Offline

Activity: 812



View Profile
July 13, 2011, 02:03:00 PM
 #10

Doesn't say much about it, but apparently it's in development: http://bitcoinatm.com/
Bitcoin Swami
Full Member
***
Offline Offline

Activity: 168


View Profile
July 13, 2011, 02:25:25 PM
 #11

The guy is interviewed in either the bloomburg report on bitcoin or the cnbc report on bitcoins I forget.
toddbethell
Jr. Member
*
Offline Offline

Activity: 49


History, Privacy, Private property, LIBERTY


View Profile WWW
August 17, 2011, 02:10:14 AM
 #12


A global leaderless movement for currency independence and personal liberty

Bitcoin ATM Inc.
Press release
Contact:  Todd Bethell, CFM, MBA
San Diego CA
(949) 394-5932
toddbethell@BitcoinATM.com

The world's first bitcoin ATM was successfully beta tested in public for the first time at ‘Cool As Ever Tech’ http://www.coolasevertech.com/  Saturday, August 13th, 2011, 12pm - 6pm. San Diego, CA.

The ATM was on-line and fully functional selling Bitcoins at market exchange rates with no markup or fees.

What are bitcoins: www.bitcoin.org
Bitbills (bitcoins you can hold in your hand): www.bitbills.com
 
What is Bitcoin ATM

Video Introduction: http://www.youtube.com/user/DigiVidMedia
 
Bitcoin ATM bridges the gap between virtual currencies and cash, allowing real time cash purchases of bitcoins and facilitating many other transaction types using bitcoin as a medium.

Bitcoin ATM will become the fastest growing and largest bitcoin related startup entertaining licensing agreements and additional funding from high net worth holders of bitcoins such as ‘mining pools’ and early adapters (and old school fiat currencies if we must).

Bitcoin ATM is planning 200 Bitcoin ATMs worldwide by Q3 2012.

Advanced features:
Instant Bitcoin & USD deposits for customers of Tradehill and MtGox.
btc.to bitcoin receiving address shortener.
QR code integration allowing compatibility with bitcoin wallets based on the Android operating system.
Printing of QR codes of both the public and private keys with subsequent charging. (note: these are not a substitute for Bitbills but a tool of convenience for small amounts of bitcoins to be spent soon)
Vanity Bitcoin addresses mined in real time from the block chain (one of the many ideas generated by contracted developers working on Bitcoin ATM and are happy to see them develop their own business around it).
Free app for Android & iPhone with BPT enhanced bitcoin wallet. (BPT - Bitcoin Power Toys)


Historical Note: Bitcoin ATM is the first Bitcoin related company to be seed funded entirely by Bitcoins from a small group of enthusiasts. The first Bitcoin ATM was purchased with bitcoin funds using Tradehill’s innovative invoice processing system.

'it's your choice'




Disclaimer:  this announcement is not intended to be an offer of securities or and offer to sell a franchise.

Keywords:  atm, cash, currency, money automated teller machine, exchange, franchise, licensing, business, home based, investing, investment, investors, start-up, start up, legal, regulation, bank, banks, money forwarding, DHLS, compliance, Know Your Customer, KYC

Todd Bethell, CFM, MBA
tbethell08@merage.uci.edu
toddbethell@fastscanning.com
Work: (949) 340-5438
rikur
Full Member
***
Offline Offline

Activity: 214


View Profile
August 17, 2011, 02:25:44 AM
 #13

HOLY SHIT JUST GOT REAL
BitPay Business Solutions
Hero Member
*****
Offline Offline

Activity: 756


View Profile WWW
August 17, 2011, 02:28:14 AM
 #14

The world's first bitcoin ATM was successfully beta tested in public for the first time at ‘Cool As Ever Tech’

Todd, will you be at the conference in NY this weekend?

BitPay : The World Leader in Bitcoin Business Solutions

https://bitpay.com

Does your website accept bitcoins?
geek-trader
Sr. Member
****
Offline Offline

Activity: 294


View Profile
August 17, 2011, 02:33:09 AM
 #15

Holy crap, Todd, you are in San Diego?  Are you hiring?  I'm a Software Developer, 13+ years experience.  Perl / C / C++ / Java / Linux

Even if you are not hiring, you are going to have one of these in San Diego, right?  Where?

I'm super excited about this.

Make 1 deposit and earn BTC for life! http://bitcoinpyramid.com/r/345
Play my FREE HTML5 games at: http://magigames.org  BTC donations accepted.
Piper67
Legendary
*
Offline Offline

Activity: 1008



View Profile
August 17, 2011, 02:33:35 AM
 #16

Ooooh... This is BIG!!!
Anonymous
Guest

August 17, 2011, 02:34:32 AM
 #17

This is beyond awesome.


Graet
VIP
Legendary
*
Offline Offline

Activity: 980



View Profile WWW
August 17, 2011, 02:37:04 AM
 #18

Good work!!!!

| Ozcoin Pooled Mining Pty Ltd https://ozcoin.net Double Geometric Reward System https://lc.ozcoin.net for Litecoin mining DGM| https://crowncloud.net VPS and Dedicated Servers for the BTC community
Andre Jensen (World Bitcoin Exchange)
Member
**
Offline Offline

Activity: 102



View Profile WWW
August 17, 2011, 04:48:14 AM
 #19

My oh my....i need one for Australia, things are about to get interesting in the Bitcoin community.

Well Done
Trader Steve
Hero Member
*****
Offline Offline

Activity: 725


"How do you eat an elephant? One bit at a time..."


View Profile
August 17, 2011, 05:09:40 AM
 #20

Todd,

Where will the first ATM be located?

Pages: [1] 2 »  All
  Print  
 
Jump to:  

Sponsored by , a Bitcoin-accepting VPN.
Powered by MySQL Powered by PHP Powered by SMF 1.1.19 | SMF © 2006-2009, Simple Machines Valid XHTML 1.0! Valid CSS!