Bitcoin ATM (Automatic Teller Machine), with USB slot.

[Alex Beckenham]

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

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

[1713942165]

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[1713942165]

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[mico]

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

[Alex Beckenham]

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]

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

(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]

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)]

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

[magots]

http://biticon.wordpress.com/category/atm/     author of this blog is creating a bitcoin atm

[wareen]

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]

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.

[Ryland R. Taylor-Almanza]

Doesn't say much about it, but apparently it's in development: http://bitcoinatm.com/

[Bitcoin Swami]

The guy is interviewed in either the bloomburg report on bitcoin or the cnbc report on bitcoins I forget.

[toddbethell]

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

[rikur]

HOLY SHIT JUST GOT REAL

[BitPay Business Solutions]

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?

[geek-trader]

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.

[Piper67]

Ooooh... This is BIG!!!

[Anonymous]

This is beyond awesome.

[Graet]

Good work!!!!

[Andre Jensen (World Bitcoin Exchange)]

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

Well Done

[Trader Steve]

Todd,

Where will the first ATM be located?