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Author Topic: Different idea for BTC ATM, use phone app on your way  (Read 1368 times)
Jered Kenna (TradeHill)
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March 29, 2011, 02:31:50 PM
 #1

I think I've got this figured out(mostly).

What if you have your btc client / app on your phone. Or could use a computer.
You know you're going out so you push a button and it shows the closest atm's to your destination.
Turns out there's one in the bar you're going to (yay!).
You click the atm on your map and it asks how much USD you want.
You type $100 and it sends the right amount of BTC from your wallet.
You arrive at the bar and the atm has your $100 confirmed and waiting to be withdrawn with your id / pin or card or however they want to do it.
No downtime waiting for it to confirm.

Obviously this could work with banks and everything else too, not just going to the bar.
Even if you decide you need money when you're at the ATM if there's a line you wouldn't have to wait to start the transaction.
Also if the atm's were networked it wouldn't matter which you sent it to.


What do you guys think?

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Once a transaction has 6 confirmations, it is extremely unlikely that an attacker without at least 50% of the network's computation power would be able to reverse it.
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Alex Beckenham
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March 29, 2011, 02:34:42 PM
 #2

Good stuff... how about instead of an ID or card you just have to type in a disposable one-time pin number that gets displayed on your phone screen when you made the transfer?

Jered Kenna (TradeHill)
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March 29, 2011, 02:36:50 PM
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Good stuff... how about instead of an ID or card you just have to type in a disposable one-time pin number that gets displayed on your phone screen when you made the transfer?


Was thinking about that for sure, only problem could be if your phone gets stolen, of course if you dont have something blocking strangers from your btc app then WTF?
I was just going with the something you have / something you know. But a one time pin number would be a great option.

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Alex Beckenham
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March 29, 2011, 02:41:08 PM
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...Hehe except that 'typing' anything into an ATM is "like, soooo 10 minutes ago". Perhaps your phone should display a QR code or something for scanning at the ATM... slightly quicker and less fat-finger-prone.

Jered Kenna (TradeHill)
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March 29, 2011, 02:57:21 PM
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...Hehe except that 'typing' anything into an ATM is "like, soooo 10 minutes ago". Perhaps your phone should display a QR code or something for scanning at the ATM... slightly quicker and less fat-finger-prone.


Yeah good point, especially with NFC and other stuff coming out might be easy to do. Even IR could do it easy, only thing is if you use old tech you don't need to modify the hardware on the ATM's

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