One guy built a Lighting ATM from Scratch ( $80) (Plz Check OP)

[JSRAW]

If it already been shared here so, please let me know and guide me to the thread, will lock this thread right away.

I was going through over my Reddit feed and found some cool stuff, so sharing with you guys. I am not much of a technical guy, but this idea seems pretty innovative and interesting to me. What you guys thinks?

Dude built a Lightning ATM

https://www.reddit.com/r/Bitcoin/comments/d1hx12/i_built_a_lightning_atm_build_your_own/

Yes. Built it from scratch. There's a RaspberryPi in it, which runs the software. And then there's

A coin acceptor

A 5MP camera

A simple button

An E-Ink display

.. and a bunch of jumper cables. All put together and written the software for it in Python 👍🏻

A little more information on his github:
https://github.com/21isenough/LightningATM

Edit : 31 oct

Updated model. https://twitter.com/21isenough/status/1189207406347276289

[aundroid]

Wow, that's brilliant!
Thanks for sharing.

Let's hope he provides a tutorial, then I'll build this for myself.
Then my friends and family can buy some satoshi from me and get used to crypto 

[bright4mech]

That is a good news to hear, and very soon bitcoin we take over from our local economy and the world is moving faster with an improvement of technology, good to share the update, thanks

[rdluffy]

Wow it's amazing

I can imagine the possibilities, this guy did such a great job
This kind of stuff motivate me to learn how to program

[DireWolfM14]

Very impressive.  I think I just found a winter project and a use for my raspberry pi.

A little more information on his github:
https://github.com/21isenough/LightningATM

[meanwords]

This is awesome. It's like a Coin wifi here in the Philippines where you insert coin to connect to the internet  . It's like a piggy bank for coins but instead turns to Bitcoin. It's simple and can be adopted by Bitcoin ATM owners. I wonder if that will be implemented in a third world country in the south-east Asia.

[Das]

Thread with caution... The ATM has not yet been tested over time for security.

You don't want to expose delicate info to strangers.

[hugeblack]

I've checked that out, it's great but I think the main advantage is the speed of doing it using a lightning network.
The advantage is that ATM is more like moneybox, rather than keeping cents, but it can be saved using a satoshi for your wallet.
Easier in storage and higher in value.

It needs to make a case for that device instead of cartons.

[BrewMaster]

It needs to make a case for that device instead of cartons.

this was more like a prototype and i think the goal was to show that you could build one at home with simple things while keeping the cost minimal ($80) which is why a paperboard box was used, otherwise the cost would have been a lot higher.

[JSRAW]

@ETFbitcoin : Agreed on security and durability points (price will go up when talking about security etc), but its just proof of work and he spent only 80 bucks, it could be use for education purpose too.

@aundroid @DireWolfM14:  He's going to make tutorial and update github soon. he received good response from community so far so its just a matter of time.

[Kakmakr]

Something that intrigued me was that you can load a Bitcoin wallet with small change and then rinse and repeat the process with the same coins, if you owned the ATM. So the idea behind this, would be to transfer fiat to BTC and for that you need a money transmitter license.. right?

I still like the idea, because I do not see any Bitcoin vending machines anymore and this could be a much faster way to convert Fiat to BTC. Let's hope this goes mainstream soon, because the other Bitcoin ATM's out there are not this fast. 

[LoyceMobile]

I still like the idea, because I do not see any Bitcoin vending machines anymore

This can be added to traditional vending machines! Forget about ATMs, vending machines have much broader coverage!
Buy a can of Coke and 2 bucks worth of Bitcoin

[Herbert2020]

So the idea behind this, would be to transfer fiat to BTC and for that you need a money transmitter license.. right?

this is what i was also thinking too when i saw the video. the thing with ATM machines is not just about how easy it would be to create one and how cheap it can be. the biggest problem (like anything else that involves fiat) is all the problems that the fiat world brings with itself, starting with needing a license to install one in real world.

lest we forget the story of that dude in India who was arrested for installing ATMs without license...

[figmentofmyass]

pretty awesome. it's like a coinstar machine that actually pays out bitcoin.

So the idea behind this, would be to transfer fiat to BTC and for that you need a money transmitter license.. right?

it depends what state you're operating in. in the USA at the federal level, you would just need to register with FINCEN (no license required), and there are lots of individual states that don't require a license at all.

[Cityhunter123]

It's certainly a lot of fun, but has nothing to do with a ATM

[adeandro]

We need more of these ATM, even if they are created at$80

[1Referee]

the biggest problem (like anything else that involves fiat) is all the problems that the fiat world brings with itself, starting with needing a license to install one in real world.

It's impossible not to pay attention to unfortunately. The laws aren't just strict to crypto to fiat ATM's, but also those that allow you to convert crypto to crypto. Governments have made it their top priority to figure out who each buyer/seller is so that they form a risk analysis and see if you are paying your taxes and whatnot.

We might even get to a point where banks will be competing with crypto businesses and upgrade their legacy ATM's to offer people the ability to buy and sell Bitcoin. The battle for the fees will be immense. Banks know they can easily gain an upper hand. KYC/AML isn't needed because they already have your information. Convenience wise this is going to be a killer service.

[buwaytress]

Definitely not quite practical, at least not to me, but I don't think that's ever really the point of all these inventions. Definitely high up there on the cool scale, and a continued use case, plus public proof for Bitcoin. Show me an altcoin that does anything remotely close to this and I'll show you someone who's been paid to do it =p

Sorry, didn't mean to bash but awesome find OP!

[stompix]

Guys, it's an ATM, even if it uses the main chain or the LN the rules will be the same as for the others ATMs, depending on the country where those things will operate.
As for the cardboard, of course, nobody sane would put an this thing in a public space and I doubt major chains or malls would allow it as it screams tear me parts and get my coins!!! Not that other ATMS are more secure, I remember an article of one ATM ripped from the wall and stolen: link. Actually now that I searched for robbed ATM it seems they are the new hot thing to steal, the Honda Civic might be dethroned 

But the project, although a demo, is proving things are moving, it won't be an 80$ cardboard homemade ATM but maybe next year we will have a genuine one in some stores, hopefully without the 5%-10% fees.

[BitHodler]

Definitely not quite practical, at least not to me, but I don't think that's ever really the point of all these inventions. Definitely high up there on the cool scale, and a continued use case, plus public proof for Bitcoin.

It's just a raw prototype. With some effort it will resemble more of a Bitcoin ATM as we know it, but at a fraction of the cost. I can see these ATMs be used at certain events where Bitcoiners and geeks come together.

It's something I definitely would like to build myself, but I have no clue where to even start. It makes me feel somewhat of a dumbo, which is why I appreciate the creativity and innovation of people who do know where and how to start.

As for the legal side that people refer to, that shouldn't be an issue with how these ATMs won't be widely distributed to places where they are meant to stay for ever. As I said above, these are perfect for events where people can play with it.