Picasso anyone? The Chinese have done it again!!!

[S4VV4S]

http://www.coindesk.com/btc-china-launches-first-soft-bitcoin-atm-interface-international-markets/

A Software Bitcoin ATM!!!!!

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[1715382693]

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[southerngentuk]

Am struggling to get this.

So you meet someone and they want to buy a coin
They give you the cash
you send it from your account to there's
they get there coin.

Why would I not just transfer them a coin with my phone app ?

 

[S4VV4S]

Am struggling to get this.

So you meet someone and they want to buy a coin
They give you the cash
you send it from your account to there's
they get there coin.

Why would I not just transfer them a coin with my phone app ?

 

“Now store owners, coffee shop owners, or even convenience store owners, instead of investing in a bitcoin ATM, they can just sell bitcoins at the cash register with the Picasso ATM.”

Since transactions take place within BTC China’s system there are no QR codes to scan, transfers are instant and there’s no waiting around for six confirmations to make sure everything was legitimate.

[southerngentuk]

Am struggling to get this.

So you meet someone and they want to buy a coin
They give you the cash
you send it from your account to there's
they get there coin.

Why would I not just transfer them a coin with my phone app ?

 

“Now store owners, coffee shop owners, or even convenience store owners, instead of investing in a bitcoin ATM, they can just sell bitcoins at the cash register with the Picasso ATM.”

Since transactions take place within BTC China’s system there are no QR codes to scan, transfers are instant and there’s no waiting around for six confirmations to make sure everything was legitimate.

But they could do that with an app if they held a little coin, and they could receive with it, surely this just adds another unnecessary third party.
Now if they reverse that statement I could see the benfits.  Withdraw cash from your BTC @ the coffee shop that would do it for me 

[RawDog]

“Now store owners, coffee shop owners, or even convenience store owners, instead of investing in a bitcoin ATM, they can just sell bitcoins at the cash register with the Picasso ATM.”

Since transactions take place within BTC China’s system there are no QR codes to scan, transfers are instant and there’s no waiting around for six confirmations to make sure everything was legitimate.

But scanning QR code is a convenient way of entering the address.  How will Picasso enter the addresses? Is there a more convenient way?  

No one really waits around for 6 confirmations.  When I send a few BTC to someone, the instant it hits their phone (like in about half of one second) to me that transaction is done.  Of course - it is possible it could fail.  But highly unlikely.  For transactions more than $20,000 I'll wait for one confirmation.  

I too can't see what Picasso offers - except that BTCChina gets into the middle of a transaction I can otherwise perform myself.

On the other hand, there is nothing I'd like to see more than 17,000,000 highly mobile ATMs running around China providing great bitcoin liquidity.  In this regard, Picasso is brilliant.  Millions of ATMs - instantly.  That part you've got to love.  Instead of Bobby Lee taking in the cash at the exchange, let an army of individuals take it in for you.  Then, they can kick the bitcoin around to their friends and customers.  That's a cool set up.  

[southerngentuk]

Yeh, you have a good point there 

I was kind of looking from my own perspective.

I don't ever walk the high street and think "oh must get some more bitcoin"
but I would run out of cash and draw $100 bucks out of my BTC if I was short.

So there effectively taking the exchange to the high Street.
In there speculative culture this may just work.

Am not sure I would call it an ATM thou

[b!z]

So... PayPal: Bitcoin edition?

You guys bitch about sites like inputs.io and Ripple, yet here, this is supposed to be good?

[DubFX]

These are the news i've been loking for....so from now on there's no problem of using bitcoin realtime in real stone shops no?

[southerngentuk]

If they can succeed in getting all those small outlets acting as a front for there exchange then its just 1 step away from them accepting Bitcoin properly for goods and services.

There is some Irony here,

China clamps down on BTC and the result increases its adoption.

[DubFX]

If they can succeed in getting all those small outlets acting as a front for there exchange then its just 1 step away from them accepting Bitcoin properly for goods and services.

There is some Irony here,

China clamps down on BTC and the result increases its adoption.

No, stupid people spreading FUD clamped it down. And now on the 15th everybody is monitoring china news and prices so it's good marketing move, now everybody will see these news=price rises!

[LiteCoinGuy]

maybe we will see a tutorial video soon for this.

[S4VV4S]

Official: https://vip.btcchina.com/page/notice20140415

[RockHound]

maybe we will see a tutorial video soon for this.

I hope so too, because I am failing to see how this is any different to LocalBitcoins. Don't get me wrong, I think it's a resourceful strategy to get Ƀ's in and out of BTCChina's platform a step in the right direction, but they still have a major issue with the fiat side.

I am a pro trader on Localbitcoins since early this year, all Sellers charge a small premium over an exchange according to a price equation which the Seller can adjust. This typically is 4-12% above the market. But for my business to work, I need my bank to process a Faster Payments Incoming FPI transaction before I release a clients Ƀ's.

Might be missing something here, so I wrote to BTCChina 



Hi congratulations on new web implementation, physical ATM's also look great!

Q's

How does the Seller receive payment from Buyer? Turnaround for International Wire (IMT) is too long, so is it done via BTCChina affiliate banking partners?

Do you offer any additional Seller protection? How is a potential Dispute resolved between Seller/Buyer?

What are BTCChina's fees as %/trade?

Best regards,

[Rassah]

Aww dangit! They beat Mycelium Local Trader with this release by a day or two. Ours will be out in a bit, will work globally, and won't need an account at a third party... Still sucks that they may have stolen a bit of our thunder, BUT yay for competition

EDIT: Got to the end, and it says Picaso ATM has been out for a few months already. So, why was it only announced today?

[RockHound]

Aww dangit! They beat Mycelium Local Trader with this release by a day or two. Ours will be out in a bit, will work globally, and won't need an account at a third party... Still sucks that they may have stolen a bit of our thunder, BUT yay for competition

EDIT: Got to the end, and it says Picaso ATM has been out for a few months already. So, why was it only announced today?

Rassah - Your Mycelium Local Trader project is a great idea brother - I and other bitcoiners here, hope you and team will be rewarded for hard work in near future - keep it going!

BTCChina offered a web-wallet initially called Picasso. Picasso ATM is a new web implementation.

Lamassu ATM's have been available in HK for a couple months.

[BitchicksHusband]

Best news IMHO:

Units are displayed in millibitcoin (mBTC)

Now people will buy more feeling like they are getting whole bitcoins.  Here's hoping everyone else follows.

[RockHound]

Best news IMHO:

Units are displayed in millibitcoin (mBTC)

Now people will buy more feeling like they are getting whole bitcoins.  Here's hoping everyone else follows.

There will be that psychological effect, never thought about that  

Have you registered an account with them yet? I have and ready to go! But scared to load up my Picasso wallet - want to find out more first.

I'm a trader on Localbitcoins so I have an interest in BTCChina's system

[Beliathon]

Best news IMHO:

Units are displayed in millibitcoin (mBTC)

That is excellent news, and it's about time! Many here have been calling for the move to mBTC for months!

[S4VV4S]

Aww dangit! They beat Mycelium Local Trader with this release by a day or two. Ours will be out in a bit, will work globally, and won't need an account at a third party... Still sucks that they may have stolen a bit of our thunder, BUT yay for competition

EDIT: Got to the end, and it says Picaso ATM has been out for a few months already. So, why was it only announced today?

Hi,
I checked out your Mycelium project yet I do not understand how it is an ATM, just like the Picasso one to be honest.
It is NOT an ATM, it is just an easy way for users to exchange BTC to Fiat.