Picasso Soft ATM User Review(s)

[RockHound]

Many of us are enjoying the price trend today and yesterday - that's awesome!

But has anyone actually used Bobby Lee's new web implementation yet?

I have an account with them, shall I be the first  

[windpath]

Go for it! Would love to hear about the experience...

[RockHound]

They don't use Google's Authenticator and have not requested any KYC documents, so was a bit hesitant to get started.

Going to send 0.5Ƀ to test with, will keep you posted mate 

[RockHound]

OK so I sent some funds over to my Picasso wallet - the 6 confirmations needed took around 30 minutes to clear.

Got to say, the mobile web interface/layout is not great for IOS however, you can access on normal desktop internet browser too.

*You get presented with 4 options; Home, ATM, History, Settings

*So down to business; Select; Settings to set Currency and Profit Margin

*The Profit Margin settings only allow you to set in fixed increments up to +10% over market price

*Also I notice BTCChina are charging 0.5% service fee on every trade. However this better than Localbitcoins 1% (for Sellers)

That's about it so far, still not sure how we get paid, whether it be in form of credit on BTCChina exchange or what. But not liking how we can't set our own % margin, min/max, stop/loss, etc.

Keep you posted!

[RockHound]

I set up a test transaction

* There is a 30 minute payment window (LocalBitcoins : 90 minutes) whereby Buyer and Seller each get a code via sms. These are required to complete the transaction.

This is good for people, merchants that are trading their BTC for cold hard cash.

But it's a bit different than Localbitcoins in the sense that there is no listing of adverts from Ƀ Sellers. Might be wrong but can't seem to find any such list on website.

So far it's looking more like a Point of Sale (POS) system, i.e Can't leave a running listing/advert

[RockHound]

So in conclusion,

This is a good feature, especially for BTCChina's Trading Vol. I can see Chinese bitcoiners using this to recharge their accounts, although their physical ATM's I suspect would be a cheaper option.

Picasso Soft ATM Sellers will have to advertise by themselves. Though I reckon a fairly rapid establishment of people that will become Sellers with a Fixed % over market, that you can go to in order to get BTC quickly.

All you'll have to do is give the Seller a call, get his banking payment instructions, make payment and then redeem your BTC on BTCChina exchange. Banks will allow online payments from person:person but not person:exchange (if there was any truth regarding the whole PBOC restrictions)

We have to wait for more User Reviews and news from the Chinese community. They could bring out some more additional cool features.

For now I am going to withdraw back my 0.5Ƀ back to Electrum or Localbitcoins wallet.

[windpath]

Thanks for sharing rockhound, sounds like it's very optimized for real time POS rather then setting up trades for the future...

[RockHound]

Thanks for sharing rockhound, sounds like it's very optimized for real time POS rather then setting up trades for the future...

No worries Windpath - Nice one brother,

Yes I agree, the Picasso ATM is a real time POS system. It caused a significant uptick in BTC price index combined with PBOC news (or lack of), so thought would give it a try. I got a response back from the BTCChina support team:

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,

RH

Hi RH

The seller receives cash from the buyer.  There is no seller protection since the seller received cash in person from the buyer and so far we have not had any disputes .

It is free to buy and sell bitcoins on our exchange (0% trading fees)

Using our Picasso ATM, BTC China’s fees are 0.5%

Regards,

Tony Leng

BTC China
https://www.btcchina.com

[Jan]

Thanks for sharing rockhound, sounds like it's very optimized for real time POS rather then setting up trades for the future...

On the note of 'setting up trades for the future':
If you are looking for a mobile wallet which has functionality comparable to localbotcoins you should check this out:
http://www.reddit.com/r/Bitcoin/comments/236k5d/mycelium_local_trader_is_now_available/

• The wallet is widely used and has been around for a year + open source
• The trading functionality launched yesterday.
• No BTC trusted with a third party. Coins sent directly from seller to buyer
• Integrated chat with end-to-end encryption, not even the trade server can read messages sent between buyer and seller.

(disclosure: I am one of the developers)

[RockHound]

Thanks for sharing rockhound, sounds like it's very optimized for real time POS rather then setting up trades for the future...

On the note of 'setting up trades for the future':
If you are looking for a mobile wallet which has functionality comparable to localbotcoins you should check this out:
http://www.reddit.com/r/Bitcoin/comments/236k5d/mycelium_local_trader_is_now_available/

• The wallet is widely used and has been around for a year + open source
• The trading functionality launched yesterday.
• No BTC trusted with a third party. Coins sent directly from seller to buyer
• Integrated chat with end-to-end encryption, not even the trade server can read messages sent between buyer and seller.

(disclosure: I am one of the developers)

Cheers Jan - Visited your site - This is some solid work brother, will keep on our radar. Keep us posted on bitcointalk forum how the project/trading volume goes!

[roslinpl]

Picasso seems great thing!

Even with those fee it is amazing stuff!

Like to read more reviews!

Cheers!

[RockHound]

Picasso seems great thing!

Even with those fee it is amazing stuff!

Like to read more reviews!

Cheers!

Nice one Roslin    A good feature for our fellow Chinese bitcoiners. Hopefully the physical ATM's gain traction too.