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Author Topic: How BTCU.biz launched 4000 Bitcoin ATMs in Ukraine  (Read 3872 times)
_smudger_ (OP)
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July 04, 2014, 11:46:14 AM
 #1

4000 ATMs is pretty impressive!

https://coinreport.net/btcu-biz-launched-4000-bitcoin-atms-ukraine/

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July 04, 2014, 12:31:51 PM
Last edit: July 04, 2014, 12:58:13 PM by LiteCoinGuy
 #2

the beauty of such systems like bitcoin is, that you never know how many people are working on stuff like that (for bitcoin)  Cheesy

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July 04, 2014, 12:56:05 PM
 #3

I thought 4 ATM's was much to deploy but 4000.. is just mindblowing.

If this is really true, then the BTC ATM market is exploding  Smiley
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July 04, 2014, 01:09:35 PM
 #4

4000 seems a bit too much, especially for a country like Ukraine. Are these definitly ATMs and not just perhaps some other service that has implemented bitcoin like zip-zap did. 4000 ATMs just doesn't seem right.
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July 04, 2014, 01:23:43 PM
 #5

4000 seems a bit too much, especially for a country like Ukraine. Are these definitly ATMs and not just perhaps some other service that has implemented bitcoin like zip-zap did. 4000 ATMs just doesn't seem right.

I don't believe this neither without further proof. It just doesn't seem credible. Who would be willing to take the risk to invest in 4000 ATMs to deploy them in a country that is in a state of civil war?

How reliable is this Ukranian news source 'Habrahabr' (sorry, but sounds like 'Abracadabra' to me... Grin)?

Maybe, just maybe these are regular ATMs/service terminals that can also be used to purchase BTC.


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July 04, 2014, 01:27:49 PM
 #6

the beauty of such systems like bitcoin is, that you never know how many people are working on stuff like that (for bitcoin)  Cheesy
agree, whole world currency, whole world projects Smiley, keep it up guys
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July 04, 2014, 01:35:33 PM
 #7

The article says they did not place new devices but just updated the software on regular ATMs to support bitcoin.

In this way it's easy to have 4000 bitcoin ATMs because they were already in place. And it makes sense to just update the software for all ATMs at once.

Ukraine is also very no stable at the moment, so many people could see bitcoin as a safer currency than whatever they use in Ukraine.

This could be a good thing for bitcoin, especially if merchants start to accept bitcoin now. It just that I don't want to risk visiting Ukraine (I don't think it's safe there) otherwise I would have personally went there to try and make merchants accept bitcoin.
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July 04, 2014, 01:46:29 PM
 #8

The article says they did not place new devices but just updated the software on regular ATMs to support bitcoin.

In this way it's easy to have 4000 bitcoin ATMs because they were already in place. And it makes sense to just update the software for all ATMs at once.

That would be much more credible. But I can't find that statement in the CoinReport-Article. If it's stated in the original and CoinReport doesn't mention it, then CoinReport is a sensationalist news source to avoid.

I think we all like to hear positive news on Bitcoin. But such unrealistical reporting is clearly not in the community's interest.

ya.ya.yo!

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silvercane
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July 04, 2014, 01:47:14 PM
 #9

the beauty of such systems like bitcoin is, that you never know how many people are working on stuff like that (for bitcoin)  Cheesy

Exactly, which brings the element of surprise as to what might be coming out and when next!
unexecuted
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July 07, 2014, 08:30:24 AM
 #10

Apparently these are bill payment terminals used for accepting payment for a multitude of services. BTCU.biz is one of the services provided on these terminals.
http://bnk.ua/en/payment-terminals/
Paashaas
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July 08, 2014, 05:08:33 PM
 #11

at Coindesk

http://www.coindesk.com/5000-terminals-across-ukraine-now-offer-bitcoin-cash/
infested999
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July 08, 2014, 05:18:12 PM
 #12

It seems that the National Bank of Ukraine deployed some ATMs and while they were doing that they added BTC exchanging as a functionality of the ATM. This is how they were able to deploy this huge amount.

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negafen
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July 08, 2014, 05:22:01 PM
 #13

How did the ATM operator manage to send so much money out of the country?
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July 08, 2014, 06:16:21 PM
 #14

Quote
The trick is that the Bitcoin ATMs aren’t just Bitcoin ATMs. They’re actually conventional ATMs owned by the “National Credit” Bank of Ukraine which have had their software updated to support BTC transactions. By partnering with a popular bank and leveraging existing infrastructure, BTCU.biz was able to leapfrog ahead of many of the dedicated Bitcoin ATM companies, without having to personally raise the capital necessary to put that many machines on street corners.


The machines sell BTC at a rate of $693 per Bitcoin, $45 above the current CoinMarketCap price of $648, a transaction fee of about 7%, which is on the high side, but may well be worth it for the convenience.
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July 08, 2014, 06:22:46 PM
 #15


want to point out here this has some very interesting implications.

The bank behind the mysterious BTCU is none other than PJSC, which has a history in the current conflict: http://www.zerohedge.com/news/2014-01-31/guest-post-what-happening-ukraine , this bank is very pro-Europe and pro-West.

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July 08, 2014, 11:19:37 PM
 #16

man the cost of implementing 4,000 ATMs in a short amount of time.. is probably a very high risk.
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July 08, 2014, 11:23:44 PM
 #17

man the cost of implementing 4,000 ATMs in a short amount of time.. is probably a very high risk.
High risk for who?

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July 08, 2014, 11:26:35 PM
 #18

man the cost of implementing 4,000 ATMs in a short amount of time.. is probably a very high risk.

Some posters mention it is just software addition to existing ATM machines. And they charge around 7% premium, so the cost is very low and the potential reward is very high.
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July 09, 2014, 12:36:22 AM
 #19

ATM's with fees like these make Bitcoin saving 3% of the usual credit card fees less relevant.
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July 09, 2014, 01:15:40 AM
 #20

ATM's with fees like these make Bitcoin saving 3% of the usual credit card fees less relevant.

That is certainly true, but the BTC prices though are a bit above market price. But, I guess that's worth all the exposure BTC will get in the area.

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