Fearless
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August 22, 2014, 06:36:00 PM |
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Why in the world you even require a BTC atm...unless you have all your assets in form of BTC..  |
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Unlike traditional banking where clients have only a few account numbers, with Bitcoin people can create an unlimited number of accounts (addresses). This can be used to easily track payments, and it improves anonymity.
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clovex
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August 22, 2014, 06:57:31 PM |
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Why in the world you even require a BTC atm...unless you have all your assets in form of BTC.. How else are you supossed to get FIAT out of BTC when banks are clossed?  |
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evanito
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Your average Bitcoin/Ethereum enthusiast
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August 22, 2014, 11:01:40 PM |
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That is pretty annoying, bitcoin was meant to be convenient not bothersome to use...
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cbeast
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Let's talk governance, lipstick, and pigs.
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August 22, 2014, 11:16:56 PM |
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Bitcoin ATMs are superlative. They are for people that can't use smartphones. Those idiots in that video didn't seem sober or smart enough to use either.
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Any significantly advanced cryptocurrency is indistinguishable from Ponzi Tulips.
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digitalindustry
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August 23, 2014, 04:57:20 AM |
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Yes it is ridiculous. Thankfully the bitcoin ATM's I use do NOT require any form of identification, but to fully comply with AML requirements in the US you have to jump through all of these hoops.
It's absolutely ridiculous considering you don't even need to provide your fingerprints when opening a bank account, yet they require them everytime you use a bitcoin ATM.
"The Soviets" |
- Twitter @Kolin_Quark
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Emperion
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August 23, 2014, 05:03:02 AM |
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That's pretty rough. It shouldn't be that hard to purchase Bitcoin, though KYC and AML regulations are pretty strict |
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phillipsjk
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Let the chips fall where they may.
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August 23, 2014, 04:40:25 PM |
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I know a lot of people here would be fine taking the legal risk of using a non-compliant machine. However you are not going to find someone willing to risk their capitol and their freedom so you can break the law.
It may be possible to set up a machine with low monthly limits treating the entire body public as "one person" Would have to be like less than $1000/day or $10,000/quarter I expect. That actually gives hints as to how to set fees: if you are getting close to being considered a MSB; charge higher fees. |
James' OpenPGP public key fingerprint: EB14 9E5B F80C 1F2D 3EBE 0A2F B3DE 81FF 7B9D 5160 |
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foggyb
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August 23, 2014, 04:55:55 PM |
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Bitcoin ATMs are superlative. They are for people that can't use smartphones. Those idiots in that video didn't seem sober or smart enough to use either.
Superfluous? EDIT: Right, superlative works. Excessive. Not the most common meaning. |
I just registered for the $PLOTS presale! Thank you @plotsfinance for allowing me to purchase tokens at the discounted valuation of only $0.015 per token, a special offer for anyone who participated in the airdrop. Tier II round is for the public at $0.025 per token. Allocation is very limited and you need to register first using the official Part III link found on their twitter. Register using my referral code CPB5 to receive 2,500 points.
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ProfMac
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August 23, 2014, 05:49:42 PM |
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This same ATM was at the Texas Bitcoin Conference the week before SXSW. I used this very machine.
As the video shows, there are two steps to exchanging Bitcoin and Fiat in any bank or money exchange setting.
1. Verifying identity and KYC/AML registration.
2. Exchanging fiat & BTC.
This vending machine lets both processes take place. The registration is, of course, tedious no matter where you go.
At this vending machine, the one time registration consisted of inserting my (TX) driver's license, my palm print, a scan of my eyes, and giving a phone number. The machine thanked me, and said it would give a txt message when I was approved. It took about a minute for that to complete.
I went to the back of the line, and when I got back to the front, I said I wanted to buy bitcoin. I put my palm in the machine, inserted a $10 bill, and it printed out a QR code with a brand new address and private key. A very precious piece of paper that presents a security concern until I move the funds elsewhere. I'm sure the cell phone got involved somehow, but I don't remember that. I have a blackberry, not an Android, and I wanted a paper receipt.
I assume that I can now go to any ATM in that network, insert my palm, and do a transaction.
Ahem. I always include the miner's fee.
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I try to be respectful and informed.
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exocytosis
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August 23, 2014, 06:12:36 PM |
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Where can I find reliable statistics on their use? Bitcoiners always go on and on about how great these ATM's are, with their biometric scanners, their blood sample analysis tools, and their fees ... But for some reason, the number of actual users is never mentioned ...?
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CoinATMRadar
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August 23, 2014, 06:37:20 PM |
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Where can I find reliable statistics on their use? Bitcoiners always go on and on about how great these ATM's are, with their biometric scanners, their blood sample analysis tools, and their fees ... But for some reason, the number of actual users is never mentioned ...?
I've collected some stats. You can get an understanding of the number of transactions here Bitcoin ATM profit calculator. According to what I've seen the average number of transaction is about 50-80 per month. Of course, many things depend on the the country, location, traffic, machine type itself, supported transactions, etc. and also it results in different average tnx size, but those figures still give a good understanding about the volume. |
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onlyu
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August 23, 2014, 06:58:10 PM |
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There's one at Hacker Dojo in Silicon Valley. It's similar to the one in the video, with the hand scanner and license scanner. There's about a 15% spread between the buy and sell price, plus a $5 fee. Nobody uses it.
15% fee kind of defeat the entire purpose of bitcoin replacing credit card and paypal, doesn't it? |
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itsAj
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August 23, 2014, 07:15:32 PM |
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I know a lot of people here would be fine taking the legal risk of using a non-compliant machine. However you are not going to find someone willing to risk their capitol and their freedom so you can break the law.
It may be possible to set up a machine with low monthly limits treating the entire body public as "one person" Would have to be like less than $1000/day or $10,000/quarter I expect. That actually gives hints as to how to set fees: if you are getting close to being considered a MSB; charge higher fees. I think most BTC ATMs do much more business then this. I don't think the compliance costs are that great that the additional revenue from the incremental business above $10k per month would be paid to comply with regulations. |
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exocytosis
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August 23, 2014, 07:43:02 PM |
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Where can I find reliable statistics on their use? Bitcoiners always go on and on about how great these ATM's are, with their biometric scanners, their blood sample analysis tools, and their fees ... But for some reason, the number of actual users is never mentioned ...?
I've collected some stats. You can get an understanding of the number of transactions here Bitcoin ATM profit calculator. According to what I've seen the average number of transaction is about 50-80 per month. Of course, many things depend on the the country, location, traffic, machine type itself, supported transactions, etc. and also it results in different average tnx size, but those figures still give a good understanding about the volume. Thanks! That's exactly what I was looking for. |
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Kluge
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August 23, 2014, 08:17:34 PM |
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There's one at Hacker Dojo in Silicon Valley. It's similar to the one in the video, with the hand scanner and license scanner. There's about a 15% spread between the buy and sell price, plus a $5 fee. Nobody uses it.
15% fee kind of defeat the entire purpose of bitcoin replacing credit card and paypal, doesn't it? Not if your target is dumb and/or lazy and/or busy people looking to "invest" in something making whatever they think's expected that year.... 20000% or whatever. Looking on the speculation forum, you'd think this is most people with coin, but I don't think that's really the case, thank God. However, there may be some areas more prone to that kind of audience.... but I can't think of them.... somewhere dumb and urban... okay, I can think of a few, but I'll keep my mouth shut. |
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freedomno1
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Learning the troll avoidance button :)
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August 23, 2014, 11:35:54 PM |
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There's one at Hacker Dojo in Silicon Valley. It's similar to the one in the video, with the hand scanner and license scanner. There's about a 15% spread between the buy and sell price, plus a $5 fee. Nobody uses it.
15% fee kind of defeat the entire purpose of bitcoin replacing credit card and paypal, doesn't it? Not if your target is dumb and/or lazy and/or busy people looking to "invest" in something making whatever they think's expected that year.... 20000% or whatever. Looking on the speculation forum, you'd think this is most people with coin, but I don't think that's really the case, thank God. However, there may be some areas more prone to that kind of audience.... but I can't think of them.... somewhere dumb and urban... okay, I can think of a few, but I'll keep my mouth shut. Well those type of places are where some of those ATM's will be located XD If you ever revealed them that is but true enough if people expect 2000% returns on their investment An ATM that charges that fee is a deal lol. |
Believing in Bitcoins and it's ability to change the world
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itsAj
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August 24, 2014, 12:09:09 AM |
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There's one at Hacker Dojo in Silicon Valley. It's similar to the one in the video, with the hand scanner and license scanner. There's about a 15% spread between the buy and sell price, plus a $5 fee. Nobody uses it.
15% fee kind of defeat the entire purpose of bitcoin replacing credit card and paypal, doesn't it? Not if your target is dumb and/or lazy and/or busy people looking to "invest" in something making whatever they think's expected that year.... 20000% or whatever. Looking on the speculation forum, you'd think this is most people with coin, but I don't think that's really the case, thank God. However, there may be some areas more prone to that kind of audience.... but I can't think of them.... somewhere dumb and urban... okay, I can think of a few, but I'll keep my mouth shut. Some people are willing to pay a higher rate because they want to keep their anonymity. I think that 15% is a bit excessive to pay for this but some people may disagree. I agree that there are many very stupid people out there that will easily get conned into paying well above the market rate for things for no apparent reason. |
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Hasher99
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August 24, 2014, 05:43:16 AM |
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I don't think BTC atms are of much use now, however its bringing public attention only, bringing BTC to mainstream  |
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mercistheman
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August 24, 2014, 05:52:14 AM |
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Not understanding why folks can't figure out that technology has to have a starting point... this is the equivalent of 1981 for the IBM PC model 5150 running DOS 1.0... think it might get better?
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oceans
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August 24, 2014, 10:40:00 AM |
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With any new technology there is always going to be a time when it will have it's faults and this will be one of them kinds of technology where they will need to release it and have it used to find it's faults and get them fixed. It may suck now but in time the faults will be fixed and things will start to get better.
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