Cash out only Bitcoin ATMs

[cbeast]

These would be good for places where people depend on remittance money from overseas foreign workers (OFWs). I would like to see a Bitcoin ATM that prints out and scans vouchers and a corresponding website that can also distribute vouchers as BIP38 or multisig addresses. I would like to see a low cost Bitcoin ATM that uses a multisig voucher that allows someone to send money and it clears verification before receiver goes to receive local currency. That way there is no waiting around at the ATM.

Bitcoin ATMs are in their infancy. Vouchers are a good way to manage keys without revealing financial information. They can be used in combination with email, sms, phone calls, or any other form of two factor authorization. Multisig and nLockTime can give them not only additional security for the receiver, but also security for the sender in the case where the money needs to be returned.

Let's see more creativity with Bitcoin ATM development using the cheaper "pay only" type money counters so we can get them distributed in developing nations.

[counter]

These would be good for places where people depend on remittance money from overseas foreign workers (OFWs). I would like to see a Bitcoin ATM that prints out and scans vouchers and a corresponding website that can also distribute vouchers as BIP38 or multisig addresses. I would like to see a low cost Bitcoin ATM that uses a multisig voucher that allows someone to send money and it clears verification before receiver goes to receive local currency. That way there is no waiting around at the ATM.

Bitcoin ATMs are in their infancy. Vouchers are a good way to manage keys without revealing financial information. They can be used in combination with email, sms, phone calls, or any other form of two factor authorization. Multisig and nLockTime can give them not only additional security for the receiver, but also security for the sender in the case where the money needs to be returned.

Let's see more creativity with Bitcoin ATM development using the cheaper "pay only" type money counters so we can get them distributed in developing nations.

Excellent Idea +1.  This could be exactly the kind of thing that gets business owners to take a real interest in Bitcoin.  I think this could really help stimulate the local economies of where these Bitcoins ATM are used.  I think there should be a goal to have at least one of these in every major city.  I know it's just an idea but it really get me excited to imagine the impact something so simple could have.

[H.W.Z]

I think the countries whose workers are keeping sending money to their family members in their home country are not happy about this, the banks will be out of business.

[twister]

This would be great, How easy will it become to send money from overseas and people can go to the atm and cashout. But who exactly will set up these machines?

[grandFX]

I think the countries whose workers are keeping sending money to their family members in their home country are not happy about this, the banks will be out of business.

yes, in my country not receive this payment bitcoin
because not recognized by the banks central.

[OmegaStarScream]

Wouldn't that mean that Goverment will have some control on BTC ?

[zorke]

These would be good for places where people depend on remittance money from overseas foreign workers (OFWs). I would like to see a Bitcoin ATM that prints out and scans vouchers and a corresponding website that can also distribute vouchers as BIP38 or multisig addresses. I would like to see a low cost Bitcoin ATM that uses a multisig voucher that allows someone to send money and it clears verification before receiver goes to receive local currency. That way there is no waiting around at the ATM.

Bitcoin ATMs are in their infancy. Vouchers are a good way to manage keys without revealing financial information. They can be used in combination with email, sms, phone calls, or any other form of two factor authorization. Multisig and nLockTime can give them not only additional security for the receiver, but also security for the sender in the case where the money needs to be returned.

Let's see more creativity with Bitcoin ATM development using the cheaper "pay only" type money counters so we can get them distributed in developing nations.

Excellent Idea +1.  This could be exactly the kind of thing that gets business owners to take a real interest in Bitcoin.  I think this could really help stimulate the local economies of where these Bitcoins ATM are used.  I think there should be a goal to have at least one of these in every major city.  I know it's just an idea but it really get me excited to imagine the impact something so simple could have.

I disagree. No matter what the security features of the paper wallet, the fact will remain that the ATM owner will always know the private key associated with the paper wallet and you would need to trust the ATM owner enough to not steal your bitcoin later on. This is essentially the equivalent to generating a private key on the "server" side on a website, instead of the client/browser side

[cbeast]

These would be good for places where people depend on remittance money from overseas foreign workers (OFWs). I would like to see a Bitcoin ATM that prints out and scans vouchers and a corresponding website that can also distribute vouchers as BIP38 or multisig addresses. I would like to see a low cost Bitcoin ATM that uses a multisig voucher that allows someone to send money and it clears verification before receiver goes to receive local currency. That way there is no waiting around at the ATM.

Bitcoin ATMs are in their infancy. Vouchers are a good way to manage keys without revealing financial information. They can be used in combination with email, sms, phone calls, or any other form of two factor authorization. Multisig and nLockTime can give them not only additional security for the receiver, but also security for the sender in the case where the money needs to be returned.

Let's see more creativity with Bitcoin ATM development using the cheaper "pay only" type money counters so we can get them distributed in developing nations.

Excellent Idea +1.  This could be exactly the kind of thing that gets business owners to take a real interest in Bitcoin.  I think this could really help stimulate the local economies of where these Bitcoins ATM are used.  I think there should be a goal to have at least one of these in every major city.  I know it's just an idea but it really get me excited to imagine the impact something so simple could have.

I disagree. No matter what the security features of the paper wallet, the fact will remain that the ATM owner will always know the private key associated with the paper wallet and you would need to trust the ATM owner enough to not steal your bitcoin later on. This is essentially the equivalent to generating a private key on the "server" side on a website, instead of the client/browser side

Right. But that's why fiat currencies are regulated.

[franky1]

there needs to be a ATM company that works as an umbrella company, that then offers services to 'agents' or franchisee's to work within that umbrella.

this would not only allow for the voucher idea from the OP(ill explain later). but also if there were lets say 3 ATM's in 1 state. it would not require 3 individuals to pay 3 licence fee's to run them. instead it would be one licence for that state and each person pay's a third.

thus reducing costs. also another way to reduce costs would be if replacement parts came from the umbrella company, and as such that umbrella company can get bulk discount, to pass onto the agents/franchisee's.

and going back to the OP's idea. if the ATM's are run via an umbrella company, it ensures that all ATM's with that brand will accept those vouchers, rather than one ATM owner with a robocoin ATM (not franchised) having his own voucher service, but the other two individuals with a robocoin machine (not franchised) had their own voucher system but each not compatible with each other.

[Soros Shorts]

I think the countries whose workers are keeping sending money to their family members in their home country are not happy about this, the banks will be out of business.

This statement does not make sense. The family members would be spending their money locally boosting the local economy. The means through which the money is remitted is inconsequential.

[zorke]

These would be good for places where people depend on remittance money from overseas foreign workers (OFWs). I would like to see a Bitcoin ATM that prints out and scans vouchers and a corresponding website that can also distribute vouchers as BIP38 or multisig addresses. I would like to see a low cost Bitcoin ATM that uses a multisig voucher that allows someone to send money and it clears verification before receiver goes to receive local currency. That way there is no waiting around at the ATM.

Bitcoin ATMs are in their infancy. Vouchers are a good way to manage keys without revealing financial information. They can be used in combination with email, sms, phone calls, or any other form of two factor authorization. Multisig and nLockTime can give them not only additional security for the receiver, but also security for the sender in the case where the money needs to be returned.

Let's see more creativity with Bitcoin ATM development using the cheaper "pay only" type money counters so we can get them distributed in developing nations.

Excellent Idea +1.  This could be exactly the kind of thing that gets business owners to take a real interest in Bitcoin.  I think this could really help stimulate the local economies of where these Bitcoins ATM are used.  I think there should be a goal to have at least one of these in every major city.  I know it's just an idea but it really get me excited to imagine the impact something so simple could have.

I disagree. No matter what the security features of the paper wallet, the fact will remain that the ATM owner will always know the private key associated with the paper wallet and you would need to trust the ATM owner enough to not steal your bitcoin later on. This is essentially the equivalent to generating a private key on the "server" side on a website, instead of the client/browser side

Right. But that's why fiat currencies are regulated.

I don't understand your connection between fiat being regulated and it being a bad idea to trust an ATM operator with generating your private key

[adub]

No matter what the security features of the paper wallet, the fact will remain that the ATM owner will always know the private key associated with the paper wallet...

Not necessarily. The paper wallet code could generate the key in memory and delete it after being printed. That code could be open sourced to demonstrate that detail to all who wish to verify.

[cbeast]

No matter what the security features of the paper wallet, the fact will remain that the ATM owner will always know the private key associated with the paper wallet...

Not necessarily. The paper wallet code could generate the key in memory and delete it after being printed. That code could be open sourced to demonstrate that detail to all who wish to verify.

Counterparty risk is a necessary evil when sending fiat. An ATM that dispenses fiat is subject to compliance laws to mitigate risk. Please don't conflate fiat with a Bitcoin transaction. Of course there are very secure ways to send bitcoins, but this is about sending fiat using bitcoins as a payment system only.

[wasserman99]

No matter what the security features of the paper wallet, the fact will remain that the ATM owner will always know the private key associated with the paper wallet...

Not necessarily. The paper wallet code could generate the key in memory and delete it after being printed. That code could be open sourced to demonstrate that detail to all who wish to verify.

I don't think it would be possible to verify that a specific ATM is using a specific code. Nor would it be possible to verify that the private key is truly deleted from the ATM's memory.

As mentioned above this is very similar to creating a private key on the "server" side and is very risky and should not be used