Topic: [2014-07-21] Meet the High Schoolers Developing BitSell, the $150 Bitcoin ATM (Read 1224 times)

I have to be honest and say that I do not feel sorry for the lack of funding on this project. These kids did not put on a good campaign by any stretch of the imagination, and it looks like just another scam, which is their fault whether it really is a scam or not.

In order to help, here are ways to make it better:

1. Full product photo and schematic rundown. All they show us is a small LCD screen with what looks like a powerpoint slideshow. There is not indicator at all that the machine itself is transferring any coin, or even that the menu is working by touch. The camera never backs away to show you the full outside or inside of the prototype. I could make a video like that with a Nexus 7, a roll of ducktape, powerpoint, smartphone, and another computer off screen to send the coins to the phone wallet. For all we know, that is all the work they did, meaning nothing and it would then be a scam. You always have to prove your work on crowdfunding sites. Unfortunately, they have not proven that they did any work on ATM software or hardware.

2. No biography or introduction to the project makers. You have no idea who they are already, and you will not have any idea who they are from their Indiegogo page.

3. No content created for the Indiegogo other than the one short video. Check out the Reading Rainbow project on Kickstarter. See all those nice looking banners and graphical items? They are, again, a proof of work. You don't create a project that you truly believe in and work hard at and then just make a crappy crowdfunding page in 5 minutes. Just another scam indicator.

4. Unrealistic goal. They give you no reason why they need to raise exactly $10,000. Where is the money going? What is the timeline they have for development? You really cannot tell much about their plans, or if they have planned out the project much at all.

5. Lack of information overall. Their page is sparse in explaining their concept, and the video doesn't help much.


Well, I hope they see this message and take it to heart. Nearly everybody in the world today is overly sensitive and will just say, "Oh look, how great that a couple of kids are trying to help the world." That does absolutely nothing to help them and it requires zero thought. Meanwhile constructive criticism is damned for being "said the wrong way". Anyway, if this isn't a scam then good for those kids and hopefully they copy projects like Reading Rainbow next time they give it a go.

Depends on the speed, sometimes you just want to transfer fiat into btc quickly. True, there are transactions fees involved and it may be more costly than a regular ATM, but an advance could be the speed.

This seems like it needs a lot of work before it becomes worthwhile. Have they provided any mock ups of what it will even look like? And like others have said, just using credit cards is a big negative. And is it even legal for high school kids to crowd fund these type of things?

Isn't the whole idea of buying BTC with credit cards just silly?

Transaction fee + people claiming they never bought the bitcoins and demanding refunds = costlier solution than a real ATM.

Did you guys even read the article? Calling this an ATM is an insult.

Your payment option is ..... credit card. Not cash.....so add that CC tx fee to your cost. Not to mention the demo was nothing but a joke, no real CC integration yet the whole thing is basically a wallet front end.

Wait until they add the CC network and see how feasible this is (NOT)

Are we this desperate for some " good news"?

This totally rocks.  Watch out robocoin, lemassu, and skyhook...theres some fresh competition on the horizon

Schools have the uncanny ability to completely crush children's creativity when they enter their teen years, there will always be some of slip through the system though and actually start to think for themselves once they take a look at the real world.

Awesome...

And my entire High School life is invalidated. These kids are doing things I would only imagine at their age.

We all seem to forget about the ATM charges on bitcoin transactions. One of the mayor advantages of using bitcoin are the cheap cost involved with using this technology over credit cards and debit cards and fiat.

Hope the ATM manufacturers and investors carry this "advantage" over into their technology too and keep away from the very thing that turned people against Banks and onto bitcoin. 

Yep, these ATMs need to be located in as many towns and other higher traffic areas for true mainstream adoption to fulfill itself. Tho, even regular people going to this length after creating a wallet and transferring the app to one's phone is a little complicated. I like what Xapo is doing but that is more for users already in the mix and a good portion of the savvy that have yet to come on board. I like what Coinbase is doing by pushing merchants to give discounts but they (CB) should also come out w/ a debit card so that people can be using coins in a way that they almost don't even think about it. Checking account->Coinbase->debit for spending them easily on companies that offer discounts for doing so->Voila. Every woman shopper would operate this way since they all carry coupon savers clubs scan cards on their key chains as it is. Then, once this trend manifests itself as the norm, every company will have no choice but to take Bitcoin and offer discounts for using it. Before you know it, market cap is through the roof.

Smart kids. ATMs are great for mainstream adoption as I think many begginers to bitcoin are scared of using exchnages so these are a great way to easily get a hold of coins.

http://www.cryptocoinsnews.com/news/meet-high-schoolers-developing-bitsell-150-bitcoin-atm/2014/07/21

Purchasing Bitcoin or altcoins through an online exchange can be time-consuming and frustrating. To ease this process, entrepreneurs developed Bitcoin ATMs, which function similarly to traditional ATMs, but transfer cryptocurrency rather than paper bills. Bitcoin ATMs have become quite popular. They have been installed all over the world – from Los Angeles to Honk Kong to Africa.