BATM - page 2. | Bitcointalksearch.org

datafish

donator

Activity: 129

Merit: 100

Swimming in a sea of data

Quote from: notig on February 01, 2013, 11:43:50 PM

The problem I see with localbitcoins... at least for me... is that profits are so small. For instance.. say I sell for $21 when the price is 20. That's only a dollar profit per bitcoin.

I've been exchanging bitcoins locally for a 6% spread: selling for 3% over Mt.Gox and buying for 3% under. You're right, there's not much money to be made when the value of gas and time and the exchange rate volatility risk is factored in, but I'm excited to be a part of monetary revolution, and I get to meet a lot of interesting people. Besides, I'm building trust at this point, and once the volume gets high enough, the profits will be there. You can also look at it like you would running an I2P router: you aren't making any money off the other people using your bandwidth, but you are improving your own anonymity in the process.

DeathAndTaxes

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Gerald Davis

You forget the cost of the ATM, operating cost, site lease, armored car pickups, maintenance, vandalism, theft, counterfeits, etc.

I don't see ATM as a viable business model unless an area has a very high concentration of bitcoin users.

notig

sr. member

Activity: 294

Merit: 250

by handheld you mean smart phones? You wouldn't be able to directly use cash with that method (if that is what you meant)

Phinnaeus Gage

legendary

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Bitcoin: An Idea Worth Spending

Quote from: notig on February 01, 2013, 11:43:50 PM

Wouldn't it be cool to have automated bitcoin machines around?

The problem I see with localbitcoins... at least for me... is that profits are so small. For instance.. say I sell for $21 when the price is 20. That's only a dollar profit per bitcoin. Except it's less than that because you always lose some when buying due to the difference in the bid/ask price and all that. Anyways... if someone wants to buy say 3 bitcoins... you would get 3 dollars. Which is actually really good except that it requires further work from you. A vending machine would be perfect.

I suppose you could make it only print out bitcoins when money was input. that way if someone actually broke into the machine they would find blank paper. Unless there is already money in it from previous purchases.

I believe hand-held devices will replace even the current ATMs.

notig

sr. member

Activity: 294

Merit: 250

Wouldn't it be cool to have automated bitcoin machines around?

The problem I see with localbitcoins... at least for me... is that profits are so small. For instance.. say I sell for $21 when the price is 20. That's only a dollar profit per bitcoin. Except it's less than that because you always lose some when buying due to the difference in the bid/ask price and all that. Anyways... if someone wants to buy say 3 bitcoins... you would get 3 dollars. Which is actually really good except that it requires further work from you. A vending machine would be perfect.

I suppose you could make it only print out bitcoins when money was input. that way if someone actually broke into the machine they would find blank paper. Unless there is already money in it from previous purchases.

Topic: BATM - page 2. (Read 2538 times)