Topic: BITCOIN ATM MACHINES - page 5. (Read 8068 times)

That is interesting... I remember them appearing in Spain years ago and then they went away...

Bitcoin atm machine, yes it's a great idea and it has become a reality. Bitcoin is not subject to the management of any bank, the State, but reappears Bitcoin atm machine. The arrival of Bitcoin atm machine has increased its popularity with many people. In my country, two Bitcoin atm machine  appeared although it has not been officially recognized. I've used it, it is quite useful. However it can only buy and sell, non-functional send Bitcoin. You'll have to enter your number of phone to receive verification codes, then use your Bitcoin wallet to buy or sell. The transaction is done pretty quickly and easy you will receive an invoice shortly after. With this machine, we can use  Bitcoin more convenient. I enjoyed it, hoping that it will complete more functions in the future

This is exactly what I was thinking while reading the original post created back in 2012.
Why a usb stick? Not even banks allow their employees to plug in a usb stick into their own work computer so why would allow just anyone to plug a foreign usb into their own atm machine?
That is a major foe pas to cripple the network with malicious code.
Everybody now 5 years later has a phone on them with camera capabilities. So they will use it to transfer the coins.
And the posts regarding the locations of said atm's.
There is an app for that.
It has been mentioned quite frequently lately on other threads.
Just search for it.

I agree, I choose also to use the same thing with the bank, the usual and common card. It is safer that a USB stick because it can't infected by a virus and easy to use. It would really great if we could have a Bitcoin ATM machines because here in our country I don't have an idea yet maybe I can ask the staffs of our local exchange.

using our usb stick in atm machine can make us to get trouble because we know that usb stick can contain a virus that will affect to our usb. so maybe i am prefer to use atm card to used in the atm machine because i think its difficult to get hacked when we use the card although there is 100% guarantee to be safe. at least we can avoid the bad thing that will come to us.

it will be cool but it can be horrible for sure how if that atm machine hacked already and put your usb stick? And then get all your bitcoin for sure you'll be cry maybe bank is good and then withdraw anytime you needed money it more be cool than using atm machine? Or maybe we can have a physical card than using virtual card from internet right?

Switzerland is increasingly adding more and more ATM bitcoin machines all over the place. For such a small country, you can find them all over, it's so easy to find them now, in ever train place you can find them.

I think Switzerland is trying to become a major player for the future to become a bitcoin safe haven.

Yeah I'm also wishing that I can find a Bitcoin ATM Machines here in our place. So that it will be convenient for me to withdraw the money from BTC wallet.

Whop is using this code?

Who are the players in the Bitcoin ATM world today?

BitcoinATM code is now officially an open source effort.

https://github.com/BitcoinATM

See the main post:  https://bitcointalksearch.org/topic/m.866162

Bitcoin is such an incredibly tiny and geographically diffuse economy right now that the odds of physical merchants accepting them is going to remain low for a long time.  An ATM network is a couple of orders of magnitude easier to create than a network of Bitcoin POS terminals.

Wouldn't a smartphone and a secured home server not be better (wallet/bank account) than some 3rd party ATM?

Experience has taught me that individuals who provide services such as ATMs or even online payment services do a crummy job on security. We've witnessed this time and time again. I'd rather rely on myself then on others.

Of course this means working on a more secure variant of the Linux operating system as well as a secure variant of Android would be preferable in order to make this reality. My 2 cents.

What happens if the transaction doesn't need a fee, and the client doesn't include one (since none of them do by default unless it is needed)?

What if you send a transaction with a fee to the ATM and withdraw the money, but then send another one with a higher fee to yourself, banking on the rules of various mining pools to push the higher fee transaction through first?  Even if it only happens 10% of the time, you could make bank just doing transactions with the ATM over and over, waiting for that one chance of your second transaction going through before your first.

Solution: Have the ATM refuse to pay out on unconfirmed no-fee transactions, and instead have it print out a receipt with a QR code that can be redeemed for cash at the same ATM after the transaction gets confirmed (if it ever does).

What if I create a transaction that should require a fee, but I don't include a fee with it?  Then the transaction is propogated with 0 conf, but it'll never go through.  In the meantime, at some point afterward, I can create another transaction with a fee sending those coins to my own address.  Viola!  Free cash from the ATM.

I would agree with this.

Think of it as a bank.  You have a bank account balance, and those are the funds you use to interact with the machine.  You can't withdraw from the ATM unless you have funds in your bank account.  Same as it already works with cash.

I wouldn't worry about instant withdrawals from arbitrary bitcoin address, those people are going to have to wait. Instant withdrawals would be for people that have wallet accounts with the ATM provider, or maybe even networks of trusted wallet services.

I would just charge a little more for instant withdrawals and use that as an insurance against double spends. Customers paying in advance would get better rates. Together with an amount limit for instant withdrawals you can keep your risk within an acceptable range.

I never said it is as easy just that thieves will attempt to attack an automated system for much smaller amounts than valid users will be willing to wait.

It may be more beneficial to simply get users to accept the idea that the ATM is "phone ahead" rather than advertise the "instant benefits" only to have user find out that only $10 withdrawal is instant.  I am not sure the value of that anyways because 100 $10 withdrawals is $1000.   If a thief can double spend a $1000 withdrawal (finney attack for example) they could do the same for 100 $10 withdrawals.

Still I think a phone ahead ATM works fine.  It serves a different purpose/market.

For small amounts it's perfectly relevant, for big amounts I wouldn't trust bitbills (or any variant) anyway.
Regarding the hacking opportunities you're wrong, pulling off a double spend isn't exactly as easy as tricking the faucet, the ATM will just wait ten seconds in order for the first payment to be properly propagated.

The first one is a non-starter.  If the limit is too low the ATM is useless to any legit customer and yes some crooks will still attempt to steal a token amount of coins (ask Gavin the amount of fraud the bitcoin faucet gets and that is 0.01 max payout).  If the limit is too high all crooks will just steal that amount.

The second is a little more interesting and something I thought of yesterday when walking by a Rebox machine.  "Normal" ATM are mainly about impulse decisions ("oh crap I need $50") so having a call ahead normal ATM is kinda dubious.  A Bitcoin ATM is to provide planned fast exchanging of currency.  Nobody has a problem with reserving a movie online w/ RedBox.

A BTC ATM could operate in a similar manner.    You install an app on your smartphone (could also access it from any web browser).   The app generates a one time deposit address and current exchange rate.  You transfer the coins to that address via whatever client/wallet you like and the app provides you a "withdraw PIN" and block counter.   To use the ATM you just punch in your one time withdraw code (or have your phone send it via NFC or QR code).  Obviously other options are also available even optional magnetic cards/accounts for frequent users.

Now if you decided not to "pay ahead" you could at the ATM could replicate the same process except you will need to wait 6 confirmations.  Maybe have a 3rd party provide "double spend insurance" and allow the customer to cut that down to 2 confirmations for a higher convenience fee.

Obviously cash-> BTC tx would always be instantaneous.  Also as someone mentioned a smart ATM would adjust its exchange rates to reduce or eliminate the number of times it needs to be refilled by influencing customer behavior (maybe even allow users to sign up to learn when ATM has a good "deal").

The real problem w/ BTC ATM is density.  Normal ATM work because within 10 miles there are thousands of users with compatible cards.  I doubt there are many locations in the world where BTC account holder density is > 100 in 10 miles radius.