Recently contacted a Bitcoin Atm provider to find out if I could hit each one they had for the daily limit,In case I have some how become a mega holder.
Found out that they where not all the same setup,some had deposit only at the current time. So I could make a hike to sell and find out they where not set up for that at that location. Other thing was they also had some one that could meet me as well.
Mentioned all I needed was my cell phone,which I doubt is all I need. Otherwise I could set up 3-4 pay as you go cell phones connect them to wallets and hit a atm for the daily limit of $3k and walk away with 12k. Which would be by passing the Know Your Client b.s that all these providers follow.
Topic: Can ATMs move bitcoin into the mainstream? (Read 1534 times)
agreed. I cant seem to put my finger on it, but why do all btc "startups" seem to jump the gun? either they have inferior products (like those junk atms) or they hold too much btc (anyone who follws the price should know holding is insane) or they are just complete scam companies. Why such incompetence?
I think you'll find it's the same for all industries, but we're focused on the BTC space. Millions are thrown at terrible ideas and incompetent people every day.
Bitcoin's extreme youth might also be a factor. No one knows what's going to work and what doesn't. It's all still being made up as it goes along.
ATMs don't seem to do much for Bitcoin. Hacker Dojo had a Robocoin for about a year. People played with it, but didn't use it much. Then it broke down, and whoever put it there didn't fix it. Now it's gone.
There are three Bitcoin ATMs in Silicon Valley, according to Coindesk. Two are on the premises of Bitcoin startups. The third is at a mall, Valley Fair in San Jose. It's not a full ATM, just a Bitcoin vending machine that sells Bitcoins, but can't buy them. $279/BTC on Mar 28, 2015. The price range for Bitcoin on that day was $248-$254, so there was a 9% fee for buying Bitcoins there.
This is not "moving into the mainstream".
There are three Bitcoin ATMs in Silicon Valley, according to Coindesk. Two are on the premises of Bitcoin startups. The third is at a mall, Valley Fair in San Jose. It's not a full ATM, just a Bitcoin vending machine that sells Bitcoins, but can't buy them. $279/BTC on Mar 28, 2015. The price range for Bitcoin on that day was $248-$254, so there was a 9% fee for buying Bitcoins there.
This is not "moving into the mainstream".
agreed. I cant seem to put my finger on it, but why do all btc "startups" seem to jump the gun? either they have inferior products (like those junk atms) or they hold too much btc (anyone who follws the price should know holding is insane) or they are just complete scam companies. Why such incompetence?
ATMs don't seem to do much for Bitcoin. Hacker Dojo had a Robocoin for about a year. People played with it, but didn't use it much. Then it broke down, and whoever put it there didn't fix it. Now it's gone.
There are three Bitcoin ATMs in Silicon Valley, according to Coindesk. Two are on the premises of Bitcoin startups. The third is at a mall, Valley Fair in San Jose. It's not a full ATM, just a Bitcoin vending machine that sells Bitcoins, but can't buy them. $279/BTC on Mar 28, 2015. The price range for Bitcoin on that day was $248-$254, so there was a 9% fee for buying Bitcoins there.
This is not "moving into the mainstream".
There are three Bitcoin ATMs in Silicon Valley, according to Coindesk. Two are on the premises of Bitcoin startups. The third is at a mall, Valley Fair in San Jose. It's not a full ATM, just a Bitcoin vending machine that sells Bitcoins, but can't buy them. $279/BTC on Mar 28, 2015. The price range for Bitcoin on that day was $248-$254, so there was a 9% fee for buying Bitcoins there.
This is not "moving into the mainstream".
so what it boils down to is to deal with btc, there is a huge amount of trust you need to have in the person you are dealing with. I think that is a MAJOR issue that is holding btc back. I mean say you went to sell some btc, you send them, adn the person just turns around and takes off. I've read about it happening. This is a huge problem.
Yes. But buying 'privately' isn't how any other financial product works once it's entrenched, maybe gold but that's about it. It also tells us how early it all still is.
Nothing wrong with it if you know what you're doing of course but that isn't how most of the world wants to operate. A robust and well backed two way ATM network that doesn't rape its customers in terms of fees or ID would be a nice step towards convincing more people.
Localbitcoins works better, ATMs are too legacy, do not fit in a mobile and digital era
If the rates were the same and there was a local one I'd rather be buying from an ATM. Every time you're dealing with a new seller it's a fresh risk that you're taking.
so what it boils down to is to deal with btc, there is a huge amount of trust you need to have in the person you are dealing with. I think that is a MAJOR issue that is holding btc back. I mean say you went to sell some btc, you send them, adn the person just turns around and takes off. I've read about it happening. This is a huge problem.
Localbitcoins works better, ATMs are too legacy, do not fit in a mobile and digital era
If the rates were the same and there was a local one I'd rather be buying from an ATM. Every time you're dealing with a new seller it's a fresh risk that you're taking.
I love this idea (assuming it's workable): the ATM sets its own rates based on supply and demand, and arbitrage keeps it close to standard market rates. Like gentlemand I'd be happier with one reliable source of BTC (and, if I'm honest, I'd be happy to pay an ATM fee for that convenience. But I'm used to (a) localbitcoins as my sole supplier, and (b) UK ATMs which quite often charge a fee (not often enough to be unavoidable, but they place the fee-charging ones in places where I'm weakest - like the pub).
Localbitcoins works better, ATMs are too legacy, do not fit in a mobile and digital era
If the rates were the same and there was a local one I'd rather be buying from an ATM. Every time you're dealing with a new seller it's a fresh risk that you're taking.
Well if two atm machines located at two different counteries and that will facilities easy cross border transfer of funds, then i would say it's yes that it will lead towards mainstream adoption.
I think ATMs can help and they're certainly good for awareness and adoption but at the moment they're just a novelty for most as the general public don't really need to use them. Once you can spend your bitcoins at more places they'll become handy and are good for the beginner but we need more merchants first.
ATMs are not going to take bitcoin into the mainstream. What is the function of an ATM? It's to buy bitcoin. What is the point of owning bitcoin for a newbie if you can't use it and doesn't work better than the cash and credit card he has been using? We need more merchants accepting bitcoin and possibly gives a discount on the next purchase.
That is right. When there will be enough merchants acceptation bitcoins, ATMs will start growing everywhere like a mushrooms after rainy day. So it is not that ATMs will push bitcoins into mainstream, but mainstream throw push ATMs all around the world. Even beside your favorite local store.
No I don't think so. BTMs might work as a bridge to lead people from the physical world of money into the new digital world of cryptos. Mainstream acceptance and mass adoption will have to be realized on another route.
Localbitcoins works better, ATMs are too legacy, do not fit in a mobile and digital era
This... Why do we make this revolutionary digital currency physical again? Maybe if they loaded the bitcoins directly to your smartphone wallet or something it would make sense. But not by printing some piece of paper.
in theory it could. but it all depends on how user friendly they are. there are bitcoin atm's that require you to follow a certain amount of annoying and time consuming verification steps in order to get your coins. instant buy would be required in order to keep the majority of people happy.
Localbitcoins works better, ATMs are too legacy, do not fit in a mobile and digital era
ATMs alone won't be enough. Here's what has to happen:
1. There has to be a way to get coins and
2. buy stuff with them at the store
3. in a way that makes it as easy or easier than using cash or credit card.
Like I can just swipe my phone at the atm put cash in the machine and then swipe my phone at a cash register and not have to keep up to date w/ the block chain, not have to update my wallet every few weeks, not have to back stuff up or memorize a password and still have it be as secure as going through the bank. When the tech is there to make this the reality, we're there.
1. There has to be a way to get coins and
2. buy stuff with them at the store
3. in a way that makes it as easy or easier than using cash or credit card.
Like I can just swipe my phone at the atm put cash in the machine and then swipe my phone at a cash register and not have to keep up to date w/ the block chain, not have to update my wallet every few weeks, not have to back stuff up or memorize a password and still have it be as secure as going through the bank. When the tech is there to make this the reality, we're there.
Regardless of Antonopoulos's article, I think soon we may see a re-designed ATMs when we start getting more and more mass adoption, do you share the same thoughts with me ?
At present most of them aren't good enough so I hope so.
I agree that BTMs are not going to be the magic cure to make the use of Bitcoin explode. People need to be more willing to accept Bitcoin. There needs to be more awareness of the currency in general. More corporations need to accept Bitcoin at their franchise stores and online websites. Wikipedia was about as well known in 2003 as Bitcoin is today. Bitcoin I think will be implemented more and the price will take off.
Its not a easy experience and hard to gauge how much you will get when visiting a atm.
I use a atm and not only do you get dinged on buying,you also get screwed on the conversion to USD. The rate they say is always off in their favor.
Can already see a atm company taking over here and they charge on the higher end,so once they kill the competition I expect increases in fees and personal info.
I use a atm and not only do you get dinged on buying,you also get screwed on the conversion to USD. The rate they say is always off in their favor.
Can already see a atm company taking over here and they charge on the higher end,so once they kill the competition I expect increases in fees and personal info.
Why mand ?
If some random person spots one, the average ATM doesn't tell you what it actually does, or whether you're getting a fair rate and often demands ridiculous stuff like palm scans and multiple forms of ID. Most people would walk away in disgust.
Regardless of Antonopoulos's article, I think soon we may see a re-designed ATMs when we start getting more and more mass adoption, do you share the same thoughts with me ?
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