Topic: How Bitcoin ATMs could be a lot simpler (Read 762 times)

Well when you use the Robocoin ATM for the first time it will be a one-time registration. After the first use it will become a lot quicker as you have registered with us already.

Source: our Robocoin is on its way.

I think what you're seeing here is the regulation in its infancy. If bitcoin is ever to go mainstream, there will be levels of regulation in which helps the government track info about you. Things like going to a bank to have a new bitcoin number created, or getting a new bitcoin card made because you lost your old one are very possible. Keep in mind this is necessary for non-computer literate people.

In the future it might actually be illegal to sell BTC for fiat without a license of some sort in which you are required to keep receipts and customer names etc. This is the same reason why exchanges need to know exactly who you are before you can exchange money. Its not because they want to make it difficult to sign up, its because they are a business. Businesses need to cover their asses incase they get in trouble with the law. The government is likely concerned that if Joe Schmo robs a business of $10,000, he cant drive across town and deposit it into a bitcoin ATM where he can launder his money from home. Making them scan their palms and faces is a way to track who is depositing the money, where they are depositing it, and at what frequency. Perhaps you can ask them if they can remove the required palm/face scan for amounts under $50?

This reminds me of the slot machines where i live. They will only accept bills in 5, 10 and 20. $50 and higher are rejected, probably for money laundering reasons. (Although they tell you its to prevent over spending by gambling addicts) If you win over $5000 they need a scan of your photo ID and other personal information before you can collect the money.

A traditional ATM is no different. Usually it deducts some numbers on an account and gives you cash. Some ATMs let you deposit cash and in return it adds numbers on an account.

How exactly does one withdraw BTC from an ATM?

BTC does not exist in physical form....... what exactly do you get back from the ATM machine?

Deposit FIAT for BTC should be simple. Scan your address QR code, insert cash, that's all. If some ATM is more complicated it is probably because of regulations.

Withdraw BTC for FIAT needs time to verify. A 3rd party wallet should eliminate this problem. Doesn't LocalBitcoins have an ATM prototype that works like this?

I think ATMs in general are becoming relics and I don't see the point.

Instead of a card why not a phone app?  You could just create QR code and let the machine scan it.  Once you are linked up, everything would be seamless.  Last thing I want is another card in my wallet.

this will not work for people who wants to remain anonymous. it would of course be alot quicker if identity can be verified. banks can do this if they want.

Because a paper is easier and cheaper in my opinion. However, a card would be great of course - similar to a standard debit card that you get from banks.

why not the ATM have there own card once u use it one time they can generate a card that will match those details. 

Thank you for the link - will try to contact them.

OK. Sounds good. So why don't you contact them directly http://blog.robocoinkiosk.com/about/ to discuss, and let us know what the conclusion is?

Fiat ATMs are way easier to use than Bitcoin ATMs. You put in your card, enter a PIN code and withdraw (or sometimes deposit) your money from (or to) your bank account. That's it. You will get money in less than a minute.

Now let's look at the Robocoin ATM. You have to scan your ID, your palm and your face. And you have to wait for minutes to withdraw / deposit money. This isn't really customer-friendly and may distract the average joe from buying BTC. But what if you would have to do a one-time registration on the Robocoin ATM (and/or online on Roboco.in) for KYC/AML accompilance and then you get a printed paper (best would be in business card size so that it fits easily in wallets; also it should be printable online if you register and prove your identity on Robocoins website) which proves your identity with a unique code? Then you would only need to scan this card the next time, enter a PIN and withdraw your BTC.

Wouldn't this be a lot simpler? Am I missing something?