Topic: One guy built a Lighting ATM from Scratch ( $80) (Plz Check OP) (Read 463 times)
Thats really impressive. Some has stated it a prototype, a project for education, a vending machine, etc. Whatever might be, the effort and the execution within a small budget have made it a worthy innovation. In my country we've got coin phones that resembles the same. He might have taken the plan from those. Maybe soon we can see more such machine placed around the streets same as the coin phones.
December 07, 2020, 06:05:38 PM
I see what they make is great for this Bitcoin ATM machine, looks very unique and is described as a small piggy bank which is very portable and very easy to place in the room or in the living room to introduce all family members and tell how to use a Bitcoin ATM. Hopefully this idea can continue to be developed and sold to all those who want to keep their Bitcoin in their possession.
December 07, 2020, 04:17:16 PM
Thanks for sharing man! You've just boosted my entrepreneurial spirit haha
Think about the ways we can educate close people about Bitcoin by building a cheap $80 Bitcoin ATM. Great way to teach kids finances while also creating a Bitcoin portfolio for the future.
Think about the ways we can educate close people about Bitcoin by building a cheap $80 Bitcoin ATM. Great way to teach kids finances while also creating a Bitcoin portfolio for the future.
December 07, 2020, 01:11:46 PM
Maybe I'll drop him a comment on tw later on
Unfortunately, I discovered this thread for myself just now, I also started following the @21isenough on tw, (the author regularly publishes updates). I also highly appreciated the README on github. [I think there are updates here too]It recorded the all-time high ever displayed price on #LightningATM.
Quote
2 cents bought 303 satoshis one year ago. Today you'll only get 123 sats for you coin
October 31, 2019, 03:48:04 AM
Better looking and he has only made the front cardboard.
The price might jump a bit but for about 20-30$ you could make it fully out of lexan and start beeing quite fancy and resistant the same time. Other than that, steel plates are quite cheap so it might become a viable product.
Of course, it's not going to be so easy to build for anyone but since he already started...
One thing, thing I noticed, maybe he should arrange that the router is either on top or on the back wall, the coin collector space is quite cramped. Yeah, hobby project but once you start "improving it" things that reflect RL utility start to pop-up.
Maybe I'll drop him a comment on tw later on
I would love to have one like this to replace the traditional piggybank.
The price might jump a bit but for about 20-30$ you could make it fully out of lexan and start beeing quite fancy and resistant the same time. Other than that, steel plates are quite cheap so it might become a viable product.
Of course, it's not going to be so easy to build for anyone but since he already started...
One thing, thing I noticed, maybe he should arrange that the router is either on top or on the back wall, the coin collector space is quite cramped. Yeah, hobby project but once you start "improving it" things that reflect RL utility start to pop-up.
Maybe I'll drop him a comment on tw later on
I would love to have one like this to replace the traditional piggybank.
October 31, 2019, 02:31:01 AM
New model update in OP, Plz check his work and follow him, thanks
September 12, 2019, 02:00:49 PM
the biggest problem (like anything else that involves fiat) is all the problems that the fiat world brings with itself, starting with needing a license to install one in real world.
It's impossible not to pay attention to unfortunately. The laws aren't just strict to crypto to fiat ATM's, but also those that allow you to convert crypto to crypto. Governments have made it their top priority to figure out who each buyer/seller is so that they form a risk analysis and see if you are paying your taxes and whatnot.
We might even get to a point where banks will be competing with crypto businesses and upgrade their legacy ATM's to offer people the ability to buy and sell Bitcoin. The battle for the fees will be immense. Banks know they can easily gain an upper hand. KYC/AML isn't needed because they already have your information. Convenience wise this is going to be a killer service.
Interestingly, there's no other way, they don't let you sell bitcoin (I don't know why, if you are already identified with your debit card, so KYC won't be a problem).
Maybe the problem is that it needs more technical stuff inside the ATM to be able to receive bitcoin and to exchange it, but if it works the other way, there should be a solution for this too...
September 12, 2019, 12:16:41 PM
That was very good project,this might be a good idea for creating cheap bitcoin ATMs but how about the security features of this device?
People can hack this and take all the bitcoin stored on it!
People can hack this and take all the bitcoin stored on it!
September 12, 2019, 11:45:35 AM
The cost of a real ATM would be much higher, since it would require a lot of theft proofing, but it's cool to see people creating hardware like this as their hobby project. Also ATM's are subject to regulations and taxes, which is why they generally have very high fees, so even existing Bitcoin ATM's aren't getting significant transaction. Maybe Lightning will manage to do it, as it's aimed at smaller transactions, so the fees wouldn't be as costly.
September 12, 2019, 11:26:19 AM
Thread with caution... The ATM has not yet been tested over time for security.
You don't want to expose delicate info to strangers.
There are so many people that has come up with different innovations and has not been exposed for them to be developed, if they are silent about his innovation, there is no way the world would get to know about him, and don’t be surprised that it is going to be through this that he will be picked by great companies who would be interested and even buy his innovation over. You don't want to expose delicate info to strangers.
The guy must be a really talented person and I hope he develops it to the fullest, we need such type of people that would even exposed the blockchain technology to the world, things like those also have a way of creating awareness for the blockchain technology, at least, someone would be curios enough to know the lightning meaning, and from their, the word blockchain will come to them, and which they will also get to know about cryptocurrency, which of course, the first crypto to know by them would be bitcoin.
September 10, 2019, 07:49:14 PM
Definitely not quite practical, at least not to me, but I don't think that's ever really the point of all these inventions. Definitely high up there on the cool scale, and a continued use case, plus public proof for Bitcoin. Show me an altcoin that does anything remotely close to this and I'll show you someone who's been paid to do it =p
Sorry, didn't mean to bash but awesome find OP!
Sorry, didn't mean to bash but awesome find OP!
Maybe you don't get the idea behind this kind of "invention" and obviously this is not to use in a serious way, but with this little step you can imagine a lot os possibilities to develop something better
Another use is to show to people that are'nt used to BTC to see how it works, put fiat, change to satoshis and get in their own wallet on smartphones
September 10, 2019, 07:27:29 PM
Woah this is the coolest bitcoin invention I have ever seen that guy is very creative it will take a time to create what he did kudos for his effort.
September 10, 2019, 01:45:07 PM
Definitely not quite practical, at least not to me, but I don't think that's ever really the point of all these inventions. Definitely high up there on the cool scale, and a continued use case, plus public proof for Bitcoin.
It's just a raw prototype. With some effort it will resemble more of a Bitcoin ATM as we know it, but at a fraction of the cost. I can see these ATMs be used at certain events where Bitcoiners and geeks come together.It's something I definitely would like to build myself, but I have no clue where to even start. It makes me feel somewhat of a dumbo, which is why I appreciate the creativity and innovation of people who do know where and how to start.
As for the legal side that people refer to, that shouldn't be an issue with how these ATMs won't be widely distributed to places where they are meant to stay for ever. As I said above, these are perfect for events where people can play with it.
September 10, 2019, 07:55:34 AM
Guys, it's an ATM, even if it uses the main chain or the LN the rules will be the same as for the others ATMs, depending on the country where those things will operate.
As for the cardboard, of course, nobody sane would put an this thing in a public space and I doubt major chains or malls would allow it as it screams tear me parts and get my coins!!! Not that other ATMS are more secure, I remember an article of one ATM ripped from the wall and stolen: link. Actually now that I searched for robbed ATM it seems they are the new hot thing to steal, the Honda Civic might be dethroned
But the project, although a demo, is proving things are moving, it won't be an 80$ cardboard homemade ATM but maybe next year we will have a genuine one in some stores, hopefully without the 5%-10% fees.
As for the cardboard, of course, nobody sane would put an this thing in a public space and I doubt major chains or malls would allow it as it screams tear me parts and get my coins!!! Not that other ATMS are more secure, I remember an article of one ATM ripped from the wall and stolen: link. Actually now that I searched for robbed ATM it seems they are the new hot thing to steal, the Honda Civic might be dethroned
But the project, although a demo, is proving things are moving, it won't be an 80$ cardboard homemade ATM but maybe next year we will have a genuine one in some stores, hopefully without the 5%-10% fees.
September 10, 2019, 05:44:26 AM
Definitely not quite practical, at least not to me, but I don't think that's ever really the point of all these inventions. Definitely high up there on the cool scale, and a continued use case, plus public proof for Bitcoin. Show me an altcoin that does anything remotely close to this and I'll show you someone who's been paid to do it =p
Sorry, didn't mean to bash but awesome find OP!
Sorry, didn't mean to bash but awesome find OP!
September 10, 2019, 05:36:23 AM
the biggest problem (like anything else that involves fiat) is all the problems that the fiat world brings with itself, starting with needing a license to install one in real world.
It's impossible not to pay attention to unfortunately. The laws aren't just strict to crypto to fiat ATM's, but also those that allow you to convert crypto to crypto. Governments have made it their top priority to figure out who each buyer/seller is so that they form a risk analysis and see if you are paying your taxes and whatnot.
We might even get to a point where banks will be competing with crypto businesses and upgrade their legacy ATM's to offer people the ability to buy and sell Bitcoin. The battle for the fees will be immense. Banks know they can easily gain an upper hand. KYC/AML isn't needed because they already have your information. Convenience wise this is going to be a killer service.
September 10, 2019, 05:29:20 AM
We need more of these ATM, even if they are created at$80
September 10, 2019, 05:24:11 AM
It's certainly a lot of fun, but has nothing to do with a ATM
September 10, 2019, 04:20:17 AM
pretty awesome. it's like a coinstar machine that actually pays out bitcoin.
it depends what state you're operating in. in the USA at the federal level, you would just need to register with FINCEN (no license required), and there are lots of individual states that don't require a license at all.
So the idea behind this, would be to transfer fiat to BTC and for that you need a money transmitter license.. right?
it depends what state you're operating in. in the USA at the federal level, you would just need to register with FINCEN (no license required), and there are lots of individual states that don't require a license at all.
September 10, 2019, 01:30:07 AM
So the idea behind this, would be to transfer fiat to BTC and for that you need a money transmitter license.. right?
this is what i was also thinking too when i saw the video. the thing with ATM machines is not just about how easy it would be to create one and how cheap it can be. the biggest problem (like anything else that involves fiat) is all the problems that the fiat world brings with itself, starting with needing a license to install one in real world.
lest we forget the story of that dude in India who was arrested for installing ATMs without license...
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