So my friends and I launched Hawaii's first Bitcoin ATM but... - page 2.

nutildah

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Quote from: fumanchu808 on September 20, 2014, 05:27:10 PM

My team and I are working on solving some of those problems in two ways. First we're doing free bitcoin integration services for local businesses, showing them how accepting Bitcoin improves their public image and allows for electronic transactions with zero risk of charge back.

Cool... Good luck to you, it seems like quite an undertaking.

CtrlAltBernanke420

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Quote from: cbeast on September 06, 2014, 08:19:08 PM

They won't be able to dive for sunken bitcoins. Wink

Seriously, just don't worry about it. Make sure you are known as the first. Bank call themselves the First National blah blah Bank and other such names because it instills confidence. When they come, they will want to come to someone with experience.

Rebranding does not work nearly as well as it used to, and most things we trust in this world is really a facade... All is good until something goes wrong, and you are likely to be the one holding the bag.

fumanchu808

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Quote from: nutildah on September 20, 2014, 02:56:47 AM

Quote from: cyberpinoy on September 20, 2014, 01:31:35 AM

what places around your ATM or in Hawaii at all already accept bitcoin. The ATM would be useless if there is no where to spend the coins. So just curious what places do you have in Hawaii that now accept bitcoins as payments

Well the shop that hosts the ATM sells rare stamps and coins which you can't use anywhere, and you currently can't use bitcoin to buy anything on Oahu, so it was actually pretty smart to place it there. I mean, of all places to host it in Honolulu.

It may get more traffic somewhere like the Ala Moana shopping center but they probably want a bigger cut, and it would be better to wait until major retailers start accepting bitcoin.

That's the thing though. In terms of speed of transaction, you just can't beat the credit card. Most people are pretty happy paying for their item with credit (or debit)...

If the speed of a BTC transaction can't match a credit card transaction, imagine how much longer lines would be if everybody used bitcoin for retail purchases.

I'd be happy to buy a vintage aloha shirt from an independent retailer using bitcoin, but would just as soon save my bitcoins for online purchases and use cash or debit (or credit).

So its important that Hawaii residents at least have a facet to easily purchase bitcoin if they want to choose, but yeah, there's not much to actually do with it here.

My team and I are working on solving some of those problems in two ways. First we're doing free bitcoin integration services for local businesses, showing them how accepting Bitcoin improves their public image and allows for electronic transactions with zero risk of charge back.

We are also building a platform into our production model ATMs that will allow people to buy/sell goods and services using cryptocurrency (we are half way through the seed round of funding for that now with the development being maybe 1 month away from completion). I agree though that this town needs more options as to what to do with your crypto, so we are working to provide those options.

It's a lot of work opening up a new market but I think it will be worth it in the end.

toleng

sr. member

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Quote from: cyberpinoy on September 20, 2014, 01:31:35 AM

what places around your ATM or in Hawaii at all already accept bitcoin. The ATM would be useless if there is no where to spend the coins. So just curious what places do you have in Hawaii that now accept bitcoins as payments

You do not need to spend your bitcoin locally. Anyone who uses the OP's ATM has the option of buying things online or investing in bitcoin related businesses.

claimore

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What requeriments you need to withdraw?

Unbelive

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Invest & Earn: https://cloudthink.io

Well done Hawaii!
ATM there is needed, lots of people will go there to spend their holidays.

nutildah

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Quote from: cyberpinoy on September 20, 2014, 01:31:35 AM

what places around your ATM or in Hawaii at all already accept bitcoin. The ATM would be useless if there is no where to spend the coins. So just curious what places do you have in Hawaii that now accept bitcoins as payments

Well the shop that hosts the ATM sells rare stamps and coins which you can't use anywhere, and you currently can't use bitcoin to buy anything on Oahu, so it was actually pretty smart to place it there. I mean, of all places to host it in Honolulu.

It may get more traffic somewhere like the Ala Moana shopping center but they probably want a bigger cut, and it would be better to wait until major retailers start accepting bitcoin.

That's the thing though. In terms of speed of transaction, you just can't beat the credit card. Most people are pretty happy paying for their item with credit (or debit)...

If the speed of a BTC transaction can't match a credit card transaction, imagine how much longer lines would be if everybody used bitcoin for retail purchases.

I'd be happy to buy a vintage aloha shirt from an independent retailer using bitcoin, but would just as soon save my bitcoins for online purchases and use cash or debit (or credit).

So its important that Hawaii residents at least have a facet to easily purchase bitcoin if they want to choose, but yeah, there's not much to actually do with it here.

mbaeichapareiko

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Congratulations fumanchu.

I think we are going to start moving pretty fast when momentum picks up towards critical mass adoption when BTC starts snowballing again. As mad money jokes, we may even see a book about bitcoin at Costco.

As far as companies in Hawaii accepting bitcoin there is a bodyboard/surf company that will be accepting it very soon.

http://www.getballistic.com
http://www.ballisticbodyboards.com
http://www.daboards.com

Website is being redesigned and updated to integrate bitcoin, by web developer.

cyberpinoy

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what places around your ATM or in Hawaii at all already accept bitcoin. The ATM would be useless if there is no where to spend the coins. So just curious what places do you have in Hawaii that now accept bitcoins as payments

nutildah

legendary

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Quote from: fumanchu808 on September 19, 2014, 06:44:41 PM

Well the good news is that with the recent price drop the machine is seeing heavy traffic (came close to selling out a few times) and I'm being bombarded personally by people who want to buy direct. So I'm not THAT worried about adoption. People will come around eventually, once the conditions are right. All it really takes is a dramatic price change or a big news story.

Hey that's good to hear.

Lets just hope the dramatic price change isn't in this same direction.

fumanchu808

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Well the good news is that with the recent price drop the machine is seeing heavy traffic (came close to selling out a few times) and I'm being bombarded personally by people who want to buy direct. So I'm not THAT worried about adoption. People will come around eventually, once the conditions are right. All it really takes is a dramatic price change or a big news story.

nutildah

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Quote from: fumanchu808 on September 06, 2014, 09:18:14 PM

Luckily, we also have constantly refreshing supply of international consumers so even as the locals are turning their noses up at the tech there will be people visiting the islands who understand and appreciate it's utility.

Well, you are #1. You did do it first, so, good job with that.

But, as you pointed out, people here don't know about bitcoin, and if they did know they wouldn't care, and if they did care they would think its bad.

There simply has to be a better reason for people to buy it other than "its cool."

Maybe if Zippy's and L&L started selling plate lunches for .01 BTC, that would be a start. I guess that would have to be for mini plate right now.

I wish you the best of luck but it might be several years before Hawaii starts caring about bitcoin.

TimeWatch

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Just focus on the quick and relevant service I am sure with the time people will accept the change.

fumanchu808

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There are pictures in the actual article yes: http://bitcoinist.net/hawaii-gets-its-first-bitcoin-atm/

And we have thankfully been receiving a lot of positive feedback from people who have gone down to the store to use the unit. However, that reddit thread does highlight how some of the people in our community currently view cryptocurrency. I look forward to the day when they are forced to backpedal but for now we've got an uphill battle in terms of local adoption.

Luckily, we also have constantly refreshing supply of international consumers so even as the locals are turning their noses up at the tech there will be people visiting the islands who understand and appreciate it's utility.

itsAj

hero member

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I would think that the public would have a general positive reaction to BTC ATMs. Most ATMs in the past have been very successful. They have also gotten a lot of positive press. I would suggest contacting the local media to see if they can do a story on your ATM, and hopefully that will be more helpful then social media.

Remember that anyone in the world can post on Reddit, but only a very small number of people (anyone who is living/is in Hawaii) can use your ATM.

bbit

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Bitcoin

Quote from: fumanchu808 on September 06, 2014, 09:01:33 PM

Yeah, we have fortunately cinched the first mover spot here. There were one or two other companies flirting with the idea (one even bought two Lammasu) but we were the first to launch. If nothing else, no one can ever take that away from us now.

Any pictures of your rig at location ?

fumanchu808

newbie

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Yeah, we have fortunately cinched the first mover spot here. There were one or two other companies flirting with the idea (one even bought two Lammasu) but we were the first to launch. If nothing else, no one can ever take that away from us now.

cbeast

donator

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Let's talk governance, lipstick, and pigs.

They won't be able to dive for sunken bitcoins. Wink

Seriously, just don't worry about it. Make sure you are known as the first. Bank call themselves the First National blah blah Bank and other such names because it instills confidence. When they come, they will want to come to someone with experience.

fumanchu808

newbie

Activity: 42

Merit: 0

We definitely have an uphill battle ahead of us. A good chunk of the population here hate change, are distrustful of technology, and are generally proud of their own ignorance when it comes to anything outside of their immediate bubble.

Case in point, look at this thread on Reddit where I'm 90% certain they are downvoting anything that has to do with Bitcoin without even addressing what is being said:

http://www.reddit.com/r/Hawaii/comments/2fi6a0/so_we_launched_hawaiis_first_bitcoin_atm_this/

My friends and I are still dedicated to making things happen here in Hawaii, since despite all the negativity we are also have a growing base of support... but I thought it wise to at least include the wider Bitcoin community in on this so they can understand what is waiting for them in the more reclusive markets.

Topic: So my friends and I launched Hawaii's first Bitcoin ATM but... - page 2. (Read 4441 times)