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Topic: Would you use an ATM machine to buy Bitcoins? (Read 1953 times)
I absolutely will if ATM exists in my community.
I dont see why someone wouldnt use an atm if its more convenient. Imagine you are out and about, say at a mall, and think: "Hum, Id like to buy some bitcoins with the cash in my pocket". You choice is now going to the bank or atm to deposit cash, and buy it online with your phone or computer. With an atm, you can just walk 100 feet, deposit cash, and receive bitcoins. So long as fees are low, I dont see why it wouldnt get used.
I also think that an ATM will seem legit to many new users, and draw new people in to using BTC. Think about all the stupid impulse buying people, and perhaps yourselves, do. I bet there are tons of people who think about buying $10-20 worth of BTC but would rather not deal with signing up for accounts and doing online payments with personal financial information (especially when cryptocoins are still seen by some as only used for illegal activities).
I also think that an ATM will seem legit to many new users, and draw new people in to using BTC. Think about all the stupid impulse buying people, and perhaps yourselves, do. I bet there are tons of people who think about buying $10-20 worth of BTC but would rather not deal with signing up for accounts and doing online payments with personal financial information (especially when cryptocoins are still seen by some as only used for illegal activities).
if i can spend those bitcoins ifrom ATM in lets say grocer's shop next to it, why not.
It would depend, I'm sure it would be extremely convenient, this may sound daft but for the first time I've started regularly using my debit card in stores recently and I imagine if it's as convenient as that I probably would end up using it. However, I have some pretty big concerns when it comes to these kind of machines about security and privacy, what's to stop people from setting up phony ATMs to get information from you and things like that? I also think that the more overbearing governments out there are definitely going to have something to say about it then there's the way you might get people using the Bitcoin ATMs being targeted either by criminals looking for an easy score or government agent doing profiling on Bitcoin users.
Yep, all sorts of worries and this is just off the top of my head, to be honest, I think what will more likely happen is we use Bitcoin for global trade over the internet and then Silver/Gold for local trading, this would probably be the most efficient trading because Gold/Silver would be incredibly hard to transfer over long distances safely and I think Bitcoin is a perfectly viable alternative if you don't want to risk the Gold/Silver.
Yep, all sorts of worries and this is just off the top of my head, to be honest, I think what will more likely happen is we use Bitcoin for global trade over the internet and then Silver/Gold for local trading, this would probably be the most efficient trading because Gold/Silver would be incredibly hard to transfer over long distances safely and I think Bitcoin is a perfectly viable alternative if you don't want to risk the Gold/Silver.
Would you walk up to a machine and insert money if it spit out a bitcoin address (private key) with a predetermined amount of BTC on it?
I'd prefer that the ATM have a built in QRcode reader. Then I could scan in my bitcoin address, insert money, and the machine would send the bitcoins directly to my bitcoin receiving address.
I say definitely no and I'm so surprised that almost everybody says yes. That's weird.
Government agents will wait till the ATM is full of cash before confiscating it.
That's a good point. Where would you be aiming to place these atm?
I live in Colorado so I'm hoping to place the first one in Denver. My partner has extensive experience in programming ATM machines for large banks and he is confident we can build a prototype machine.
The only problem placing one in another city/state is finding a sponsor to manage it. Initially it would only sell bitcoin (not buy it) so periodically cash would need to be unloaded from the machine. We want to develop the first machine and then license the technology to others who want to place ATM machines in their home towns.
@CoinATM -- awesome.... the $20,000 RoboCoin (or whatever it is) is just too expensive...if your solution is much cheaper, I am interested. Let me know when you are able to expand to the Baltimore/DC area....I know of quite a few people here who could help me manage an army of these things
Seems so expensive. What goes into the cost on these?
Another solution might be that you input your address in the ATM and it sends you the bitcoins.
Perhaps you can just type in the address, or send it from your smartphone using NFC, or the ATM shows you a QR code of their webpage with a unique id in the link, and you send them the address over the internet (or with their custom app).
Perhaps you can just type in the address, or send it from your smartphone using NFC, or the ATM shows you a QR code of their webpage with a unique id in the link, and you send them the address over the internet (or with their custom app).
Definitely!
I hope that in future will be more and more ATMs
It's an easy way to convert money and shows the seriousness of the BTC project
I hope that in future will be more and more ATMs
It's an easy way to convert money and shows the seriousness of the BTC project
access to an btc atm would be great
I know I can totally trust my USD Dollars to a guy who uses the term ATM Machine. It shows he is very knowledgeable in his area and most likely also has a Ph.D. Doctor.
Any possibility of also being able to sell bitcoins? It would be nice to just walk up to the atm, transfer some BTC via whatever method and pull out the local currency.
I think if people feel BTC is easily convertible in both directions, then they will be a lot more comfortable picking some up. Having to do bank transfers and the like right now is really inconvenient vs walking up to a 24hr atm.
I think if people feel BTC is easily convertible in both directions, then they will be a lot more comfortable picking some up. Having to do bank transfers and the like right now is really inconvenient vs walking up to a 24hr atm.
Your price point needs to be $3-7K to be competitive in the ATM market.
No merchant or investor is going to risk more than that on hardware that has so many variables.
Focus on being the first AFFORDABLE ATM, not the first ATM released to the public.
No merchant or investor is going to risk more than that on hardware that has so many variables.
Focus on being the first AFFORDABLE ATM, not the first ATM released to the public.
Yes, as long as the price was reasonable.
Sure, if it's cheap
Yah, The fees will probably be pretty high.
Absolutely! Great idea. Shame the banks would never support it!
We don't need no stinkin banks!
This would be very vulnerable to skimmers who can just snipe the BTC address with mini cameras.
Not if we use EMV like our European friends.
Come invest in the project:
https://btcjam.com/listings/6769
This would be very vulnerable to skimmers who can just snipe the BTC address with mini cameras.
Absolutely! Great idea. Shame the banks would never support it!
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