The NCR machines run about $30-$50,000 USD. (OUCH).
Topic: Would you use an ATM machine to buy Bitcoins? - page 2. (Read 1917 times)
I'm happy to have a conversation if you, or anybody else, who wants to employ "an army of these".
Here's one of the machines we are considering:
http://www.ncr.com/products/banking/deposit-atm-machines/selfserv-36
Here's my post in the lending forum:
https://bitcointalksearch.org/topic/would-you-invest-in-a-bitcoin-startup-who-places-atm-btc-machines-in-us-cities-286631
Here's one of the machines we are considering:
http://www.ncr.com/products/banking/deposit-atm-machines/selfserv-36
Here's my post in the lending forum:
https://bitcointalksearch.org/topic/would-you-invest-in-a-bitcoin-startup-who-places-atm-btc-machines-in-us-cities-286631
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
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.
Sound like a good idea. What is the timeframe on this?
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.
If the price was right and I received them quickly I would.
Why would you trust them to not keep the private keys after selling it?
It seems unlikely to me that someone who would spend $20,000 to build a place a kiosk that sells bitcoin would be trying to rip off the users. How would the ATM owner ever recover the $20,000 if the first user gets ripped off and reports that experience to the bitcoin forum?
That's a good point. Where would you be aiming to place these atm?
Why would you trust them to not keep the private keys after selling it?
It seems unlikely to me that someone who would spend $20,000 to build a place a kiosk that sells bitcoin would be trying to rip off the users. How would the ATM owner ever recover the $20,000 if the first user gets ripped off and reports that experience to the bitcoin forum?
Why would you trust them to not keep the private keys after selling it?
Assuming they don't know it has been sold, just transfer the balance immediately and then it's useless to them. After all you should be able to check the balance before sale. But I don't think many people will be as clued up as us, especially the people who would need to use an ATM / Vending machine. They might think, yey I have some Bitcoins and then just put it in a draw for later!
https://bitcointalksearch.org/topic/bitcoin-atm-san-francisco-283185 - Discussion about a ATM in San Francisco.
Having a ATM though, would be a really good idea. If you can go into more detail on how the process would work then that would be great also.
Having a ATM though, would be a really good idea. If you can go into more detail on how the process would work then that would be great also.
It would be great if the you can sell and buy bitcoins with it.
sure, why the hell not? be a lot quicker too
There won't be an ATM in every small town. But yes, it would be nice
sure, why the hell not? be a lot quicker too
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?
Yes, I think that it would be nice.
Especially if it's cheap.
You need a starting investment, but with the benefit, you can then run it quite easily.
You don't even need to buy btc in advance. You can have a partnership with mt.gox or some other exchanges and buy it at the current price whenever someone wants to withdraw btc
You don't even need to buy btc in advance. You can have a partnership with mt.gox or some other exchanges and buy it at the current price whenever someone wants to withdraw btc
The issue with those services, is that the company would have to keep buying BTC. this means that when they run out, the ATM wouldn't work. Personally, I feel that this service would die out in a short life span. Many internet services dried up for that reason, and I would expect this one to do the same, unless it was run extremely well.
If the ATM's are small(There is few youtube videos about it) it would be so good for Non-EU or Non-US countries, easier to get with the ATM.
Why would you trust them to not keep the private keys after selling it?
I heard there was a bitcoin suitcase atm that sold btc at a convention somewhere
If the machine and operator is trusted sure, I buy my BTC for cash all the time through trusted sources and an "ATM" would eliminate the need to arrange a meeting to hand over cash
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