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Offlinexpl0de
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Bitcoin ATMs coming to the U.S
    #19586005 - 02/18/14 04:30 PM (10 years, 1 month ago)

http://www.cnn.com/2014/02/18/tech/innovation/bitcoin-atms/index.html?hpt=hp_t2

(CNN) -- Bitcoin, the emerging if still somewhat mysterious digital currency, may be coming soon to a high-tech ATM near you.

Kiosks that allow people to buy the virtual coins, or exchange them for cash, will be installed within the next month or so in Seattle and Austin, Texas, according to Robocoin, the Las Vegas-based company that makes the machines.

They will be the first such ATMs in the United States. Robocoin has installed machines in Vancouver, British Columbia, with more in Canada, Hong Kong, Europe and Asia in the works.

The emergence of public ATMs, the company says, is a step toward making Bitcoin, a currency that's not backed by a government or bank and has no physical assets to prop up its value, a more comfortable buy for mainstream users outside the Webcentric circles where it currently thrives.
Here's how Bitcoin works
Can Bitcoin go mainstream?

"We think it's a huge breakthrough when it comes to bringing accessibility to the consumers," Robocoin CEO Jordan Kelley said.

Since its inception in 2009, Bitcoin has fluctuated wildly in value. Currently, a single Bitcoin is worth about $636. That value was as high as $1,000 in December as investors began leaping into the currency.

Some traditional businesses, including online retailer Overstock.com, some Subway sandwich shops and Richard Branson's Virgin Galactic, have begun accepting Bitcoin.

But the anonymous nature of the currency also has linked it with less reputable outlets. Bitcoin and other digital "cryptocurrencies" have been the de facto payment system on underground websites that deal in drugs, weapons and other illegal merchandise.

Last week, the anonymous owners of black-market website Silk Road announced that hackers had stolen $2.7 million worth of Bitcoin. In separate incidents, several online Bitcoin exchanges have been taken down by hackers who exploited a flaw to create fake transactions.

Kelley wants his company's machines to help the currency shed its shadier associations, even if that means alienating some supporters who like the mostly anonymous nature of Bitcoin exchanges.

"We're trying to move Bitcoin, put it in the mainstream, bring it to the masses," he said. "To do that, some things have to go by the wayside, and one of them is anonymity."

To create a Robocoin account, a user enters their mobile phone number at one of the kiosks. The machine sends a code to that phone and, after the user enters the code, they are asked to scan the palm of their hand.

"Your phone is your user ID and your palm is your password," Kelly said.

The user is then asked to insert a driver's license or other government-issued ID, further personalizing their account as well as providing Robocoin an opportunity to verify the user's name against government watch lists for terrorists or others who may not legally do business in the machine's home country.

Then, the user takes a photo at the kiosk, which must be verified as a match with the picture on their ID card.

Once their account is verified, a process Kelley said takes two to five minutes, they are free to buy Bitcoins at the kiosk. Customers may either transfer them to an account, using a private code the machine dispenses, or use a smartphone app to store them on their phone.

Robocoin sells the machines for $20,000. Owners make money by charging a small transaction fee to use them, Kelley said.


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InvisibleA Day InThe Life
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Re: Bitcoin ATMs coming to the U.S [Re: xpl0de]
    #19586089 - 02/18/14 04:47 PM (10 years, 1 month ago)

Debating about investing into these or not, possibly heavily. Not sure though, worried they may be outlawed because they seem like they could be rather threatening to the federal reserve & whatnot.


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:print:  Free Spore Ring Canada  :print:

Edited by A Day InThe Life (02/18/14 04:47 PM)

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InvisibleRepertoire89
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Re: Bitcoin ATMs coming to the U.S [Re: A Day InThe Life]
    #19586112 - 02/18/14 04:51 PM (10 years, 1 month ago)

Quote:

A Day InThe Life said:
Debating about investing into these or not, possibly heavily. Not sure though, worried they may be outlawed because they seem like they could be rather threatening to the federal reserve & whatnot.




If they become outlawed, they won't go anywhere. Why not make a mild investment instead of going all in?

Its very much gambling though, imo.

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InvisibleA Day InThe Life
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Re: Bitcoin ATMs coming to the U.S [Re: Repertoire89]
    #19586359 - 02/18/14 05:44 PM (10 years, 1 month ago)

I know they won't go anywhere but their value may drop a lot without having exchanges to easily trade them for fiat currencies/lose their liquidity. just trying to decide what percentage of savings to invest I guess..


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:print:  Free Spore Ring Canada  :print:

Edited by A Day InThe Life (02/18/14 05:45 PM)

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InvisibleCyclohexylamine
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Re: Bitcoin ATMs coming to the U.S [Re: Repertoire89]
    #19586451 - 02/18/14 06:01 PM (10 years, 1 month ago)

Quote:

Repertoire89 said:
Quote:

A Day InThe Life said:
Debating about investing into these or not, possibly heavily. Not sure though, worried they may be outlawed because they seem like they could be rather threatening to the federal reserve & whatnot.




If they become outlawed, they won't go anywhere. Why not make a mild investment instead of going all in?

Its very much gambling though, imo.




Yeah it is quite a gamble. I have made nicely on it so far.
@ A Day InThe Life - now is probably the best time to invest, they crashed a little not too long ago and have held steady - if history is any indicator then they will rise again. However like any high risk investment don't invest anything you can't afford to lose.


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Yes this is tymo - I just changed my name

Have you ever had a dream that you were so sure was real? What if you were unable to awake from that dream? How would you know the difference between that dream world and the real world?


There is NOTHING better than feeling that warm dissociative fuzz creeping up your body from IM K
Something abut that anaesthetic rush... :inlove:

Qualitative Research Chemical Effects and Experiences
The Wonderful World of Methoxetamine
The 3-Meo-PCP Chapters, Part One

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Invisiblebryguy27007
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Re: Bitcoin ATMs coming to the U.S [Re: Cyclohexylamine]
    #19586665 - 02/18/14 06:49 PM (10 years, 1 month ago)

You have to put your driver's license in to use these? Not gonna happen.

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InvisibleRepertoire89
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Re: Bitcoin ATMs coming to the U.S [Re: bryguy27007]
    #19586796 - 02/18/14 07:22 PM (10 years, 1 month ago)

Quote:

bryguy27007 said:
You have to put your driver's license in to use these? Not gonna happen.




Palm prints

:awesketch:

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Offlineparadoxical2020
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Re: Bitcoin ATMs coming to the U.S [Re: Repertoire89]
    #19586966 - 02/18/14 08:02 PM (10 years, 1 month ago)

They're crashing at the moment and from what's been said by economic/currency/market analysts, it will continue to do so for a little while to come. If I were going to drop some cash in, which I'm giving serious consideration to at the moment, especially considering the crash and boom that occurred toward the end of 2013, I'd give it another month or two.

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OfflineDocta Greenthumb
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Re: Bitcoin ATMs coming to the U.S [Re: paradoxical2020]
    #19587092 - 02/18/14 08:22 PM (10 years, 1 month ago)

I hope they put some of these where I live, would make bitcoin so much easier to use


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Sooner or later the people in this country are gonna realize the government doesn't give a fuck about them! The government doesn't care about you, or your children, or your rights, or your welfare, or your safety. It simply doesn't give a fuck about you! It's interested in it's own power. That's the only thing. Keeping it and expanding it wherever possible.
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InvisibleEastBayRay
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Re: Bitcoin ATMs coming to the U.S [Re: Repertoire89]
    #19587501 - 02/18/14 09:49 PM (10 years, 1 month ago)

Quote:

Repertoire89 said:
Quote:

bryguy27007 said:
You have to put your driver's license in to use these? Not gonna happen.




Palm prints

:awesketch:



Mark of the beast.  I give it seven years or less and the only form of currency will be digital and all transactions will be monitored and tracked.  Either the issuing in will be subtle and sold as convenience or forced after an orchestrated currency collapse. But that's just like my opinion, man.

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InvisibleSuperD
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Re: Bitcoin ATMs coming to the U.S [Re: EastBayRay]
    #19587635 - 02/18/14 10:19 PM (10 years, 1 month ago)

Quote:

EastBayRay said:
I give it seven years or less and the only form of currency will be digital and all transactions will be monitored and tracked.




I'm not quite as confident as you that 7 years is an accurate time frame, but you are correct that digital currency will be the only form of currency at some point in the future.  Future generations will ponder over how and why we bothered to handle such dirty germ-ridden paper and coins for such an extensive period of time.


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:super:D
Manoa said:
I need to stop spending all my money on plants and take up a cheaper hobby, like heroin. :lol:

Looking for Rauhocereus riosaniensis seeds or live specimen(s), :pm: me if you have any for trade

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OfflineAlan RockefellerM
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Re: Bitcoin ATMs coming to the U.S (moved) [Re: xpl0de]
    #19588574 - 02/19/14 05:07 AM (10 years, 1 month ago)

This thread was moved from Shroomery News Service.

Reason:
Not drug or mushroom related

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InvisibleEastBayRay
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Re: Bitcoin ATMs coming to the U.S [Re: SuperD]
    #19591814 - 02/19/14 08:09 PM (10 years, 1 month ago)

Quote:

SuperD said:
Quote:

EastBayRay said:
I give it seven years or less and the only form of currency will be digital and all transactions will be monitored and tracked.




I'm not quite as confident as you that 7 years is an accurate time frame, but you are correct that digital currency will be the only form of currency at some point in the future.  Future generations will ponder over how and why we bothered to handle such dirty germ-ridden paper and coins for such an extensive period of time.



I'll take untraceable hard cash over monitored digital currency any day of the week.  Unlike others, I do not welcome in the slave state.

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OfflineManianFH
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Re: Bitcoin ATMs coming to the U.S [Re: EastBayRay]
    #19592929 - 02/20/14 01:09 AM (10 years, 1 month ago)

seriously. removing anonymity is removing one of the core principles of bitcoin. but more exposure is a good thing.

i went into bitcoin at $1700, and have lost about $900 so far. for the record.


--------------------
notapillow said: "you are going about this endeavor all wrong. clear your mind of useless fear and concern. buy the ticket, take the ride, and all that.... "

ChrisWho said: "It's all about the journey, not the destination."

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OfflineRandomFX
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Re: Bitcoin ATMs coming to the U.S [Re: ManianFH] * 1
    #19593302 - 02/20/14 04:00 AM (10 years, 1 month ago)

why would anyone be for bit coin, seriously? Even the folk who 'are against the fed' are for the most part because a paper monetary system has no reality based worth backing it, ie they can just print more paper....but with bit coin, you do not even have to worry about printing it... it is pure digital and fake based on nothing but either bit's and data. People won;t even know how much it is diluted , when it is diluted, and I have to imagine it will be diluted a lot. No thanks. I just do not see the wisdom in it at all. and I'm a techie like I am sure a lot fo you are, the thought of just having a cred stick is appealing if it is in the movies, but in reality... no... without physical trading of items, we the people lose control of everything.

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InvisibleSuperD
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Re: Bitcoin ATMs coming to the U.S [Re: RandomFX]
    #19594153 - 02/20/14 10:58 AM (10 years, 1 month ago)

Quote:

RandomFX said:
People won;t even know how much it is diluted , when it is diluted, and I have to imagine it will be diluted a lot.




What exactly are you referring to here?  Nothing gets diluted with bitcoin, and if it did, every single person would know about it.  That's the beauty of it.  The exact quantity of bitcoins is accountable because it's all public.  That is an inherent feature within the bitcoin system.  I think you misunderstand the way BTC works but that's ok, because I'm certainly far from a pro on the subject myself.

Quote:

People won;t even know how much it is diluted , when it is diluted, and I have to imagine it will be diluted a lot.




You were talking about bitcoins being diluted without our knowledge but that is false, and in reality it's paper money that can be diluted without our knowledge.  We know exactly when new bitcoins are mined and in what quantity.  What we don't and can't know however, is how much money the Fed is printing behind closed doors.

I'm for both systems by the way.  I like cash and I like bitcoins even though I don't currently use them.


--------------------
:super:D
Manoa said:
I need to stop spending all my money on plants and take up a cheaper hobby, like heroin. :lol:

Looking for Rauhocereus riosaniensis seeds or live specimen(s), :pm: me if you have any for trade

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OfflineRandomFX
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Re: Bitcoin ATMs coming to the U.S [Re: SuperD]
    #19594198 - 02/20/14 11:12 AM (10 years, 1 month ago)

You are right, I do not know, that much about them at all...how exactly is one to know when bitcoins are 'created' and how many there are out there? I read this article:
"Bitcoins, like bearer bonds, belong to whoever has possession. But the government can still trace them—and will if theft and fraud become big enough problems, according to Daley. Even Bitcoins that have been run through a tumbler to erase their identity have been successfully traced in a computer science experiment, he says."

http://www.businessweek.com/articles/2014-02-18/how-the-feds-can-take-even-legally-earned-bitcoin

and if they believe the feds can even do that under any circumstance, then one has to be able to do it by other means also, I would think. In short, what does bit coins actually do 'for you' really?

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OfflineAlan RockefellerM
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Re: Bitcoin ATMs coming to the U.S [Re: RandomFX] * 1
    #19594319 - 02/20/14 11:45 AM (10 years, 1 month ago)

Quote:

RandomFX said:
In short, what does bit coins actually do 'for you' really?






The same thing money does, except with bitcoins, the government is not involved.

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InvisibleDieCommie

Registered: 12/11/03
Posts: 29,258
Re: Bitcoin ATMs coming to the U.S [Re: RandomFX]
    #19594325 - 02/20/14 11:47 AM (10 years, 1 month ago)

The blockchain is the master ledger.  It contains the information of how many bitcoins are in each account.  Everybody who has the bitcoin client running with a copy of the blockchain has a copy of the master ledger.  To know when bitcoins are created and how many there are out there you look in the blockchain.

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OfflineRandomFX
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Re: Bitcoin ATMs coming to the U.S also have another blue oyster bucker and a wellington bucket,6 q [Re: DieCommie]
    #19594584 - 02/20/14 12:48 PM (10 years, 1 month ago)

ya but so what, you know how many are out there, can you actually do anything about it? and if it ever became as popular as say paper money, is anyone seriously going to ever look at how many bit coins were mined? There are statistics surely out there for how much money is printed too, but no one is going to bother looking at it really. people are just like "Oh ya ok...the fed printed X billions more...yawn...whatever."
and who sets the prices for what you purchase things at with them? the merchants the same as anyone I presume right?

"It did feel kind of awesome to plug cold hard cash into a machine and have it appear in virtual form on my smartphone with a jingly little alert. After transaction fees and fluctuations in bitcoin value, my original $20 is currently worth $17.45. Now, I just have to decide where to go spend it." - Guess this idiot feels awesome by being ripped off like 15%. ??? doesn't seem too bright to me, but maybe I have the whole buy low sell high concept mixed up.

http://news.cnet.com/8301-17938_105-57619074-1/i-bought-$20-worth-of-bitcoin-at-an-atm-in-albuquerque/

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