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Baton Rouge just got its first Bitcoin ATM
Posted on 2/20/17 at 10:45 am
Posted on 2/20/17 at 10:45 am
quote:
Baton Rouge’s first ATM for Bitcoin brings a tangible interchange for users of the decentralized, digital currency. But it remains unclear how much of a market exists for Bitcoin in the Baton Rouge area.
Earlier this month, Will Haynie, a New Orleans day trader who operates Bitcoin ATMs with his brother, installed a Genesis Coin ATM machine at American Market, a grocery store at 5251 Nicholson Dr.
Haynie has other such machines in New Orleans and has plans for one more in either Shreveport or Baton Rouge in the near future. The machines allow for a one-directional transaction, where users can purchase Bitcoin for cash but not receive cash for their Bitcoin.
Quantifying the Bitcoin market locally is challenging. Haynie says his ATMs have had solid traffic so far, but declined to provide specific numbers. The currency is geared toward younger people, Haynie says, noting the ATM is near the LSU campus. Hayne collects an 8% fee on transactions.
Users don’t need ATM machines to buy Bitcoin. They can already purchase the currency by getting an online account on a large exchange, but Haynie says the ATMs streamline the process. Users must set up a digital wallet and go through either an SMS verification or have their driver’s license scanned, depending on the size of the transaction. Then, users insert cash and get Bitcoin.
“It’s internet cash,” Hayne says. “Anything you can pay for online, you can pay for with Bitcoin … a lot of big companies are accepting it.”
Currently, one Bitcoin is worth around $1,065, and users can buy a fraction of a single Bitcoin. The digital currency has no authority and is not run by any bank. Bitcoin has gained worldwide exposure over the last several years, and several Baton Rouge companies have since announced they would begin accepting the currency.
Bryan Jeansonne, a local real estate lawyer, announced in early 2014 he would begin accepting the currency, and a handful of other businesses followed suit. The Republican Party of Louisiana even began accepting Bitcoin donations.
Jeansonne says he had hoped to attract people from other countries where currencies can be unstable, and the low fees made the currency appealing.
“We do still accept it,” he says. “But no one has ever used it.”
Grant Bourque, a local software engineer, first got Bitcoin several years ago, and is now involved with a Facebook page for local Bitcoin users. He says the technology behind the currency drew him to Bitcoin. Though he mostly saves his Bitcoins, he uses some to buy things like presents, ebooks, games, shirts and the like. A few years ago, Bourque went to a Bitcoin conference and paid for his tickets with the currency.
“I appreciate the creativity that went into creating a global digital cash system that no single entity controls,” Bourque says in an email. “I think it is a cheaper and more secure way to send money to anyone over the internet.”
—Sam Karlin
Posted on 2/20/17 at 10:49 am to tke857
I thought Bitcoin was dead?
Posted on 2/20/17 at 10:51 am to Upperdecker
quote:
I thought Bitcoin was dead?
Still needed to buy drugs online.
Posted on 2/20/17 at 10:52 am to tke857
I still remember the bitcoin threads from a few years ago.
Posted on 2/20/17 at 10:56 am to tke857
8% fee per transaction. frick that.
Posted on 2/20/17 at 10:57 am to tke857
Congrats on the ATM that absolutely nobody will ever use.
Posted on 2/20/17 at 10:57 am to tke857
I sell invisible odorless fairy farts for $100 each. They come in a ziplock.
Posted on 2/20/17 at 11:01 am to c on z
quote:wiki's a rich man now
I still remember the bitcoin threads from a few years ago.
Posted on 2/20/17 at 11:01 am to tke857
quote:So a druggie sells something he's stolen for cash dollars and he runs to the bitcoin ATM to put the cash in so he can purchase bitcoin for his next online drug purchase?
where users can purchase Bitcoin for cash but not receive cash for their Bitcoin.
I'm sure the Po-Po won't be watching for that, right?
Posted on 2/20/17 at 11:05 am to LSURussian
Competition is good. I like the idea of a currency with a valuation that the politicians can't destroy or manipulate.
Posted on 2/20/17 at 11:06 am to tke857
quote:
Genesis Coin ATM machine at American Market, a grocery store at 5251 Nicholson Dr.
Weird location. Can I pay for my cajun turkey poboy with bitcoin?
Posted on 2/20/17 at 11:21 am to tke857
quote:
The machines allow for a one-directional transaction, where users can purchase Bitcoin for cash but not receive cash for their Bitcoin
This is where he screwed up. If his machine would go from bitcoin to cash, he could charge 10% and people would still use it. He will be lucky to pay that machine off.
Posted on 2/20/17 at 12:11 pm to RaginCajunz
Hope they put this right next to all those useless Tesla chargers by Acme Otster House
Posted on 2/20/17 at 12:20 pm to tigerinthebueche
hey baw I like my tesla chargers. gotta charge my P100D somehow!
Posted on 2/20/17 at 12:23 pm to LSURussian
quote:
So a druggie sells something he's stolen for cash dollars and he runs to the bitcoin ATM to put the cash in so he can purchase bitcoin for his next online drug purchase?
You don't need a bitcoin ATM to do that. You can already purchase them from a seller via cash or bank deposit.
Posted on 2/20/17 at 12:57 pm to tke857
quote:
Hayne collects an 8% fee on transactions.
Posted on 2/20/17 at 1:05 pm to tigerinthebueche
quote:
Hope they put this right next to all those useless Tesla chargers by Acme Otster House
I drive by often and theres almost always a Tesla being charged at night or early mornings.
It's not a money making venture directly speaking.
That's an effort by Tesla put them along interstate 10 within every 150 miles(20 min charge). It's a PR move to make potential customers more comfortable with being dependent on electricity as well as facilitating cross-country travel in a Tesla.
Tesla Charging Stations
This post was edited on 2/20/17 at 1:06 pm
Posted on 2/20/17 at 1:11 pm to tke857
quote:
Anything you can pay for online, you can pay for with Bitcoin
Well that's just simply not true....it may be mostly true but not all the way true.
Even the big boys that do take it...it certainly isn't as easy as going on the site picking your shite and then putting in your CC number and address.
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