World’s First Bitcoin ATM Processes $100k in Transactions in its First 8 Days | TigerDroppings.com

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GumboPot
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World’s First Bitcoin ATM Processes $100k in Transactions in its First 8 Days



quote:

A new Bitcoin ATM in Vancouver is off to a fast start, conducting $100,000 (Canadian) worth of transactions in its first eight days of operation. That’s according to Robocoin, the firm that created the machine and hopes to see the equipment deployed in major cities around the world.

“Robocoin has finally made Bitcoin accessible,” says Jordan Kelley, the company’s CEO. Kelley says that so far approximately 80 percent of the machine’s business has been people buying Bitcoins, while the other 20 percent has been people who wanted to sell their Bitcoins for cash. Robocoin says its machine is the first Bitcoin ATM in the world.


quote:

The rollout of Bitcoin ATMs is a huge positive for the network going forward. The difficulty of buying bitcoins has been a huge obstacle that has prevented more people from getting involved. These ATMs will change that paradigm entirely for the communities in which they are installed.


How long until Bitcoin ATMs are made illegal?







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Sentrius
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Fort Rozz
Member since Jun 2011
21837 posts

re: World’s First Bitcoin ATM Processes $100k in Transactions in its First 8 Days


I support bitcoin because it will decrease the power of the state and make it irrelevant in the future one day.

GEAUX BITCOUN GEAUX!!!






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Wild Thang
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10-7 Superbowl!!!!!
Member since Jun 2009
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re: World’s First Bitcoin ATM Processes $100k in Transactions in its First 8 Days


I have not followed this Bitcoin thing. Can someone cliff note it for me?

TIA






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boosiebadazz
Member since Feb 2008
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re: World’s First Bitcoin ATM Processes $100k in Transactions in its First 8 Days


Supposedly anonymous digital currency





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Wild Thang
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re: World’s First Bitcoin ATM Processes $100k in Transactions in its First 8 Days


And that means what?

Eta: you can hide your money from the government?



This post was edited on 11/7 at 11:57 pm


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GoBigOrange86
Tennessee Fan
Lowcountry, The South, USA
Member since Jun 2008
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re: World’s First Bitcoin ATM Processes $100k in Transactions in its First 8 Days


quote:

And that means what?


My understanding is that people use them for bartering, but of course they can't be subjected to any kind of tax and are basically insulated from governmental monetary manipulation.






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boosiebadazz
Member since Feb 2008
45284 posts

re: World’s First Bitcoin ATM Processes $100k in Transactions in its First 8 Days


Yeah. No taxes and tracking to end user. Also a finite number of coins so protected from inflationary pressures





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Wild Thang
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Member since Jun 2009
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re: World’s First Bitcoin ATM Processes $100k in Transactions in its First 8 Days


quote:

Yeah. No taxes and tracking to end user. Also a finite number of coins so protected from inflationary pressures


How can I sign up?






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boosiebadazz
Member since Feb 2008
45284 posts

re: World’s First Bitcoin ATM Processes $100k in Transactions in its First 8 Days


Talk to WikiTiger. He's the resident guru and can point you in the right direction





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GumboPot
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re: World’s First Bitcoin ATM Processes $100k in Transactions in its First 8 Days


Means that it's not a fiat currency. There are limited amount of bitcoins. I think that number is 21 million. So bitcoins in theory should store wealth better than fiat currencies. However the bitcoin price in dollars has fluctuated a lot. But the concept is in it's infancy. The article I linked said one bitcoin is worth ~$300 currently.


This post was edited on 11/8 at 12:04 am


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Wild Thang
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re: World’s First Bitcoin ATM Processes $100k in Transactions in its First 8 Days


How viable is this thing moving forward?





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Poodlebrain
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Member since Jan 2004
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re: World’s First Bitcoin ATM Processes $100k in Transactions in its First 8 Days


How do you remain anonymous if you use this outfit's ATM? It requires a biometric scan. I'm sure it takes photos of users as well. So matching public keys to individuals is pretty much a given for anyone conducting a transaction using this company's ATMs. Not to mention what happens if the person conducting the transaction uses a bank debit card or a credit card.

I wonder what the net fees work out to for this company? They have to have a spread between the cost to acquire Bitcoins on an exchange and the price they sell them via the ATM. What is the company's exchange risk? How long do they hold Bitcoins or do they immediately convert them to some other currency? The same issues apply to transactions converting Bitcoins into some other currency. How much cash does the ATM machine carry?






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GumboPot
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re: World’s First Bitcoin ATM Processes $100k in Transactions in its First 8 Days


quote:

How viable is this thing moving forward?



I honestly don't know. I'm just fascinated by the concept and its growth. Actually I'm more fascinated with how our politicians and the banking system will react. And they will have to address the issue soon as it continues to gain steam.






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Wild Thang
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re: World’s First Bitcoin ATM Processes $100k in Transactions in its First 8 Days


I just read your link. It's an interesting concept.

Is the goal to replace the dollar, or compete with the dollar with no government entity able to take your earnings?






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GumboPot
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re: World’s First Bitcoin ATM Processes $100k in Transactions in its First 8 Days


I think its popularity is driven off the drug trade and the ability to transfer cash from one country to the next in any currency you desire.

Wikitiger is the resident expert on bitcoin. I hope he chimes in and offers some comments and links.






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Wild Thang
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re: World’s First Bitcoin ATM Processes $100k in Transactions in its First 8 Days


So this was the deep web currency?





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lsutothetop
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Member since Jul 2008
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re: World’s First Bitcoin ATM Processes $100k in Transactions in its First 8 Days


Ya, transactions over the deep web are often done in bitcoin





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GumboPot
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re: World’s First Bitcoin ATM Processes $100k in Transactions in its First 8 Days


quote:

So this was the deep web currency?


IDK what the deep web is. Do you need to be a TD.com subscription member to access the deep web?






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lsutothetop
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re: World’s First Bitcoin ATM Processes $100k in Transactions in its First 8 Days


Ok, so in brief, the deep web is the part of the Internet that's not indexed by search engines. You go on Google and search "LSU sports websites," all the results you get (all 11 trillion or so ) are part of what's called the "surface web." Think of it like dragging a net over shallow waters to fish; Google is catching all the fish near the surface of the water, which in this case is a lot, but it's not catching the stuff at the bottom.

That bottom is the deep web. There's all kinds of oddball shite there, some disturbing, some expected. You can find anything from drug vendors (google the Silk Road for more info there) to hitmen to child porn to posts from people in countries with more restrictive Internet access. It's more or less the underworld of the Internet.






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SoulGlo
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Shinin' Through
Member since Dec 2011
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re: World’s First Bitcoin ATM Processes $100k in Transactions in its First 8 Days


quote:

Ok, so in brief, the deep web is the part of the Internet that's not indexed by search engines. You go on Google and search "LSU sports websites," all the results you get (all 11 trillion or so ) are part of what's called the "surface web." Think of it like dragging a net over shallow waters to fish; Google is catching all the fish near the surface of the water, which in this case is a lot, but it's not catching the stuff at the bottom.

That bottom is the deep web. There's all kinds of oddball shite there, some disturbing, some expected. You can find anything from drug vendors (google the Silk Road for more info there) to hitmen to child porn to posts from people in countries with more restrictive Internet access. It's more or less the underworld of the Internet.


Hmmm. How does one find the deep web if the sites don't come up in search engines?






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