First Bitcoin ATM heading to Cyprus | TigerDroppings.com
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joshnorris14
Florida Fan
Florida
Member since Jan 2009
21478 posts

First Bitcoin ATM heading to Cyprus

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quote:

Jeff Berwick, founder of StockHouse.com and CEO of TDV Media, announced Monday his plans to open the world’s first Bitcoin ATM in Cyprus, citing the ongoing bank bailout, bank closures and capital controls now being pushed in that country. According to Berwick, who sold Stockhouse last decade which at the peak of the tech bubble was worth $240 million, Bitcoin ATM has the world’s first software enabling a two-way, automated Bitcoin market.

Last Friday, Cyprus announced a new bailout all inclusive of a levy of upwards of 15.26% on all deposits. On Monday, the banks shut down until Thursday, but by week’s end uncertainty shrouded the country as to when their ATMs would be back online. Over the weekend, it was announced the bank’s second biggest bank would be shutdown.


quote:

With Bitcoin ATM, Jeff Berwick announced plans to place a bi-directional (bitcoin for cash, cash for bitcoin) dispenser as part of the launch of his latest venture. Over the weekend, he hinted at his venture in his blog for the Dollar Vigilante:

"I've even recently relayed to TDV subscribers that I see bitcoin-related businesses as being the next multi-billion dollar (or multi-million bitcoin) businesses and will be relaying many of my business ideas to them over the coming weeks.

And, to top it off, we have already started some game-changing bitcoin businesses that I think will shock the world. I'll be announcing one of them, related to the crisis in Cyprus, on Monday here at the TDV blog."



LSURussian
LSU Fan
Member since Feb 2005
85152 posts

re: First Bitcoin ATM heading to Cyprus
quote:

First Bitcoin ATM heading to Cyprus


Haven't those poor Cypriots suffered enough???


lordguill
New Orleans Saints Fan
Member since Dec 2005
21870 posts

re: First Bitcoin ATM heading to Cyprus
Wiki in 3..2..1...


joshnorris14
Florida Fan
Florida
Member since Jan 2009
21478 posts

re: First Bitcoin ATM heading to Cyprus
quote:

Wiki in 3..2..1...


You have it wrong. It's:

Russian in 3..2..1...

Wiki in 6..5..4...


WikiTiger
LSU Fan
Member since Sep 2007
40721 posts

re: First Bitcoin ATM heading to Cyprus
quote:

Wiki in 6..5..4...


yo, what's up?


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Lsut81
USA Fan
Member since Jun 2005
66054 posts

re: First Bitcoin ATM heading to Cyprus
A few questions...

1) So there will be a physical machine just sitting there exactly like an ATM?
2) You just insert your dollars into the machine and get bitcoins... So how do you claim these on the back end, I thought they were stored on your pc or ledger?
3) Whats the fricking point? Let me convert my dollars to bitcoins, then go home and use bitcoins to buy something. Why not just use your bank account to buy something and skip the in between step?


WikiTiger
LSU Fan
Member since Sep 2007
40721 posts

re: First Bitcoin ATM heading to Cyprus
quote:

joshnorris14


BTW, BitPay has reported $2+ million worth in bitcoin transactions this month to date.

That means those merchants paid less transaction processing fees than if they would have used Visa/MC/PayPal and they have a 0% risk of chargebacks on any of those transactions.


Isn't that nice?


WikiTiger
LSU Fan
Member since Sep 2007
40721 posts

re: First Bitcoin ATM heading to Cyprus
quote:

1) So there will be a physical machine just sitting there exactly like an ATM?


Yes.



quote:

2) You just insert your dollars into the machine and get bitcoins... So how do you claim these on the back end, I thought they were stored on your pc or ledger?


It scans a QR code that is displayed on your phone. THat QR code contains your bitcoin address. The bitcoins are sent by the machine to that address.

quote:

3) Whats the fricking point? Let me convert my dollars to bitcoins, then go home and use bitcoins to buy something. Why not just use your bank account to buy something and skip the in between step?


Some people may prefer to take their cash out of risky banks and put it into something that is safe and secure and not subject to inflationary or flat-out theft whims of any government.


GhostofJackson
Yale Fan
Everybody-gets-a-trophy land
Member since Nov 2009
4089 posts

re: First Bitcoin ATM heading to Cyprus
Perhaps there should be 3 global currencies. Get rid of cash since it isn't worth anything. The three currencies can have separate banking systems to create competition and fight against a monopoly. Also, regions should be able to mint their own currencies such as Ithaca hours. If we are going to globalize (guess what, bankers are going to make it happen either way) let's figure out a plan to neutralize the ability to have the bankers control the whole financial structure.


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LSURussian
LSU Fan
Member since Feb 2005
85152 posts

re: First Bitcoin ATM heading to Cyprus
quote:

and put it into something that is safe and secure
I thought we were talking about bitcoins?


joshnorris14
Florida Fan
Florida
Member since Jan 2009
21478 posts

re: First Bitcoin ATM heading to Cyprus
quote:

3) Whats the fricking point? Let me convert my dollars to bitcoins, then go home and use bitcoins to buy something. Why not just use your bank account to buy something and skip the in between step?


You haven't been paying attention to what's happened in Cyprus over the last two weeks, have you?





TigerFanatic99
LSU Fan
Granger, IN
Member since Jan 2007
4518 posts

re: First Bitcoin ATM heading to Cyprus
doesn't the DRASTIC fluctuations in BC exchange rates kind of make it difficult at best and scary at worst to move to it as a working currency?

I just can't see anyone using it seriously for anything other then pump 'n' dump anytime soon.


joshnorris14
Florida Fan
Florida
Member since Jan 2009
21478 posts

re: First Bitcoin ATM heading to Cyprus
quote:

BTW, BitPay has reported $2+ million worth in bitcoin transactions this month to date.


What is the market cap now? Almost $700M?


joshnorris14
Florida Fan
Florida
Member since Jan 2009
21478 posts

re: First Bitcoin ATM heading to Cyprus
quote:

doesn't the DRASTIC fluctuations in BC exchange rates kind of make it difficult at best and scary at worst to move to it as a working currency?


Again. CYPRUS.


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WikiTiger
LSU Fan
Member since Sep 2007
40721 posts

re: First Bitcoin ATM heading to Cyprus
quote:

What is the market cap now? Almost $700M?


$800 million


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WikiTiger
LSU Fan
Member since Sep 2007
40721 posts

re: First Bitcoin ATM heading to Cyprus
quote:

doesn't the DRASTIC fluctuations in BC exchange rates kind of make it difficult at best and scary at worst to move to it as a working currency?


That depends on your view of bitcoin.

If you are only planning on using it as a store of value, then fluctuations are irrelevant as long as the general trend is up in relation to fiat currencies.

If you are using it as a medium of exchange, then as the BitPay CEO explains in this video, the price is irrelevant.

ETA: Most people will likely use it as a combination of both of those, with different weights depending on an individual's desire.

This post was edited on 3/25 at 1:52 pm


Lsut81
USA Fan
Member since Jun 2005
66054 posts

re: First Bitcoin ATM heading to Cyprus
quote:

You haven't been paying attention to what's happened in Cyprus over the last two weeks, have you?




Actually, I have...


And if you think this would stop the govt from getting their hands on the money, you are sorely mistaken. If it comes down to it, govts will bar companies from accepting bitcoins or put outrageous taxes on companies that do accept them.

This move will just go further to put bitcoins on the govts radar and them to begin looking for ways to regulate them... Blee dat


LSURussian
LSU Fan
Member since Feb 2005
85152 posts

re: First Bitcoin ATM heading to Cyprus
quote:

in relation to fiat currencies.
You try to make it appear that bitcoin is not a fiat currency when in fact it is the best example of a fiat currency.


joshnorris14
Florida Fan
Florida
Member since Jan 2009
21478 posts

re: First Bitcoin ATM heading to Cyprus
quote:

Actually, I have...


Then you would see why the Cypriot citizens would want to use a Bitcoin ATM.



joshnorris14
Florida Fan
Florida
Member since Jan 2009
21478 posts

re: First Bitcoin ATM heading to Cyprus
quote:

You try to make it appear that bitcoin is not a fiat currency when in fact it is the best example of a fiat currency.


I was arguing this to a few Austrians the other day and a some of them disagreed with me, but the more disheartening thing I saw was the amount of people who do not understand why they dislike fiat currencies.


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