The machine, designed and manufactured in Portugal, looks like a typical deli ATM — but functions more like a vending machine. You put in dollars and receive bitcoins back on your phone.
Users first download a bitcoin wallet mobile app — such as BlockChain or Mycelium — and set a password. A black-and-white QR code appears. They press the phone against the ATM’s glass window so it can scan the code, then feed in cash.
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Hah! Remember the “Eros Accepted” here signs? I do.
ReplyDeleteIt is great to see NYC at the forefront of digital currencies. The lack of transaction fees in comparison to credit cards makes Bitcoin a great growth possibility for local small businesses. It would be great so see this type of technology gain NYC government support and grow throughout the city:
ReplyDeletehttps://www.change.org/petitions/mayor-bill-de-blasio-officially-endorse-the-use-of-bitcoin-as-a-payment-option-in-nyc-stores
No fees? Incorrect.
ReplyDeleteWildly flucuating value? Correct.
Decentralized? Nada, 2-3 mining pools control 65% of the mining power and therefore can change the protocal to suit their needs with no oversight.
Any actual advantage for a small business? None worth discussing.
A pump and dump for early adopters? Yes.
It's a great way to spot crackpots, goldbugs, and libertarian Rand-like superman wannabes though.
Such a silly concept that there are literally of dozens (if not hundreds) of competing "cryptocurrencies" that people have affixed value to for no discernable reason other than the chance that it goes up in value and they can cash out for that sweet, sweet dollar.
Think the current US system reeks of inequality? 90% of bitcoins that have been produced sit in only a few hundred people's "wallets".
It's the answer to the question nobody asked.
Bubble tea and virtual money seem like a good fit. Like bitcoin and Virgin Galactic.
ReplyDeleteBut it sure will make online drug purchases easier for some.
ReplyDelete"They press the phone against the ATM’s glass window so it can scan the code, ***then feed in cash.***"
ReplyDeleteI'm sure this last part won't interest thieves and muggers at all...
A good account to follow: https://twitter.com/bitcoin_txt
ReplyDeleteI thought the whole point of Bitcoin was "not to feed in the cash" ! Maybe I'm missing something - but I'd rather see them accept Bitcoin as cash.
ReplyDelete