Sunday, January 12, 2014

East Village may be home to city's first Bitcoin ATM

That's the word from the New York Post today. The co-founder of the company that makes the bitcoin dispenser says that he is in negotiations to install the $5,000 machine at Just Sweet, the bubble tea joint on Third Avenue and NYU East 12th Street.

Here's how the machine works, per the Post:

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.


Crazy Eddie said...

Hah! Remember the “Eros Accepted” here signs? I do.

NYC4BTC said...

It 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:

Anonymous said...

No fees? Incorrect.
Wildly 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.

Ken from Ken's Kitchen said...

Bubble tea and virtual money seem like a good fit. Like bitcoin and Virgin Galactic.

Jason said...

But it sure will make online drug purchases easier for some.

Anonymous said...

"They press the phone against the ATM’s glass window so it can scan the code, ***then feed in cash.***"

I'm sure this last part won't interest thieves and muggers at all...

Morgan Tsvangirai said...

A good account to follow:

vzabuser said...

I 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.