Using the world's first Bitcoin ATM | Hacker News Reader

Using the world's first Bitcoin ATM

afreak.ca

54 pointsafreak15 comments

Flashing that QR code with your money on it seems like a pretty big security hole, no? Could anyone with a big telephoto lens peer over your shoulder and snag the code before you get a chance to? Thereby taking your money?

The requirement that the user's identify be verified is disappointing. I wonder if when these will have the same requirement in the U.S. when they launch or if small amounts of cash will be convertible without a verified identity.

This ATM has everything to do with promoting bitcoins as a legitimate currency. If they started off with no user ID then all the publicity would focus in on the usefulness for drug dealers and money laundering.

The verification process typically takes ~5-10 minutes (automatically) during a one-time enrollment step. Afterward, it is instantaneous.

The Bitcoiniac's rep (and keep in mind this is a small company) told me specifically that it can take up to an hour for it to be processed and it has to be done by person. Where did you get that it was automatic and would take 5-10 minutes?

Perhaps the palm reader will be able to recognize you after you input it once. It sounds like the "1 hour delay" is for that first time you use the machine.

For people who might use a Bitcoin ATM, it might make sense to input the palm print on the way into work or on the way out of the coffee shop, then bounce. The next time you come back, identity confirmation should be instantaneous.

This is pretty cool and all but I don't really see the use case for a btc ATM. Maybe if the shop offered 10% off on some coffeeif you paid With btc, but the ~1 hr confirmation time makes this somewhat unuseable. Plus would someone want to hagle with depositing money then paying with btc? Either way cool post and idea

Once bitcoin ATMs are in major cities around the world, you no longer need Western Union.

So what you are saying is wire scams will be even easier to pull! ;)

You were probably kidding :-) But: from the screenshot in TFA, they require you to provide biometric identification and then they appear to apply a $1001 per day usage limit to this identity, and this is specifically in place to comply with AML regulations.

"This is pretty cool and all but I don't really see the use case for a btc ATM"

Every HN thread about Bitcoin is flooded by critics complaining it is hard to quickly and easily purchase bitcoins. Well that's probably the major use case that an ATM fulfills perfectly!

Hopefully, they get these things all over the place. The feature that interests me a lot more is being able to WITHDRAW money from the ATM. This can replace your regular ATM card.

It is possible to withdraw at this ATM. Well to be honest I don't know if Robocoin enabled the withdrawal option on this one installation, but the one they demo'ed at the Bitcoin 2013 conference in San Jose was definitely able to process withdrawals. As a matter of fact, I saw an attendee selling well above $1000 of Bitcoins and completely emptying the machine of its cash... It was definitely working :)

You see the FBI has some to offload, so expect to hear quite a few stories about normal ppl using bitcoin for normal stuff. A cynic.

If they can partner with CoinBase or a similar "BitcoinPal", I think they instantaneous transactions will be possible. Maybe it's time to have a standard for these Bitcoin ATMs like MasterCard or Visa.

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