First U.S. bitcoin ATMs to open soon in Seattle, Austin
Source: Reuters
Robocoin said on Tuesday that later this month it will install the first automated teller machines in the United States that let users buy and sell bitcoin, the latest step into the mainstream for the digital currency.
The kiosks, to be installed in Seattle, and Austin, Texas, are similar to ATMs but have scanners to read government-issued identification such as a driver's license or a passport to confirm users' identities.
The ATMs will allow people to swap bitcoin for cash, or deposit cash to buy more bitcoin by transferring funds to or from a virtual wallet on their smartphones.
Bitcoin was launched in 2008 and is traded within a global network of computers. It is not backed by a single company or government and has no assets behind it, but its release is tightly controlled, mimicking a central banking system's control over the minting of money.
Read more: http://www.reuters.com/article/2014/02/18/us-bitcoin-robocoin-idUSBREA1H05F20140218
This is the first step in Skynet taking over our currency.
dotymed
(5,610 posts)We have a local c-store chain that accepts bitcoin.
I asked a cashier the other day, "how do people pay using bitcoin?"
His answer: "I don't know, no one has ever tried that I know of."
This is some weird shit.
Javaman
(62,534 posts)yeah, this will end well.
I think the owner of the c-store bought into bitcoin early and is hoping to making a large profit by endorsing its acceptability.
They_Live
(3,241 posts)heh.
LynneSin
(95,337 posts)The connection that bitcoin has with the internet underbelly is pretty scary. Rolling Stone Magazine has a great article about that internet underbelly and bitcoins have serious ties to it. Right now people might be able to make money off of it but in the end I see it like Beanie Babies. It's only valuable in the minds of the owner and the people willing to pay the money to buy them.
http://www.rollingstone.com/culture/news/dead-end-on-silk-road-internet-crime-kingpin-ross-ulbrichts-big-fall-20140204
freshwest
(53,661 posts)That's a gateway to identity theft. It sounds like gambling on fantasy football. Since I don't have enough money to gamble, why give my personal information, which could lead to losses at my bank account?
Thanks for the link!
Tommy_Carcetti
(43,224 posts)People complained that the banks were too loosely regulated and that lead to the 2008 crash. People complain that paper money from the government does not have the proper physical backing and thus could be considered too volatile.
So someone comes up with an alternative....Let's create a virtual online currency with absolutely no regulation at all!
Did I miss something in the thought process there?
dotymed
(5,610 posts)Newsjock
(11,733 posts)n/t
adirondacker
(2,921 posts)I know much of the market is a farce, but this takes it to another level. Bizarre.
quadrature
(2,049 posts)with no government involvement
sorta like trading money by
secret-encrypted instructions sent to a Swiss bank.
except there is no bank.
the downside is that the valuation
of BC changes by the hour,
but that may not matter to some people.