

Using the world's first Bitcoin ATM - afreak
https://afreak.ca/blog/using-a-bitcoin-atm/

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colinbartlett
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?

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drewblaisdell
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.

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thallium205
The verification process typically takes ~5-10 minutes (automatically) during
a one-time enrollment step. Afterward, it is instantaneous.

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afreak
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?

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clarkmoody
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.

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Moral_
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

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

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

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jamestnz
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.

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altoz
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.

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mrb
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 :)

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headgasket
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.

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csomar
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.

