Are these Bitcoin ATMs really the future of money? Mike Piri of Bitcoin Agents and MyLocalBitcoinATM.com thinks so.

“We put it in these places because […] people pass by them every day, they see it, maybe they’ll become curious, maybe they’ll buy ten dollars,” says Piri, who installed a Bitcoin ATM at HandleBar in downtown Austin, TX.

Bitcoin is a decentralized digital currency that can be used online or wherever Bitcoin is accepted. Users can add or withdraw cash from their Bitcoin wallet (a QR code found on their phone) after scanning their government-issued identification and the palms of their hands.

Piri admits that the ATMs are not a profitable business right now but machines like his work to popularize and mainstream cryptocurrency.

“It’s person to person,” says Piri. “That’s what’s great about it.”

Produced by Paul Detrick.

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52 Replies to “Is the Bitcoin ATM the Future of Money?”

  1. no its not. bitcoin will be reduced down to its utility of money transfer. it will not be used as a store of wealth or savings.

    do you accept your paychecks in paypal money? oh, but what if it was (bitcoin) anonymous! didn’t think so.

    1. Nothing beats hard cash. I can also remain completely anonymous using chash compared to digital currency which is tracked.

      Bit coin is no exception which is why the US has allowed Bit Coin to go ahead. At first when everyone who supported Bit Coin was talking about it being anonymous the Government was against it but once they worked out how to track it it’s now acceptable by the US Government.

      If I can’t hold the money in my hand then it has no value to me.

    2. +Tzimnewman3 Cash has its advantages, but it also has its disadvantages. First there’s inflation. And if the cops catch you with any significant amount of cash on you they will seize it as they will assume it’s drug money. Bitcoin allows you to carry your money essentially in your head (memorize a brain wallet). You can also send money anywhere in the world, instantly, at very little cost. Cash can only be used in person. As for the privacy, there are people working to improve this with sidechains and mixers. Bitcoin is still young, so I wouldn’t be so quick to dismiss it. It may surprise you.

    1. +Kizone Kaprow It depends on who you buy it from. What if you buy the game from a farmer that needs fertilizer? When you understand that value and money is all only based on agreements between individuals, you cut right through all the bullshit.

  2. Bitcoin is not the final solution and certainly not the ATM featured in the video. It’s a great start, though. Let’s keep working to improve it.

    1. +Michael Haimerl Your grocery store eats that cost. It costs them typically 0.9 to 2.9% of sales to process ANY credit card purchase. Grocery stores are probably on the lower end so they eat the cost of that purchases, while some stores ask you to pay 10 or 20 before you are able to use a credit card.

    2. It’s not a credit card. Since they pay a percentage, it doesn’t matter how much you pay with it, 1€ or 1000€. But I feel like this is going off topic.

    3. +Michael Haimerl We’re talking about credit cards in the store, What is an EC-CArd in Germany? Is that not a credit card company that takes a fee for every transaction? 

    4. +Derty McQwerty 42°N No, it’s a card issued by your bank, with no transaction fees, usually tied to the account your employer transferes your salary to. The main difference is, that it’s not used outside of the country and the card limit (or credit) doesn’t automatically come with the card. You would have to ask the bank to expand the limit, depending on your monthly salary. Hope that made it clearer.

    1. None so far, but that’s because the regulators are so far behind the technology curve, they just can’t get their brains wrapped around the concepts. New York has proposed imposing a “Bitlicense” on all bitcoin businesses in that state, which has prompted many promising start-up companies to abruptly leave (e.g. Coinapult coinapult.com/ now operates safely from Panama instead of Manhattan).

  3. The Dollar $ is heading to dead end, soon or later Something else must take over, the BRIC in a progress to reform a central bank as china now the leading strongest economy in the world, these countries heading to stable, independent and legit system, while USA & UK which are controlling the IMF, and pushing ridiculous banking legislation for the rest of the world, and causing more problems the last stupid card is the Bitcoin….. !!!!!

    The banking system in the west is a big failure. Whatever comes new its rather a disaster.

  4. _Are these Bitcoin ATMs really the future of money?_
    I’ll go out on a limb and say no. Delusional paranoiacs and Reason-brand™ anarchists will, of course, disagree.

    1. you realize people have said the same thing in the past about the internet, email, digital photos and downloading music/movies right?

    2. +MWCstream You are cherry picking 5 popular things that made it big. There are 1000s of tech inventions that never made it, this included. ATMs are for cash, you will get cash, not bitcoin in the future. Or it wont be called bitcoin anyways, it will be run by some big company and they will call it something else

    3. +MWCstream
      _”controlled by corporate rich nerds using bitcoin farms”_
      I believe the “rules” (such as they are, cloaked in mystery) may be changed at any time if the right priests — er, “investors” —  “vote” to change them. I may be mistaken. Depends on how you interpret the Bitcoin Bible.

    4. “I believe the “rules” (such as they are, cloaked in mystery” I am sure they are a mystery to someone such as yourself, but there are people out there that can read code and if you knew anything about it, you would know that bitcoin is open source p2p technology and anyone can download and review the code, it isn’t magic, voodoo or anything like that, just computer software that has value. because it is a useful technology to many people and countries around the world, especially the unbanked.

    1. Dogecoin isn’t much different from litecoin, and i only use bitcoin because there’s more stuff i can buy with it, and speed depends on what you compare it to. If you compare bitcoins slowness to banks slowness, bitcoin still seems like lubricated lightning in comparison.

    2. BitCoin and LiteCoin are both fairly slow and have you seen the fees recently? In the past 6 months, I’ve spent well over $10 on fees. ($.04 – $.16 each transaction) whereas DogeCoin is ($.0002). The best part is the speed. It’s consistently 1-2 minutes. But BitCoin can be 15 minutes – 45 minutes depending on trends. Even LiteCoin has software compatibility issues sometimes and has a sporadic block time (0-8 minutes)  minute minimum transaction timing, not to mention very little market acceptance. 

    3. +IBUILTTHAT Alright then, let the best currency win. I actually own some dogecoin and a some coins in 30 other altcoins as well. This is what i like about privatizing a currency like this, it allows total free market competition.

    1. If you can figure out how to get rid of anti-money-laundering laws and know-your-customer laws then the bitcoin companies will consider doing that for you.

    2. +NativeInterface If Bitcoin companies are going to wait around for the laws to change, they can just keep waiting.  We all have the presumption of innocence.  Let’s start acting like it.  

    3. +Patrick Dukemajian I would also like to see companies break the law in acts of civil disobedience for our rights, but on the other hand it’s basically corporate suicide. But hey, if you start a business and break the law for good intentions, i will support you as much as i can.

  5. There are a lot of bitcoin ATM’s that don’t require this kind of information. Anyways, have $1 in bitcoin on me. +ChangeTip 

    1. One of the fundamental benefits to bitcoin is the ability the remain anonymous while using it. Obviously the guy who put a palm scanner in a bitcoin ATM doesn’t quite get what Bitcoin is.

      You have a guy who doesn’t know what he’s talking about interviewing a guy that doesn’t know what he’s talking about in this video.

    2. The Robocoin machine shown in the video has the palm scanning feature as a compliance measure to avoid violating the United States Bank Secrecy Act’s “Know Your Customer”/Anti-Money Laundering provisions, widely known as “KYC/AML” laws. Operators of these machines can turn these features on or off, depending on how paranoid they are about being charged with violating these laws. Canadian operators have discovered that customers no longer feel comfortable with this practice, and they are turning them off all over the country. Robocoin machines still function as expected, but no longer require this compliance step.

  6. Horrible experience with bitcoin can’t get money back value of bitcoin jumps up and down so you lose REAL MONEY & lots of hidden fees ESPECIALLY when you want your money back. …STAY AWAY

  7. I just want to put FRN’s in and get BTC out. No need for my phone number, palm scan, government ID, or semen sample.

  8. 它是用比特币换算非常方便,快捷,我很荣幸参与到其中认识世界各地的朋友,超级mmm每月收入100%能给自己带来巨大财富,快来加入一起改变生活。MMMGlobal #MMMExtra #Bitcoin #Bitcoins #BTC #‎BitcoinReview #‎BitcoinNews

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