First U.S. bitcoin ATMs to open soon in Seattle, Austin

[Capt. Obvious]

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

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This is the first step in Skynet taking over our currency.

[dotymed]

1. As I have posted before.

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]

2. ponzi currency with no regulation.

yeah, this will end well.

[dotymed]

11. I agree.

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. at first glance, I thought it said "bitchcoin"

heh.

[LynneSin]

4. I think bitcoin currency is stupidity and in the end people are going to lose money over it

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]

9. Letting an ATM with no regulation or physical addy scan your driver's license gives me the creeps.

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]

5. I just don't get Bitcoin.

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]

12. Greed and a gullible populace. n/t

[Newsjock]

6. Tulip farmers everywhere rejoice

n/t

[adirondacker]

8. At least tulips were "tangible". Bitcoins are as tangible as the keystrokes in this post.

I know much of the market is a farce, but this takes it to another level. Bizarre.

[quadrature]

13. bitcoin can be transferred over the internet

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.

[Crowman1979]

7. First Junk Bonds, now this.

[mimi85]

10. Overstock.com

http://www.wired.com/business/2014/01/overstock-bitcoin-live/