Bitcoin News
Daily diary of what's happening with Bitcoin.
Declan McCullagh (@DeclanM), writer for CNET, covers the reveal of a new Bitcoin ATM/vending system at this past weekend’s Liberty Forum event in New Hampshire. Excerpts:
“[This ATM is] the opposite of a traditional automated teller that dispenses currency. Instead, these Bitcoin ATMs will accept dollar bills — using the same validation mechanism as vending machines — and instantly convert the amount to Bitcoins and deposit the result in your account.”
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“To obtain Bitcoins, people use an iPhone app like Blockchain or Android’s BitcoinSpinner to show the ATM a QR code with their desired address for payments. After they insert a dollar bill (denominations up to $100 are accepted), the ATM automatically credits their Bitcoin account with the proceeds. There’s a 1 percent transaction fee.”
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“‘Even people who have been in the Bitcoin world for a while and have used every type of exchange are blown away by the simplicity of this machine,’ Harvey says. ‘I am just putting in a dollar. Before they really know what’s going on, their phone tells them, ‘You have Bitcoin.””
- http://cnet.co/YNxrmU
- http://bitcointalk.org/index.php?topic=146397.0 (Further discussion of the device)
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A post on Bitcoin Money blog (@BitcoinMoney) describes how the impact of RBS’s bank systems left its customers in a situation they were not prepared for. The post takes the opportunity to highlight some topics regarding the preparation for the contingency that the banks and others no longer can serve as we might assume they will. Excerpts:
“‘How do you know that this is just a computer glitch and not something more serious, like, for example, the bank being actually bust?’ writes Karl Denninger.”
“If your bank had a problem where suddenly no ATM debit card transactions were possible (or worse), how much of an impact would that have on you and your family?”
‘Regardless of your bank’s solvency, they simply do not and cannot prepare for a surge in the amount of cash withdrawals.”
“We share the idiosyncratic belief that once we start to smell smoke that somehow we will be the lucky ones who can make it out the exit a step ahead before the crowd that might trample us. We can envision the steps for how we would proceed in such a scenario but we have never really practiced the methods to have even a clue if the steps might actually succeed.”
“Does your bank serve requests for larger cash withdrawals or will they take the opportunity to educate you on some policy that they have instituted where even a $2,500 USD withdrawal request will not be honored in full?”
- http://www.bitcoinmoney.com/post/26014446677
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A video from Brother John (@BrotherJohnF) describes how Bitcoin can help to neutralize the effects of capital controls that are starting to be implemented in various nations including Greece, Switzerland and Argentina.
“It is interesting to see that someone in the mainstream media has finally gotten the point [of Bitcoin] and that it’s only going to grow.”
“We’re starting to see the beginnings of capital controls. It was kind of inevitable. When you think back on it and you realize that the Swiss government betrayed their own people by pegging their currency to a bankrupt experimental currency.”
“The price can sit here and stay at $5 forever and for all intents and purposes it would function for this purpose [serving as a global medium of exchange that isn’t restricted by capital controls]”.
“When people see what’s coming they flee with their feet. But unfortunately for the controllers now [the public has] some interesting alternatives. They have physical gold and silver, and now they also have bitcoins that they’re looking at.”
The author of the video had, in the middle of 2011, created a number of videos under the title “Bitcoin Report” in the Youtube channel BitcoinChannel.
- http://www.youtube.com/watch?v=SLzqeegRgGg#t=625s (Bitcoin coverage begins at 0:10:25)
(The entire video from the beginning addresses capital controls and is useful info as well).
- http://www.youtube.com/user/BitcoinChannel
Todd Bethell gives an inside look into the much anticipated global Bitcoin ATM Machine.
The ATMs, introduced by Bitcoin ATM will sell bitcoins for cash and also will dispense Bitbills and Bitbill bank cards.
In the video, Todd says: “We’re looking at about 150 to 200 ATMs within six months. That will be globally, not just in North America”.
Bloomberg Television’s audience is introduced to Bitcoin with a report by Cris Valerio (@CrisValerio) who covers the basics and shows the Bitcoin ATM being developed by Bitcoin Labs’ Mark Suppes (@famulusfusion).
