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It's not a "Bitcoin ATM". It's a "Buy Bitcoins for cash" machine. And there is a huge difference. I'll get excited when I see a machine that DISPENSES cash for
by jwr 13y ago
It's not a "Bitcoin ATM". It's a "Buy Bitcoins for cash" machine. And there is a huge difference.
I'll get excited when I see a machine that DISPENSES cash for Bitcoin, anonymously. That will be a breakthrough. For the moment, in spite of many claims, Bitcoin remains the most easily trackable currency and there is no way that I know of to get money out of the Bitcoin system in a way that can't be tracked.
- sktrdie 13y agoI wonder what the implications are of doing BTC->FIAT.
- ccarpenterg 13y agoThe definition of ATM From Wikipedia: is an electronic telecommunications device that enables the clients of a financial institution to perform financial transactions without the need for a cashier, human clerk or bank teller.
- jwr 13y agoYes, I was certain somebody would nitpick on the details. Somebody always does. But I think I was very clear in describing what I think the difference is, and I also think that most people when asked to describe an "ATM" would not describe a machine that takes your money, but rather one that dispenses it.
- ddoolin 13y agoEven the full name of "ATM" doesn't limit itself to withdrawals, just as Tellers have never been limited to withdrawals. Much the way that international ATMS allow you to "buy" the local currency for whatever currency may be in your account.
- user24 13y ago> there is no way that I know of to get money out of the Bitcoin system in a way that can't be tracked. https://localbitcoins.com/ https://localbitcoins.com/ > LocalBitcoins.com is a marketplace for trading bitcoins locally to cash or online payments of your choice.
- sneak 13y agoIANAL, but from my layperson's understanding of FinCEN's statements, selling bitcoins on localbitcoins.com (indeed, even offering to sell them) without a MSB license is a felony. I deleted my profile on there when someone pointed that out to me.