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It's a bitcoin vending machine. Owner of a bar/cafe/shop can accept bitcoins for payments and load them in this machine to convert them to cash. Those who want
by oleganza 13y ago
It's a bitcoin vending machine. Owner of a bar/cafe/shop can accept bitcoins for payments and load them in this machine to convert them to cash. Those who want to spend bitcoins don't need to find those who want to buy them.
Shops have easier way to accept and convert bitcoins into local currency => more places to spend bitcoins => more places where to buy bitcoins => more people using bitcoins => value grows => more shop owners are interested in keeping some BTC as an investment => less need for local currency => less friction => more bitcoin adoption => local currencies die out of hyperinflation (aka massive sell off) => fully deflationary economy => we all die in a deflationary spiral (not really ;-)
- michaelmior 13y agoThe machine doesn't do BTC to cash, but rather the other way around.
- idlephilosopher 13y agoIndeed, but a cafe owner can accept bitcoins as payment for their goods, and then sell those same bitcoins to the public via the machine. This takes away some of the friction from bitcoins becoming just another payment form like credit cards.
- michaelmior 13y agoGood point. I hadn't thought of that workflow :)
- oleganza 13y agoWhen I said "owner can load BTC in machine to convert to cash", I meant that people from street will put in cash for his coins.