4 ms·

the form factor is small enough that i'd worry about the whole ATM being stolen.

rmason 12y ago
I think you'd want to build it into a kiosk that had a touch screen with a short video that worked you through using the machine. My biggest question is whether it will convert back from Bitcoin to dollars. Even if it only put the money on a debit card it would complete the circle. Merchants accepting Bitcoin would ideally need a way to convert back until their vendors start accepting it.
- skyhookatm 12y ago
  I see the biggest barrier to adoption as being accessibility. Once you have bitcoin, there are many options to spend it or turn it into something else. Unfortunately, a debit card wouldn't work in this situation. A bitcoin is irreversible, a debit card is not. I don't see bitcoin catching on with in person merchants, at least in the United States. Cash and credit cards work well enough. But I do see there being a technology leapfrog opportunity in developing countries where the traditional banking system hasn't been able to reach.
jboggan 12y ago
Having previously worked in the ATM industry I can say that this is a very serious problem. Physical security is a big deal with ATMs and I haven't seen a single Bitcoin ATM yet that is physically secure. They all utilize flimsy enclosures that are easily defeated with a crowbar, allowing access both to the cash cassettes and (more importantly for Bitcoin ATMs) the computer cage that necessarily has the private keys on it. If someone were serious about physical security they'd be finding old NCR 5888's or 5886's for cheap on the used market and refurbing them to work with Bitcoin, since they have physical safes that are real deterrents. You'd still have to relocate the "cages" to be inside the safe enclosure (keeping the private keys safe), but that wouldn't be a big deal with a Raspberry Pi or other small form factor Linux machine.
- skyhookatm 12y ago
  You make a good point. Our units are smash and grab proof, with a 1/4" steel plate lid, but we fully understand that security is an illusion and even the most robust systems can be overcome by a nice enough drill bit and/or jig saw blade. Encryption, however, is not an illusion. If someone goes to the trouble of breaking into a Skyhook ATM while it's mounted to a business owner's countertop, as unlikely as that sounds, the sensitive data inside is safe.
skyhookatm 12y ago
A braided steel security cable and steel mounting plate are provided. Still, if you want a Bitcoin ATM that is meant for unattended use, there are several choices starting at about $14,000.00 each. Just a reminder for posterity, a Skyhook ATM is $999.00.

I think you'd want to build it into a kiosk that had a touch screen with a short video that worked you through using the machine. My biggest question is whether it will convert back from Bitcoin to dollars. Even if it only put the money on a debit card it would complete the circle. Merchants accepting Bitcoin would ideally need a way to convert back until their vendors start accepting it.

skyhookatm 12y ago
I see the biggest barrier to adoption as being accessibility. Once you have bitcoin, there are many options to spend it or turn it into something else. Unfortunately, a debit card wouldn't work in this situation. A bitcoin is irreversible, a debit card is not. I don't see bitcoin catching on with in person merchants, at least in the United States. Cash and credit cards work well enough. But I do see there being a technology leapfrog opportunity in developing countries where the traditional banking system hasn't been able to reach.

jboggan 12y ago

Having previously worked in the ATM industry I can say that this is a very serious problem. Physical security is a big deal with ATMs and I haven't seen a single Bitcoin ATM yet that is physically secure. They all utilize flimsy enclosures that are easily defeated with a crowbar, allowing access both to the cash cassettes and (more importantly for Bitcoin ATMs) the computer cage that necessarily has the private keys on it. If someone were serious about physical security they'd be finding old NCR 5888's or 5886's for cheap on the used market and refurbing them to work with Bitcoin, since they have physical safes that are real deterrents. You'd still have to relocate the "cages" to be inside the safe enclosure (keeping the private keys safe), but that wouldn't be a big deal with a Raspberry Pi or other small form factor Linux machine.

skyhookatm 12y ago
You make a good point. Our units are smash and grab proof, with a 1/4" steel plate lid, but we fully understand that security is an illusion and even the most robust systems can be overcome by a nice enough drill bit and/or jig saw blade. Encryption, however, is not an illusion. If someone goes to the trouble of breaking into a Skyhook ATM while it's mounted to a business owner's countertop, as unlikely as that sounds, the sensitive data inside is safe.

skyhookatm 12y ago

A braided steel security cable and steel mounting plate are provided. Still, if you want a Bitcoin ATM that is meant for unattended use, there are several choices starting at about $14,000.00 each. Just a reminder for posterity, a Skyhook ATM is $999.00.