Skip to comments.Australian Manufacturer Debuts First Cashless Bitcoin ATM
Posted on 03/24/2014 8:13:52 AM PDT by Errant
An Australian company says it has produced one of bitcoins holy grails: a cashless ATM that allows users to buy bitcoins using a credit card, and sell bitcoins via a direct deposit to their bank account.
The first fully functional Diamond Circle ATM arrived from its manufacturer in Brisbane this week. Unlike competing ATMs and vending machines that rely on QR codes and cash, Diamond Circles solution is based on near-field communication (NFC) technology with paper receipt backups.
This unique approach is the brainchild of CEO Stephen Rowlison, a seasoned FinTech (financial technology) entrepreneur with 30 years of IT experience in Australia, Asia and the US. Before founding Diamond Circle, Rowlison was working on various projects developing NFC payment and loyalty card systems for retailers. He said:
(Excerpt) Read more at coindesk.com ...
The ATM in Austin Tx requires access to your phone, checks your palm print, face ID and gov’t issued ID....
Anonymous transaction .....
What have we come to when we have to fear using even small amounts of cash?
A lot of folks think the reason Bitcoin exists is so criminals can anonymously move their illegally gotten gains around - not true. Bitcoin was invented to provide a medium of exchange over the internet for small amounts of value between "geeks".
These units once valued at $0.01 each, increased to over $1,000 each at one time because or their scarcity and utility. The criminal element discovered them but as we've seen, it hasn't kept them from jail. Bitcoin's main deal is its distributed ledger able to be viewed by anyone. If you know who an address belongs to, no doubt the NSA/FBI does to a large extent, transactions to and from that address are easy to find.
Anonymous transaction .....
Stick with using cash. ;)
If you're looking for utility in a medium of exchange, and one that will "likely" hold or even increase in value, crypto currencies might interest you.
The BITCOIN ATM in Austin Tx requires access to your phone, checks your palm print, face ID and govt issued ID....
To reiterate what I said, if you’re looking for anonymity in your dealings, stick with cash.
Just as a point of information, one of the points of bitcoin is that it is not anonymous. Each transaction is posted to a public ledger. Anyone can confirm. that a transaction happened.
The myths about anonymous go back to the drug deals done during the very early days. The FBI is showing those poor suckers how anonymous this stuff is!
“Anyone can confirm. that a transaction happened.”
As I understand, the ‘public’ must ‘confirm’ the transaction.
when you start seeing BitCoin Atms stolen and hauled away.. then you know botcoin has staying power.
Where've you been Norm? Bitcoins aren't hauled away in a pickup, they're stolen over the internet...
Indeed, many have been stolen due to lax security.
Hey, I’m trying to provide some low info background for the less informed.. some say the internet has been hijacked ;-]
Yes. That is part of the way people make money, confirming transaction.
That would be miners, not the public.
You’re on the watch list and therefore not permitted to use the BBC at in Austin.