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Bitcoin Atms: The Anonymous Future of the Individual

Updated on January 8, 2014

What is Bitcoin and why an Atm?

Bitcoin, or to the actual currency itself "bitcoin" is a digital currency, using parts of a process known as cryptography, to develop a decentralized, anonymous network of trading that would bypass physical currency by far. This process incorporates the crypto-currency from a peer-to-peer system, one in which an individual can send a digitally signed message to be processed. After the verification and date and time through specialized computers, it is then logged through the "Block Chain". The specialized computers are more commonly known as a "miner" that are rewarded by bitcoin upon completion of the process.

Overall, this is a public shared database, allowing for the ability to obtain and transfer btc from merchant to consumer or vice-versa, without ever releasing any information other than transaction time and date. This is, up to date, completely revolutionary in any level of currency trading. The transaction fee of less than two percent has been attracting merchants from all over, causing a mainstream push to allow for Atms to be built. This would in fact, allow for more anonymity options within your Atm visit, although current physical currency instabilities has caused the international community to lean against the crypto-currency. This however, has proved insufficient, only because confidentiality is preferred over a transaction that would force the consumer to hand over data of himself, whereas Btc prevents this sort of information gathering at all.


Physical Bitcoin Currency
Physical Bitcoin Currency | Source

Atms: Are bitcoin able to handle the pressure?

Do you see Atms being revolutionized with "bitcoin" at the forefront?

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What are the benefits of using an anonymous currency in today's economic world?

  • Neutral & Transparent
  • Almost no risk to the merchant
  • Freedom of Payment
  • Low Transaction Fees (Less than 2% compared to other traditional transaction fees)


Who are the main companies responsible for dispensing the Atms?

These new bitcoin ATM's are going to need a home, whether the North American continent or another, it seems as though their being implemented slowly but surely. Lets take a closer look at the companies involved in pursuing bitcoin ATM functions and locations, the first company to take the step forward was called Robocoin Technologies LLC. Well thought of as a excellent provider in the industry leading Anti-Money laundering technology, Robocoin ATM's use a palm ID, facial ID, and your state ID in order to implement a very strict security process. and satisfaction to both their operators and consumers alike, using . They began by placing their first ATM in Vancouver, B.C, causing a media attention craze into just how much this new exchange could change society. According to Robocoin's blog, bitcoin has exceeded over 1,000,000 CAD on just its 29th day of operation, with over 1,500 transactions involved.

Along the same lines is another company, Lamassu, says their process is quite different, a complete change from the vast security of Robocoin, leaning more towards complete confidentiality. The bitcoin ATM in their collection will feature a more anonymous tone to the machine, allowing for you to simply scan a QR code, insert cash, then proceed to spend your bitcoins wherever you choose. Although Lamassu do not have a critical security process, the company allows for a very quick and unformed anonymity that allows for quicker transactions. Both of these major companies have different ways of going about the security of bitcoin itself, but you as the consumer need not worry, as it is almost impossible to create malicious behaviors on the machines themselves, so security experts in the btc currency exchange state.

A Graph of bitcoin value (2013)

Source

So whats the current international outlook on a bitcoin ATM?

On the international scale, at least in economic terms, bitcoin looks very promising as it is a virtually non-existent in identity, therefore making it one of the refined, flexible currencies to date. On the downside of this, given the current economic instabilities of various countries around the world and the physical currencies it holds, the international community is attempting to shun the new currency. This is, by opinion, a reason that the current instabilities of physical currency could crash down further upon new releases of the bitcoin and other crypto-currencies and the nature of their functions. In the end, it is up to the individual to decide, as their privacy in today's world is becoming narrower and narrower, therefore making bitcoin, and its up and coming ATM's, an economic revolution.

Source

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    • BakerRambles profile image
      Author

      BakerRambles 4 years ago from Baltimore, MD

      :) Well said.

    • profile image

      Bitcoin ATM 4 years ago

      "When will use Bitcoin ATM it is good moment on the day"

    • BakerRambles profile image
      Author

      BakerRambles 4 years ago from Baltimore, MD

      Thank you, im just looking to inform the world of the possibilities of new crypto-currencies out there

    • Just Ask Susan profile image

      Susan Zutautas 4 years ago from Ontario, Canada

      Very interesting article. I'd never heard of the Bitcoin before but I like the idea very much.

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