IRL Bitcoin ATM

[RDP]

A quick search for a way to trade Bitcoins into cash IRL and vice versa (aka an ATM) led me to a few interesting results:

 

Robocoin ($20,000 still on pre-order)

Lamassu ($5,000 still on pre-order [until at least 2014])

Cash2BTC ($420, already released [since summer 2013])

 

These were the 3 companies that came up, and seeing the enormous difference in pricing, I decided to make a chart to decide which product is the best:

 

 

*The Cash2BTC can be bought in a DIY package, so the size will vary depending on how you assemble it (assuming, of course, you purchased the DIY).

 

The reason I've decided to compare these 3 ATMs is simply because I've heard of the RoboCoin, but, like you, completely ignored it because of the 20k price tag.

 

So what do you think; will Bitcoin become a viable and widely-accepted currency to use IRL? (I don't know about you, but it would be pretty hilarious to tip waiters in BitCoin!)

 

If Bitcoin were to become widely-accepted, it would mean not having to convert currencies when traveling internationally- just pay with Bitcoin!

[whatthe_fuzz]

Dat broken code

[Maskot]

Not enough algebra, needs more algebra.

[RDP]

Yeah, sorry about that, lol. Most forums I use just let you post HTML.

 

Fixed

[RuecanOnRails]

One thing to keep in mind with these, while they are interesting and will help promote the currency by having them in various locations... They are not ATM's nor are they centralized/pushed out by companies. they are closer to vending machines and/or kiosks. They can be purchased by anyone at anytime.

 

It's up to the owner to set the prices and keep it stocked in both cash and bitcoins. Expect these to have low cash out and a high buy in. Example would be the current average exchange rate is $131. If you wanted to buy bitcoins it would likely be at about a 7% markup to $140 per bitcoin. To sell bitcoins using the kiosk would be done at less than the average price by once again around 7% down to $121. This will be done to keep margins and make them profitable.

Average price taken from https://bitcoinaverage.com/#USD

 

There's a few Robocoin kiosks coming to Vancouver this month. http://www.bitcoiniacs.com/

 

 

Personally I prefer to deal with reputable exchanges and transferring funds around that way.

If you don't trust exchanges and want to remain doing business by cash, finding a local bitcoin vendor can be done fairly easily using https://localbitcoins.com/ you will pay a bit of a premium similar with the atm/kiosks/vending machins. But that premium may be less or negotiable based on building a trusting relationship with the person over time.