http://www.abc.net.au/news/2014-03-...-boost-popularity-of-digital-currency/5355758 Self-described business educator Jamie McIntyre is backing the introduction of the ATMs. "Our plan is to roll out 100 machines over the next twelve months right around Australia," he said. http://www.abc.net.au/news/2014-03-28/bitcoin-use-set-to-become-more-widespread/5353348
Saw a bitcoin ATM in the new Myer Emporium building this week. http://www.news.com.au/national/bre...irst-bitcoin-atm/story-e6frfku9-1226936881438 It's the Robocoin type so unfortunately can't test it out. No way I'm letting a machine take scans of my license, hand and face! Still looking for an easy to access Lamassu ATM.
Yeah, the Robocoins miss the mark there. You can buy up to $5k in gold anonymously from a dealer, and that's a designated service, but the Robocoin wants your ID just to use it.
Ouch 7%, I Wonder how much business they get beyond novelty purchases if any? Try emailing them telling them they will need to be more competitive with their prices and to hold back on the colonoscopy.
I have made two videos regarding the "ATMs" in Sydney. 1) Lamassu: https://www.youtube.com/watch?v=Z6I0B2vDhFY ( I think of it as a vending machine ) - Black Star Pastry, Rosebery, Sydney. 2) Robocoin: https://www.youtube.com/watch?v=wBlIjDwlaXI ( I think of it as a bank branch and "ATM" ) - Westfield, off Pitt Street Mall, Sydney. 1) Both times that I've gone to use the Lamassu machine it has required messing around with by the staff. The two examples in Australia I'm aware of currently need a lot of TLC it seems. This is reported also by an operator in Nimbin, NSW. I'm not sure how these vending machines comply with AML regulations? They don't have KYC features. Overall, when running, the machine is simple enough to use. It is only one way. No cash out. In America, an operator of a Lamassu machine at a cigar shop reportedly resorted to taking down everyones identification in order to comply with KYC regulations. Staying out of jail is a good idea. 2) Australian Bitcoin ATMs (ABA - http://abatech.com.au ) operate the Robocoin manufactured machine. Robocoin machines actually replace the need for someone to physically go to a traditional bank branch with photo ID and set up a bank account. Robocoin have rebranded the machines as "branches" because they perform more than traditional ATMs that people have become accustomed to using once they have set up an account at a bank branch. The branches enable travellers or anyone to convert into Australian cash. The machine is two way. Creation of an account with the Robocoin machine took me about 15 minutes. I found the biometric palm scan a little cumbersome to use, but it is a technology I'm not accustomed too. New tech can scare some people. Finger vein scans and finger prints are other biometric options. Once the account was set up, the next subsequent transaction was quick enough and I became more accustomed to scanning my palm. The premiums on the Robocoin machine are higher so this will likely not bode well for ABA's business. The staff at Celini's bitcoin accepting cafe next door to the machine told me is getting very little use. It required maintenance on one occasion that they noticed. It worked fine both times I used it. In Canada, the first "Bitcoin ATM" was the Robocoin machine operated by Bitcoiniacs. They have operated the machine both with the KYC/AML features and without. Any legal ramifications fall on the operator (except perhaps, issues to do with Robocoin's global client account management). The Bitcoin ecosystem is tiny. Celini's cafe were not accepting bitcoin payments when I asked due to problems with their payment system, but put it down to teething problems with a young technology. The Lamassu machine at Black Star pastry in Sydney gets about 1-2 users per day. The newer ABA operated Robocoin machine currently gets less I'd suspect. Due to the size of the ecosystem, I'd expect this.
Granted each country is different, if you can go to an FX counter at the shops and change $100 or $800 in foreign currency or a small bullion purchase in cash as GP mentioned with out ID or creating an account you should be able to do the same with a bitcoin atm
No solid answer. At an FX counter, if you showed up time and time again on the same day????? ..not sure. AML guidelines would surely not want to be overstepped at an FX counter! Operators can no doubt choose to limit the Robocoin 'branches' in order to abide by local AML monetary limits. I'm not sure with the Lamassu. I would imagine it wouldn't not be too difficult to implement but it would mean that the local AML limit would have to be the total for the day! because the same customer can use the machine many times without detection etc.. *I suspect.in many cases, people are surely not sure where they stand legally. Being new, cryptocurrencies are under the spotlight somewhat and people can potentially be singled out and made an example of. Untested waters. That is why crypto currency exchanges in the US have taken so long to appear (they could limit USD worth in and out). Especially the cash/BTC aspect. Some people are no doubt taking a bit of a risk vs potential legal ramifications. In the US there are still very few "ATMs." The operators are the ones who will take any heat or do some time. I'm not in their shoes.
The AML risk with an ATM is that it is an unattended device - unless there is an operator standing around to constantly assist, someone could circumvent any future AML/CTF requirements by just doing multiple transactions under the threshold over and over. I honestly struggle to see the point of a Bitcoin ATM. Did a lot of due diligence on operating one - the client base is going to be Bitcoin aware anyway, and already likely have exchange accounts etc, making the use of the ATM a novelty factor, not a "ooh there's a dip, let me run down to the ATM and convert some fiat to BTC".
Yes, for me it has been more about the novelty. I've sought a hands on experience, so at least I've walked the walk. I think as things grow and the system gets more competitive, fees and such will drop. Oversees travellers may find the machines useful as an entry to local fiat currency. That said, surely there will be local users too. The Robocoin machine operated by Bitcoiniacs came out with some impressive stats for their first month (see below). Butnoveltyya GP.an interesting part of the ecosystem to watch on, IMHO. Robocoin #1, Month One Timeline: Day One: Robocoin opens for business inside the Waves Coffee House at 900 Howe St., completes over $10,000 transaction volume from 81 transactions between Bitcoin and Canadian dollars. Day Seven: first week transaction volume of $81,000 CAD exceeds first-month goal of $50,000. Day Eight: Robocoin exceeds $100,000 CAD transaction volume from 348 exchanges. Day 17: Robocoin breaks even for operators (fee revenue = operator hardware price) Day 29: $1,006,550 from 1,576 transactions Source: http://blog.robocoinkiosk.com
Another aspect to this, is that Bitcoin "ATMs" is busy public places are potentially more palatable for women in particular. A report of at least one mugging (a guy thus far! - not in Aus) has emerged from a user of Localbitcoins.com. Mycelium wallet local trader has the same potential. Criminals are always looking to access monies and looking for weakness. Machines situated in places like Westfields may give women and others a safer environment to transact alongside standard bank ATM machines.
Fair point, the travelex fx atms get around this since you purchase with a bank card, that would eliminate the some of the pain of handing over alot personal information and avoid registration. Too many companies ask for personal information when they shouldn't and it's impossible for them to guarantee the security of it. two way ATMs make alot of sense for overseas travel, whats the spread on cash at fx counters? at least 3%?
