Development Discussion: A LOW COST BITSHARES ATM

[merivercap]

BTW your Bitshares PDF guide/infographic is really easy to understand.   Great job!

Yep good work
credit to Arlene Birt (abirt) www.backgroundstories.com!
She produced them assisted by community!

Great work Arlene and the community! 

[jakub]

It's core feature will be conversion of MPA to fiat and vice versa.

That's what I was hoping to hear. That's absolutely great.

Just to make sure I understand it correctly:
Case 1: pay-in
I insert some fiat banknotes into the ATM, enter my TITAN name and the machine sends MPA funds to my BitShares account (which I'll immediately see in my BitShares wallet on my mobile phone).
Case 2: pay-out
The ATM displays its TITAN name and I send some MPA funds to this name (using BitShares wallet on my mobile phone) and the machine pays out fiat banknotes in return.

Is this one of the possible workflows of your ATMs?

[bitcoin42]

wow would this be the first non-bitcoin ATM? it almost sounds too good to be true!

Actually we are operating since over a year a Multicoin ATM. It currently supports Bitcoin, Litecoin, Dogecoin and Blackcoin.

Genesis Coin Ldt offers these machines, we are resellers and we will collaborate with them, so they can add the Bts function into their models  as well.

[38PTSWarrior]

A lottery! When you use it you have a chance, 1 out of 10 maybe, to get a free drink at a bar nearby.

That it plays a bit of music when the money comes out together with blinking leds who are on the machine like stars in the sky.

[bitcoin42]

Sounds awesome!! Looking forward to everyone being creative in this thread to make the most of this project.

My only immediate question is, how will you motivate individuals to buy these and assemble them all over the world?

They can make profits with conversion fees, but also via the referral system bitshares announced to implement. The machines could also be configured to do more than instant exchange, and give therefore even more incentives. For example a Point of Sale system could be implemented.

[bitcoin42]

What will this ATM offer to a customer?
Will I be able to convert fiat to its bit-asset equivalent?

What do you suggest the ATM should offer to a customer? It's core feature will be conversion of MPA to fiat and vice versa.

This thread is a kind of "think tank", so please express your imagination here.

[bitcoin42]

Hey,

I've requested a business associate of mine to take a look at this.
He supplies my start-up with a steady source of Bitcoin and is looking to diversify into ATM's.
He is a biz grad from a top tier college in America and has been working along with my team towards tapping opportunities within the emerging crypto-sphere. He is currently in Chicago and has told me he will look into this once he's back, which should be around Tuesday.



P.s - I personally don't believe ATM's alone would bring in mass adaption of bitshares, but yes - it would be a factor.
Regards

ATMs are only one channel to get fiat into crypto, and I strongly believe that if Bitshares has several funnels to bring in the customers, either KYC compliant or not, things will be great. Even with just something like OTC trades website like localbitcoins (which someone could name localbitshares) dedicated to Bitshares and bitAssets, that's would be a very nice start.

It's a good idea to have something like localbitshares. with BitHalos double deposit escrow we could give people confidence to do OTC trades, without having to rely on a central platform and avoid regulatory burdens. However, that this will become bts compatible will take time.

But regarding the need of ATMs, we believe they are vital to on ramp the unbanked. There is a extremely huge amount of people in the world with no access to financial services, or if they have, they pay outrages fees, because the current system does not favor low income groups. That's why the importance to keep it low cost, so we can help the people who need it the most. We can literally save life's with this tech. I can elaborate on this an other time.

Double deposit escrow doesnt make much sense for localbitshares for either buyer or seller.

Op_checktimeverify may be used for trustless approach i think this doesnt hold collateral.

Can you give a reason why double deposit escrow would not make much sense in your opinion?

However it's actually off topic.

Does anyone here got ideas on features they would like to see in this atm integrated?

Please feel free to brainstorm.

[mangou007]

Could be great news 

[jsidhu]

Hey,

I've requested a business associate of mine to take a look at this.
He supplies my start-up with a steady source of Bitcoin and is looking to diversify into ATM's.
He is a biz grad from a top tier college in America and has been working along with my team towards tapping opportunities within the emerging crypto-sphere. He is currently in Chicago and has told me he will look into this once he's back, which should be around Tuesday.



P.s - I personally don't believe ATM's alone would bring in mass adaption of bitshares, but yes - it would be a factor.
Regards

ATMs are only one channel to get fiat into crypto, and I strongly believe that if Bitshares has several funnels to bring in the customers, either KYC compliant or not, things will be great. Even with just something like OTC trades website like localbitcoins (which someone could name localbitshares) dedicated to Bitshares and bitAssets, that's would be a very nice start.

It's a good idea to have something like localbitshares. with BitHalos double deposit escrow we could give people confidence to do OTC trades, without having to rely on a central platform and avoid regulatory burdens. However, that this will become bts compatible will take time.

But regarding the need of ATMs, we believe they are vital to on ramp the unbanked. There is a extremely huge amount of people in the world with no access to financial services, or if they have, they pay outrages fees, because the current system does not favor low income groups. That's why the importance to keep it low cost, so we can help the people who need it the most. We can literally save life's with this tech. I can elaborate on this an other time.

Double deposit escrow doesnt make much sense for localbitshares for either buyer or seller.

Op_checktimeverify may be used for trustless approach i think this doesnt hold collateral.

[bitcoin42]

Hey,

I've requested a business associate of mine to take a look at this.
He supplies my start-up with a steady source of Bitcoin and is looking to diversify into ATM's.
He is a biz grad from a top tier college in America and has been working along with my team towards tapping opportunities within the emerging crypto-sphere. He is currently in Chicago and has told me he will look into this once he's back, which should be around Tuesday.



P.s - I personally don't believe ATM's alone would bring in mass adaption of bitshares, but yes - it would be a factor.
Regards

Hi,
Thanks for this. We are going to crowd fund on www.gemspace.net soon, so stay tuned.

[bitcoin42]

Hey,

I've requested a business associate of mine to take a look at this.
He supplies my start-up with a steady source of Bitcoin and is looking to diversify into ATM's.
He is a biz grad from a top tier college in America and has been working along with my team towards tapping opportunities within the emerging crypto-sphere. He is currently in Chicago and has told me he will look into this once he's back, which should be around Tuesday.



P.s - I personally don't believe ATM's alone would bring in mass adaption of bitshares, but yes - it would be a factor.
Regards

ATMs are only one channel to get fiat into crypto, and I strongly believe that if Bitshares has several funnels to bring in the customers, either KYC compliant or not, things will be great. Even with just something like OTC trades website like localbitcoins (which someone could name localbitshares) dedicated to Bitshares and bitAssets, that's would be a very nice start.

It's a good idea to have something like localbitshares. with BitHalos double deposit escrow we could give people confidence to do OTC trades, without having to rely on a central platform and avoid regulatory burdens. However, that this will become bts compatible will take time.

But regarding the need of ATMs, we believe they are vital to on ramp the unbanked. There is a extremely huge amount of people in the world with no access to financial services, or if they have, they pay outrages fees, because the current system does not favor low income groups. That's why the importance to keep it low cost, so we can help the people who need it the most. We can literally save life's with this tech. I can elaborate on this an other time.

[bitcoin42]

This sounds cool. Would your company be involved/ licensed for regulatory purposes(ie money transmitter, AML,KYC) or would that fall on the customer/atm owner?

We consult in this regard, and can depending on location help with KYC/AML. But yes, it's mainly up to the operators how to handle it. But we will give them the tools to be able to comply. In most places, as long you keep tx per customer per day below 1k you have nothing to worry about.

[cass]

BTW your Bitshares PDF guide/infographic is really easy to understand.   Great job!

Yep good work
credit to Arlene Birt (abirt) www.backgroundstories.com!
She produced them assisted by community!

[Chuckone]

Hey,

I've requested a business associate of mine to take a look at this.
He supplies my start-up with a steady source of Bitcoin and is looking to diversify into ATM's.
He is a biz grad from a top tier college in America and has been working along with my team towards tapping opportunities within the emerging crypto-sphere. He is currently in Chicago and has told me he will look into this once he's back, which should be around Tuesday.



P.s - I personally don't believe ATM's alone would bring in mass adaption of bitshares, but yes - it would be a factor.
Regards

ATMs are only one channel to get fiat into crypto, and I strongly believe that if Bitshares has several funnels to bring in the customers, either KYC compliant or not, things will be great. Even with just something like OTC trades website like localbitcoins (which someone could name localbitshares) dedicated to Bitshares and bitAssets, that's would be a very nice start.

[lafona]

This sounds cool. Would your company be involved/ licensed for regulatory purposes(ie money transmitter, AML,KYC) or would that fall on the customer/atm owner?