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Canada Bitcoin The Almighty Buck

Bitcoin Kiosks Coming To 5 Canadian Cities 121

Posted by timothy
from the that-and-100-grams-of-moose-will-getcha-a-cup-of-coffee dept.
dreamstateseven writes "Canadian Bitcoin enthusiasts will be able to exchange Canadian cash for the digital currency through a kiosk that's similar to an ATM. Bitcoiniacs says it has ordered five Bitcoin kiosks from a Las Vegas-based company called RoboCoin and intends to roll them out across Canada in the coming months, with the first machine expected to land in Vancouver in early October. The kiosks allow users to select how much money they would like to spend, insert cash into the machine and then scan a QR code on their phone to transfer the Bitcoins to their wallet."
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Bitcoin Kiosks Coming To 5 Canadian Cities

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  • by Shoten (260439) on Sunday September 08, 2013 @05:22PM (#44792727)

    It's interesting that they're willing to sell bitcoins...but not buy them. Sounds to me like they think that bitcoins will lose their value in due course. One could argue that they're only worried about the security implications of an ATM that gives cash in exchange for a digital currency, but if that were the case, then they'd have at least as much to worry about with just handing out bitcoins anyways (which aren't free).

  • Re:How about no? (Score:5, Insightful)

    by iamnobody2 (859379) on Sunday September 08, 2013 @05:24PM (#44792737)
    these aren't going to be mistaken for ATMs, they take CASH. anyone who puts cash into a machine without knowing what they're doing deserves any risk they involved.
  • by elucido (870205) on Sunday September 08, 2013 @05:40PM (#44792837)

    Until we can donate with Bitcoins how serious should we take all these pro Bitcoin articles if the site itself doesn't trust the technology?

  • transaction fees (Score:5, Insightful)

    by King_TJ (85913) on Sunday September 08, 2013 @06:57PM (#44793223) Journal

    Yep, you just hit on what I think is pretty much "key" here.

    When you look at all of the (often ridiculous) alt-coins out there on the exchanges, you realize developers can create a new one out of thin air, based on the source code used to design a previous coin, give it a new name, and voila - it's out there.

    The truth is though, investors are only buying the things because they're cheap (think "penny stocks" here) and because at least early on, it's possible to buy enough of the sum total of the coins in existence so you can play "pump and dump" schemes -- forcing the price up temporarily with big purchase orders, and cashing in for a tidy little profit when you sell them all off again ASAP.

    The online exchanges are more than happy to list these worthless "joke coins" though because they get a cut of each transaction, no matter what happens. As long as someone is willing to put in buy and sell orders, it's worth offering.

    Of course, bitcoin has established itself far more than these other alt-coins (perhaps simply the privilege of being first with the idea?), and is actually accepted as currency for a number of goods and services -- but the same thing applies. If you're helping the currency change hands, you're always earning a profit off the top, no matter if the coin's value is headed up or down. It's the best "investment position" of all from the standpoint of safely making a steady profit.

  • by Anonymous Coward on Sunday September 08, 2013 @08:01PM (#44793477)

    A fiat currency is one that is decreed to have value by a government.

    define:government
    - the governing body of a nation, state, or community.
    - the group of people in office at a particular time; administration.

    Bitcoins derive their value by market consensus.

    define:market consensus
    - Market populism is a term coined by Thomas Frank for the concept that the free market is more democratic than any democracy. Frank himself does not believe this premise and sets forth arguments against it in his book One Market Under God.

    Why fools are so quick to disassociate themselves from their fellow citizens that for the moment happen to be governmental agents I'll never understand.
    "Government fiat" and "market consensus" mean the same thing, "WE THE PEOPLE have determined the currency to be valid."
    Enough with the double speak and pretending.

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