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Bitcoin The Almighty Buck

Bitcoin Can Be Bought With Cash At Swiss Railway Ticket Machines (techweekeurope.co.uk) 63

In what is seen as a move that could help boost the spread of Bitcoin, the cryptocurrency will be available to purchase from Swiss railway ticket machines starting next month. Reader Mickeycaskill writes: Swiss Federal Railways (SBB) has more than 1,000 ticket machines and has partnered with regulated financial intermediary SweePay to distribute Bitcoin. Customers need to select mobile top up on the machines, scan the QR code on their Bitcoin digital wallet and enter the number of Swiss Francs, up to 500 CHF, in to the machine, confirm the offer of Bitcoins they receive then identify themselves using a mobile number and a security code sent to their smartphone. While the machine can pay out Bitcoin, for the time being, it will not accept payments made with the cryptocurrency. Furthermore, credit card cannot be used with the machines to buy Bitcoins, SBB is effectively providing a way to swap local currency for a digital version that can be used anywhere around the world, thereby bypassing unfavourable exchange rates"From 11 November 2016, customers will be able to obtain Bitcoin at all SBB ticket machines. Until now, there have only been limited opportunities to purchase Bitcoin in Switzerland," the company was quoted as saying.
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Bitcoin Can Be Bought With Cash At Swiss Railway Ticket Machines

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  • Huh? (Score:2, Insightful)

    by Anonymous Coward
    If you have cash, why do you need bitcoin? I'd be more excited about a machine that accepts bitcoin and dispenses cash.
    • by PPH ( 736903 )
      • Of course as TFA points out Italy would tank w/o cash transactions because their grey market floats tons of jobs.

        As to bad guys needing to move large amounts of money (the banking version of the "save the children" cry) as a justification for killing cash I have a two word answer: Gold bullion.

        -nb

        • And would owning gold bullion remain legal? We've outlawed it before, you know.

          • the difference is if you take the cash out by simply not printing it then the supply is hard limited.
            If you ban gold ownership that doesn't change that the BadGuys(tm) can continue to use it for untraceable wealth transfer.

        • by PPH ( 736903 )

          Germans [qz.com] use lots of cash as well. Not so much an issue of gray markets or tax evasion with them. They had a front row seat when index cards were used to round up the Jews. So when they raise issues of privacy, I'm going to listen.

    • Re: (Score:3, Funny)

      by Anonymous Coward

      I tried to put a $20 bill into my floppy drive to pay for my VPN service, but it didn't work.

      Turns out that when I converted it to bitcoin, it worked! Yay!

    • There are many bitcoin atms that accept bitcoin and spit out cash. https://coinatmradar.com/ [coinatmradar.com] 827 of them so far.
      • by Ash-Fox ( 726320 )

        There are many bitcoin atms that accept bitcoin and spit out cash.

        I have apparently a Bitcoin ATM in my country that I live in, I just have to cross an ocean to get to it...

      • There are many bitcoin atms that accept bitcoin and spit out cash. https://coinatmradar.com/ [coinatmradar.com] 827 of them so far.

        That is not true. There are 827 ATMs listed on the site, but many of them only sell bitcoins. Far fewer of them will buy bitcoins and give you cash. The reason is that when the ATM owner buys coins from you he assumes the risk that the transaction will not be confirmed and he will be out the money. When the ATM owner takes your money and gives you bitcoins you are the only one taking a risk. I glanced at their list of ATMs near me and looks like 1 in 4 or less will buy your bitcoins.

        The other thing a

    • If you have cash, why do you need bitcoin?

      You can send bitcoin far and fast, relative to an envelope full of cash.

      I'd be more excited about a machine that accepts bitcoin and dispenses cash.

      Yeah, that might be useful too. There's no reason you can't do both. Just don't have the two machines physically in view of each other, or else a customer at one kiosk might look to see if there's anyone at the other, and then walk over cut out the middleman.

      • by Ash-Fox ( 726320 )

        You can send bitcoin far and fast, relative to an envelope full of cash.

        I once went to Western Union (I was in the UK at the time) with cash in an envelope to send money to a friend in need in the US. Didn't have a problem and it was near instant?

    • A good way to dump your local currency if you are a tourist and leaving...
  • by Anonymous Coward

    I have yet to see one argument for crypto-currency that out weigh the risks. The usual arguments being "OMG! The government controls the money!" and "Its good for buying illegal shit."

  • by Ash-Fox ( 726320 ) on Friday October 28, 2016 @02:19PM (#53170251) Homepage Journal

    SBB is effectively providing a way to swap local currency for a digital version that can be used anywhere around the world, thereby bypassing unfavourable exchange rates

    The last time I looked at the costs of converting currency to bitcoin to another currency, it was a lot more than using the local currency exchange services though...

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