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Alternative Currency Goes Mainstream as Bitcoin ATMs emerge (Zerohedge)

NASHUA, N.H. — Zach Harvey has an ambitious plan to accelerate adoption of the Internet’s favorite alternative currency: installing in thousands of bars, restaurants, and grocery stores ATMs that will let you buy Bitcoins anonymously.

It’s the opposite of a traditional automated teller that dispenses currency. Instead, these Bitcoin ATMs will accept dollar bills — using the same validation mechanism as vending machines — and instantly convert the amount to Bitcoins and deposit the result in your account.

Harvey and Matt Whitlock are partners in a New Hampshire-based venture, Lamassu Bitcoin Advisors, that’s hoping to commercialize the ATM by selling to retail businesses, especially ones that also want to accept the decentralized alternative currency from customers.

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sorry but this sounds very like

a solution to a problem that doesn't exist.

I suppose if i wanted to buy some drugs on silkroad it'd be a easy enough way to blur my digital footprint so maybe it could work that way. smells more like a pr stunt or a loss leader though.

why wouldn't i just use my smart phone?

What do you

mean why wouldn't you just use a smart phone?

I think you misunderstand the purpose of the ATM machine.

Right now the vast majority of people DON'T have bitcoins. It so happens the free market currently values bitcoins at $30 each.

If you're a person that doesn't have bitcoins but wants some, for whatever reason, then you have to find a way to get them. The easiest way is trading fiat dollars (or other currencies) for them. To trade dollars for bitcoins you need to use an exchange like Mt.Gox. But before you can do that you have to send dollars to Mt.Gox. That is a complex system with different options involving various fees or delays, none of which are instant.

This Bitcoin ATM allows you to get bitcoins instantly by feeding in dollars right there, and a fee of only 1% for the conversion.

right now the vast majority have

NO NEED for bitcoin.

Are you denying that the currency is 99.99999999999999999999% web based?

Why do you use a cash atm? Because you need cash to buy something.

Why would I need bitcoin as opposed to cash afk?

I'm happy accepting and spending bitcoin but the idea that I'm going to going to need an atm is ridiculous. The only people that are going to use these atms is people with an emotional or financial investment in the bitcoin project.

The biggest problem with bitcoin is bitvangelicals with a load of bitcoins and a vested interest in those bitcoins increasing value so they talk up every ridiculous idea in the vain hope their bitcoin horde will go up in value.

It's true

most people have no need for bitcoins right now, but more and more things are becoming available all the time. For example, bitcoinstore.com has over 100K electronic items. Also people are able to gamble (if they're into that) with bitcoins where they currently can't with dollars. There ARE uses for bitcoins explaining why people want them. But it's true the currently high price is mostly just speculators. However, that will probably continue even higher, because there are only 21 million bitcoins.

If I was only trying to "pump" the bitcoin price I wouldn't make honest comments like this one. I call them like I see them.

Here is

probably a better article about it (has pictures!):