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World's First Bitcoin ATM is announced: First Location: Cyprus

While European politicos negotiate in Brussels, deciding the fate of other people's money in Cyprus, the free market has already moved in to help Cypriots get access to their money via other means...

Banks have been closed for the last week in Cyprus and if they do re-open on Tuesday, it has now been announced that daily withdrawal limits at ATMs will be 100 euros per day.

As the Cypriot Drama unfolds before our very eyes, I began pondering what tangible solutions there are to bank holidays and bank runs. What could I do to help in Cyprus and all other countries (like Spain, Greece and Italy) for which, as we have predicted at TDV, bank closures are coming? The answer wasn’t hard to come up with. If these people had simply bought bitcoins with their savings, not only would they currently have 100% access to their funds, but also they would have enjoyed a parabolic move to the upside over past months.

ENTER THE WORLD'S FIRST OPERATIONAL BITCOIN ATM

Upon examination of the marketplace and many discussions with Justin O’Connell (TDV Newsletter & Gold Silver Bitcoin), as well as another key strategic partner of ours, I have decided to move forward with what I believe could be the next multi-billion dollar business venture: Bitcoin ATM.

But that isn’t all. It is wholly our intention at Bitcoin ATM to put the company in the right position to open its very first ATM in Cyprus. If we did this now, and we are moving quickly to make this so, we would be the only functioning ATM on the island.

Continue Reading:

http://dollarvigilante.com/blog/2013/3/25/worlds-first-bitco...

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How Long?

How long before the newly formed "good banks" in Cyprus go completely broke as depositors consistently withdraw the maximum amount every single day (and don't make any new deposits)?

How long before they decrease the maximum withdrawal to 50 euros, 20 euros, then 10 euros per day?

How long before the next round of bailouts?

How does one transfer money into bitcoin

when their bank accounts are closed? If someone can't access their money (euros) in the first place how will they "buy" bitcoins to access them at an ATM?

History does not long entrust the care of freedom to the weak or the timid.
Dwight D. Eisenhower

I'm still out to lunch on bit coin

but from a strictly marketing point of view you couldn't get better publicity and interest in your product and services than this. Being able to say in the midst of an economic disaster that you have the only working atm on the island. Priceless.

I'm still learning about bit coins but the whole idea sounds screwy to me. I have so many what ifs in my mind about it I cant conceive of it being the end all be all of monetary solutions nor that its security is not impregnable. Some will figure out how to game it. But perhaps I don't fully understand it yet and it is everything its cracked up to be. Either way competing currency = good thing. I hope it works out for those of you experimenting with it. Maybe I'll join you one day though I dont see that as likely just yet. My loss I guess right? All well, the story still puts a smile on my face :D

Great idea! Full speed ahead!

Great idea! Full speed ahead!

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This is smart....

Can I buy the Spainish rights? Huge liberty movement there that will love this.

www.SuccessCouncil.com
Protect your assets and profit from the greatest wealth transfer in history.

Go for it...

Although I doubt it. Spaniards are pretty ahead of the game

www.elbitcoin.org

"We’ve moved beyond the Mises textbook. We’re running in the open market." - Erik Voorhees

cool

i want one.

Official Daily Paul BTC address: 16oZXSGAcDrSbZeBnSu84w5UWwbLtZsBms
#standwithrand

How much can I get paid to

How much can I get paid to spam the dp with bitcoin? Is it by the topic or word? How does it work?

you get paid with insults...

from people like you that do not appreciate the liberty provided via competing currencies.

"We’ve moved beyond the Mises textbook. We’re running in the open market." - Erik Voorhees

I've

heard of dollarvigilante.com but haven't read it.

This looks like an interesting move although I wouldn't say it's the first Bitcoin ATM. It looks like he is only making plans, but this one already exists:

http://news.cnet.com/8301-13578_3-57570925-38/need-bitcoins-...

yeah you're right...

I know people that are actually acquiring ATMs from the dudes in N.H.

You're right it is an interesting move.

"We’ve moved beyond the Mises textbook. We’re running in the open market." - Erik Voorhees