Saturday, June 22, 2013

The Bitcoin ATM

The Bitcoin ATM
The Bitcoin ATM
The Bitcoin ATM:

Jeff Berwick is the founder of BitcoinATM, a company that aims
to make real-world transactions with the stateless online currency
much easier, faster, and more convenient. In the wake of the
banking crisis in Cyprus—which at one point prompted the government
to shut down all the country’s ATMs—Bitcoin boomed, hitting a high
of $266 in April, more than 10 times its value a month before.
Berwick announced plans to place a bidirectional ATM in the
troubled country. The machine would allow anyone to exchange the
cash for bitcoins, and convert the bitcoins in their digital
wallets into cash. He also announced his intention to install a
BitcoinATM in Los Angeles.
Berwick, an anarcho-capitalist, told the Cyprus Mail:
“You can open a Bitcoin account in about three seconds. You can
then receive bitcoins from someone in another few seconds. And you
can buy something with those bitcoins in another few seconds. That
total time, if you were to do it through the fascist western
monetary system, would take weeks if not months and a number of
charges and people asking you what you are doing and why. Bitcoin
is freedom.”