People bitcoin want to complain should do so to the regulators. It may be worth verifying the face matches the ID when setting up an account, but thereafter the vein scan may be faster to verify automatically and quickly. If the government without knows atm I am, issued cardio ID and has my picture, withdrawal the hell do they need my handprint too? You need a dose of reality. In classic finance, the kind Bitcoin was seeking to replace, charging a premium for a risk is necessary.
How Does Bitcoin Mining Work? If people don't wake up to this tactic, this is how cryptocurrencies will wither and die. Also, having a person stand there and compare your ID to your face is a biometric scan if you think about it - we're just really used to it and don't find it uncomfortable. All this to withdraw funds from your own account. Good luck with that. Until Tue feds ask you where that came from and your arrested for laundering for someone lol. Ethereum What is Ethereum?
Without a reward for their risk, bitcoin will shy away from the investment and the growth of withdrawal given economic atm will be significantly impaired. It's not like CSI unfortunately. Only in the United States. These machines are without to online exchanges which are in effect buying cardio selling bitcoin on the fly from other people. Unfortunately, the solution you describe is the very definition of money laundering.
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Ferreira admitted that Bit2Me's costs are somewhat high, saying "it is not the cheapest option out there, [but] it is the easiest and fastest way of converting bitcoin into euros". The leader in blockchain news, CoinDesk is an independent media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies.
Have breaking news or a story tip to send to our journalists? Contact us at news coindesk. Oct 17, at Alastria, formerly known as Red Lyra, is a Spanish blockchain consortium that has grown to more than 70 members since its launch in May.
May 31, at May 26, at A group of Spanish banks have formed a new consortium to investigate blockchain technology applications. Oct 27, at I would like to receive the following emails: Blockchain — What is bitcoin? Bitcoin What is Bitcoin? Recipients do not need a bank account or an ATM card to withdraw funds. Each integration can take upwards of six months, and there are various technical and other requirements that need to be addressed.
That said, the benefits to the customers are clear and we are dedicated to pushing this forward. We believe that everyone deserves access to financial services and should have the option to use their money to their desire, without having to endure high fees and prerequisites.
Regular ATM users might be confused about the fact that a card or account is not needed to use this service. This level-two validation is designed to keep the process in compliance with the know-your-customer and anti-money laundering rules.
These rules require both email and ID verification, but no address or telephone number. There are also limits to how much can be sent through the service. The Philippines has one of the worst economies for average people in the world, making it very difficult for people to save money.
Salaries are low, hours are long and natural disasters are common. We tried that actually! As some people in these comments astutely pointed out, the Vancouver machine had the palm vein enabled with the ID scanner disabled. We had to remove this "semi-identified" feature though because palm vein patterns actually start getting pretty inaccurate when scanning across thousands of other patterns. It's not like CSI unfortunately. So, an ID makes it where we only have to compare against a single record we pull, making it very reliable.
Also, having a person stand there and compare your ID to your face is a biometric scan if you think about it - we're just really used to it and don't find it uncomfortable. It's what some of our competitors are encouraging their operators do like in Boston, but what is the point of an ATM if its not automated? I'd argue it's not an ATM at all at that point.
Withdrawing small amounts repeatedly from the same bitcoin address, or to the same address from different sources, would set off some flags.
Anything outside the norm would attract the identification gauntlet. What a pointless method. Why aren't you following the same rules as a currency exchange? Downvoted this because it is inaccurate. The currency exchange regulations apply to currencies issued by a foreign government, which bitcoin is not.
These machines are integrated to online exchanges which are in effect buying and selling bitcoin on the fly from other people. This usually thrusts operators into money transmitter licensing in most states from what we're seeing, which is different from currency exchanging. Most people want a few coins to play with and use for buying a few cups of coffee, pizza and a few things online. Taking all the scans, ID, etc. So if my friend stuck their hand in the scanner while I stood in front of it, your machine would pick it up?
I hate to be the one to break it to you but nobody is going to go for this the way it is now. You're blaming the wrong person. You need a dose of reality. Bitcoins are difficult to buy. Well first let me tell you how easy they are to buy. Why was you're exchange not like that? You live in a country with limited freedom of transaction. Money especially in large quantities, must be traceable, it's your gov'ts requirement. If you're mad a robocoin, you're mad at the wrong entity.
If you're realizing that you're monetary restrictions are actually impacting you're life and looking stupid, don't come in here and throw a fit blaming everyone who's telling you where the problem is. Also, you seem to think that Bitcoin is anonymous and that exchanging Bitcoins is anonymous.
The first error is misinformed but understandable, the second is downright stupid. There are a lot of ways that someone could put a name to particular coins or more specifically transactions but it is theoretically possible to use Bitcoin anonymously, right?
I'm going to guess he misspoke a bit when he said "There are no searchable databases of palm vein scans" and probably meant to say "There's no known way to abuse knowledge of a person's vein pattern". Photo is biometric that anyone can either confirm or gather data to impersonate from a distance using a camera. There is no known way to either obtain palm vein data except reading it directly, nor any known technology to fake an auth once you know the data like you can facial recognition or fingerprint.
When you take money out of a real ATM, you are notifying the bank that you have taken money from your account, at a specific time and location all permanent records. You had to go through a thorough identification process with lots of forms, to open a bank account. All this to withdraw funds from your own account. On top of that there are limits placed by your own bank on how much cash you can take out on a certain day. Now if the large Exchange deploy their own BTC Network, Think CoinBase or Kraken, then you would bypass the whole anal probe, since at that point you would withdrawing from your BTC account at an exchange you are previously identified.
ATMs are for withdrawing funds from an account. If you want to buy Bitcoins anonymously, you really can't. They are probably buying on Coinbase with a full ledger of evey bitcoin transaction, and a verified account identifying this person.
Would it be possible to integrate with sites that already have the compliance to avoid that whole mess? For example, I have a Coinbase account. What if I was able to just enter my Coinbase login instead of all that other crap? Or even do the compliance on your own site so I can do it ahead of time, instead of the misery OP had to go through. I am a bot. Send them to my inbox! They don't want to require all that information.
What you just described does not seem to me like a reasonable balance of usability, privacy concerns, and compliance with the arbitrary money laws. Thank the FinCen regulations of being a money transmitter, a major hurdle for all bitcoin exchanges in the United States.
I put in 10 euros and I saw the money on my Android wallet appear within a minute. It's not for security, it's for identification Even that is too much in my opinion. If there is no way to make an ATM without giving up your full identity, then we will have to find another way.
If only there was a site in which you could exchange bitcoins locally with other hobbyists. It could be called something like localbitcoins. I too wish that something like localbitcoins. Then we wouldn't have to deal with this kind of crap.
Why in the world haven't people started something like localbitcoins. While I like localbitcoins. Not to mention more formal and familiar.
This attacks the main values of bitcoin: If the coins are being traced at the point of exchange, then any coins that are mixed become suspect.
If the bitcoin community does not address coin mixing now, the default will be that you must have traceable coins and if you don't you will be singled out as a criminal, and any coins you take that are not tied to an identity will be reason for government goons to kick in your door and haul you to the physical prison system. ATMs are only one of a myriad of ways you can legally acquire bitcoins, and some methods are far simpler compared to others.
Like legally have the sole rights to devalue them while they sit in your pocket without you having any recourse against it. Sadly, as soon as the intelligence community traces terrorists or organized crime bitcoin to some of the more liberal Canadian sources, you can expect a hard regulation to take place an a similar system to 'merica So if they don't have to make you jump through ridiculous hoops, why do it?
I mean, there was a bitcoin enthusiast there extolling the virtues of bitcoin, including it's anonymity, and then he had to explain why the machine wanted your handprint. It was a joke. American regulations, don't have a crazy technical explanation but most likley to avoid all the crazy multi-state MSB licensing requirements that require millions of dollars to acquire.
Maybe that limit is not important. Bitcoins ATM should not exist in 10 years. The whole point of Bitcoin is to never need an ATM. This is a Bitcoin Automated Exchange. The Governments allowing unfettered access to Bitcoin is greater risk than Money Laundering, it would imply the uncontrolled devaluation of the U. Dollar and other global currencies. If the current laws don't do their job to control capital flows, then new ones will come along. Get your Bitcoins now when it is actually easy, regardless of what you have to do.
People keep insisting that the machine in Austin was the first "true" ATM because it is bi-direction, as opposed to the uni-directional ones in New Mexico and Boston, just completely pulling this "definition" of an ATM out of their asses.
I have learned through extensive anal probing that it is difficult to deduce someone's identity by that metric alone. Everything is being geared toward a surveillance society. If people don't wake up to this tactic, this is how cryptocurrencies will wither and die. The state governments will convince people that this is all necessary, and the only advantage bitcoin has anonymity and control of your funds will disappear. Bitcoin is going to become useless unless these issues are addressed.
The only thing left would be it's lack of inflation, but then again, the bankers will figure out how to make it fractional reserve again unless people pay attention. Don't hate on Bitcoin because of regulations put in place by the US government. The guys running the ATM are just following the rules. My hand print - that I know of - is no where I don't understand the need for it. I'd assume that it is a definitive way to go back later and prove that the customer actually was who they said they were in case of a court case or fraud complaint.
Bitcoin is somehwat anonymous. When you buy it with cash from someone from local bitcoins, it is anonymous. The effort needed to ensure relative anonymity falls outside of the scope of Bitcoin Tor, VPNs, stolen identities, whatever. Most of these ways are identical to those used to fog dollar or euro transactions.
Nothing to do with Bitcoin per se. How is that anonymous where are your bitcoins coming from. The seller is probably A verified account on coinbase, that is keeping a log of every bitcoin transaction.
Unless your source is a bitcoin miner, who promises not to keep a record of you even then there is information leaking. I stopped in to check it out last night also but I had read other users experiences so I knew roughly what the process was like going into it.
Other than that it was a relatively painless process. Sure, it's not instant like traditional ATMs but it is the easiest and fastest method I've ever used to obtain bitcoin. Upvoted the OP because I would be equally frustrated and most likely not go through the ID shit to get to the point where it takes more than 5 minutes to get my BTC.
Upvoted thallium for explaining how this is activated and necessary in many but not in all places. I hope they get the frustration of the customers to the point where they communicate better what type of bitcoin ATM the user is to expect at which location. It just scans your QR code from your phone, and you can buy bitcoins with cash.
Much better than this Robocoin shit. I'm guessing that one doesn't let you sell any bitcoins for cash, and is thus just a Bitcoin vending machine, not an ATM.
All this extra crap is a requirement in the states to be able to trade bitcoins both ways. This is all due to regulation I'm sure Robocoin does this for fun, and nothing to do with the draconian laws that are imposed upon us in the land of the free.
I dont think I'd like to use this ATM. I like localbitcoin's idea of the bitcoin ATM. Still need to check out how Liberty teller works. Robocoins Orwellian requirements for buyers Sorry Robocoin, but you don't deserve to be in this business.
And hopefully the free market will drive you out. Then me and my friends started posting the "latest" Robocoin requirements on facebook, here's just a few:. Buyers must submit verbal and written expressions of their profound, unyielding devotion and loyalty to the CEO of Robocoin, video footage of familial worship sessions dedicated to the CEO of Robocoin must show occurrence on a regular basis , a statement on behalf of buyer's wife expressing a willingness to engage in sexual activity with the CEO of Robocoin at any moment at which they are called upon, and a copy of their photo ID with proof of recent anal probing by Robocoin-certified rectal examination outlets.
Blueprint of your home, keys to your home, keys to any vehicles you own, daily log of your children's whereabouts and activities, your internet browser history, written statement of your political ideology and affiliations, agreement to have a surveillance system installed in your home and workplace, 19 references, disclosure of your email and social networking passwords, pictures of your birthmarks, your work schedule, urinalysis, anal probing, retinal scan, palm scan, butt scan, finger nail clippings, hair follicles, x-rays, pictures of your pets, names and addresses of anyone you have ever communicated with, submission to regular wiretapping, copies of your text messages, your driver's license, access to your life savings account, access to your thoughts.
Biologic and chemical agent guinea pig testing, must have your testicles removed surgically and be sterilized before submitting your application, your wife's underwear straight out of the hamper, worn for no less than 3 days. They will be forced to work the fields for 20 years hard labor. These terms may change as needed.
THEN you may or may not receive your bitcoins. Users must relocate to and apply for citizenship in the Democratic People's Republic of Korea. If this is the case, bounty hunters may receive an additional bonus reward if they provide proof of torture via needles being forced under your fingernails and into your eyeballs prior to execution. What in the fucking gods name do they need your finger print for. You or somebody needs to ask the guy or company that manages that thing please.
You cannot have anonymity with financial transactions using the dollar in the US. Ie buying bitcoin Forget about that angle of bitcoin. If you want anonymity, stick with suitcases of cash. It seems all of this is so the government can track you and tax you.. No other reason really. Bitcoin is dead if this is the case since it goes against everything the digital currency stands for. There is basically no incentive to use bitcoin at that point. Why are they referred to as ATMs?
Depositing currency and getting Bitcoins or any other currency back , is not the function of an ATM.