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But is the competition instant? Haha the joke is on you! How Do I Dubai Ethereum? Dubai I am a bot. Dubai Startup Atm programme winners sign MoUs. Anyone know if there are official sources atm this? Promotion of client software which attempts bitcoin alter the Bitcoin protocol without overwhelming bitcoin is not permitted.

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Haha, good luck bitcoin.. He was addressing BitAccess and telling them that there are already one-way ATMs there which were built by another company. In response to an earlier BitAccess announcement , Sergey Yusupov tweeted a photo of the machines and noted that they would be activated in two weeks. Not sure this is a Bitcoin ATM at all. You could always charge 6.

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This is just wild speculation, but I think there is a prohibition under islam on lending with interest, which might mean muslims can't have interest bearing accounts. Instant transfers isn't such a big deal for migrant workers who are sending home bitcoin monthly pay packet - it can wait a day. Money dubai only be going in one direction, possibly limiting liquidity. It is clear that the popularity of this machine is growing, and companies are working to create more of them as the demand rises. Plus bitcoin is easier to receive money, especially for the unbanked But how do they spend it? Atm you atm ideas bitcoin the remaining BTC, see here for dubai info.

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Dubai Could Have Bitcoin ATMs

People here don't understand that there are plenty of services in Dubai that are much cheaper than Western Union. Bitcoin is hugely impractical and ends up being a lot more expensive than the already established competition. But is the competition instant? I don't see how bitcoin can be more expensive unless you are buying from ATM is high fee, over time these fee diminishes. Instant transfers isn't such a big deal for migrant workers who are sending home their monthly pay packet - it can wait a day.

It's virtually free to do this. I think it's actually a lot harder for your average grandma in a remote Bangladeshi village to receive bitcoin. Especially when you consider she has no reliable Internet access.

Assuming she's used the Internet before. Plus bitcoin is easier to receive money, especially for the unbanked But how do they spend it?

Unbanked don't need to buy Bitcoin if they receive it from remittance, then they could always start trading it amongst them selves. You still have the banking system and exchanges to deal with at each end. Bitcoin on its own is useless to the vast majority of people.

It's ability to exchange for fiat is its biggest use and that takes time. So in the end, if both take time.. What advantage is there in opening yourself up to huge exchange rate fluctuations? Haha the joke is on you! You all are the real slaves because you pay taxes, not the third-world workers in Dubai who get their passports taken away and do hard labor in scorching heat all day!! ATMs really need to step up their game. Can anyone explain where exactly these fees come from?

Is it volatility, compliance, profit? If they could bring it down, as prelsidente said, it could be huge. Same reason prices are higher than grocery store prices: This study might be a bit biased in favor of btcpoint found article on http: But that's my question, what is the minimum amount of fees roughly?

Anyone got any sources for this? It all depends on the volume of withdrawals. You'd have to speculate on the volume of withdrawals, and could base your fee structure on that. You see, bitcoin atm manufacturers dont give away their equipment. They're actually in the business of generating a profitable income.

So too are the investors of bitcoin atms. They look at the total cost of owning and operating a bitcoin atm and say "will this thing eventually pay for itself, and generate a profit? If the answer is yes, then you see bitcoin atms being deployed. If the answer is no, then no bitcoin atm for you. Any answer to my question though? Western Union or anything else for that matter. Don't forget, there are two-way ATMs now, meaning you can both buy and sell bitcoin. If you are the only ATM in town, then you can determine your own pricing.

You are taking a risk, and first game in town. If the pricing is truly leading to ridiculous profits, then competition will arrive, driving down fees. So, prices usually only go down or else consumers feel they are being cheated. So you have to start out with the highest price the market will bear. Well, ATM fees and service charges have gone up steadily since their introduction actually.

I'll grant that consumer do feel cheated but typically the convenience factor outweighs that and the cost of entry keeps competition from jumping in too quickly. Most people won't use an ATM in a bar for example but there are enough that do to make it more profitable to gouge a few people than to offer a more 'fair' service to more people.

Sure, this is common sense, but we're still stuck with a huge assumption: ATM fees are mostly profit, and not actually inherent costs to the service. There are a lot of things involved, I wonder how they add up exactly. If it's true that there is a lot of profit there, then there is a lot of money to be made by anybody else operating in that market segment. Any real competition will drive the fees down significantly. Any increase in volume due to popularity will compound this even more, giving much more incentive for others to compete in this space.

I think you're overlooking a key point: They can just use it in-kind to pay for goods and services, or transfer it as bitcoin to others. Of course, this only works if bitcoin adoption is large enough that it becomes easy to spend bitcoin to make everyday payments like pay your rent, utilities, buy things from amazon. It's a ridiculous premise. A bitcoin is probably as useless today as it will be in 5 years from now in remote parts of India where most houses don't have toilets or direct electricity for example, compared to fiat's usefulness, it's a problem way bigger than bitcoin.

So here, too, the fees are way too high because people need to cash out. To put it into perspective, I sell on localbitcoins. The convenience is important to people because obtaining BTC is still difficult to those who are less tech savvy aka lazy.

It's also important to consider that darknetmarkets still exist and these methods are probably the primary source of people buying BTC anonymously, although as far as I understand some ATMs do require an ID.

The rates will probably come down as the ATM companies break even and start turning a profit as well. Especially since these are not cash atms that have many mechanic componets that could potentially leak more energy. What do you mean? The one-way ATMs accept money and output coin to your wallet. And the two-way ATMs can do both ways.

I assume getting cash out of the ATM is the mechanically challenging part. And this topic is about one way ingoing cash ATMs. Don't know too much really, it's just that i figure a regular withdraw cash atm consumes more energy than a deposit one. You could always charge 6. Why are you upset people are making money? True, there's a very large number of migrant workers in many Arab countries, especially Dubai.

And I'm sure they send a lot of money home. One service they offer is webmoney and through that service Bitcoins can be bought sort-of. Dubai goes big with everything from architecture to business. I have been there a few times and it's awesome. Small in money, big on risks and results. I don't see any Burj Khalifa in Khalifa's own city When you make something up, like this "story", you can just as well go with a ridiculous high number.

You need a lot of portals so the big players over there can get in on the speculation in an instant. I hope a bitcoin ATM will sit right beside it. Gold to Go is a product brand made by the TG Gold-Super-Markt corporation designed to dispense items made of pure gold from automated banking vending machines.

The first gold-plated vending machine, located in the lobby of the Emirates Palace hotel in Abu Dhabi , dispenses items made of gold, including gram gold bars and customized gold coins. There are currently twenty vending machines installed across three continents, with the first vending machine in the United States installed in Boca Raton, Florida in December The " gold ATMs " are designed to be placed in shopping malls and airports in Switzerland , Austria , Germany , and Great Britain and are meant to make ordinary people comfortable with the idea of investing in gold.

The vending machines update their prices to market value every ten minutes over an internet connection. Image i - GOLD to go. Going for the Gold Lee Goes for Gold. Parent commenter can toggle NSFW or delete. Will also delete on comment score of -1 or less.

They're not common in the US, and also not very common in other countries either. Most of the ones I've heard of are in major international airports. Wonder how the banking sector in Dubai will respond to this. What does interest intrinsically have to do with BTC? Who knows when religion rears it head anything can happen. From my knowledge debit cards are fine so I don't see why Btc should be an issue as no borrowing involved.

Bitcoin likely fits even the more strict Islamic banking rules -- of which, by the way, many financial institutions in Dubai do not follow BTC should be better for Muslims than fiat based on debt.

Debt is sin, so it means fiat is a sin in the eyes of Allah. Hope they chose the 'ready in 15 seconds' ones. Not the ' scan everything you got and come back later' ones. I thought those were designed to comply with US "Know your customer" laws or whatever.

I could be wrong, though. This would be great for all the migrant workers there IF the people back home could spend the bitcoins or transfer the value to fiat at a convenient and competitive rate. Even if the fees were low, how are the Indian, Pakistani, Bangladeshi, or Filipino families going to change btc into stuff they want to buy? This is a step forward for getting btc remittances going in Dubai but there needs to be infrastructure on the southeast Asian end of this remittance axis before the action gets started.

At the moment, I think this is only going to make bitcoin speculation very convenient for Dubai's elite. There are worse things I suppose. Then the US will be like "oh shit.. We should order 4 million of these and call ourselves a leader". Have spent a while living in Dubai and there are only a few large shopping malls and a population of just 2 million people. Not enough demand to justify anywhere near ATMs right now. For those who are under the impression that Bitcoin is useful for migrant workers - Dubai already has plenty of cheap remittance services.

The migrant workers generally do not use Western Union to send funds home, there are much cheaper methods available.

Not to mention the huge impracticality of Bitcoin right now in this way. A few of the logos I can make out there are du, dewa and etisalat. I do not get whey you guys all think its so hard to make a BTC ATM this guys are experts in selling tickets via machines i bet they got it going on there own. Nop, those are not bitaccess, they would not release such an hideous product Not sure they are bitcoin teller machine at all actually This looks like a fake. There is allot of rich people in Dubai that will spend cash on something just because it is new, but only if it is convenient.

If this is true then it will have an impact on the market. Not a single bitcoin logo on any machine. How do we know these aren't meant for another purpose and we are being mislead?

As far as I can tell, this has nothing at all to do with Bitcoin. It appears to be a 'kiosk' that allows you to 'top up' your mobile phone credit, there is no mention of Bitcoin acceptance either; only FIAT forms of payment.

I wonder how long it will take until one sheikh complains that he cannot throw in his dirham notes by the bundle. This could be the big boost that BTC needs. One of the wealthiest countries, Dubai, is getting tons of exposure into a new idea. This is great guys!

And they go both ways He was addressing BitAccess and telling them that there are already one-way ATMs there which were built by another company.

Not much in the bitcoin world makes me say "holy fuck" these days - but bitcoin atms in dubai I am a bot. Send them to my inbox! They are Bitcoin vending machines, not ATMs. Money will only be going in one direction, possibly limiting liquidity. The city authorities and government were not involved with importing the Units, and it was not disclosed if a license is needed to operate them.

As of right now, it seems that most of them are sitting in the warehouse, however, if he plans to have them operating in two weeks, the units will probably be shipped out and setup around the city very shortly.

At this time there is no rock solid proof that the units are there, so take his tweet with a grain of salt. When the two week deadline approaches, we will know if he has the ATMs. CCN will bring you more coverage on this when there are further developments in the story. Bitcoin ATMs have begun to trend all over the world. ATMs cut the need to use an online exchange, and complete the transaction right then and there.

The ability to buy and sell Bitcoin at a physical Kiosk provides peace of mind and ease. Having Bitcoin ATMs in one city would be huge! With each new Bitcoin ATM that is placed in the world, Bitcoin becomes that much closer to being a mainstream currency.