World’s First Bitcoin ATM Launched…in Cyprus!

bitcoinatmBitcoin (which incidentally has approximately doubled in value over the past week as Europe pulls their money from the banks and looks for alternate savings vehicles) has launched its first ATM…in Cyprus!

bitcoinatm

Still waiting for the world’s first silver ATM.

 

Comments

  1. Last week, I stated that Bitcoin is the new way of issuing make believe money to go into a cashless society. Pull your heads out of your collective asses. Think for yourselves and move on.

    • when the time comes, and you can all bet your “collective asses” on the fact that it will, that a physical medium of trade is no longer used in daily transactions such as buying a loaf of bread or some veggies and controls are forceably imposed, a 40% haircut is gonna seem like a blessing.

  2. Bitcoin is a Ponzi Scheme Stay Away From It. Do you think the Banksters are going to let it Survive? I Don’t Think So. Keep Stacking Real Money.



  3.  
    What can you say?

  4. If one could hold a bit coin in ones hand it might interest me. The grapevine says it’s not what they say or as safe.

  5. Good Lord, I hope this site doesn’t turn into a shitcoin shill factory like maxkeiser.com has.. It’s going to be sad when TPTB clamp down on bitcoin and throngs of average joe’s lose their ASSES after being cheerleaded into bitcoins by speculators who made off like bandits.

  6. I’ve always liked silver. Still do. Still try to stack when I can.
     
    I’ve also noticed that people can’t seem to discuss bitcoins rationally but more like religious hatred, like bitcoin is some bigger devil than any other fiat currency. ALL fiat currencies are digital; you can send them by credit card, PayPal, etc. If the government wanted to, they could do a Cyprus all over the world and nobody could do business anymore. Same with a massive CME or EMP.
     
    A one-world currency isn’t even required to make all transactions controlled by the government. And those in control of all centralized currencies will get rich (er) one way or another; aren’t they doing that already without bitcoin? How is bitcoin worse than other fiat currencies, esp. when it’s decentralized?
     
    I’m NOT saying bitcoin is “the answer”; only a complete routing out of TPTB is the answer. As long as they have armies of thugs to enforce their will, NO currency is better than another. If they want your BTC they’ll take them; if they want your dollars they’ll take them; if they want your phyzz they’ll take it; if they want your land, your car, your pets, and your life, they’ll take them all. In the end, the only thing that matters is who has the strongest army.
     
    And that’s all I’ll bother saying about that.

    • Speaking of religion, Bitcoin ZEALOTS are much much worse than some nebulous group of bitcoin haters. The facts are that bitcoin is unproven, and that the VAST majority of bitcoin activity is speculation. Anyone who thinks TPTB can’t and won’t fight, tooth and nail, every alternative to their system is living in a fantasy land. Silver and Gold stackers above all know this.
      Right now a relatively small group of people are making money hand over fist scaring a bunch of europeans into turning every dime they have into Bitcoins. This is in my view simply predatory and a joke. Hey bitcoin is the answer, so buy mine at an inflated price while I sell it for supposedly worthless fiat currency.

  7. Canadian Dirtlump obviously didn’t read what I wrote (e.g. “NOT saying bitcoin is the answer”). Sorry to have written blasphemy in your presence. I’ll get out a silver coin and fondle it while saying 8 “hail buffalos” to assuage my sin.
     
    o.O

  8. It is a shame the (majority?) of people in the precious metals community do not understand how a p2p crypto-currency is a great thing for liberty and for gold and silver.  Think about it for a second… every time you purchase silver what do you buy it with?  You are buying silver with dollars.  Every time you buy silver you are creating demand for dollars.  The big banks then take those dollars, rehypothocate them, loan them to drug dealers and terrorists and best of all… use those dollars to naked-short the precious metals!

    The internet is going to survive the US Dollar collapse, so will computers and technology.  Gold and silver will play an important part in the new economy but don’t live under the fantasy that people are going to wait for FedEX or UPS to deliver your silver bars when they want to get paid.  They are going to want payment immediately within minutes, not hours and  days and they are going to want zero service fees.  I am not sure that Bitcoin is the technology that gets us there but right now it is the most likely.

  9. Jeff Berwick, the dollar vilgilante put that bit coin ATM in Cyprus! lol

  10. In Cyprus? In the picture those are ATMs of banks from Thailand.

  11. I dont understand why I would want a bitcoin. I have looked into what I can get with them, people give me lists of businesses and I have googled for business that accept it. Nobody on those lists I called or emailed even knew what a bitcoin was except 1 guy, and he wasnt set up to take it.
    The option of things I could get for bitcoin are EXTREMLY limited and I think when people try to spend them they will realise it and the value plunges, thats my guess.
    It may work as a money transfer agent. “goldseek” radio does accept bitcoin for subsciption tho, so far thats the only business I have found. Get a list of businesses that supposedly accept bitcoin and contact them, see for yourself. Thats what I found and thats why I  dont want them, nowhere to spend them.

  12. Digital currency = oops we had a failure all your money is gone

    • MaryB: do you not understand what “decentralized” means?
       
      What happens to your online banking with dollars if there’s a “failure”?
       
      Somebody needs to prove to me that the dollar is NOT a vulnerable digital currency controlled by the banksters and deflating like there’s no tomorrow, because otherwise it’s worse than bitcoin. 

  13. @saber, the dollar IS a vulnerable digital currency, the thing is its also printed.
    What makes a currency valuable IS YOUR ABILITY TO PAY YOU TAXES WITH IT., THATS why it gets used. But it is still a currency, gold is money, paper is currency, gold can be used as currency, paper will never be money. neither will pixels on a screen be money or digits in a digital wallet.
    We actually WANT a currency to be used in our societies, the problem is you need an honust government to make them work, which we dont have obviously,bitcoin is not going to make our government honust, altho a decentralized currency that keeps all governments honust is a good idea but lets be realistic, right now its a pipedream at best.. Bitcoin may get big, but it will always just be a collectable or tradable thing for those that want to use it, nothing says it cant grow in use, but it will never be money, and if it does get so popular a government can create their own at any time and allow people to pay taxes with it thus making it valuable, at which point the people would use it. Governments are already talking about cashless societies, its probly going to happen, maybe this bitcoin is a trial run.
    Economics 101. Gold is money. currency has value when the government accepts it for tax payment.Notice you can pay your taxes with the currency you use today? Yes, the government is destroying your currencies value, thats because they are dishonust, trade your currency for money= buy gold.

    • Maximoose, you can get physical bitcoins if you want. But why? As long as there is a need to transfer funds electronically, bitcoin is no different from any other currency. As someone already mentioned, nobody is going to wait for delivery of your silver or gold every time you want to purchase something at a distance. 
       
      As for TAXES, who says you can’t pay with bitcoins? If, as would be constitutional in contrast to income tax, we had the Fair Tax (tax on consumption ONLY), the merchant would collect the tax JUST AS IT’S DONE NOW with cash dollar transactions. Why keep the IRS paradigm, of all things, as a reason to reject a decentralized digital currency? Decentralized means NO NEED FOR BANKS. I don’t know how else to express this critical point.
       
      This isn’t about what’s “money” but what’s a viable medium of exchange at any distance and without a central controller who can devalue it. With bitcoin, there is no need to trust a government, and no way to hack millions of computers world-wide. That’s why they fear and loathe bitcoin.
       
      And it’s already “money”, certainly as “real” as digital dollars.
       
      Economics 101.

  14. Gold is money, digital dallars are pixels on a screen at best. ANYTHING can be used as currency. I am not saying we dont have a need for somthing, but a currency derives its value beginning with it being accepted as taxes. I live in canada, as far as I know the canadian government does not accept bitcoin as taxes. And as I have no intention to go to jail for income tax evasion I will use canadian currency for income tax payment.
    I have no NEED for bitcoin, I also have nowhere to SPEND bitcoin. The limitations on what can actually be purchased make the value of bitcoin limited to say the least, maybe as a transfer vehicle, but I have no need for that abilitly,
    Again, ANYTHING can be used as currency, but that doesnt make currency money, Gold is money, the value of a currency begins with its ability to pay taxes. Otherwise its a collectable, I am not argueing to devalue or stop bitcoin in any way, like I said, its a good idea to try things that have a chance to stop corrupt governments and banks, but I am stating facts, until we come up with a way to have a society that doesnt run on people paying taxes, a currencies value begins with its ability to pay taxes, and the government has to accept it to have that ability. Maybe get a political party to run on it?

    • If bitcoin doesn’t interest you, that’s fine. But it’s hardly a good reason to dismiss it as something worthless simply because RIGHT NOW it isn’t accepted by corrupt governments as taxes. I’m not talking about RIGHT NOW, I’m talking about the near future. I’m talking about the fall of all centralized, bankster-controlled, fractional-reserve ponzi schemes. Do you actually go to the tax office and hand them cash? No? If you transfer the funds electronically, you’re using digital, nothing-based “money”. Taxes are a ridiculous reason to dismiss bitcoins.
       
      As you said, digital dollars are pixels on a screen; that means $$$, not just bitcoins. Dollars are created from thin air every time money is borrowed, or the Fed “prints” it (means they enter numbers on a computer and poof! “Money” is created)
       
      So once again, there is nothing about bitcoins that is worse than any other fiat currency, and bitcoins are not centrally-controlled.
       
      Gold isn’t money without people accepting it as such. Beads, shells, and animal skins have been used as money. Some say food, water, and medicine will be the new “money”. Gold is thus no different from bitcoin; it’s whatever society says it is.
       
      Can ANYONE show that bitcoin is less “real” than any other “money”? No, they cannot.
       
      Seriously… paying taxes is the LAST thing that matters.

  15. sabertooth, no disrespect but you just dont get it. #1  gold is money, currency can be anything, you are mixing up money and currency, anything can be used as currency but only gold (and arguably silver) is money. Money must be, Durabl,Divisible,Convenient,Consistant,Fungible and have a use value. Thats Why Gold Has Been Money For Thousands of Years and will be for thousands of years after you and I are long gone.
    Anything can be used as currency, go to a game store that plays collectible card games, you will see that the cards are a currency, but it is a collectible currency and doesnt have value to anyone else because they cant do anything with it, “They Cant Pay Taxes With It” thats why nobody other than the game players want it. But it is still a currency. ANYTHING can be currency, a currency has a value to ALL people when it can be used to pay taxes, THATS what backs the currencies governments use. Thats why they are called fiat. The card currency in my example is NOT a FIAT currency because you cant pay taxes with it. See?
    Seriously? The first thing that matters is the ability to pay taxes. Now, if ALL,Every single business and service provider accepted sea shells or sticks or bitcoins as their currency the government could very well be forced to accept it too. MAYBE
    But as of right NOW, TODAY, I can not spend it, therefore, why on earth would I want it? wether it works as a good currency or not, Max said there were 1000 people ready to open bitcoin accounts, and the servers were slow, alot of people, I can tell you without a word of a lie that there are more than 1000 people in Vancouver BC alone useing game cards as currency and that is only 1 city, Maxs 1000 world wide is diddley.
    People need to learn the differance between money and a currency, oh,lol just thought of it, I bet POT is a more sought after currency than bitcoin too.lol And thats no good for taxes either.lol
    Maybe bitcoin is the way to go,I dont know,maybe when the governments go cashless they will use it, it is a possibility I suppose.

    • Max: I’ve been trying to just walk away because we’re (none of us) communicating. Of course I think it’s you (plural) who don’t get it, but rather than say so I had tried to just leave the conversation. The problem is that I do get it; I get more than “we… must… pay… our… taxes!” I’ve tried over and over and over to say that bitcoin is a far better digital currency than digital dollars, and that you’ll never do long-distance commerce without a digital currency. I’ve said it till I’m blue in the face and people just keep repeating the same things over and over as if they never read anything I said. I really don’t care anymore; you all can bash BTC in ignorance and keep using dollars as if they’re somehow more “real”. I even responded to the “slippery slope to One World Currency” fearmongering. Whatever.
       
      Please, just read/watch some introductory bitcoin material. 

  16. Sry saber, I just dont get it, your main point is commerce at a distance, maybe it is better than what we have been useing for years, I wouldnt know that, but here I live in a city, what goods I use I buy here, not at a distance, and nobody is useing bitcoin or even heard of it. Maybe one day people will hear of it and you are going to be rich because you got “in” early. but me? I am not going thru all the trouble to buy a bitcoin so I can spend it at a distance for something, if I want to buy somthing I use cash and it gets accepted no problem. And by the way, I use cash to reduce useing banks, 1 withrawl a month and all purchases are cash. Thats my way of opposeing them. At least they cant follow what I do.
    Good luck with bitcoin, I do hope it works out

    • FWIW:
       
      1. People in Cyprus who have BTC are better off than those who don’t. The problem is banks, and they can’t control/freeze BTC.
      2. E-commerce is huge. I understand there are people who’d drive horse-drawn buggies to work if they could, but it isn’t practical for most people.
      3. I did not get into BTC to “get rich”. I got in to learn how to use it and have my accounts set up so that, in the event it became viable, I wouldn’t be scrambling to do so on short notice. 
      4. In such a volatile world, putting all one’s eggs in one basket is unwise. Gold? Silver? BTC? Barter? Anybody’s guess. I’m covering all the bases, so that whatever happens, I have something.
      5. Using cash is still playing their game. Just because it doesn’t involve writing checks or using cards doesn’t mean it’s “not using banks”. That cash has serial numbers, at least on the paper, and you got it from a bank unless you get paid in cash– which most people can’t do, because employers want direct electronic transfer. We can’t all buy a farm and pray that the government doesn’t confiscate it. Farmers will, pardon the pun, be sitting ducks. All that prep and self-sufficiency can evaporate when the drones and goons come around. If you really want to oppose them, don’t use money that has “United States of America” on it.
      6. Good luck with dollars.

  17. After reading this thread, I’m rather upset. I used to have a shitload of silver that is now at the bottom of a lake somewhere. I like silver, and I also really like bitcoin, but I -hate- the dollar. Why can’t you be more like me?
     
    The end.

  18. I find it quite amusing about how the Bitcoin atm machine is surrounded by the other fiat atm machines!

  19. @Sumkid: LOL your right. Those other ATMs are gunna get pisssed and mug that bit coin machine!

    • It doesn’t matter because these fiat ATM machines are going to become obsolete when the collapse of this system arrives. Actually, they will be good for scrapyards! :D

  20. Having read the above comments, it is clear to me that despite the fact that this is a site about money, there seem to be a lot of people who don’t understand some of the basics about what money actually is. I have taken it upon myself to hopefully make the issue a little clearer.

    Money is essentially anything that can be used to facilitate the exchange of goods and services. Unlike barter it provides a universal method identifying the value of a given product or service. Money comes in many forms, from precious metals, fiat currency to modern digital currencies. In the past many things have been used as money – feathers, shells, stones… the list is endless.

    Money is a representation of VALUE, how much value a form of money represents is entirely subjective – it is determined by what the market is willing to trade it for. Gold for example has a current value of around $US1600 per ounce – this value is not some intrinsic property of the gold itself, but the result of the application of supply and demand.
    If more people want gold, its value increase, if more gold is produced, its value decreases. If everyone decided tomorrow that gold was useless, its value would quickly drop towards zero. Of course this won’t happen as Gold also has some useful real world applications (as a component in circuitry for example). However if the price of gold was only based on its intrinsic usefulness, then I would expect its value to be more like $US100 per ounce – that $US1500 difference is entirely subjective man made speculation.

    The same is true of Fiat currency, a dollar buys you a drink because market forces of supply and demand provide the dollar with a value equivalent to that placed on the drink. If everyone decided the dollar was useless, it too would become worthless. Unlike Precious metals, fiat currency takes the idea of money a step further by removing the need for the currency to have any intrinsic value, i.e. if printed dollars could not be used for trade, they would have no useful purpose left, unlike gold which still has some uses outside of being a currency.

    The key here is that what makes a currency valuable, is not any intrinsic property that currency physically possesses  but rather the artificial value placed on it by humans and the market forces which mankind has created. Of course governments have great power to instill value in a currency – by requiring its citizens to use it for paying taxes etc but in a free market society it is the demand for something created by consumers and businesses that give a currency real value above all else.

    Some advantages and disadvantages of different currencies:
    Precious metals:

    Government and banks can not easily manipulate the supply, making it more stable than fiat currencies
    Heavy and cumbersome, not practical for day to day trading (Try buying a can of fizzy drink with gold)

    Fiat Currency:

    Endorsed by the government, ‘legal tender’, lightweight, easier to trade with than precious metals.
    Subject to interference – money printing, runs on banks, central bank policies.

    Bitcoin:

    Fixed supply – no one can alter the supply, it is fixed by a complex computational algorithm.
    Extremely easy to trade with – near instant transfer of any quantity anywhere in the world.
    Deflationary (Some see this as good, others see it as bad).
    As yet not fully proven – an organisation with extreme computing power (and I mean seriously extreme) could potentially ‘hack’ the currency. It remains to be seen how bit coin is going to work in a global trading context.
    Decentralized – if one part of the ‘bitcoin network’ fails, the rest of the network can keep going unaffected.

    At the end of the day, which currency you use will depend on a number of factors. No matter what you do with your money there is risk  - the possibility that it’s value will drop. There are trade-offs in terms of practicality and security – generally, the more liquid and trade-able a currency, the easier it is for someone to use it for fraud or to just plain steal it from you. Bare in mind that it is not the currency itself that commits financial crimes, but people who use a currency to exploit others in some way.

    The important thing, is that the issues mentioned in the above posts are general issues that apply to ALL currencies – there is no option that is immune from problems. Also, in regards to not Bitcoin not being widely accepted – I am sure it is more widely accepted for general commerce than Gold or Silver – but you don’t need to use it that way. You can store your wealth with bitcoin, knowing no bank or government is going to be able to ‘print more’ and when you are ready to spend, convert it to local fiat currency.

    If you like physical representations get yourself some minted bitcoins. In terms of regulation – governments can apply the same regulatory rules on bitcoin as they do other currencies, in fact the US has now has an official stance on E-Currencies: http://www.fincen.gov/statutes_regs/guidance/html/FIN-2013-G001.html which indicates that businesses trading in bitcoin must adhere to the same rules they would in dealing with any other foreign currency.

    Finally, I would like to point out that there are a lot of Greeks and Cypriots, Europeans and even American folks out there who probably wished they had invested in bitcoins before they lost everything to the centralized banking system.
     

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