Bitcoin ATMs Are Coming To New York City

Tyler Durden's picture

With over 1,000 new merchants adopting Bitcoin every week, it is perhaps not surprising that, as NY Post reports, the first Bitcoin ATM is about to debut in New York City. Following success in Canada and Europe, Brooklyn native Willard Ling, 30, is set to introduce the first bitcoin ATM to New York City at the East Village bubble tea shop 'Just Sweet'. State regulators with the Department of Financial Services are expected to hold hearings later this month to discuss how the digital currency should be regulated; and until then, Ling’s bitcoin ATM will sit in his apartment.

 

Via NY Post,

Josh Harvey, co-founder of Lamassu, showed off the first bitcoin dispenser at last week’s Consumer Electronics Show and has found quite a bit of interest for the $5,000 machines.

How does the ATM work?

The machine, designed and manufactured in Portugal, looks like a typical deli ATM — but functions more like a vending machine. You put in US dollars and receive bitcoins back on your phone.

 

 

Users first download a bitcoin wallet mobile app — such as BlockChain or Mycelium — and set a password. A black-and-white QR code appears. They press the phone against the ATM’s glass window so it can scan the code, then feed in cash.

 

Presto, the machine sends bitcoins to the phone.

Coming To New York...

Brooklyn native Willard Ling, 30, is set to introduce the first bitcoin ATM to New York City.

 

After scouting locations, he has chosen the East Village bubble tea shop Just Sweet, on 3rd Avenue and 12th Street. He is now in talks with the owners on a rent deal.

But there are still hurdles...

State regulators with the Department of Financial Services are expected to hold hearings later this month to discuss bitcoin and how it should be regulated.

 

Until rules are drawn up, Ling’s bitcoin ATM will sit in his apartment.

 

He thinks New York should get on with it if it wants to still be considered a center of finance.

We would tend to agree since, as Mike Krieger at Liberty Blitzkrieg notes, over 1,000 new merchants are accepting Bitcoin per week (via BitPay alone)...

Earlier today, the Bitcoin news website Coindesk reported that BitPay is adding 1,000 new merchants per week, within an article highlighting the fact that private jet company PrivateFly had just teamed up with the payment processor to accept BTC for its charter flights.

Just to put this into perspective and understand just how staggering this growth it, BitPay only first surpassed 1,000 total merchants in September 2012 and a total of 10,000 in September 2013. At its current growth rate, the company is set to double the milestone of 10,000 merchants every two and a half months. Incredible.

From Coindesk:

“We believe that merchants are starting to see the value that accepting bitcoin can bring to their business,” said BitPay’s Jan Jahosky. “We’re adding merchants at a pace of 1,000 new merchants per week.”

 

“We expect exponential growth in the popularity of bitcoin around the world with both merchants and consumers, and anticipate seeing the biggest growth in China, India, Russia and South America.”

Full article here.

Comment viewing options

Select your preferred way to display the comments and click "Save settings" to activate your changes.
cdude's picture

The Shoeshine boys are demanding them!

mvsjcl's picture

I think it's more the white shoe boys. Something really stinks about BTC.

CH1's picture

Bitcoin, bitchez!!!

fonestar's picture

Man, I love Bitcoin.  Everyone should buy Bitcoin.

rubiconsolutions's picture

"Man, I love Bitcoin.  Everyone should buy Bitcoin."

We know already.

fonestar's picture

Well if you have heard it enough why are you not out there buying Bitcoin until your hands hurt?

disabledvet's picture

this things a mal-ware killer. the ulitmate in "hacker holocaust." an open source protocol involving money...and making sure it is "redeemable" (in the sense that it can be withdrawn in equal amount with the ABSOLUTE MINIMUM in transaction and storage fee.) go ahead..."make it illegal." is the money itself worth anything? I would argue "no" actually. Hence "bitcoin" cannot be "regulated" or deemed "illegal" because it is a paradox...as in "why bitcoin?" not "bitcoin per se." not a buyer of the currency...but certainly find the technology very intriguing. basically "a dirt cheap ATM simply providing all that is needed to know" namely...I am who I say I am...when dealing with cash transactions. In theory for those willing to allow its deployment this could provide ENORMOUS confidence in "banking systems." In other words if the Banker himself tries to abscond with the savings "i've have a picture of you" and that picture will not only follow you around the world...but because of the i-phone "will make you a target of surveillance."

synergize's picture

hmmmm a currency with no physical form, no gov't backing, that can be regulated out of existence any day now, with no limits on creation, with no proven history, and that can be stolen from my computer by a pimple-faced 16 year old hacker...

I think i'll keep my gold and silver for now - wake me up when Goldman starts pushing it.

Prisoners_dilemna's picture

Physical form, your physical computer can read the physical harddrive, where the physical state of electrons is used to create a physical representation of bitoin.

Govt backing, you are correct on this, thank god!

that can be regulated out of existence,  jus tlike file sharing was regulated out of existance,  or alcohol during prohibition

with no limits on creation, you obviously dont know what youre talking about here,

with no proven history, but is being proven every day

and that can be stolen by a hacker,   bacsed on everything you wrote above, I sense you are lazy and not willing to educate yourself. I also assume this is why a hacker can steal your coins. You are too lazy to learn how to create a strong password or secure your money.

Keep your gold and silver. I woul dnever suggest you sell them. However I would encourage you to stop being intellectually lazy and learn about bitcoin, rather than dismiss it for bogus, un-educated, and just plain wrong reasons.

Barking Seal Troll's picture

 

 

"ABSOLUTE MINIMUM in transaction and storage fee"

Lower than some others?  Yes.  Offering less services than others?  Absolutely.

btw, my cash transactions conducted yesterday had no upcharge.  In fact the petrol station gave me a cash discount.

"a dirt cheap ATM"

How much are the ATM owners charging you to deposit cash (and spending your time) in exchange for Btc that you can then spend...at the same places as you can already spend the cash? 

Oh boy, there's a value proposition for the masses!  If you'd counter that you can spend the Btc online whereas you cannot do the same with cash, would you have us believe that the person who owns a smart phone to use at the ATM has no credit card??  Their credit card might even offer a 1 to 5% cashback bonus or _______ (insert your reward here)

Or are these ATM owners investing their cash with the expectation of no return from you?  Perhaps they are relying on fees from business owners who will all clamor to install one to cater to the teems of trendy jerkwads demanding one? 

Thank you for your service (but one must wonder why you feel the need to self-identify as such, and whether the eponym is supposed to sway us)

 

TheHound73's picture

If New Yorkers want bitcoin, where should they go to get them?  Access to Bitcoin in the United States is quite restricted, are you aware of this?  Yes, New Yorkers can acquire BTC from the ATM and immediately turn around and spend them, even if just for novelty purposes.  But they don't have to.  They can save them on their phone and spend them later or transfer them to more secure long term storage.

When will entreprenuers get off their asses and set up Gold ATMs in the big apple?  No profit potential?

wretch's picture

I shouldn't need to say this on ZeroHedge, but it's a bad idea to virtualize your assets.  The Tylers jumped the shark when they started pimping Bitcoin.

disabledvet's picture

this is true. what is really need is some type of Star Trek like device that can shrink all physical assets to an incredibly small size (a "zip file" for say...your furniture...) thus being able to put it on your debt card or something and walk around all day without worrying about storage costs.

TheHound73's picture

Nah, I like to get some excersise when I go pay my rent with silver bullion.

moneybots's picture

"I shouldn't need to say this on ZeroHedge, but it's a bad idea to virtualize your assets.  The Tylers jumped the shark when they started pimping Bitcoin."

 

Bitcoin just won't die.  I don't see it being that Tyler is pimping it.  Tyler is reporting on a monetary phenomenon that continues to grow in importance, despite multiple expectations of its demise after various setbacks.

I think people need to stay tuned and see what developes.  Tyler is doing us a service to keep us informed.

 

fonestar's picture

Some protocols on the internet have fallen out of favour over the years whether it be IPX, rlogin, etc, etc but none have ever been forcefully killed off.  If such a thing were even possible it would beg the question of why the best funded people on planet Earth have not been able to kill the .torrent?  Part of Bitcoin's beauty is that it exists simultaneously as a currency and an internet protocol.

Fíréan's picture

"Bitcoin just won't die.  I don't see it being that Tyler is pimping it.  Tyler is reporting on a monetary phenomenon that continues to grow in importance, despite multiple expectations of its demise after various setbacks.

I think people need to stay tuned and see what developes.  Tyler is doing us a service to keep us informed."

Your "Tyler" is a collective of anonymous contributors to a website. How do you know the intentions of the particular writer (or collective of writers) of any individual article. You can only trust the editorial staff's intentions , i guess.

shepherd's picture

1 month ago zerohedge was still badmouthing bitcoin.

Zerohedge is actually behind the curve on bitcoin.

Exponere Mendaces's picture

@wretch

Yeah, ZeroHedge is no place for financial news about new currencies. What is Tyler thinking!!? </sarc>

I guess someone would rather sit in his bunker counting gold coins waiting for the air raid sirens.

chemystical's picture

Drat, those are our only two choices?  Buy Btc or sit in a bunker counting gold? 

btw, what of those who don't now own gold?  Do they have to either buy gold or Btc?

Your generalizations and strawmen are pathetic and do little but discredit your brethren who try to advance their argument with reasoning and facts. 

Cue the ad hominems and nonsequiturs.........

 

TruthInSunshine's picture

So bitcoin will now officially become a complete & total USD currency, to be taxed, traced and in all manner tracked as the USD?

"You put dollars into the bitcoin machine and bitcoin are magically & digitally sent to you NSA/FBI/IRS/CIA/LEO monitored smart phone."

How conveeeeenient....

More importantly, what's the point of bitcoin now, exactly?

How long until the IRS accepts payment in BTC? Cerealously.

fonestar's picture

This has been addressed a million times.  If you're still asking these "questions" you're either willfully ignorant, a shill or someone only intent on spreading FUD.

mvsjcl's picture

Are you the kettle, or the pot?

Kirk2NCC1701's picture

[cue song]  "If I can make it there, I can make it anywhere, so come on New York, New York..."

Exponere Mendaces's picture

@TruthInSunshine

Given your moniker, I'd expect a little less of this kind of logic.

Its obvious Bitcoin has to interface with the legacy financial system for a while. This is a natural extension of that happening. Just like with the exchanges, they will serve their purpose until sovereign funny-money is usurped.

ATMs, Face-to-Face Trades, Exchanges - they are all the economic shunt that allows bad money to be changed into good. We won't be needing them after we've succeeded. Well, maybe for the old fossils that can't understand the world has changed around them yet again.

CH1's picture

Something really stinks about BTC.

Basing the charge on something more solid than your imagination might be a good idea.

mvsjcl's picture

Yeah. The rabid response from the "advocates" of bitcoin brings to mind the the virulence shown by the 9/11 deniers. An eerie similarity. 

 

Common sense should surely tell you that bitcoin wouldn't stand a snowball's chance in Hell being accepted by major merchants, all owned by the very people who create "money," unless it was backed by those very people. Bitcoin ATMs? Please! Give me a break.

mvsjcl's picture

Evidence that I have common sense? Dude, let it rest.

john39's picture

essentially the same treatment given to "climage change deniers"...

bitcoin is a NSA/central banker experiment.  they are going to roll out a digital fiat currency.   It will result in increased misery and tyranny for the average person.  wake up people.

CH1's picture

Yeah, I thought so. You have nothing but dark and dear imaginings.

fonestar's picture

I believe many conspiracies are perfectly valid because there is causation and motive.  In the case of Bitcoin conspiracies there simply is none.

TruthInSunshine's picture

Are you Satoshi ?

What color is the boathouse at Hereford?

Have you ever had a grasshopper?

vulcanraven's picture

You talk about a fuckin ambush?

 

I ambushed you with a cup of coffee!

TeamDepends's picture

No, but he cleans Satoshi's virtual pool.

Bindar Dundat's picture

Fonestar do not waste your time!

I learned a long time ago not to argue with close minded idiots.

Barking Seal Troll's picture

He's not arguing.  Rather, he's making statements that lack foundation.  Then sprinkle in ad hominems, straw men, and nonsequiturs.

"Buy Bitcoin!  I do!  Everyone cool does!"

Insert question here:____________.   Fonestar reply: "That's been settled a million times.  You're an idiot.  Shut up.  Go away.  But don't forget to buy Bitcoins on your way out."

Now, THAT'S a prospectus that passes every sniff test.  Where do I signup?

 

Exponere Mendaces's picture

@Barking Seal Troll

How neat! Your admiration for my coined phrase is flattering.

As to the reason Fonestar just flipped the script and went nuts on you guys is you treat every Bitcoin proponent in the same way.

The same attacks, the same straw men, the same name-calling, etc...

What's wrong, you can dish it out but you can't take it?

How amusing.

chemystical's picture

Do you speak for fonestar or are you channeling him?

"Well, maybe for the old fossils that can't understand the world has changed around them yet again"

Straw men, ad hominems, and nonsequiturs is that accusing gauntlet that I slapped you with.  Thanks for using it.  Incidentally, is being an 'old fossil' a term of endearment?  Changing your name to "pot" or "kettle" anytime soon?  In consideration of 'truth in advertising' at least.

As to a tally of which side calls the most names when their dogma is challenged, I'd gladly wager my lungs that your side would have the most. 

As you apparently can speak for fonestar, would you please answer the question that I've posed to him FIVE times?  (Re his selling Btc at around 200USD/Btc "to pay some bills", and then buying back in a few months later at 800per.  He stated that multiple times mid Dec, and it does appear to refute his professed unfailing idolatry for BUY BUY BUY Btc, and it more than gives the appearance that he doesnt believe his own bullshit and that we should not take investment advice from such a "savy" investor)

fonestar's picture

This has been explained several times.  I was forced to sell some BTC at that time.  What is so difficult for you to understand?  Five years from now, whether you bought at $200 or $500 will not matter at all.

HungryPorkChop's picture

There is way too much positive press out on Bitcoin.  Everytime I've seen something like this have a meteoric rise usually means its being pumped and manipulated by a very powerful hand behind the curtains.  It's like the 1990's NASDAQ bubble on super steroids. 

Gold Eyed Cat's picture

Al Gore said Bitcoin is super duper.  Thats when I deleted my MtGox link, stopped updating, and called it done.  But you guys feel free to play and I'll watch a while!

Right now I have no use for it.  I'm going low low tech and focusing on building trade relationships with local producers.  My untraceable p2p transactions are person 2  person.  Here I can trade silver dimes for boxes of PDX-1 .380 ACP, beautiful handmade sundresses and quilts, wood, or amazing vintage china.  I have not met anyone yet that is interested in what I have in my digital wallet.

Maybe if I traveled the world like DoChen, it would be useful to carry a couple grand US in bitcoin.  I couldn't say.

TheHound73's picture

Excellent.  PMs and Bitcoin complement each other.  Fuck FRNs.

runningman18's picture

The banksters are playing this one close to the vest.  The marketing on bitcoin is slick, though.  Hey, if it has an ATM on every corner, it must be real, right?  Bitcoin is just a soft sell on a global digital currency controlled by the cartel.  If it actually represented an attack on the bank controlled paradigm, they would be trying to smash it, and they definitely wouldn't be giving it so much attention in the media.  I don't see much smashing going on, at least not like the Chinese are implementing, and the U.S. government is just as socialist as they are.

BandGap's picture

Doesn't this pave he way for one world currency?

fonestar's picture

Not really, Bitcoin is a one-world currency.

TruthInSunshine's picture

"Not really, bitcoin is a NWO currency."

fonestar's picture

Again, I'm asking for evidence FraudInSunshine?

mvsjcl's picture

It just struck me, the difference between 9/11 deniers and bitcoin advocates. Bitcoin advocates demand evidence, knowing that none exists. 9/11 deniers ignore evidence, knowing that a plethora of it exists. Other than that, pretty much the same. Same lousy arguments. Perhaps the same hired hands.