In a recent article from Bitcoin Magazine, Andreas Antonopoulos is quoted several times as he makes his point that Bitcoin ATMs experiences are poorly designed and describes his ideal alternative. He’s right in saying that Bitcoin ATM experiences are in many cases poorly designed, but I disagree with almost all of his suggestions to improve them.
Here’s Andreas describing a typical legacy ATM experience:
“When you interact as a person with an ATM, 1. you have a pre-existing relationship with the bank or financial institution; 2. you have a pre-existing balance; 3. your primary objective is to get in, get cash, [and] get out. Twenty seconds is too long. Three clicks is too long.”
Continue reading Andreas Antonopoulos is right and wrong about Bitcoin ATM design… but mostly wrong
I’ve noticed an influx in the chatter about Bitcoin POS solutions recently. Many of the solutions are unknowingly entering a product market with a lack of understanding about the payments and POS industries. So I wanted to write this in an effort to educate those whose well-meaning efforts might just be a waste of their resources. Continue reading What Bitcoin POS developers need to understand about Retail POS
The ATM Industry Association (ATMIA) recently released a position paper on Bitcoin ATMs. In the paper they outlined their concerns and recommendations for the Bitcoin ATM industry sector. They made good points with regard to organizing the sector around best practices and self regulation, however, some of the recommendations demonstrate that they are still learning about Bitcoin as a whole. Continue reading A response to ATMIA’s Bitcoin ATM position paper
My first 101 post didn’t really cover the definitions of various terms so I thought I should do a quick part two. Continue reading US Bitcoin ATM Regulation Terminology
In this post, I’ll talk about Know Your Customer (KYC) requirements and trends. There are lots of complaints about Bitcoin ATMs that collect “too much” information even when buying very small amounts of bitcoin. There is a reason for that and it makes complete sense once you understand what the operators are required to do. Continue reading US Bitcoin ATM Regulation 102 (Why Operators collect your info)
Bitcoin ATMs and the regulations that impact them are getting a lot of attention lately. In effort to try and educate Bitcoin ATM operator hopefuls, I’ve compiled a knowledge dump of what I have learned since I began looking into this (August 2013). I wish I could have understood all this from the beginning. It would have saved me months and thousands of dollars. Continue reading US Bitcoin ATM Regulation 101 (Legal overview)
I read a Money Spinners article on Coindesk today about Bitcoin ATMs and how…
…the community seems to be settling on ‘BTM’ as an unofficial acronym for bitcoin ATMs
Let’s break this down to see if we can come up with the same result. Continue reading Much Spin from Coindesk’s Money Spinners?
In my last post, I outlined why non-integrated Bitcoin payment devices have a limited life cycle and proposed an idea on how to design a bitcoin payments enhancement to traditional POS systems. Today we hear from Coindesk about another non-integrated Bitcoin payments solution, The Bitcoin Fluid Dispenser II. Continue reading Bitcoin Payments Integration: Part 2
Texas Bitcoin ATM guidance comes down from the mountain
Yesterday, April 3rd, the Texas Department of Banking issued guidance on Cryptocurrencies and businesses that exchange them in the state of Texas. This is ground breaking news because, while there have been rumors of other states taking a similar stance off-record, Texas is the first state to issue formal guidance on the subject.
Continue reading Texas guidance on Bitcoin ATM operation is kind of a big deal