World's First Bitcoin ATM Is Announced

World's First Bitcoin ATM Is Announced - First Location: Cyprus







Jeff Berwick
Activist Post

While European politicos negotiate in Brussels, deciding the fate of
other people's money in Cyprus, the free market has already moved in to
help Cypriots get access to their money via other means....

Banks have been closed for the last week in Cyprus and if they do
re-open on Tuesday, it has now been announced that daily withdrawal
limits at ATMs will be 100 euros per day.

As the Cypriot Drama unfolds before our very eyes, I began pondering
what tangible solutions there are to bank holidays and bank runs. What
could I do to help in Cyprus and all other countries (like Spain, Greece
and Italy) for which, as we have predicted at TDV, bank closures are
coming?

The answer wasn’t hard to come up with. If these people had simply
bought bitcoins with their savings, not only would they currently have
100% access to their funds, but also they would have enjoyed a parabolic
move to the upside over past months.

ENTER THE WORLD'S FIRST OPERATIONAL BITCOIN ATM

Upon examination of the marketplace and many discussions with Justin O’Connell (TDV Newsletter & Gold Silver Bitcoin),
as well as another key strategic partner of ours, I have decided to
move forward with what I believe could be the next multi-billion dollar
business venture: Bitcoin ATM.

But that isn’t all. It is wholly our intention at Bitcoin ATM to put the
company in the right position to open its very first ATM in Cyprus. If
we did this now, and we are moving quickly to make this so, we would be
the only functioning ATM on the island.


How do I know this is such a good idea? Just look at what Bloomberg recently wrote about Bitcoin as currency:
<blockquote class="tr_bq">One place where it’s not safe is in Bitcoin.
Bitcoin is generally referred to as a “digital currency” or “virtual
currency,” a form of cash that doesn’t need government backing.
Unfortunately it’s missing the most essential aspect of money: it’s not
useful for buying anything. Bitcoin’s rise as a tool for financial
speculation underlines the failure of the virtual currency idea.</blockquote>As
Dollar Vigilante readers will know, I take issue with a number of
assumptions in this paragraph. For instance, no economic law exists (in
the real world) which stipulates that cash needs government backing.
Also, I have found that Bitcoin is useful for many things, not the least
of which are the many things we accept Bitcoin for here at TDV Media,
such as TDV Offshore, TDV Passports, TDV Newsletter, TDV Homegrown, and Get Your Gold Out Of Dodge.

I am not the first person to note Bitcoin’s Aristotelian attributes as money.

Durability: Bitcoin exists on the networks of users everywhere.
Just like the Internet, there is no singular switch to turn Bitcoin off.
Bitcoin has already seen tremendous volatility, and the userbase has
remained.

Portability: What’s more portable than a flash drive? Or, how
about a private key memorized in your brain. There is nothing more
portable than a thought, and that’s what Bitcoin can be if you memorize
your private key and keep the coins on a cold storage medium (also
another technology the Bitcoin ATM team has planned).

Fungibility: Bitcoin is divisible up to 8 decimal places. That
means that at its current growth (inflation) rate of 3,600
bitcoin-a-day, the ultimate total amount of 21,000,000 bitcoin ever to
be on the market can be divided among billions of people on the planet.

Intrinsic Value: A bet for Bitcoin is a bet for the Internet. We
all have firsthand experience with the intrinsic value of the Internet.
What’s more, Bitcoin values the notion of privacy in a world where
privacy has become scarcer than silver.

In
Europe, institutions like the International Monetary Fund, European
Central Bank & the German Federal Government have forced individuals
to suffer through the confiscation and devaluation of their savings
through techniques like taxes, levies and inflation.

The European Central Bank published a report in October, which stated
that increased demand for Bitcoin “could have a negative impact on the
reputation of central banks,” particularly if the public perceives
Bitcoin’s value is due to “a central bank not doing its job properly.”
Yet another reason why I know this idea is a good one.

These reasons and others are why I feel that Bitcoin ATM’s time is now.
We picked our slogan, “Your Future Now,” to demonstrate the immediacy
with which we feel we must roll out this technology.

I’ve founded many successful Internet companies, and rarely have I been as excited about an idea as Bitcoin ATM.
I’ve got a great, knowledgeable team who has already contacted
important people within and without the ATM and Bitcoin communities to
make this feasible. You'll be intrigued by the unexpected relationships
we're forging to bring Bitcoin to more people across the globe. In
gauging shop owners in the digital currency unfriendly state of
California last week, the Bitcoin ATM team discovered great interest
from not only those who knew Bitcoin, but also from those who did not.
Stateless currencies will be a way of the future, and that’s why Bitcoin
ATM, and why now.

BITCOIN ATM FUNCTIONALITY

At this moment in time, you can deposit fiat currency into Bitcoin ATM
and receive bitcoins to your account. You can also send bitcoins and
receive fiat currencies.

OWN YOUR OWN BITCOIN ATM'S - POSSIBLE BUSINESS VENTURE OF THE DECADE

Ever wish you had gotten involved in the early stages of the Internet in
1994? Or bought gold in 2000? Or invested in Microsoft in the '80s? I
see Bitcoin and things like Bitcoin ATM as being the next big thing.
And, this is not the first time I've recognized a massive paradigm shift
as I did starting Canada's largest financial website in 1994 ... and
became a gold advocate early in the last decade and starting up The
Dollar Vigilante in 2009 with a focus on protecting from The End Of The
Monetary System As We Know It (TEOTMSAWKI) ... something that is in full
flight as people in Cyprus can attest.


As stated, we want to roll out these ATMs as quickly as possible. Very
obvious first locations would be in nations which are currently
undergoing capital controls such as Argentina and Iran. But, even more
than that, there are communities of freedom-minded individuals sprouting
up all over the world. A few Bitcoin ATMs in the free state, New
Hampshire, where thousands of freedom-loving agorists have already moved
is a no-brainer. Other areas that make complete sense include places
like Chile where many are now gravitating, as well as Cafayate in
Argentina where Doug Casey has already formed his freedom-loving expat
community.

I am convinced Bitcoin will be the currency of the future ... and all
the attacks on it by governments and central banks show they know it.

Source:-
http://www.activistpost.com/2013/03/worlds-first-bitcoin-atm-is-announced.html