NH-based entrepreneurs to launch Bitcoin ATM this week

Re:NH-based entrepreneurs to launch Bitcoin ATM this week by malgorithms on Monday May 13, 2013 @10:46AM (#5698937)

I wonder if it accepts counterfeit dollars. [edit:] to clarify, I don't mean this as a joke. It seems that they're not paying out cash (only taking in) because they don't trust the depositor and have to wait anywhere from 10 mins to a couple hours for a transaction. But how can they trust the incoming cash? It seems like a perfect venue for a counterfeiter.

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Re:NH-based entrepreneurs to launch Bitcoin ATM this week by fsckin on Monday May 13, 2013 @11:37AM (#5699257)

I would guess that they're using a standard bill acceptor that does optical and magnetic tests.

They'd have to be really good fake bills.

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Re:NH-based entrepreneurs to launch Bitcoin ATM this week by thechut on Monday May 13, 2013 @11:49AM (#5699335)

This! The exact same way a regular ATM ensures deposits are legitimate.

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Re:NH-based entrepreneurs to launch Bitcoin ATM this week by nwh on Monday May 13, 2013 @03:33PM (#5700897)

For some reason I always thought that was a manual affair. In Australia deposits are just money stuffed in an envelope with your intended value on it, that go into a slot in the ATM.

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Re:NH-based entrepreneurs to launch Bitcoin ATM this week by wtvanhest on Monday May 13, 2013 @03:50PM (#5701005)

The US has fully automated machines. They even can read checks.

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Re:NH-based entrepreneurs to launch Bitcoin ATM this week by csense on Monday May 13, 2013 @10:36PM (#5702754)

Checks? Seriously? They must have some badass OCR.

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Re:NH-based entrepreneurs to launch Bitcoin ATM this week by saraid216 on Monday May 13, 2013 @04:55PM (#5701351)

I actually recently went to an ATM to deposit money, which I haven't done in a long while, and was pretty confused not to find any envelopes available.

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Re:NH-based entrepreneurs to launch Bitcoin ATM this week by morisy on Monday May 13, 2013 @11:27AM (#5699186)

I was wondering that myself. I assume they have some anti-counterfeiting tech in there? Though that seems tough if the machine is built for so many different currencies.

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