Author Topic: Jersey City to get NJ's first Bitcoin ATM  (Read 3150 times)

Offline moelissa

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Re: Jersey City to get NJ's first Bitcoin ATM
« Reply #3 on: 07-21-2015, 11:54am »
That machine better have a lot of cash since 1 bitcoin today equals $279.
[08:02PM] MacabreJS: I HAVE COOTIES

Online TheFang

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Re: Jersey City to get NJ's first Bitcoin ATM
« Reply #2 on: 07-16-2015, 09:09am »
Makes sense that they'd want to install the first one at a smoke shop, you'd need to be high to bother with Bitcoins. What are the chances that the store doesn't even except them?
"I can't help it, I'm a greedy slob. It's my hobby." -- D.D.

Online MA

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Jersey City to get NJ's first Bitcoin ATM
« Reply #1 on: 07-15-2015, 07:44pm »


Jersey City to get NJ's first Bitcoin ATM
By Troy Dreier/Jersey Journal
on July 15, 2015 at 7:33 PM, updated July 15, 2015 at 7:34 PM

Exciting news: Journal Square is getting the first Bitcoin ATM in the state of New Jersey.

What's a Bitcoin? According to Michael Singh, founder of Kointron, the company behind the ATM, Bitcoin is a digital currency currently gaining traction because it's decentralized (no government or institution controls it) and it's anti-inflationary.

Your next question is probably, okay, but why would I need Bitcoins? Singh says that they're safe and a good investment. Many companies now accept payment in Bitcoin, including Microsoft, Dell, and eBay. Because their value goes up over time, he sees Bitcoins as a good investment.

Using the Bitcoin ATM isn't like your typical bank ATM. You'll need to first download an electronic wallet, such as Airbitz, to your phone. That e-wallet will store your Bitcoins. Each wallet has an address associated with it. You'll insert cash into the ATM (it only accepts cash), scan the code from your e-wallet, and get Bitcoins deposited electronically to your account.

The ATM's screen displays the current Bitcoin exchange rate, which will fluctuate often. An 8 to 15 percent service fee is built into the transaction, of which Kointron gets roughly 4 percent. Singh says that Bitcoin users regularly exchange hundreds or thousands of dollars of cash per transaction at other similar machines.

The ATM officially opens Thursday, July 16, and it's located at Smoke Shop Jersey City, at 2822 Kennedy Blvd. The shop is open 9 a.m. to 9 p.m. everyday. Read more

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Jersey City to get NJ's first Bitcoin ATM
« Reply #1 on: 07-15-2015, 07:44pm »