An idea for an ATM DPOS coin/token with an easy to see proof of use.
but I do have a great idea
Introducing the (theoretical) Ctmc, the crypto teller machine coin . A (once again theoretical) contract built upon EOS.
Concept idea: To have blockchain with its own minable token, run a network of ATM's. The token ICO going towards creating the first of these machines. CTMC machines are capable of trading your fiat money for multiple cryptocoins or vice versa. Unlike most BTC ATMS, I envisioned this ATM more like a wallet able to calculate and trade in multiple cryptos, not just bitcoin or ethereum like all the other ATM's out now.
Once the token is ready and the coding done to create and operate a blockchain based ATM service. You create the ATM itself. Set a good price point for each atm to accompany the mass adoption of the idea. Create a one way machine, and a two way machine at 2 different price points to sell to owner operators.
How it works: A company creates a token on EOS (because bah to Ethereum) . This token runs the chain of command usually done by teller machines and centralized computer systems via block-chain technology using the graphene based EOS system.
The Initial Coin Offering creates the funds necessary to design and produce the first machines. As well as to pay for the coding work necessary.
Charge .5% or 1% interest in perpetuity on all machines placed around the world for backend work and to pay for customer service.
Thus creating a strong token with a proof of use behind it. An actual company, doing actual things. Eventually a pivot would have to be made once the world moves away from paper monies, at some point in the future. I think it could be done though.
This idea came to me as I was looking into buying a BTC ATM to operate in my county. I currently have to drive 2 hours to even be able to use one! I would like to own 2 or 3 in my area, but there are only a few companies with crypto ATMS and even fewer of them are branching out beyond bitcoin. The price of a machine is around 5-8k for a one way machine and 10-14k for a two way machine. I'm going to still buy one, but I would prefer to buy a better ATM machine, I just had to invent/imagine one since they don't exist.
If I never made this post. This concept would have lived and died in my head. So at least it made it to my blog. Where it will probably still die! But there is a chance, someone far smarter and skilled then me, glances through, and appreciates the idea. Then creates it and gives me a free machine or two because they are such awesome people!! Or just creates it so I can use it even!
What do you think of this idea or concept. What are the major flaws? What are the good parts of this idea, or the bad?
Comments would be appreciated. upvote, and follow along if you like my other posts!
Thanks for reading, Have a great day everyone!
Interesting post dude, keep sharing your knowledge. Im more than interested in your thoughts from now on!
My knowledge is also very limited when it comes to blockchains, I'm still trying to learn as much as I can and understand how that works, it takes time haha
Yea I know. I feel like I know more than most people will probably ever know (most people in my town don't even know cryptocurrency at all). But less than half the people here on steemit haha! I just wanted to buy a btc atm or 2 but they are all only capable of selling or buying one coin, except for one that will do Bitcoin and ethereum. I'm guessing a btc ATM would be used for a few years. But with ethereum where it is. And EOS on the horizon, it would be better to have an option more ready for the future. Until Fiat money can just be gone forever!
For sure! I've seen a few BTC ATM's in Detroit and the suborns, but I've never used one, I think their commissions are higher than online too, a lot of people still use them.
Ya.. Online requires a credit card, or a bank routing number. Or coinbase! So to remain mostly anonymous I just bought bits and pieces of coins from ATM's for the last few months. but yes interest was something like 7% which is a little extreme. Glad I was only paying around a grand for a bitcoin haha! But the interest is set by the owner of the bitcoin machine. the creator/developers ive looked into just charge 1% for backend work. Coinbase costs are 1.5% with bank account. or 4% with credit card. So logistically sometimes its better to pay that extra 3% interest! That and the transaction is instant, into your wallet. Or at a bitcoin ATM you can sell part of a bitcoin for fiat bills. So they have some upsides. With the high interest and ability to only get bitcoin or ethereum as downfalls..
Hm, I had no idea you would need to provide your bank info to buy bitcoins, there are other ways to remain anonymous, maybe buying from a different person instead of an exchange. I personally didn't have to deal with having to buy some, so. I wonder how much more I'd learn if I wanted to get really deep into crypto haha
I think this is a great idea and it may eventually come to pass that machines of this type will be almost as prevalent as the fiat cash machines ; but as with all things, I think it comes down to cost/benefit
I responded to this but lost it somewhere i guess.. Yes you are right though. Most coins offer nothing but a resemblance to other coins.. this token/coin would build something that could become valuable.. It would be a nonshit coin haha
lol