'Wave-to-Cash-Out' Bitcoin... Soon We'll Make Do Without BTC Debit Cards.
A wave of hand to cash out bitcoin from bitcoin ATMs (BATMs) is closer than you think. And I'm just thinking when can I 'wave-to-cash-out' steem-dollar, haha...
Martijn Wismeijer, a.k.a. "Mr. Bitcoin" who founded MrBitco.in, now works for ATM maker General Bytes. In an interview last week, he spoke with the Automata Podcast regarding NFC card dispensary services offered by his company's machines- and more.
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General Bytes' BTAMs Technology Right Now
The entry-level BATM (called "BATMTwo") has only basic functions, allowing users to buy bitcoin and other cryptocurrencies. Users then receive the bitcoin or other cryptocurrencies via phone and QR Code.
The original BATM was revolutionary. However features have got to improve. Therefore, General Bytes' designed a new flagship product, "BATMThree". The flagship BATM enables bi-directional transactions between cash and cryptocurrencies.
Notably, it also offers users an option to receive their bitcoin purchase on a dispensed NFC card.
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What About 'Wave to Cash Out' Bitcoin?
So, the current technology allows users to buy bitcoin and receive NFC card, and how about the other way around?
On the topic of when users will be able to simply wave at the BATM with bitcoin-programmed NFC cards or chips to cash out fiat money, Wismeijer told Automata Podcast:
"... the scan thing [NFC reader] is already there, and it is compatible... So if you want to sell some bitcoin, you can just wave your hands [with NFC chip implants or your NFC card] at the NFC reader, and it will ask you how much you want to withdraw...."
Wismeijer then added that there is one problem at the moment. As the bitcoin are sold on the exchange, and require a few confirmations before the machine can dispense money.
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Therefore the ‘wave to cash out bitcoin’ is not quite there… yet. Wismeijer then further revealed that ‘zero-confirmation withdrawal’ would be coming, and laughed it off with:
“... it is in beta now and that I shouldn't be talking about that… Next year…”
Listen to more related podcast here.
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Knowing that no one pleases everyone and there is a flip side to every coin, including Bitcoin. Whether you agree, agree to disagree, or the opposite, do not just take my words for it, be sure to look it up.
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