#Bitcoin #ATM #Vancouver status update [01/07/15]

So the site isn’t even months old, and I’ve already broken the first rule of maintaining a site.. “Don’t Let Your Content Become Stale”.

 

Stale

 

However, it’s been a crazy crazy month, Christmas, vacations, etc, so let me take a minute to catch you up.

  1. Yes, the ATM is installed, connected, waiting, ready. Flip the switch and it’s usable. Where’s the machine?
  2. Yes, we have our MSB/MT status from Washington state. Finally.
  3. Yes, we’re waiting because of the current turmoil with Bitstamp. Click here if you don’t know anything about it.
  4. Machine fees will be 5%, which seems to be the standard, both in this area, and nationally for Bitcoin ATM’s. We expect to lower these as volume and competition dictate.
  5. Transaction limits will be $3,000 per user, per day. These values are configurable PER USER, so if you have a need for greater volume, please contact us directly with details.
  6. Thank you to Westfield for their patience as we all waited for the state to complete their verification & checks.

On behalf of all of PointOfCoin, I’d like to apologize for the delays. Given the current Bitstamp issues, we feel it’s better to wait a few days before turning the machine on. Thank you to the individuals who have reached out asking if the machine is open yet, we’re just as anxious as you are. I’ll make a big post here when we can finally click “GO”.

-donn

 

to be, or not to be.. #Thursday is the question..

Decals applied… If all goes well, we are bolting the beast down on Thursday the 11! Almost a month after our initial planned date, but still in before Christmas!  Waiting for the state to approve your licensing can.. teach you to be patient. Today the delay was “please clarify these 7 points of your cyber-security policy”. We did, resubmitted, and now we wait again…Thank you for all your support and encouragement..

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History of Money (What is Bitcoin?)

Outstanding article on the history of money, and how Bitcoin is the obvious organic evolution of payment systems.. Well worth your time to read.

 

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A long time ago on the island of Yap in Micronesia people used stones as money. Back then some African communities used sea shells as money, people in Asia used salt as money, and people in North America used beads as money, but on the island of Yap, you used stones as a way of saving, making payments and keeping track of prices. A lot of small stones would get you a really big stone; some were the size of an elephant and weighed more than 8,000 pounds. Obviously, you didn’t take the big stones home – you left them where they lay – but everyone knew the big stone was yours.

The people of Yap knew that stones did not need to be valuable to be useful. The stones became valuable precisely because they served as an effective way to save, pay, and price things.

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Read the rest of the article @Wences LinkedIn Page

 

We’re not going to wait till Christmas, that’s for sure!

 

Did Christmas come early? Does Santa have a present for us already? Time will tell..