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Blockchain Based ATM

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posted on Feb, 19 2018 @ 11:43 AM
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This is starting to have very serious implications to the way current currency is dealt with. From what i gather this is a consumer based atm. Meaning that money will be deposited and withdrawn by consumers. Very crazy concept that will pay users for their cash via an app on your phone setting needs and rates for deposit. You will be able to cash checks and coins. The point being is that the atm will count the cash and directly put it back into the market before it leaves the atm. I think big money will not like this.

vaultlogic.com...

The blockchain is spreading throughout our society.Is it a good thing or a bad idea?




posted on Feb, 19 2018 @ 11:49 AM
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a reply to: howtonhawky

This is great.

But sucks at the same time.

I've spoken with someone that has gone through the crypto atm thing. Unfortunately there is so much regulation involved that it's close to impossible for someone to be a money exchanger.

I'll be interested to see how they pull this off.

And it looks like they will be using their own coin. And no bitcoin. Which btw, sucks for atm uses. The 30 dollar network fee to transfer bitcoin will be a deal breaker.



posted on Feb, 19 2018 @ 11:50 AM
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a reply to: howtonhawky

There is a reason banks need your social security number and other personal information in order for you to have an account with them.

I'm wondering how this business model addresses financial regulations? Surely, TPTB would not want to allow something like this to be adopted by mainstream consumers.

Also, just think about how organized crime, terrorists and other enemies of the state could use this for money laundering, transactions with no paper trails, etc.



posted on Feb, 19 2018 @ 11:55 AM
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I wouldn't invest. All the bill pay stuff can happen on your phone.

You can trade in cats and dogs as long as you cash out with real money.

"Tech" is trying their hardest to make this crap mainstream.

Who wouldn't want their computer to make them billionaires?

Pump and dump your way to the islands, ya mon!





posted on Feb, 19 2018 @ 12:34 PM
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a reply to: Mandroid7

That is the beauty is that you do not have to invest.

I wonder when is the last time you cashed a check without a bank account?

It is not an easy feature to enable in this world.



posted on Feb, 19 2018 @ 12:38 PM
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originally posted by: FamCore
a reply to: howtonhawky

Also, just think about how organized crime, terrorists and other enemies of the state could use this for money laundering, transactions with no paper trails, etc.


You pose the statement as if the system currently deals with such in a better manner.

IMO they do not.



posted on Feb, 19 2018 @ 01:02 PM
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I don't see where this setup would use blockchain technology, if it does they seem to do a good job of hiding it.
So instead of a website where you can exchange your currencies you now have an atm to handle transactions.
From what I can gather on their site it does involve the main crypto currencies and not their own currency ' vault' which they designate as a token that powers their network. Which seems like a complicated way of charging fees, but I forgive them because that seems to be their core business



posted on Feb, 19 2018 @ 01:44 PM
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a reply to: Jubei42

I believe there is no coin with this set up. The blockchain is just used as a ledger that is using the phone apps to get cash in the box. All the transactions will be stored on a blockchain. There are several other points where the technology is being incorporated into the system but i am not knowledgeable enough to explain as it was explained to me.



posted on Feb, 19 2018 @ 01:54 PM
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a reply to: howtonhawky

according to their site you need to use "Vault Coins" (their own crypto)

at least from what I read on the site you linked



posted on Feb, 19 2018 @ 01:58 PM
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That site looked like a pyramid scheme in action with its 3 tier level



posted on Feb, 19 2018 @ 02:00 PM
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a reply to: howtonhawky

Ok, but if the blockchain is just used as a ledger they might aswell call it a database and ditch all the hype.
You see if one entity controls everything then it is not a blockchain



Blockchains are secure by design and are an example of a distributed computing system with high Byzantine fault tolerance. Decentralized consensus has therefore been achieved with a blockchain




edit on 19-2-2018 by Jubei42 because: (no reason given)



posted on Feb, 19 2018 @ 02:15 PM
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a reply to: Jubei42

yea i just am not knowledgeable enough to be right.lol

The vault coin will hold the ledger and the money backing the vault will be from other coins that anyone can invest in? As the coin market grows so does the vault coin worth along with use. I believe that in order for this to work they will need to be able to deal in many different types of coins. All funding will be held in coins.

I wonder who is the resident blockchain expert. pm me
edit on 19-2-2018 by howtonhawky because: (no reason given)



posted on Feb, 20 2018 @ 09:00 AM
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The more i research this i believe it will work well.

It really is nothing more than an automated check cashing store/coin atm.

They are working to allow multiple coin types to be exchanged into cash.

The part i like is the phone ap that is used to facilitate loading the machine via a contract between the holding company and users using the block chain while all being backed financially by another ledger that allows others to invest.

The blockchain is spreading far and wide and we will begin to see this type of application from many companies that deal in transaction based business.

I believe blockchain company websites will be the new form of digital handshake in business transactions. Most types of fulfillment services can benefit from the ease of having a secure legal way to account and complete multiple transactions with vendors and retailers.



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