Sponge Bob avatar

The Bitcoin Teller Machine

sponge-bob

Published: 16 Aug 2019 › Updated: 16 Aug 2019The Bitcoin Teller Machine

The Bitcoin Teller Machine

The money comes out in seconds

x8iwnkan2o.jpg

That is great if there is a line, but it breaks one of the first rules of cyrpto trading, "wait for at least six confirmations".

The first bitcoin transaction confirmation came thirty minutes after I had left the store. All of them were in by the time I got home.

"Buy your Bitcoin - Simple and Secure"

tqwe7x30ys.jpg

The first thing I learned: it is not anonymous.

Adrian, the owner of the Bitcoin Store, told me all I had to do was enter my tax ID number and confirm my email address... I said, "I am not that interested in trying it out."

So of course, he put in his number and I simply sent the bitcoins by scanning the QR code that popped up.

I selected $1,000 pesos, about $16 US, and hit the send button on my wallet. I immediately heard the motorized door open and out came two $500's

I said, "That's risky!" But he defended the security of his ATM, saying that the lightning network has it covered, securing transactions off-chain, etc. Again, I have not used bitcoin since the end of 2016 when it was taking days or weeks to get the first confirmation.

One entire bitcoin was selling for $378,788 pesos that day as you can see from the ticket below.

gj6g8f8940.jpg

The translation of the above ticket:

Date: 2019 (it was July)
Transaction: # (redacted)
Cash dispensed: $1,000
Bitcoins sold: 0.00264
Exchange rate: $378,787.88 (per btc)

So I had sold 1/379th of a bitcoin as the price of one coin was over $378k. Today they are selling for $631,074.00 and tomorrow is anyone's guess. Maybe a million pesos!

The G-20 was held here...

And I remember the entire city being blocked off. A fence was build around all of Puerto Madero when officials from around the world came here. One of the main topics discussed was getting control over bitcoin, and I have heard about many extortion letters being sent out since then, targeting known criminal bitcoin innovators. Please! You would think we go around killing puppies or something.

When I was mining, hypothetically that is, governments were too busy laughing at us for spending hundreds of dollars per month to get $15 dollars worth of bitcoins. Back then it was "not currency", later it became an "asset". Now, I don't own it, so I am not sure. But they want taxes!

I own the silly, worthless, laughable coins that are fast and secure.

sponge bob.jpg

Leave The Bitcoin Teller Machine to:

Written by

I live in a pineapple under the sea...

Read more #bitcoinatm posts


Best Posts From Sponge Bob

We have not curated any of sponge-bob's posts yet. But you can encourage our curation team to review posts by visiting them regularly and by referring other readers. Because we give priority to frequently read content.

More Posts From Sponge Bob