The Bitcoin ATM

An anarcho-capitalist entrepreneur announces a new way to make transactions in Cyprus and Los Angeles.

Jeff Berwick is the founder of BitcoinATM, a company that aims to make real-world transactions with the stateless online currency much easier, faster, and more convenient. In the wake of the banking crisis in Cyprus—which at one point prompted the government to shut down all the country’s ATMs—Bitcoin boomed, hitting a high of $266 in April, more than 10 times its value a month before. Berwick announced plans to place a bidirectional ATM in the troubled country. The machine would allow anyone to exchange the cash for bitcoins, and convert the bitcoins in their digital wallets into cash. He also announced his intention to install a BitcoinATM in Los Angeles.

Berwick, an anarcho-capitalist, told the Cyprus Mail: “You can open a Bitcoin account in about three seconds. You can then receive bitcoins from someone in another few seconds. And you can buy something with those bitcoins in another few seconds. That total time, if you were to do it through the fascist western monetary system, would take weeks if not months and a number of charges and people asking you what you are doing and why. Bitcoin is freedom.”  

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  • Cyrano||

    That is 1000 kinds of awesome. Down with the state!

  • Cytotoxic||

    ...did it actually happen?

  • John Galt||

    I like it.

  • Christophe||

    If it's the same guys I heard about, they're trying to figure out how not to fall under Anti-Money-Laundering legislation. Which is tricky. Still very much in the air whether or not it will be available in the US.

  • Gordilocks||

    Berwick's website -

    I would have thought that every reasonoid would have heard of this guy long ago.

  • ||

    I want to like this but I just feel its pirate PayPal and although used Paypal for years and it added convenience to my life I just still cannot grasp how converting my money into something other than stocks, gold or silver is a good investment nor a convenience compared to something like paypal.


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