WATCH: Is the Bitcoin ATM the Future of Money?
This story was originally posted on October 27, 2014. Here's the original write-up:
Are these Bitcoin ATMs really the future of money? Mike Piri of Bitcoin Agents and MyLocalBitcoinATM.com thinks so.
"We put it in these places because […] people pass by them every day, they see it, maybe they'll become curious, maybe they'll buy ten dollars," says Piri, who installed a Bitcoin ATM at HandleBar in downtown Austin, TX.
Bitcoin is a decentralized digital currency that can be used online or wherever Bitcoin is accepted. Users can add or withdraw cash from their Bitcoin wallet (a QR code found on their phone) after scanning their government-issued identification and the palms of their hands.
Piri admits that the ATMs are not a profitable business right now but machines like his work to popularize and mainstream cryptocurrency.
"It's person to person," says Piri. "That's what's great about it."
Produced by Paul Detrick.