Bitcoin ATMs Declared Illegal in UK by Financial Regulator

Very unfortunate. Is there anyway to write a letter of discontent to the FCA?

Cash is far better to launder money with especially with retail purported businesses that don’t have to record KYC information.

The whole crypto hatred train is by those with low IQ and a smooth prefrontal cortex.

As one of our number more inclined than most towards litigation, I’d probably seek your advice on that.

Well……. It is Saturday, isn’t it? :smirk:

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You are such a charming individual, aren’t you? Clearly you’re the ultimate source of truth in the universe and anyone with a different opinion is just plain wrong

Maybe in your beloved 4chan world that type of comment works, but in the real world people would not take kindly to the way you tend to express yourself.

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Say hypothetically I wish to ‘debank’ myself a little and use crypto to manage my finances more - how is it feasible to do so presently?

I agreed with your hatred of cash - but surely spending crypto by card is going to involve the large payment processors?

The apps I have are bottlepay and swissborg ?

This is some “I don’t understand how technology works” cope, continue to seethe

So, I’m currently working on something that will let takeaways/restaurants take crypto currency payments natively (as well as fiat). I hope this will cover a lot of small merchants that normally would lag behind.

I’ll post about it here when I’m ready for launch.

Regarding main brands etc there’s websites where you can use crypto currencies to purchase gift cards, for Amazon and the like. (Buy Gift Cards With Bitcoin & Other Cryptocurrencies - CoinGate)

For crypto wallets to use, Exodus is pretty neat. A British company called StrikeX (no relation to Strike, who handle the USD<->BTC payments for el Salvador) is also launching a multi chain wallet soon which looks pretty neat.

There’s also some things like CoinMap etc that shows you what merchants accept crypto but I would recommend calling to check before going to a place

Depending on the direction of travel, we’ll likely be tidying up some of the crypto threads.

? Crypto is unironically fintech of the future if its not regulated out of existence

Don’t see any reason to intervene in the threads that would be left open in regular fiat talk

Again, a very insightful argument from you. Maybe sometimes you should come out of the basement and see how the real world works

Keep up the mald

Glad to see these ATMs being banned, they’ve always struck me as a very bad idea - and ignoring the regulatory issue were at best a solution looking for a problem.

As for crypto replacing straight-forward currency, I doubt it very much. Aside from the fact it relies on regulators giving up their state-sanctioned right to influence pricing, it just doesn’t scale down to a low enough granularity.

If I want to pay for my £3.50 meal deal in a crypto I either have to wait an hour (sometimes more, sometimes less, but never instant) and/or pay for ‘gas’ - even if you get that price down to below the value of the entire transaction that’s still asking the consumer to shoulder an unknown moment-to-moment cost.

I just don’t see it. Cool tech. Certainly money to be made.

In terms of real life mass market day-to-day use cases, basically forget it tho.

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And lost!

Without master or visa?

What do you think of Swissborg - I just signed up for a RAF

Can you elaborate? If you’re talking about money laundering I can assure you it’s a lot easier to launder real cash - just open a small retail store and use that

Not really, ATMs are required to be entirely unbanked on crypto currency.

The state gave itself this right by printing currency and devaluing our money. It never was with the consent of the people.

Several decimal points isn’t enough granularity??

Prices from card processing are passed down to you, the consumer. If crypto becomes more adopted you’d get to see these fees transparently. To mention, the fee is only really prohibitive on BTC/ETH.

BCH, DASH, ZCASH all have been designed to be used as payment methods.

Fiat would have to be through MC/Visa. The crypto solution will automatically convert to GBP so the merchant doesn’t have any problems with fluctuations.

The merchant therefore has no risk, it costs them less % per transaction and, the increased liquidity to the market should help stabilise crypto volatility.

Afraid I don’t know anything about Swissborg

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  1. Dream bigger. If we are reaching a world where traditional currency is being abandoned, surely that has long since stopped being a world where physical currency is still a part of everyday life.
  2. Right here, right now, the availability of Bitcoin ATMs doesn’t make a crypto-only lifestyle viable - unless you are living your life entirely in cash, in which case I would suggest you’re probably hiding your wealth (which isn’t compatible with taxing such that we can nationalise BP and Virgin Media as you have also suggested)

Technically possible isn’t the same as viable.

So to take my meal deal example - Boots will know definitively how much it’ll cost them to process a £3.49 (or whatever they are now) transaction at worst and can factor that in to their pricing. The consumer is confident the price the will pay is the price. If the customer doesn’t know what the price will be that confidence is gone - nobody is going to opt to pay an unknown amount which could be a bit lower or could be much much higher. Makes no sense.

True right now. Wouldn’t be true if the entire Visa/Mastercard network traffic was directed through any one of those crypto currencies.

Don’t worry, you’ll not be hampered.

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Unfortunately in the short-term, crypto ATMs being everywhere is the psychological step to show people that a) they can always liquidate it for cash or swap cash for crypto and b) to let more people know it’s becoming normal

You realise they can also take card, too?

It definitely is viable, we have smaller units (satoshis) for BTC specifically; others have similar

Standard is 1% flat fee for crypto processing of payments. It’s 20 pence + 1.9% for European cards and 2.9% (and the 20 pence) for non-European cards, on Stripe (AFAIK, the worlds largest payment processor)

So the price would be whatever it cost + profit margin + 1% instead of however much they’re paying now, paired with the gas fee you’d pay (a couple of pence, for BCH or BTC L2 technology like the Lightning Network)

It is the price. To begin with merchants would retain pound-linked pricing until it became more stable as a result of usage. Eventually it would move to crypto linked pricing and a removal of GBP pricing.

You know the British Pound would be just as volatile if it had no use? The arguments against crypto being volatility are moot - because it hasn’t reached a point yet where it’s used enough in day-to-day life to stabilise it at all.

It evens out over time anyways and won’t matter in time.

Visa averages 1700 transactions a second, currently.

You’re right in that BCH, BTC and I believe ETH can’t handle this many TPS. I’m pretty sure L2 technology like the Lightning Network is pretty much able to handle that with no issue, though.

Also there are other, more performant blockchains based on Proof of Stake technology or Proof of Delegated Stake that don’t have the energy and time requirements of BTC.

Even ETH is set to move along to PoS at some point, so it’s likely that this is a temporary problem.

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Could we get some kind of glossary for all these acronyms please? Makes the thread hard to follow when you don’t understand the acronyms.

BCH: Bitcoin Cash, Bitcoin fork that allows for higher transaction throughput
BTC: Bitcoin
ETH: Ethereum, alternative project to Bitcoin that offers a lot more features
LN: Lightning Network, a way of Bitcoin doing some transactions off chain, allowing for cheaper fees
L2: Layer 2, things that aren’t part of the core blockchain
PoW: Proof of Work, when computers calculate things to earn crypto currencies for their work
PoUW: Proof of Useful Work, same as above but imagine like, scanning images and using machine learning to train a bot to detect skin cancer from photographs
PoS: Proof of Stake, people keep their tokens in their wallet
PoDS: Proof of Delegated Stake, people delegate their tokens to a delegator who will make decisions for the network on their behalf
TPS: Transactions Per Second, the amount of transactions a payments network can handle per second

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