Sunday, May 30, 2021

Not For Me, But Still Interesting

I was at the mall the other day and saw a strange new machine next to one of the escalators. Looking closer, I saw it was a Bitcoin Depot.

I am only vaguely familiar with the concept of crypto currency, and had no idea what this machine would be used for. Wikipedia told me that "A bitcoin kiosk is a machine that allows the transfer of cash for a crypto currency. The machine allows customers to insert cash, and have Bitcoin sent to their Bitcoin wallet online." 

I know that Bitcoin started out as (and still is) an actual currency, but I perceive that the word is beginning to become more of a generic term for any cryptocurrency. As a matter of fact, this machine touted that you could buy three different cryptocurrencies: Bitcoin, Litecoin, and Ethereum.

No one I know dabbles in cryptocurrencies. I wonder who the target market is for this machine?

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15 comments:

  1. BootsandBraidsMay 30, 2021 at 3:16 PM

    I recently saw a Bitcoin machine at a gas station of all places. Caused me to wonder same as you ... who, in the area, was target audience. Next time I'm over that way, I may ask if anyone ever uses it.

    ReplyDelete
    Replies
    1. Kathy GMay 31, 2021 at 4:09 PM

      That would be an interesting question to ask.

      Delete
  2. Terra May 30, 2021 at 4:34 PM

    I will look for these machines, I have not seen one. Governments hate this type of currency because it is perfect for hiding money from them. Plus criminals and terrorists like how their money is hidden. Most of the users are good people but it does have a dark side.

    ReplyDelete
  3. ChristineMay 30, 2021 at 5:54 PM

    I am wary of this kind of currency it is so volatile.

    ReplyDelete
    Replies
    1. Kathy GMay 31, 2021 at 4:10 PM

      One of my sons took some of his mad money and bought Bitcoin. The price fluctuated hourly.

      Delete
  4. MikeMay 30, 2021 at 8:28 PM

    No thanks. No crypto currency for me. You have 10 tries to enter your password for your account. If they fail, your account is deleted.

    ReplyDelete
    Replies
    1. Kathy GMay 31, 2021 at 4:11 PM

      Even on a bad day I can type a password in correctly after two tries.

      Delete
  5. Donna. WMay 31, 2021 at 4:23 AM

    I'm too stupid to try using some unfamiliar currency. I do well to keep track of my dollars and cents.

    ReplyDelete
    Replies
    1. Kathy GMay 31, 2021 at 4:14 PM

      I would disagree with your use of 'stupid'. Maybe uneducated?

      Delete
    2. MikeMay 31, 2021 at 7:03 PM

      https://www.bbc.com/news/technology-55645408 One guy has two more guesses or he loses $220 million.
      From the article...
      "Currently, about $140bn worth of Bitcoin is lost or left in wallets that cannot be accessed, according to cryptocurrency-data company Chainanalysis."

      Delete
    3. Kathy GMay 31, 2021 at 7:25 PM

      HIM I would call stupid!

      Delete
  6. Jenn JilksMay 31, 2021 at 8:09 AM

    I'm avoiding them...

    ReplyDelete
  7. Liz HindsJune 1, 2021 at 7:08 AM

    No, no, no, how can anyone invent a currency and get investors and do 'stuff'? It's beyond me.

    ReplyDelete

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