Hong Kong to welcome planet's second EVER Bitcoin ATM

Hong Kong is set to make waves in the crypto-currency industry after it was revealed as the location for the world’s second Bitcoin ATM. Robocoin Technologies CEO Jordan Kelley told the South China Morning Post the company is looking at several potential sites in the Chinese SAR. "I think Hong Kong is a very progressive …

[SVV]

I had to find out more about this....

http://techcrunch.com/2014/01/02/robocoin-the-bitcoin-atm-is-heading-to-hong-kong-and-taiwan/

TC: Tell me about yourselves.

SG: We are a small team of hungry, dedicated and determined technologists based in Las Vegas. Our team of 4: Jordan Kelley is CEO, John Russell is CTO, Chris Yoder (previously CTO @Cloudsnap) is our other developer and I’m our Chief of Growth.

Yep, a team of 4, all calling themselves chiefs (apart from the mysterious "other developer", but hey he was a CTO too before this!).

At least the fact they're based in Las Vegas should reassure people that this isn't a futile gamble.

[Roger Greenwood]

Re: I had to find out more about this....

"Chief of Growth" - isn't that a farmer?

[Anonymous Coward]

Thought the Chinese had banned the use of bit coin?

[Anonymous Coward]

One country, two systems.

Laws are different in the Hong Kong Special Administrative Region.

[Tom 260]

China has banned banks and other financial institutions from handling bitcoin, but private individuals can still trade amongst themselves, the setback is with no banks willing to be involved, it becomes much harder to change between bitcoin/yuan, which stymies the involvement of speculators and businesses.

[TakeTheSkyRoad]

Good news indeed

The more of this the better I think.

Bitcoin's "killer app" is low cost money transfer though frankly having to seal with exchanges and SEPA/Wire transfers is hampering this. Having these cash points mean you can transfer money from Canada to Hong Kong in I would say around 1 hour at a cost of about 0.6% (an exchange fee of 0.3% paid at each end).

A 1 hour transfer also helps mitigate the volatility of the exchange rate too. Yes there can be significant fluctuations in price but they are rarely significant within a few hours. This has only happened within the big newsworthy booms/crashes.

Also if the price drops 10% then a "fee" of 10.6% is still cheaper than you'd pay with say western union !

(disclaimer... I do own bitcoin and so I have faith in this and other uses working out)

[Alan Denman]

Off their rocker

the wise ploy was always to wait for some unknown artist to die and big him up.

South sea bubble spells disaster. One wrong move and everyone leap sideways into the safe hands of wungcoin or maybe one of the thousands of other bits coining in.