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Dirty battle brewing: Where is the first Bitcoin ATM in the U.S.?

(Finance News) Today, the web exploded with excitement surrounding the first Bitcoin ATM, but each news organization reported a different city – so who really is home to the first?

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bitcoin atm

Uh oh, there’s a conflict a brewin’

This morning, we published a story announcing that the first Bitcoin ATM in America will open tomorrow in Austin, but apparently, there are stories floating around that Boston, Albuquerque, or maybe even Seattle are home to the first Bitcoin ATM in operation. There are three reasons that there is confusion surrounding the issue.

First, there are two Bitcoin ATM manufacturers (Robocoin and Lamassu) that have products going live this week, so the first element of the confusion is rooted in this competition and conflicting information with both claiming to be first.

Third, there are machines being called ATMs that some wouldn’t necessarily consider to be ATMs, because we’re used to a bi-directional transaction machine, but some of the machines live this week are uni-directional.

Let’s talk about what each city is offering and when to determine the true winner of where the hell the first real Bitcoin ATM is in the United States O’ America.

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Canada did it first

Asia and Canada already have Bitcoin ATMs in operation, so like they say on South Park, blame Canada. Today’s argument is focused on where in the United States can claim the fame of having the first operational Bitcoin ATM.

Is Boston the winner?

In Boston, Liberty Teller unveiled a working Bitcoin ATM this morning made by Lamassu, but it is not anchored, but is manned by the creators, and it is said that you can deposit Bitcoin from the machine into an existing digital wallet by scanning a QR code or via paper wallet, which can be printed at the machine. In other words, you put cash in, you get Bitcoin out.

The creators are manning the table with the machine until they figure out how to get it permanently installed, with the following photo courtesy of Reddit user, nothanks123:
bitcoin atm

We suspect that they got this up and running to be able to claim a first before the permanent install was really ready, but that doesn’t make them any less in first place.

Is Seattle the winner?

Several news organizations have misread Robocoins press releases and have published stories (like this one) indicating that the city will have operational Bitcoin ATMs later this month, but with other cities already operating the machine, Seattle isn’t the winner of this race. Sorry, you may have won the Super Bowl, but not the Bitcoin ATM race.

Is Albuquerque the winner?

Yesterday, Lamassu flipped the “on” switch on one of their machines yesterday, which is permanently installed at Imbibe, an upscale cigar bar and lounge in Albuquerque near the University of New Mexico. Because it is a uni-directional ATM, it is still an ATM, nonetheless. Lamassu calls it more of a “vending machine” since it does not dispense cash, but it is an ATM based on the actual definition.

CNET offers a picture of the device live as of yesterday, February 18th:
enchanted bitcoins albuquerque

Is Austin the winner?

We reported earlier today that Austin would be the first in the nation to be home to a real Bitcoin ATM, and while it will be a Robocoin machine and bi-directional (can pull or deposit cash), it will not go live until tomorrow. Many consider this the first Bitcoin ATM, given that the founder of Lamassu calls his machine more of a vending machine because it is uni-directional, based on the definition of ATM, Austin is not the first to get a machine, but is first to get a bi-directional ATM.

So who is the winner?

IT’S A TIE. Kind of.

Austin is, in fact, the home of the first bi-directional ATM that allows you to pull cash in a traditional sense, but Albuquerque is the home of the first uni-direcitonal ATM which pre-dates Austin by two days.

So we’ll leave it to you – do you think Austin or Albuquerque is first to have a Bitcoin ATM?

Lani is the Chief Operating Officer at The American Genius and has been named in the Inman 100 Most Influential Real Estate Leaders several times, co-authored a book, co-founded BASHH and Austin Digital Jobs, and is a seasoned business writer and editorialist with a penchant for the irreverent.

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1 Comment

1 Comment

  1. Bitcoin ATM

    March 5, 2014 at 1:18 am

    “Get used a
    lot by both honest and dis honest people, No problems”

    https://www.bitcoinmoneyatm.com

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Business Finance

Poindexter helps handle finances so you can focus on your business

(FINANCE) Poindexter is a startup that helps you manage financial questions so that you can build you business, not spreadsheets.

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Balance sheets, cash flow statements, compliant income. These are phrases you come across every day in the business sector that also bring another word to mind: confusion.

Luckily Poindexter is here to help. The startup was created as a resource to help businesses make profitable decisions that lead them to success.

Poindexter uses simple business modeling software to generate business plans that users can easily understand. It was built mainly for startups and small businesses that may not be in the position to afford a financial expert.

There is no need for prior financial or excel knowledge to use Poindexter.

Their motto is “build businesses, not spreadsheets.” They don’t want the technical side of finances to hinder businesses, so they are simplifying the process.

The software offers various features to create businesses’ specific financial forecasts. These features include tracking marketing expenses, estimating ROI, comparing alternative projects and defining customer acquisition goals. In addition, implementation is easy.

Just like every aspect of a business constantly changes, the budget must adapt as well.

Users of Poindexter are able to fine tune their budgets and test out assumptions. This allows for the software to help create a unique financial plan for success no matter what the business is.

Business owners can think of Poindexter as their automated financial planner. It will still offer all of the advice of an actual financial planner while you remain in complete control. For the creators of Poindexter, the goal is simple: to aid innovators in making smart and profitable business decisions.

They eliminate the hassle, and emphasize achievements that will keep you on track to reach your financial goals.

Anyone can try Poindexter for free. Fees will only start as you add more projects and premium features. The software will continue to be updated as they gather feedback from users.

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Business Finance

Rize is the tech nerd’s version of hiding money in coffee cans

(TECH NEWS) Rize savings tool helps users stash away money without having to bury it in the yard.

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Finding the self-motivation to save money is hard. Manually going into your bank account to pull money into savings is a drag.

And it means you have to look at all those transactions where you spent too much money on donuts or shoes when you should have been saving.

Let something else do it for you instead. Rize is a savings service that helps you automatically save and manage your money. After creating an account, you simply set your monthly goal and Rize does the rest.

Your chosen amount is automatically moved from checking to your Rize account after each paycheck.

At any point you can change, delete, add, or transfer savings between goals as many times as you want. You can create multiple goals with differing amounts.

No savings account is necessary to use the app. Money is held in your account until you choose to withdraw it. There’s also no limit or extra fees for withdrawals.

You don’t need to worry about overdrafting, either.

Rize double checks your checking account to ensure sufficient funds, and notifies you before making any withdrawals.

Nope. This app is legit. Their team features investors, advisors, and leaders with solid financial backgrounds. It’s a free, pay what you want model. If you’re able to throw some bucks to the developers, go for it. If not, (after all, you are saving up for that cool vacation or whatever) Rize is still totally free.

Bonus: you earn 0.9% APY, which is 15 times more than the national average.

Plus, your savings are SIPC insured up to $250,000, and Rize is an SEC-registered company. Your information is anonymous and encrypted with 256-bit encryption.

Rize works with over 2,500 banks and credit unions around the country. It’s currently only available for U.S.-based checking accounts, but they plan offering international features in the future. A mobile app is also in the works. For now, Rize is accessible on any mobile or tablet browser.

Did I mention it’s free? No excuses. You can start with just $5. Get signed up for Rize now. Start saving today for your business and personal financial goals.

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Business Finance

You got an LLC and you’re ready to hire – 3 things lenders look for

(FINANCE NEWS) Yes, securing a small business loan of any kind is tedious and depends on varying lending organizations and business needs, but there is a list of general requirements small businesses should be aware of before getting knee-deep in conflicting information about lenders.

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401k retirement fund

If you are reading this, you probably have an LLC for your small business already, or money talk gets you going. If it is the former, let me say CONGRATULATIONS, and insist you pat yourself on the back in honor of your small business’s progression. Your arrival at a point where expansion is necessary is no small feat given half of small businesses fail in the first year. So, kudos to you.

Now, back to the money talk…

For LLC businesses looking to expand, please don’t fret about all of the information you’ve seen on the web. Yes, securing a small business loan of any kind is tedious and depends on varying lending organizations and business needs, but there is a list of general requirements small businesses should be aware of before getting knee-deep in conflicting information.

After some extensive research posing as the owner of imaginary businesses and annoying every loan officer who’d take my call, I’ve found three general lending requirements. I also provide a collection of the tangible information banks will likely review to meet those requirements. Take a gander:

Assets
Small businesses must have necessary assets: steady cash flow, financial reserves, personal collateral to support a variety of business fluctuations (i.e. unexpected employee loss), and a realistic pay off plan. These assets and financial safety nets are necessary for any lending organization to be confident in your business’s ability to support employee expansion in lieu of current expenses.

Proof of past
Just as you will come to expect from your soon to be employees, lenders want proof of the past and how you’ve managed past loans to align with your business goals. Historical evidence will further determine if your expansion is feasible, but also if it is worthy for the company to accept the lending risk.

Specific plans
Finally, be prepared to provide your small business’s explicit expansion plan, including how you arrived at your suggested loan amount and how you intend to divvy out the funds. It is important that you are as specific as possible in your projected numbers, seeing as one employee could make a $60,000 difference, and largely affect your expansion plan and financial need.

Before you go…

Now that you’re equipped with the magic three, you’re probably feeling empowered to walk into your nearest bank and demand your small business loan. Let’s first be sure you have all of the necessary information on-hand and ready to produce.

Lending companies that look for the magic three before investing arrive at their conclusion after collecting data from the following pertinent information:

– Proof of collateral
– Business plan and expansion plan
– Financial details
– Current and past loan info
– Debts incurred
– Bank statements
– Tax ID
– Contact info
– Accounts receivable information
– Aging
– Sales and payment history
– Accounts payable information
– Credit references
– Financial statements
– Balance sheet
– Profit and loss history
– Copies of past tax returns
– Social Security Numbers
– Assets and liabilities details

Now, my friend, do I release you as proud as a parent unto your nearest bank to secure your small business loan and begin growing your staff the way you’ve dreamed. I’m confident you will find the aforementioned information helpful in said quest, and would like to wish one last time (because it’s impossible to over-congratulate) a sincere CONGRATULATIONS on your businesses growth.

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