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Goldback ATMs! If we can get these to accept cryptocurrencies, it will be the holy grail of ATMs! (www.youtube.com)

submitted 11 months ago by comcreator@lemmy.world to c/cryptocurrency@lemmy.ml

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If we can get these to accept cryptocurrencies, it will be the holy grail of ATMs! Cryptocurrencies are borderless unlike the USD and other fiat currencies. If these ATMs can accept crypto, they can be deployed around the world.

I never thought I will see the day of a Goldback ATM, especially now. So is it really a pipe dream for a crypto to Goldback ATM?

I would prefer a Monero to Goldback ATM personally since I prefer Monero when it comes to cryptocurrencies. but even a Bitcoin or Bitcoin Cash or Litecoin ATM will be an amazing leap forward.

https://goldatm.com/

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[–] MachineFab812@discuss.tchncs.de 1 points 11 months ago* (last edited 11 months ago) (1 children)

Reminds me of the "Liberty Dollar" silver coins. At least these people aren't making the same mistake of trying to label their product as equivalent to legal tender. Might be fun to purchase a few one day for the novelty, if the Secret Service doesn't shut them down first.

Of course, if the feds don't get them, there's still the question of what premium they'll have to build into the price of each Goldback to cover their overhead and turn enough profit to make the endeavor worth it to them ... and how long it would take to "break-even" on a purchase with said premium(or fee, as the case may be).

[–] comcreator@lemmy.world 3 points 11 months ago

Goldback works with the state governments to ensure legal protection from the feds. Hense why they only issue goldback in gold friendly states.

They are expensive to make since they could be almost double over spot, but it is the best solution currently for fractional gold in the form of a usuable currency. Adoption seems to be picking up, but slowly like bitcoin adoption was in the early 2010s.