Bitcoin Can Be Bought With Cash At Swiss Railway Ticket Machines (techweekeurope.co.uk)

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Bitcoin Can Be Bought With Cash At Swiss Railway Ticket Machines (techweekeurope.co.uk)

Posted by msmash on Friday October 28, 2016 @04:05AM from the hunting-bitcoins dept.

In what is seen as a move that could help boost the spread of Bitcoin, the cryptocurrency will be available to purchase from Swiss railway ticket machines starting next month. Reader Mickeycaskill writes: Swiss Federal Railways (SBB) has more than 1,000 ticket machines and has partnered with regulated financial intermediary SweePay to distribute Bitcoin. Customers need to select mobile top up on the machines, scan the QR code on their Bitcoin digital wallet and enter the number of Swiss Francs, up to 500 CHF, in to the machine, confirm the offer of Bitcoins they receive then identify themselves using a mobile number and a security code sent to their smartphone. While the machine can pay out Bitcoin, for the time being, it will not accept payments made with the cryptocurrency. Furthermore, credit card cannot be used with the machines to buy Bitcoins, SBB is effectively providing a way to swap local currency for a digital version that can be used anywhere around the world, thereby bypassing unfavourable exchange rates"From 11 November 2016, customers will be able to obtain Bitcoin at all SBB ticket machines. Until now, there have only been limited opportunities to purchase Bitcoin in Switzerland," the company was quoted as saying.

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I don't like Switzerland by Anonymous Coward · 2016-10-28 04:08 · Score: -1

I recently spent a few months there on business, and I can tell you this story comes as no surprise. The Swiss government is a Republican's wet dream. Tons of privatization, awful currency manipulation, and policy after policy designed to make the country inaccessible to only the super rich. The food is sub-par, the alcohol is surprisingly lousy given it's proximity to Germany and France, and not even the women are that impressive. Don't believe me? Go to Zürich and try to find a public bathroom that doesn't cost money to use. I dare you to try.
1. Re:I don't like Switzerland by Anonymous Coward · 2016-10-28 04:18 · Score: 0
  
  And REALLY EXPENSIVE hookers!
2. Re:I don't like Switzerland by Anonymous Coward · 2016-10-28 04:31 · Score: -1
  
  A lot of these small countries, especially the ones the Left likes to gush about although Switzerland doesn't seem to be one of them, survive only because of their close proximity to hard working countries.
  Nordic countries -> Germany
  Canada -> United States
  The Leftist countries that are not so lucky are just pure shit holes, for example Venezuela.
  Even the muslim refugees know that. The hard working ones go to Germany and the lazy ones go to Denmark, Norway, UK, etc.
3. Re: I don't like Switzerland by Anonymous Coward · 2016-10-28 04:39 · Score: -1
  
  PS. Your stupid is showing...
4. Re:I don't like Switzerland by Joce640k · 2016-10-28 04:43 · Score: 0
  
  These machines are just a way for the Swiss government to offload their bitcoins onto gullible members of the public.
  Call me when they have machines that convert Bitcoins into Swiss Francs.
  
  --
  No sig today...
5. Re:I don't like Switzerland by Anonymous Coward · 2016-10-28 04:46 · Score: -1
  
  policy after policy designed to make the country inaccessible to only the super rich.
  
  My, you're certainly the smartest kid on that ten-seater bus.
6. Re:I don't like Switzerland by Comrade+Ogilvy · 2016-10-28 04:49 · Score: 2, Insightful
  
  You were working towards a point and then undermined your argument with a bad example: Venezuela.
  Yes, Venezuela is a shit hole. But in terms of economics it is plenty proximate to the wealthy nations because it has oil and that is easy enough to cart around. The reason Venezuela is a shit hole is not a matter of geography but its own self-inflicted politics (even if geography is part of the history that shaped those politics).
  I would add that Norway, Canada, Australia are peculiar examples for the same reason. Their economies are significantly dependent on selling raw materials, and can okay on the world market as long as demand for their raw materials is growing in Asia.
  I would further add that geography does not make the internal politics better automatically, e.g. Mexico, Italy.
7. Re:I don't like Switzerland by mysidia · 2016-10-28 04:51 · Score: 1
  
  Call me when they have machines that convert Bitcoins into Swiss Francs.
  Actually.... I think it would be best just to have all retailers start accepting BTC and allowing you to pay extra BTC for up to 10% of your purchase back as cash at the time of purchase.
  That way it's distributed.
8. Re:I don't like Switzerland by Anonymous Coward · 2016-10-28 05:12 · Score: 0
  
  Bender asks, "Hey, what about the Blackjack too?"
9. Re:I don't like Switzerland by Anonymous Coward · 2016-10-28 06:25 · Score: 0
  
  I think the point was Venezuela is a shit hole because the leftist policies of the last 20 years have destroyed it completely even with the huge advantage that oil brings.
10. Re:I don't like Switzerland by Anonymous Coward · 2016-10-28 07:21 · Score: -1
  
  Exactly, it doesn't have an easy opportunity to leach off a rich neighbor to make up for its bad policies.
11. Re:I don't like Switzerland by Anonymous Coward · 2016-10-28 08:21 · Score: 0
  
  The annual cross-border trade volume between US and Canada is over $300B in both directions (so $600B+). It includes all kinds of trade, raw materials and others. This volume exceeds the US-China trade despite Canada being much smaller than China in economy and population.
  Despite improvements to global transportation, the ability to use cars, trucks, trains, small boats, small planes etc, to ship to conduct trade means that proximity still matters until stuff can just be teleported.
  Canada benefits greatly by being next to the US. Probably Mexico would be in much worst shape if it wasn't. Maybe Australia would far exceed Canada's economic power if it was attached to California.
12. Re:I don't like Switzerland by Hognoxious · 2016-10-28 08:33 · Score: 1
  
  Neither does Saudi Arabia.
  
  --
  Confucius say, "Find worm in apple - bad. Find half a worm - worse."
13. Re:I don't like Switzerland by Comrade+Ogilvy · 2016-10-28 17:00 · Score: 1
  
  We all here agree adequately about the state of Venezuela and the failure of its policies. My point is the AC I responded to seems to be formulating a theory about physical proximity. While I so happen to believe there is a kernel of truth to that idea, as argued, he seems to be overreaching, and we merely have to peek at the provided data points to start seeing weaknesses in the theory.
Huh? by Anonymous Coward · 2016-10-28 04:11 · Score: 2, Insightful

If you have cash, why do you need bitcoin? I'd be more excited about a machine that accepts bitcoin and dispenses cash.
1. Re:Huh? by PPH · 2016-10-28 04:14 · Score: 2
  
  If you have cash,
  
  --
  Have gnu, will travel.
2. Re:Huh? by Anonymous Coward · 2016-10-28 04:28 · Score: 0
  
  Yeh, better stick with a widely accepted, inflationary IOU
3. Re:Huh? by Anonymous Coward · 2016-10-28 04:33 · Score: 3, Funny
  
  I tried to put a $20 bill into my floppy drive to pay for my VPN service, but it didn't work.
  Turns out that when I converted it to bitcoin, it worked! Yay!
4. Re:Huh? by networkBoy · 2016-10-28 04:36 · Score: 1
  
  Of course as TFA points out Italy would tank w/o cash transactions because their grey market floats tons of jobs.
  As to bad guys needing to move large amounts of money (the banking version of the "save the children" cry) as a justification for killing cash I have a two word answer: Gold bullion.
  -nb
  
  --
  whois gawk date unzip strip find touch finger mount join nice man top fsck grep eject more yes exit umount sleep dump
5. Re:Huh? by Comrade+Ogilvy · 2016-10-28 04:38 · Score: 1
  
  It is only money to the degree that you are confident that it will be accepted for something that you care about. Most fiat paper IOUs thus are excellent, even if imperfect, money to varying degrees.
  Whether bitcoins are money at all depends on who you are and what your needs are; which is not to imply that bitcoins are valueless, only they fall short of meeting many persons' needs for money. (I own many things that hold useful value and might be exchanged, yet are not money.)
6. Re:Huh? by Anonymous Coward · 2016-10-28 04:39 · Score: 0
  
  Switzerland currently has an inflation rate of -0.2%. Notice the sign. So Swiss cash currently is deflationary, not inflationary.
7. Re:Huh? by SinisterEVIL · 2016-10-28 05:13 · Score: 2
  
  There are many bitcoin atms that accept bitcoin and spit out cash. https://coinatmradar.com/ 827 of them so far.
8. Re:Huh? by Chris+Mattern · 2016-10-28 05:24 · Score: 1
  
  And would owning gold bullion remain legal? We've outlawed it before, you know.
9. Re:Huh? by Anonymous Coward · 2016-10-28 05:24 · Score: 0
  
  Drugs you get with bitcoin are often better than drugs you get with cash.
10. Re:Huh? by Cajun+Hell · 2016-10-28 05:33 · Score: 1
  
  If you have cash, why do you need bitcoin?
  You can send bitcoin far and fast, relative to an envelope full of cash.
  
  I'd be more excited about a machine that accepts bitcoin and dispenses cash.
  Yeah, that might be useful too. There's no reason you can't do both. Just don't have the two machines physically in view of each other, or else a customer at one kiosk might look to see if there's anyone at the other, and then walk over cut out the middleman.
  
  --
  "Believe me!" -- Donald Trump
11. Re:Huh? by Anonymous Coward · 2016-10-28 06:34 · Score: 0
  
  > "If you have cash, why do you need bitcoin?"
  Ask the people of Cyprus, Venezuela and countless other countries who are having their value eroded daily, potential currency controls and the like. Anyone who doesn't see the value of bitcoin as a hedge, is pretty stupid.
12. Re:Huh? by Anonymous Coward · 2016-10-28 06:40 · Score: 0
  
  You can send Bitcoin over the Internet. Try that with cash.
13. Re:Huh? by Oswald+McWeany · 2016-10-28 06:55 · Score: 1
  
  Bitcoin is far from stable itself and vulnerable to fluctuations far more severe than real currencies.
  
  --
  "That's the way to do it" - Punch
14. Re:Huh? by networkBoy · 2016-10-28 07:04 · Score: 1
  
  the difference is if you take the cash out by simply not printing it then the supply is hard limited.
  If you ban gold ownership that doesn't change that the BadGuys(tm) can continue to use it for untraceable wealth transfer.
  
  --
  whois gawk date unzip strip find touch finger mount join nice man top fsck grep eject more yes exit umount sleep dump
15. Re:Huh? by Ash-Fox · 2016-10-28 07:22 · Score: 1
  
  You can send bitcoin far and fast, relative to an envelope full of cash.
  I once went to Western Union (I was in the UK at the time) with cash in an envelope to send money to a friend in need in the US. Didn't have a problem and it was near instant?
  
  --
  Change is certain; progress is not obligatory.
16. Re:Huh? by Ash-Fox · 2016-10-28 07:24 · Score: 1
  
  There are many bitcoin atms that accept bitcoin and spit out cash.
  I have apparently a Bitcoin ATM in my country that I live in, I just have to cross an ocean to get to it...
  
  --
  Change is certain; progress is not obligatory.
17. Re:Huh? by Olathe · 2016-10-28 07:29 · Score: 1
  
  I send regular money over the Internet all the time using PayPal or debit card. That's how I'm able to pay for things online.
18. Re:Huh? by avandesande · 2016-10-28 08:32 · Score: 1
  
  A good way to dump your local currency if you are a tourist and leaving...
  
  --
  love is just extroverted narcissism
19. Re:Huh? by PPH · 2016-10-28 08:50 · Score: 1
  
  Germans use lots of cash as well. Not so much an issue of gray markets or tax evasion with them. They had a front row seat when index cards were used to round up the Jews. So when they raise issues of privacy, I'm going to listen.
  
  --
  Have gnu, will travel.
20. Re:Huh? by Fnord666 · 2016-10-28 11:45 · Score: 1
  
  There are many bitcoin atms that accept bitcoin and spit out cash. https://coinatmradar.com/ 827 of them so far.
  That is not true. There are 827 ATMs listed on the site, but many of them only sell bitcoins. Far fewer of them will buy bitcoins and give you cash. The reason is that when the ATM owner buys coins from you he assumes the risk that the transaction will not be confirmed and he will be out the money. When the ATM owner takes your money and gives you bitcoins you are the only one taking a risk. I glanced at their list of ATMs near me and looks like 1 in 4 or less will buy your bitcoins.
  The other thing about selling your coins at an "ATM" is that it isn't going to be a 1 minute process. When you sell coins, the ATM owner is assuming some risk that you will not double spend them and/or that they are legitimately yours. This means that you will have to wait for confirmation of the transfer. The confirmation of the transfer is the inclusion of your transaction in a confirmed block on the blockchain. Blocks are confirmed at approximately 10 minute intervals, so you are likely to have to wait at least 10 minutes and that is only for a single confirmation block. For any significant amounts of money, the recommended length of confirmed blocks for a transaction is 6. This means that it may take up to an hour before you actually get the cash! Don't plan on doing this on the way to the airport.
  
  --
  'The tyrant will always find pretext for his tyranny.' - Aesop's Fables
21. Re:Huh? by Anonymous Coward · 2016-10-28 16:53 · Score: 0
  
  And how much was the fee?
22. Re:Huh? by Ash-Fox · 2016-10-28 18:23 · Score: 1
  
  And how much was the fee?
  No idea specifically, I'd check the receipt if I still had it.
  But I can tell you the end result was pretty close to Google's currency conversion at the time, just 4 dollars off Google's estimated 385USD.
  I have to add, that is significantly less than the cuts taken by typical Bitcoin exchanges to my knowledge.
  
  --
  Change is certain; progress is not obligatory.
Bitcoin to bypass unfavorable exchange rates? by frank_adrian314159 · 2016-10-28 04:14 · Score: -1, Troll

Whatever you save in the currency exchange rate is going to be more than made up for by the losses from Bitcoin's volatility.

--
That is all.
1. Re:Bitcoin to bypass unfavorable exchange rates? by Anonymous Coward · 2016-10-28 04:23 · Score: 0
  
  Whatever you save in the currency exchange rate is going to be more than made up for by the losses from Bitcoin's volatility.
  Is bitcoin still a thing? oh yes, and CLOUD!
2. Re:Bitcoin to bypass unfavorable exchange rates? by swb · 2016-10-28 04:33 · Score: 1
  
  Switzerland has recently had problems with its currency being very highly valued. I'm not entirely sure how BitCoin solves this, but maybe consumer-level currency exchangers in neighboring countries have been charging very high rates to exchange it to Euros.
3. Re:Bitcoin to bypass unfavorable exchange rates? by Anonymous Coward · 2016-10-28 04:46 · Score: 0
  
  Whatever you save in the currency exchange rate is going to be more than made up for by the losses from Bitcoin's volatility.
  Isn't is equally likely that you will gain or lose value due to volatility?
4. Re:Bitcoin to bypass unfavorable exchange rates? by lgw · 2016-10-28 07:10 · Score: 2
  
  Isn't is equally likely that you will gain or lose value due to volatility?
  Doesn't work out well when you need a specific amount of Swiss Francs in the future.
  Stocks are similar - when dollar cost averaging into stocks (e.g., buying $100 per week) volatility is your friend, you'll end up with more shares of a volatile stock than a stable one (with same average price) over time. When you need a fixed income out of stocks, you get screwed by volatility for exactly the same reason (the math works out to gains/(volatility^2)). This is why the common wisdom for financial planning is to invest in stocks to start with, but gradually shift into bonds as you near retirement (there are even "target date" mutual funds that work that way).
  
  --
  Socialism: a lie told by totalitarians and believed by fools.
ITS HAPPENING! by Anonymous Coward · 2016-10-28 04:14 · Score: 0

ITS HAPPENING!
Bitcoin = Ransomware Enabler by Anonymous Coward · 2016-10-28 04:15 · Score: 0

and you wonder why ransomware is spreading so fast?
1. Re: Bitcoin = Ransomware Enabler by Anonymous Coward · 2016-10-28 04:41 · Score: 0
  
  Wont someone think of the children?
2. Re: Bitcoin = Ransomware Enabler by Oswald+McWeany · 2016-10-28 06:56 · Score: 1
  
  Wont someone think of the children?
  I'd rather people online didn't think of them.
  
  --
  "That's the way to do it" - Punch
Yay for ransomware! by Anonymous Coward · 2016-10-28 04:23 · Score: 0

Yay! Switzerland will become even more of a target for ransomware!
Crash by Anonymous Coward · 2016-10-28 04:31 · Score: 0

Price could take a nose dive before you reach the next station, couldn't it? Could do the opposite as well, but that seems less likely...
1. Re: Crash by Anonymous Coward · 2016-10-28 04:47 · Score: 0
  
  Bitcoin has stayed pretty steady for the last year, and is on an upward trend currently. I'm not sure what's made all these people here so salty about volatility. Bitcoin has never been marketed as an investment currency.
2. Re: Crash by Comrade+Ogilvy · 2016-10-28 04:57 · Score: 2, Insightful
  
  Volatility is a negative for most things most people use money for. So when enthusiasts for bitcoin strays into hand waving arguments about bitcoin being a vastly superior form of money, then it is correct to bring up volatility as a counterargument. (I am not claiming that the topic is simple as any one or two factors, but that volatility is one of the several important factors.)
  To make this argument more concrete, a typical non-rich person should hesitate to ever accept a large contract/employment for bitcoin. Here volatility can kill you both ways. If the bitcoin goes way down, you cannot live off your pay. If the bitcoin goes way up, suddenly there is a significant increased risk that your contract will not be fulfilled on the other side, because the other party is getting killed by the shift in bitcoin and might be going bankrupt.
So what? by Anonymous Coward · 2016-10-28 04:36 · Score: 0

Vending machines that dispense precious metals, bitcoins or whatever do so are usurious rates. You'd have to be fucking stupid to want to use them. Especially for bitcoin.
1. Re:So what? by myowntrueself · 2016-10-28 04:53 · Score: 1
  
  Vending machines that dispense precious metals, bitcoins or whatever do so are usurious rates. You'd have to be fucking stupid to want to use them. Especially for bitcoin.
  If you are happy handing over volumes of sensitive personal information to buy bitcoins online, sure. Usually the bitcoin seller will want all kinds of shit like copies of your passport, drivers license, banking details, fingerprints, proof of your address via a scan of a recent service bill which was mailed to your address. This is the main reason I've stayed away from bitcoin; the vendors basically want everything that can be used for identity theft.
  
  --
  In the free world the media isn't government run; the government is media run.
2. Re:So what? by Anonymous Coward · 2016-10-28 05:13 · Score: 0
  
  localbitcoins.com
So... Why would anyone want to? by Anonymous Coward · 2016-10-28 05:06 · Score: 1

I have yet to see one argument for crypto-currency that out weigh the risks. The usual arguments being "OMG! The government controls the money!" and "Its good for buying illegal shit."
1. Re:So... Why would anyone want to? by Anonymous Coward · 2016-10-28 06:38 · Score: 0
  
  What are the objective risks?
2. Re:So... Why would anyone want to? by Anonymous Coward · 2016-10-28 07:10 · Score: 0
  
  How about, "SBB is effectively providing a way to swap local currency for a digital version that can be used anywhere around the world, thereby bypassing unfavourable exchange rates."
  Sounds like a great reason to use a cypto-currency.
3. Re:So... Why would anyone want to? by Anonymous Coward · 2016-10-28 09:02 · Score: 0
  
  Because there's never an unfavorable exchange rate between Bitcoin and actual money.
And.. by Anonymous Coward · 2016-10-28 05:25 · Score: 0

So can prostitutes, what's your point?
only for normie losers by Anonymous Coward · 2016-10-28 05:25 · Score: 0

Nobody smart will pay 6% fee
SFYL by Anonymous Coward · 2016-10-28 05:54 · Score: 0
Act fast! by Anonymous Coward · 2016-10-28 05:55 · Score: 0

Tim Cook is going to kill cash. Hopefully Swiss railway ticket machines accept Apple Pay.
identify themselves by Anonymous Coward · 2016-10-28 07:01 · Score: 0

identify themselves using a mobile number

What the fuck for? Why not just display a QR code? Are they trying to deanonymize Bitcoin by tying it to your legal identity? The next step is to pressure "legitimate businesses" to only accept bitcoins with a "real name" trail.
Currency exchange by Ash-Fox · 2016-10-28 07:19 · Score: 2

SBB is effectively providing a way to swap local currency for a digital version that can be used anywhere around the world, thereby bypassing unfavourable exchange rates
The last time I looked at the costs of converting currency to bitcoin to another currency, it was a lot more than using the local currency exchange services though...

--
Change is certain; progress is not obligatory.