We’ve heard from all the “bible thumpers” and conspiracy theorists (and we mean that very affectionately), that the day would soon arrive where there would be a global economic system, a “one world currency”, and a cashless society.
We’ve even heard that one day we will be faced with having to accept a “number”, a tattoo, or a serial number — a mark, per se, of the Beast.
Well ladies and gentlemen, the Beast has arrived, and it has been born in the shape of a BitCoin ATM machine. Bitcoin ATM Machines are going up.
JP Morgan has already patented the numbering system.
All we have to do is fully accept it & we’re off and running! Woo Hoo!
The world’s first bitcoin ATM made headlines early November last year. Sitting against a wall in the corner of Waves Coffee House, the ATM saw $10,000 worth of transactions on the first day of use. That number is something Willard Ling wants to duplicate and exceed as he installs the first bitcoin ATM in New York City.
The bitcoin ATM works similarly to a traditional ATM, but instead of linking to a bank specific account, you need to have a bitcoin wallet to transfer funds to and from. Popular digital wallets like Blockchain, which recently hit one million users, are easy to get. Signing up online takes only a minute and you are ready to send and receive bitcoins. If you are brand new to the currency, bitcoin ATMs, like the one in Vancouver, have the ability to create a wallet for you. Once you have a wallet, the transactions take only 15 seconds, according to one ATM manufacturer.
Hell will not be limited to the United States. It’s coming to a street corner near you in Canada as well:
As IBTimes discovered, actually getting one’s hands on some Bitcoins, the digital currency that has exploded in popularity as well as value in 2013, isn’t always an easy task. It stands as one of the biggest roadblocks to Bitcoin being more widely accepted by mainstream consumers.
A Canadian team is hoping to change the public’s opinion about Bitcoin by installing five Bitcoin ATMs in major cities around Canada. Bitcoiniacs, a Vancouver-based Bitcoin exchange, has ordered the first Bitcoin ATMs from Las Vegas-based RoboCoin. According to CTV, Bitcoiniacs will be rolling out the Bitcoin ATMs over the next few months, with the first arriving in Vancouver in October.
At the ATM, the user will select how much money to spend, insert cash, then scan a QR code with a smartphone to transfer the Bitcoins to his digital wallet app. Users can also convert their Bitcoins into cash at the ATM.
Here’s a Robocoin Bitcoin Kiosk
- By Ashish Sharma and Dr Anand Kashyap
In this 21st century, we have already entered into the era of post modernity and post industrialism. Today’s World is witnessing the unprecedented and unforeseen changes in every walk of life, thereby presenting a scenario of chaotic and bizarre changes. Changes in different sectors of society ranging from economy, society, politics, family and culture are so multi-directional that at the surface level, it becomes very difficult to decipher a meaningful and coherent picture from this jungle of changes. Sometimes this scenario leads one to perceive World as a dehumanizing society. But such despair is unwarranted, for it is so more because of its lack of proper management and proper knowledge about it. In fact the present day post-industrial civilization of the world calls for a drastic paradigm-shift and a new insight to bring out a meaningful and articulate picture of today’s World. The present paper is an effort in this direction.
PRESENT SCENARIO AND NEED FOR NEW MONETARY SYSTEM:
As regards the economic aspect, while the simpler agricultural economy could carry on its business through barter system, in the complex industrial World where market economy prospered immensely, cash based monetary system became necessary for the business transactions. But in the present day post-industrial society where market forces have become quite complex the traditional economic transactional mechanisms including newly introduced credit cards, debit cards, ATM and other electronic systems are insufficient to cope with the new economic pressures and demands of the society. It is being increasingly realized that the emerging market realities under the pressures of Global economy are falling much short of the expected transactional efficacy. Looking into such a futuristic necessity of a new holistic currency system which could take care of not only the routine transactional business and market exchanges but also penetrate deeper into the bizarre realities of post modern life like unaccounted money leading to large scale corruption, cyber economic crimes, funding of terrorist operations, social evils like dowry etc and rampant economic inflations, the present venture seeks to construct an elaborate alternative electronic monetary system which could take care of the gaps and loop holes existing in the prevalent exchange systems liable to be manipulated and misused by the vested interests for their selfish ends. People are well aware that how the shadow economy has grown to a monstrous proportion much larger in size and strength than the white economy and what consequences in terms of market inflations and economic crimes like Hawala business, terrorist funding, bribery and other white collar crimes it is leading to. Our present effort here is to propose a holistic electronic monetary system which will render the paper currency and other traditional prevalent modes of exchange redundant and replace those by a comprehensive electronic monetary system to work with. In the fast Globalizing economy the traditional national currency systems have become, in fact, a kind of ‘regional currency system’ and the void at the international level is filled by, “the super national currency system”, which is a kind of “state less currency” like “Euro Dollars- Dollars outside the United States”, which is a “wild card in the economic gain”, which as Toffler rightly points out, has contributed to inflation and shift the balance of payments and undermining the real currency, “as they stampede from place to place across national boundaries”. He points out that this ‘super national currency’ of Euro Dollars was 180 billion in 1978, which became 400 billion dollars after some time and now it is more than a trillion dollars, thus posing a threat to the economy of the particular nation3. This nation based infrastructure is utterly unable to regulate or contain the new transnational and electronic “Euro Bubble”. The structures designed for the post-industrial world are no longer adequate. The entire Global framework that stabilize world trade relations for the giant corporations is rattling and in danger of coming apart. The World Bank, the International Monetary Fund, and the General Agreement on tariffs and Trade are all under heavy attack. “The dollar is dethroned, and jerks and spasms rip through the World Economy”.
In the proposed system banks constitute the key institutional mechanism to operate all kinds of monetary transactions. Today, as the practice goes despite all efforts done by the Government to regulate business transactions through the banks in reality they do not constitute the core transactional institutional mechanism. It is a well known fact that very largely many of our business transactions are made outside the formal banking process. The new electronic devise will provide a comprehensive alternate network of transactions exclusively through the banking system thereby leaving no scope for any kind of give and take outside the banking institution.
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