Are you tired of having to pay fees for everything at your local bank? Check writing fees, check cashing fees, money exchange fees, transfer fees and more. Can you picture yourself using a self-service machine that converts and transfers your hard earned cash without any expensive fees?
If it sounds like I have my head in the clouds—you are correct. Max Albrecht, a German student, has designed a coin operated vending machine that converts Euros into Bitcoins. His innovative machine acts as a depository for virtual wallet managers like easywallet.org.
If you like supporting non-profits, but hate to lose part of your donation to conversion and transfer fees, using Bitcoins may be just the ticket for you. With modifications to Mr. Albrecht’s old-meets-new cash converting machine, you could deposit Euro coins and then transfer your Bitcoin information to your charity of choice—virtually eliminating all fees.
It can be a little disconcerting for some though. Imagine you walk up to the corner, deposit your hard earned Euros and walk away with. . .well, nothing more than a slip of paper. Proponents of Bitcoins remind us that virtual banking in the cloud is the best bank model for the first digital money in the world—albeit experimental for the most part.
Albrecht is still working on some issues—like what to do about the coins that go into the machine. He is enjoying his success with the prototype and already thinking ahead to projects working with TORwallet.net.
With the list of Bitcoin venders and buyers growing daily, naysayers should take a second look at the concept. See you in the cloud—send cash.