Vending machine that only accepts Bitcoin - Page 1
Forum section: electronics / projects

author: granterpower1311
author_rank: Newbie
timestamp: March 16, 2016, 04:53:19 am
content: I been designing and researching to make a vending machine that only accepts Bitcoin.WHY?It's very low cost. No coin accepting mechanism, no change, no credit card accepter which needs merchant accounts and open to fraud.It's connected with wifi so inventory can be checked online for both customers and machine owner.The user interface can be a website for customers to check stock, show bitcoin addresses to pay for items. QR codes are also at the front of the vending machine.HOW?Each item in the vending machine is assigned a bitcoin address and it's own QR code at the front of vending machine. That bitcoin address is also monitored by chains.cc api. It's a API that monitors bitcoin addresses.Example 1: A electronic button sells for $1. The customer scans the QR code, pays the $1 to that specific bitcoin address. Chains API will notice that bitcoin address went up $1. Then send a signal to raspberry pi3 to run Stepper motors to drop the button for the customer to pick up. Chains API can also be used to monitor inventory of the electronic buttons.I have the ability to program the motors and design the mechanisms. I'm learning raspberry pi right now to put the wifi and chain API together.What is sold should match the demographic of people using bitcoins. Generally, male, engineers, programmers, libertarians, anarchist, age 18-45.What do you think? Good idea or too niche?

author: MK14
author_rank: Super Contributor
timestamp: March 16, 2016, 05:19:55 am
content: I DON'T think that is a good idea, at all. Most people don't/won't use/have bitcoins (in my opinion). So the vending machine will probably be neglected, and NOT get many sales, at all.

author: jh15
author_rank: Frequent Contributor
timestamp: March 16, 2016, 05:23:18 am
content: Many countries for years have been using your cellphone or NFC except the USA to get rid of bothersome coin and dollar changers on their vending machines.

author: wraper
author_rank: Unknown
timestamp: March 16, 2016, 05:41:16 am
content: Bitcoin transaction confirmation time is about 10 minutes. You either will need that the customer waits that time or be aware that someone can empty your machine for free.

author: Kilrah
author_rank: Unknown
timestamp: March 16, 2016, 05:44:44 am
content: Quote from: MK14 on March 16, 2016, 05:19:55 am+1.I'm a male 33yo geek/programmer, know about bitcoins but don't have/use any nor know anyone who does in my circles that obviously include people with the same profile.So I'd say the probability you'll find someone on the street in the particular location your machine is installed in who does is awfully close to 0.Now for the technical implementation...Quote from: granterpower1311 on March 16, 2016, 04:53:19 amI don't think doing anything without proper transaction handling (pass the order ID through the payment system) is reliable enough. Especially given that you would not be able to precisely match the order for a $1 item when what you receive is 0.00241312741312741312741312741313 BTC or whatever rounding of that plus/minus differences of exchange rates used by you and the sender (Google BTC rate, no 2 sources give the same exchange rate - right now I get 414.40, 418.2, 412.302, 417.84, 419.51...)

author: SL4P
author_rank: Super Contributor
timestamp: March 16, 2016, 05:51:40 am
content: How do you pay for the installation, operation and maintenance of the $5000+ vending machine?

author: jeroen79
author_rank: Frequent Contributor
timestamp: March 16, 2016, 06:12:56 am
content: Quote from: SL4P on March 16, 2016, 05:51:40 amSell your stuff for more then you buy it.

author: granterpower1311
author_rank: Newbie
timestamp: March 16, 2016, 06:26:39 am
content: Thanks alot. Great feedbackQuote from: SL4P on March 16, 2016, 05:51:40 amIf I make it. It's going to be under $1000 of material. Thats not counting inventory and getting a location.Quote from: Kilrah on March 16, 2016, 05:44:44 amThere are only 4 bitcoin atms in my city (Toronto, Canada) That is very few. I do believe bitcoin has value (low transaction cost, escrow capabilities etc) so this machine may be too early. Before bitcoin becomes more popular. The price has steadily risen from $250CAD to $450. So people do precieve the value.Quote from: wraper on March 16, 2016, 05:41:16 amThat is a real problem! I have to look into that.Quote from: jh15 on March 16, 2016, 05:23:18 amSo what form of currency is used using phones? I know in some parts of Africa they use cellphone minutes as currency.Quote from: MK14 on March 16, 2016, 05:19:55 amYes I am concerned bitcoin vending machine is a niche(product) in a niche (bitcoin).

author: Kilrah
author_rank: Unknown
timestamp: March 16, 2016, 06:47:24 am
content: Quote from: granterpower1311 on March 16, 2016, 06:26:39 amIt just adds the amount in whatever your local currency is to your phone bill.

author: Bud
author_rank: Super Contributor
timestamp: March 16, 2016, 06:58:47 am
content: Do you know all the Government regulations around it?

author: Nerull
author_rank: Frequent Contributor
timestamp: March 16, 2016, 10:44:45 am
content: Using a currency about to face serious technical limitations that is run mostly by zealots without a firm connection to reality and used mostly by drug dealers seems like a good way to lose lots of money.The network is at its processing limit, transaction times are only going to go up, and they're jacking up fees to try to slow it down which makes small transactions - such as vending machine use - far less sensible.And 10 minutes is a lowball number now, they're up to over an hour:

author: station240
author_rank: Unknown
timestamp: March 16, 2016, 02:04:11 pm
content: So around 90 minutes average to get confirmation, how do the druggies stand still long enough ?Pretty much kills any possible vending machine, no one is going to wait 1 1/2 hours before it can even start to dispense your food.What about using Paypal ?My local pizza place takes that for online orders (food is cheap but very ordinary).

author: MSO
author_rank: Contributor
timestamp: March 17, 2016, 02:42:43 am
content: While I have mined and used bitcoins (I actually found a block with my video card mining for Slush's pool) I don't see bitcoin in my future. In fact, I'm moving away from the internet itself just as I moved away from television twenty years ago.With the awful proliferation of advertising, tracking and government interference, I only use the internet when it's convenient to me. No publisher has yet deleted a hardcopy book off my bookshelf nor has one tracked my ownership of their books nor have they required that I install Adobe Flash player to do business with them.Speaking of Adobe, the last Adobe product I bought was Adobe Design Premium CS5; their move to a cloud based product put them off limits to me, just as all other cloud based products. While I still use credit cards online, I pay my bills via US Postal service.My cell phone usage hasn't cost me more than US$20 per year for almost a decade now; everybody that knows me knows how futile it is to expect instant communications. I can relax in my overstuffed chair, turn on the reading lamp, open a good book and have several uninterrupted hours of enjoyment whenever I want.

author: daybyter
author_rank: Frequent Contributor
timestamp: March 17, 2016, 09:59:49 am
content: What about a coin with quicker confirmations? Litecoin?I like the idea!

author: MK14
author_rank: Super Contributor
timestamp: March 17, 2016, 10:29:26 am
content: Quote from: daybyter on March 17, 2016, 09:59:49 amActually that is a GREAT idea!There would be a huge number of side benefits.Such as the vending machine could be loaded up, once and for all at the factory (for life!). It would NEVER AGAIN need filling, throughout the lifetime of the vending machine.Assuming that my near zero purchases prediction, due to litecoins perceived lack of popularity/usage, is correct.Your business would save 1000'$, in accountancy costs. As zero sales = $0 tax!No tax bills!

author: Fungus
author_rank: Super Contributor
timestamp: March 17, 2016, 01:19:02 pm
content: Quote from: MK14 on March 17, 2016, 10:29:26 amYou wouldn't even need to fill it up. Just put pictures on the front.