Bitcoin News in Review: $150 Bitcoin ATM, Most Expensive Bitcoin Painting, Ether, and More

Posted in: Archive
July 27, 2014 8:59 PM UTC

Welcome back to another Bitcoin News in Review, where we feature some of the biggest stories of the week here on CryptoCoins News. This week, we looked at two high schoolers working on a $150 Bitcoin ATM, saw the most expensive Bitcoin painting ever sold, discussed the Etherium project’s Ether presale, and more. We’ve also got a video this week put together by our own Calvin Tran. So check that out and keep scrolling for more on this Bitcoin News in Review.

The $150 Bitcoin ATM

Lakota Lustig and Sagar Kumar may look like ordinary high school students, but they believe they can disrupt the Bitcoin ATM industry with their new BitSell machines.

Purchasing bitcoins or altcoins via exchanges isn’t always easy, and many people lack the necessary skills and/or knowledge of using an exchange. That’s why many Bitcoin ATMs have started popping up to make purchasing cryptocoins quick and easy. Bitcoin ATMs are as easy to use as traditional ATMs, which is why they’ve become quite popular worldwide. However, these machines are typically very expensive. For example, a Lamassu ATM costs as much as $6,500. To make up for these costs, ATM operators tend to charge high fees. However, two high schoolers believe they have a better solution. Lakota Lustig and Sagar Kumar have co-founded BitSell, and hope to get funding for their proposed $150 Bitcoin ATM via their Indiegogo campaign. However, as great as a $150 Bitcoin ATM would be, their campaign may be a bit too ambitious. Lustig and Kumar need to raise $10,000 in 4 days, but so far they’ve only met 3% of that goal. Whether BitSell is successful or vaporware remains to be seen.

The Most Expensive Bitcoin Painting Ever Sold

The Bitcoin Supper

The painting pictured above was recently auctioned off for 4.65 BTC (~2,774 USD at the time of this post), making it the most expensive Bitcoin painting ever sold. “The Bitcoin Supper”, created by a French artist named Youl, tries to capture a snapshot of the Bitcoin community. One can see Mark Karpeles on the left in his “magicaltux” and Anonymous on the right with the group’s iconic Guy Fawkes mask. Initially, the painting didn’t receive much of a response, but that soon changed when the painting was posted on reddit. Youl collaborated with the anonymous Bitcoincito and his Project Bitcoin to sell the painting.

Ether is Now Available for PreOrder

Ethereum developers have started Ether preorders.

The Ethereum project recently announced the presale of Ether – the crypto-units that will fuel Ethereum’s distributed application software platform. The developers are offering Ether for a fixed price of 2,000 ETH per BTC. Since Ethereum isn’t strictly a cryptocurrency, Ether is considered the “fuel” of the platform rather than a monetary unit. Ethereum has pretty ambitious goals:

“Ethereum can be used to codify, decentralize, secure and trade just about anything: voting, domain names, financial exchanges, crowdfunding, company governance, contracts and agreements of most kind, intellectual property, and even smart property thanks to hardware integration.”

But whether or not Ethereum becomes successful remains to be seen. Interestingly, Gavin Andresen outlined a plan for Bitcoin 2.0 without Ethereum a while back.

Bruce Fenton Thinks BitLicense Can be Ignored

Bruce Fenton doesn’t want Bitcoiners to engage on BitLicense.

Like many in the Bitcoin community, Bruce Fenton, the founder of Atlantic Financial Incorporated, isn’t a fan of BitLicense. However, where he differs from the community is in his proposed action, or lack thereof. Fenton wants the community to essentially ignore BitLicense.

“The regulators are not our friends… I don’t believe we should reach out to them. I don’t believe we should engage them.”

However, many Bitcoin users don’t agree with Fenton, and believe that ignoring the issue won’t make it go away. BitLicense could potentially have a ripple effect across the country, which could shut down mining and other Bitcoin businesses in the U.S.

That’s all for this week. Be sure to follow CryptoCoins News on Facebook and Twitter for the latest cryptocurrency news.

Last modified: June 14, 2020 9:32 AM UTC

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Neil Sardesai @neilsardesai

I enjoy keeping up with the latest stuff in science and technology and have been following Bitcoin for a few years now. I also occasionally post cool stuff on twitter.