https://DOSHOST.net is a technology consulting company in Grand Forks, North Dakota. DOSHOST.net provides technology consulting for small and large organizations including nonprofits. The State of North Dakota is a leader in supporting innovative high tech organizations. The CEO of DOSHOST.net has approval to move forward with a BTM within the State of North Dakota. The BTM will follow all federal AML/KYC requirements. The location of the BTM is still in negotiations.
This first of its kind BitLendingClub.com merchant integrated bitcoin loan will fund the purchase of one BTM from CoinOutlet.io. The loan is at 80% funding as of July 20th and there has been strong support from North Dakotans. Detailed explanation of the merchant integrated loan can be found here: http://blog.bitlendingclub.com
Bitcoin ATM Comes to North Dakota – First in the State
DOSHOST.NET, based in Grand Forks, North Dakota today announced North Dakota’s first Bitcoin Automatic Teller Machine. Unlike traditional ATM’s used to deposit or withdraw money from a bank account, the bitcoin ATM enables the public to buy bitcoin digital currency. When customers buy bitcoin from the ATM it is directly deposited in each customer’s bitcoin electronic wallet. Manufactured by Skyhook, the ATM is light-weight and transportable, allowing DOSHOST.NET to bring it directly to interested customers.
DOSHOST.NET has been in discussion with North Dakota’s Department of Finance as well as State Senators to make them aware of this new service and to allow input from State government on how they would like to see it used.
Daniel Schott, CEO at DOSHOST.NET, explained that once approval is finalized, “We will begin transporting the ATM to various locations across the state because we know there are many people in North Dakota who would like to own bitcoin currency. This ATM gives consumers an easy and secure method to exchange dollars for bitcoin.”
Bitcoin digital currency is being accepted by a growing number of online retailers. Overstock.com, Expedia and Tiger Direct are a few of the most recent national companies announcing they now accept payment for goods and services with bitcoin. King’s College in New York City also reports it will accept bitcoin in payment for tuition and other college expense, claiming it reduces costs compared to conventional payments.
How It Works
DOSHOST.NET’s new ATM gives users an easy way to buy bitcoin. The customer displays a QR code from his or her smartphone bitcoin wallet app. There are no cards to swipe or PIN’s to enter. The ATM scans the QR code and registers the customer’s bitcoin wallet as the destination for the transaction.
Then, the customer inserts cash into the ATM. The ATM counts the cash and presents a screen that shows the equivalent bitcoin value. With one bitcoin trading at around $565 today (June 21, 2014), a $20 purchase deposits slightly more than 0.035 BTC into the customer’s wallet.
What Is Bitcoin?
Bitcoin is a digital currency, not a physical coin or bill. It is created by a decentralized, worldwide peer-to-peer network that manages and tracks every transaction no matter where it originates. The network uses military grade cryptographic procedures to enforce security. As a result, transactions using bitcoin are extraordinarily secure. There are no PIN numbers, credit card numbers or CVV numbers to be stolen. Everything is handled through your electronic wallet that connects you to the network.
How Do I Spend Bitcoin?
Once you’ve received bitcoin, spending it (or saving it) is simple. Your wallet allows you to buy online from any vendor anywhere that accepts bitcoin. A domestic or even an international transaction typically takes only about 10 minutes to complete and be verified. During that time there are no banks or credit card companies applying fees to the transaction. In fact, the bitcoin network itself charges no fees except in the case of very small purchases – and then those fees are as little as 10 to 40 cents.
What You’ll Need
Because bitcoin is a form of currency, tax regulations apply to your ownership of bitcoin. Customers should be prepared to present a valid government-issued ID and to provide contact information including legal name, address and phone number. Using a smart phone is the easiest way to buy bitcoin, however the DOSHOST.NET ATM can scan an electronic wallet’s QR code even from a copy printed on paper.
Bitcoin ATM’s installed elsewhere may use “exchanges” at various international locations to transfer bitcoins to one’s wallet. However, this ATM draws its bitcoin payment directly from DOSHOST.NET’s electronic wallet, giving customers far superior service and compatibility with state laws.
Individuals buying bitcoin from online exchanges generally find it takes up to four days to fund a purchase and the sites require that you upload your personal information to their website, which could make your information vulnerable. Further, exchanges only accept purchases paid by wire transfer, thus adding unnecessary cost to your purchase.
For More Information …
DOSHOST.NET is a technology consulting firm that offers Bitcoin mining and consulting among its many professional services. As scheduling North Dakota’s new bitcoin ATM at locations throughout the state begins, please check our website or social media pages for a current itinerary. You can reach us directly by email and phone as well. We look forward to serving you as the bitcoin economy continues to grow, and to give you a secure and easy way to become part of it.
We are North Dakota’s first and only Online Bitcoin ATM (Physical Coming Soon). The bitcoin Virtual/Online ATM feature is made available through LocalBitcoins.com which offers many safety features for the buyer and seller. Several payment and delivery options are available through localbitcoins.com but please consider that I prefer Wells Fargo SurePay or MoneyGram for online transactions. SurePay allows instant / same day payment to other Wells Fargo & Bank of America accounts.
We will also consider bitcoin trades with USPS money order, Silver (spot+), or Gold(spot+).
Contact hours (USA CST): M-Sat, 7am-11pm
Our preference is to conduct business via localbitcoins.com but arrangements can also be made by emailing: bitcoin @ doshost . net
Localbitcoins.com detailed instructions:
1) If this is your first transaction with localbitcoins.com make sure you have transferred bitcoin to your wallet: https://localbitcoins.com/accounts/wallet/
2) Begin a buy/sell localbitcoins.com request by entering the amount you want to trade on my ad.
2) In the text box above the send trade request button add your full name, email address, mobile number, one social network public profile that matches your name, and payment option.
3) We will respond to your request within four hours.