BitcoinBusiness & Finance

An Entrepreneur’s Journey From Selling Smoothies for Bitcoin to Bitcoin ATMs

Powered by blockchain technology, Vault Logic designs and deploys multi-use kiosks that are specifically built for the people who are on the cash system but don’t trust banks. Vault Logic’s ATMs offers a variety of money services payment options including, bill payment, cash checks and send gift cards to name a few. Furthermore, these ATMs are designed to introduce more people to cryptocurrency ecosystem by offering low cost, time saving and effortless experience.

I sold smoothies for bitcoin at a campground, which was a big libertarian gathering in the woods of New Hampshire, called ‘Porcupine Freedom Festival

Douglas Scribner, the co-founder of Vault Logic talked to BlockPublisher about his background and how he was introduced to bitcoin, he stated;

“I grew up in Minnesota and was interested in video production and Arts but I joined the Air Force and later got a degree in psychology. I was always fascinated with technology, what it could do and the possibilities that it could bring us. I discovered bitcoin around 2010 through a podcast and they were talking about the concept behind bitcoin that really fascinated me and bought small amount of bitcoin later in 2011 at $3.50”.

He also talked about how early he envisioned the success of bitcoin as he sold smoothies for bitcoin and also started a video streaming platform, that used to take bitcoin as payment method.

“I sold smoothies for bitcoin at a campground, which was a big libertarian gathering in the woods of New Hampshire called ‘Porcupine Freedom Festival. I left that festival in 2012 but I met Roger Ver, Erik Voorhees and Charlie Shrem there. My background to some extent is technology and since I was interested in video production and YouTube was becoming huge at that time, I thought of building a video streaming platform and came up with my first project called ‘Watch My Bit’. ‘Watch My Bit’ takes micro payments in bitcoin and the users can use the platform to launch videos and artists is able to get 75% of the revenue, which is way more than the 6% that YouTube gives. Watch my Bit couldn’t get enough user base because we were too early in this space and in 2017, the bitcoin mining price started to go and we had to put this into hibernation”.

Douglas told us how he came up with idea behind Vault Logic after experiencing a very low quality bitcoin ATM, and said;

“Then I came across a bitcoin ATM and realized the machine was not good at all. The bitcoin ATMs were just windows-based, coupled by a terrible customer support. After a while, I was introduced to a my current business partner and now a friend, who had an amazing idea about to build an ATM network like no other bitcoin or regular legacy ATM machine. We implemented those ideas and now the machine does amazing things today and we are getting some great attention at this point”.

While talking to BlockPublisher, Douglas also shed some light on the current international attraction Vault Logic’s new and advanced kiosks are getting in international conferences, and stated;

“We currently have 8 working machines, currently we are beta testing our latest and very advanced one. The machines are installed at high-profile bitcoin friendly places like the Atlanta Bitcoin Embassy, Jeffrey Tucker’s place. Then there is one in Minneapolis, Wisconsin, Utah, San Francisco, LA ,San Diego, Vegas and we also have one in San Pedro at the Cryptospace. Our brand new Kiosk that is also our actual production model, debuted at the Miami Bitcoin conference”.

“We had a machine at CES and it was quite a hit, in-fact we came in 2nd place. CES was a huge success as our pitch of our ATM came in 2nd place and it is really making some headway. At CES. we also met many people who wants to place our machines in other countries like Mexico, Australia, France, Germany, Dubai and Canada. We have got lots of international interest and what we think will be for international deployments, is probably some sort of a joint partnership with a deployer or maybe some sort of a license holder who can then resell and deploy these machines in their country, since they have better understanding of the regulations and laws of their own country than us”.

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Hassaan Malik

Co-founder of BlockPublisher, Hassaan is a technologist at heart with a keen interest in blockchain. Email: hassaan@blockpublisher.com

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