I think by creating a Bitcoin savings account only, people can use an ATM to invest in Bitcoins without being able to spend them.


1. Customer uses a smartphone to setup an account and password based on cryptography with a special app that also sends a copy of account information to email and 2FA verification.

2. Customer puts local currency into ATM

3. Customer uses app to set up a multisig transaction (optional) with a nLockTime set for 1 year like a Certificate of Deposit.

4. Customer receives an encrypted signature key electronically and a hardcopy as a receipt.

5. Customer may withdraw whatever that Bitcoin amount is worth minus a small fee by inserting the hardcopy (or a oopy) or use the app.

Note: The customer may wish for the price of Bitcoin to be higher than when secured.


Obviously the ATM company would not even be in the Bitcoin business except by collecting fees and reinvesting like a bank.

edit:
I think the option of an nLockTime that sends the Bitcoins to the account holder would help ensure that if the ATM business folds, the transactions are not lost. The accounts cannot be transmitted any farther that the ATM business allows. They would probably also require ID to set up an account for AML conformity.