First Article on Bitcoin ATM: Here Comes the World's First Bitcoin ATM
Bitcoins, the alternative online currency that last month endured a roller-coaster ride of price fluctuations, may soon be coming to an ATM near you.
Lamassu, the startup behind a prototype Bitcoin ATM shown at New Hampshire's Liberty Forum in February, said this week that it's preparing to showcase a production model of the machine on May 17 at the Bitcoin Foundation's 2013 conference in San Jose, Calif.
The New Hampshire-based company is pitching its tabletop device as a more stable way to transfer bitcoins than doing so through strictly online services, while still promising users anonymity in their bitcoin purchasing.
"Vendors will profit both from commissions on the automatic exchange, and by accepting bitcoin at their establishment in return for goods or services. Additionally, the price point is quite low compared to legacy ATMs, so it's easy for the vendor to make the investment back," Lamassu co-founder Zach Harvey said in a statement.
Lamassu's Bitcoin ATMs accept currency notes like a vending machine and credit a customer's bitcoin account following a transaction. The machines charge a 1 percent transaction fee and require a smartphone app that presents a QR code to the ATM, designating where the bitcoin payment should be sent.
The machines themselves are about a quarter the size of standard ATMs, according to the company. Lamassu also notes that converting cash to bitcoins takes about 15 seconds using one the startup's machines—as opposed to the weeks it can take to process a bitcoin order via an online broker.The prototype ATM shown earlier this year accepted U.S. dollars in denominations up to $100. During the Liberty Forum presentation, Lamassu's machine exchanged more than $5,500 for bitcoins, which the startup noted is currently valued at about $25,000.
The production version of the Bitcoin ATM will be far more versatile than the prototype, according to Harvey.
"This compact machine can be programmed to accept any world currency, and border cities will be able to simultaneously accept multiple currencies, such as U.S. dollars, Canadian dollars and Euros. Due to the reduced size and weight of the Bitcoin Machine, it can be shipped via post or courier services to any location in the world," he said. - http://www.pcmag.com/article2/0,2817,2418496,00.asp
Digital dollars- a Bitcoin machine in operation at Nashua's Liberty ForumSecond article: Bitcoin ATM Makes Life Easier For Currency Conversion
Could the next tulip mania actually have something to do with this form of e-currency known as Bitcoin? The jury is still out on this one, and if you are one who have invested a fair amount of real world money into some Bitcoin currency, perhaps you might be interested in checking out the Bitcoin ATM. The Bitcoin ATM is basically a small computer which will take your paper notes and convert them into Bitcoin, right on the spot, doing away with all the headache of figuring out various exchange rates and the like.
How does the Bitcoin ATM work? Well, it will first prompt the users to use the machine in order to scan a QR code on their smartphone, which will then inform the ATM as to where to send the Bitcoin. Once that is done, you will have to insert real world currency notes that are then gobbled up, counted and verified, before being “exchanged” as the corresponding amount of Bitcoin to your user account. Sounds like a chore? Not really, as the entire process takes approximately 15 seconds or so to complete. The startup behind the Bitcoin ATM would be Lamassu, and they claim that this is the first of its kind in the world. So far, a production mockup of the Bitcoin ATM is available as you can see above, where it will cost approximately $5,000 with cheaper deals applicable for wholesalers. - http://www.ubergizmo.com/2013/05/bitcoin-atm-makes-life-easier-for-currency-conversion/
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