Monday, February 17, 2014

Introducing the LocalBitcoins ATM

The Bitcoin ATM was succesfully used in
the Helsinki Bitcoin meetup to buy beer
We are happy to announce the first production batch of LocalBitcoins ATM's. The ATM allows both buying and selling BTC, and the cost is about half of that the cheapest model currently on the market. It also doesn't require internet connection by default, which makes it more robust and cost-effective than the competiting models.

You can easily buy and sell bitcoins from LocalBitcoins ATM using your LocalBitcoins wallet. When you buy, the machine generates a redeemable code for the fiat currency amount the user puts in. This code can be redeemed for bitcoins on LocalBitcoins.com with the floating rate specified per-ATM.

Selling is almost as simple: an user loads bitcoins to the LocalBitcoins wallet, goes to the ATM url. After that the user can specify, how much fiat he wants to withdraw. After submitting the sell request, the user gets deposit code for the specified fiat amount. Then the user inputs the code to the ATM, and the machine outputs the specified amount cash.

The ATM can be programmed to support over 100 different currencies. Very beneficial is the bank note recycler, which reduces maintenance needs for the machine.

The operator of the machine can specify the premiums, and therefore earn profit by the ATM usage. LocalBitcoins charges 1% fee from the transactions. LocalBitcoins itself doesn't operate the machines, but the LocalBitcoins traders.

The initial batch will be 5 pieces, for operated near Helsinki, Finland area only. The next batch after that will be considerably larger. The price for the first batch model is 1990 EUR + VAT. As these ATM's are experimental, LocalBitcoins will commit to a full refund when problems are found and the ATM is returned. Also the first batch orderers get 70% discount from the next batch if they return the first model.

Do you want to be a pioneer, and be the first to profit from the badly needed bitcoin liquidity injection? Send us a request using this form. If you are able to operate the ATM in Finland, or in nearby cities to Helsinki (Tallinn, Stockholm), you can be part of the initial 5 piece batch.
The first model of ATM is so small, that it can easily be transfered even in a metro
The concept was originally developed by bitcoinkiosk.com. LocalBitcoins.com bought the whole package in December 2013, and plans to mass-produce these ATM's at large scale. See the original video of operation (the current model includes a receipt printer, however).

Press enquiries: team@localbitcoins.com
Want to be an ATM operator? Fill the form here.

24 comments:

  1. One misconception: the machine allows input in any denomination, while output is restricted to one denomination.

    ReplyDelete
    Replies
    1. is that 1 output denomination at a time? or 1 output denomination full stop?

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    2. Let's say the output is programmed for 20 USD. Then you can withdraw any multiple of 20 USD, up to 30*20 = 500 USD.

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    3. possibility to limit input denomination same as the output could be useful for less maintenance of remote installation.

      Any chance to allow others lbtc sellers to sell their bitcoins trough my ATM asking them a fee?

      (30*20=500 because missing 100 are your tip? :)

      Delete
    4. Err, miscalculation. 20*30=600 naturally :)

      I think limiting input currencies should be fairly easy to program.

      Selling others dealers btc is an interesting idea, but not probably priority right now.

      Delete
  2. Hello ppl bitcoin ppl. Most of what I am afraid is banks monopoly to give out a cash. Did someone research a legislation in EU and UK to operate such ATMs? Buying a bitcoins is a kind of vending machine, but selling may be strictly regulated.

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  3. What about currency recognition? Can it except USD or Euro and spit out USD or Euro? Only using those two as an example.

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  4. Selling other people's coins would make you a money transmitter

    Also my question was meaning if one user wants Euro and the next user wants USD will the machine be able to dispense these?

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    Replies
    1. Are you sure this is valid in every countries?

      Delete
  5. YEs i think using it as a vending machine is the way to go!

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  6. Would you like to test one in the States or Canada?

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  7. How about Sellers? Where will they be coming from? LocalBitcoins? How will prices be determined?

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    Replies
    1. The sellers/operators of machines will naturally be LocalBitcoins traders. Eg. if you have traded for a while, you can easily spot the places with most demand, and put one of these there.

      Delete
  8. Boleh kah saya membeli bitcoin dengan mengunakan wang dari account virtapay saya

    ReplyDelete
  9. "Bitcoin ATM machine currency has only been around for many years and has already gained praises ."

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  10. I hope to see one in Riga soon :)

    ReplyDelete
  11. . The Bitcoin currency value is determined by an algorithm, and everything is transparent for everyone involved, so no one has any surprises Bitcoin live charts

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  12. If it’s question about money then the next question is security, which you are going to get Bitcoin atm card. This anonymous card is acceptable for online shopping as well and it is working all over the world including Africa, Asia, USA or any country.

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  13. Hi ,
    Selling other people's coins would make you a money transmitter

    Also my question was meaning if one user wants Euro and the next user wants USD will the machine be able to dispense these?


    bitcoin development

    ReplyDelete
  14. I reading your blog this blog is amazing & your blog aboutBitcoin is excellent thanks for sharing this interesting blog. Bitcoin atm card

    ReplyDelete
  15. Great information shared here. PBH Canada provides merchant services like credit and debit card processing, merchant account, virtual terminal with real-time reporting feature in Canada. Thanks for sharing.

    ReplyDelete
  16. Bitcoin this currency is far more considerable, it deeper entered in life of people. We can look it on mining-profit. And its cost grows constantly.

    ReplyDelete

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