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 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 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:
Want to be an ATM operator? Fill the form here.