London Conference, true to its promise seems to be bringing some positive news for Bitcoin supporters. A report claims that startup Lamassu Bitcoin Ventures will be simplifying the process of Bitcoin conversion with the introduction of its Bitcoin ATM. Showing the prototype of its tabletop-sized ATM at the Bitcoin London Conference; the organization claims that with it customers can convert fiat currency to Bitcoin in 15 seconds.
Certain Limitations Still There
However, there will be a limitation for the process as it will accept only cash i.e. there would not be card payment – it is being avoided to rule out bank related issues. Best part with the Bitcoin ATM is that there would not be any requirement for the bank’s approval; rather, a person can start running them using some cash.
Critics however argue that it is though a welcome step; there should also be an option to convert Bitcoin to cash which in fact is missing here. Also, it is a non-internet based exchange service and there would be hardships accessing them easily.
Advantages Associated With the Bitcoin ATM
Another positive aspect associated with this Bitcoin ATM is that it supports multiple currencies and upon depositing the fiat currency, the machine will automatically deliver an appropriate amount of Bitcoins to the address linked to the scanned QR code. Josh Harvey, co-founder of the organization that brings the Bitcoin ATM says that it hardly takes more than twenty minutes for the process.
Lamassu is aiming to spread the popularity of Bitcoin ATM around the world and for that it will be producing them in the mass scale from the month of August. The company also states that it would not be taking any commission from the currency exchange; rather, it will generate revenue through hardware units which cost $4,000-$5,000 apiece.