Chicago Gets Its First Bitcoin ATM at Lakeview

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El Banco Central de Bolivia bans all Digital Currencies, Including Bitcoin
El Banco Central de Bolivia bans all Digital Currencies, Including Bitcoin

El Banco Central de Bolivia bans all Digital Currencies, Including Bitcoin

The Bitcoin ATM wave has now reached Chicago as the city’s first BTC ATM debuted in Lakeview over the weekend at Cassava Bread. The owner, Jorge Flores, believes that using the Bitcoin machine doesn’t really cost anything. In fact, he says that it is cheaper than most credit cards and that he expects that it will become popular soon.

Close to a dozen countries have installed Bitcoin ATMs at various locations and the US has several cities that have them installed. Most of them serve the customers successfully and this one at Chicago is expected to do its job well. Installed strategically at Jorge Flores’ café, which has been accepting the digital currency for quite some time, it will help grow the business.

Jorge Flores is running a gluten-free café and considers Bitcoin the most promising innovation of recent times. He says that since he started accepting the digital currency for his products it constitutes 1-2 percent of his revenue. With a Bitcoin ATM at the premises, more customers are likely to use Bitcoin in transactions.

Midwest Bitcoin, the Indiana-based company that designs Bitcoin ATMs, is the brains behind the installation at Cassava. According to Rod Baradaran, Midwest Bitcoin’s chief operating officer, it’s mutually beneficial for his company because he’s in a great location in Chicago.

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Lower Charges and Convenient Transactions

There won’t be exorbitant charges for the customers, says Rod Baradaran, as according to him, the customers who use the ATM are charged a 5-percent fee that covers any exchange fees incurred by Midwest Bitcoin, and helps the company turn a profit. He says that the benefit to paying the fee is customers can convert cash to Bitcoins or vice versa in as little as 60 seconds.

Baradaran says that BTC ATM would attract customers as it’s not just about lower fees but also about convenience. He chose the café as according to him it has strategic location in the city and has huge footfall. His company hopes to install 15 more of its machines throughout the Midwest and on the East Coast in coming months.

Unlike the traditional ATMs which are opened for public round the clock, there are some time restrictions in Bitcoin ATM in Chicago as here people can access it inside Cassava Bread from 11 a.m.-8 p.m. weekdays and 10 a.m.-7 p.m. Saturdays and Sundays.

To contact the reporter of this story: Deepak Tiwari at deepak@forexminute.com