Though it was BTCity, a startup which was expected to install the first ever Bitcoin ATM in Dallas, it could not. Meanwhile a local entrepreneur took the company’s plans as an opportunity to speed up his timeline for getting his own ATM installed that became the first in Dallas. The BTC ATM is expected to cater the vibrant Bitcoin community in the city.
The decision by Jimmy Scott paid off well as he says that he won the race, placing the ATM order before anyone could. According to him he had ordered the ATM like a month ago and as he was slowly trying to figure out legally what he needed to do. Then he saw the BTCity article he really jumped the gun on trying to find a place to it.
Jimmy Scott who has just passed out from college started trading Bitcoins about six months ago with some savings and a gift from his mother, is now looking for bright opportunities. At the beginning he used LocalBitcoins, a website that is similar to Craig’s List for Bitcoin transactions to buy the digital currency.
With Bitcoin ATM, the Local Bitcoin Community will be at Home to Transact the Digital Currency
He was quick to realize that it can take up to a month to open an account with a larger exchange like Coinbase or Bitstamp and according to him a popular way to buy Bitcoins on LocalBitcoins was by cash deposit and he had some guys out there running fraud through his account. He says that he tried to find the safest way for people to buy and sell Bitcoins.
His enthusiasm about Bitcoin does not seem to have boundary despite the fact that the BTC ATM has only seen one transaction. Similar views are being shared by Buzzbrews owner Ernest Belmore who says that he is looking forward to his restaurant being on the cutting edge and supporting the burgeoning means of exchange.
Belmore added that he thinks that it’s a form of competition in the marketplace that will raise some eyebrows a hopefully create policy to kind of keep the other financial currency in check. According to him if it does grow and it does stick, it shows signs of doing that with the people that are supporting it and the positions they hold. Currently, Belmore is hosting the BTC ATM rent free and providing the electricity for it.
To contact the reporter of this story: Deepak Tiwari at email@example.com