Latin America to Have Its First BTC ATM Soon

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Latin America to Have Its First BTC ATM Soon
Latin America to Have Its First BTC ATM Soon

Latin America to Have Its First BTC ATM Soon

Though Bitcoin recently received a lot of flak from the governments of China, India, Finland, Canada and several others, it is rising through its natural pace and reaching new heights. The new region that is going to give impetus to Bitcoin is South America. According to local news sources in South America, the first Bitcoin ATM will be up soon.

The news is that the first ever BTC ATM in South America will come up in Brazil. It will be unveiled in the largest technology and innovation event going to be held next week. According to reports, the ATM that will be in operation at Campus Party in São Paulo, and was imported by Brazilian company Mercado Bitcoin at a cost of $10,000.
The BTC ATM was developed by Lamassu

Nonetheless, $10,000 which is the equivalent of 11.5 Bitcoins is the actual price of the BTC ATM, was designed and manufactured in Portugal by Lamassu. According to the company sources, the BTC ATM is a mix of conventional ATM and vending machines. Thus, here customers would be able to put in normal currency and receive Bitcoins back via a mobile phone app.

Customers will need to use a QR code that is scanned by the equipment to get Bitcoin. Nevertheless, currently, only Brazilian reais will be accepted by the equipment and the transaction fee charged by Mercado Bitcoin is set at 2.5 percent. Thus, efforts are being made to keep the charges lower than what customers pay at PayPal.

According to the company sources, thousands of people are expected to attend the week-long tech fest; however, it says that the initiative is expected to increase awareness and reach of Bitcoin to new people. It also clarifies that it does not have an approximate figure of how many people might use the machine; however, it is optimistic about the ATM.

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Some More BTC ATMs to Come Up Soon

Rodrigo Batista, chief executive at Mercado Bitcoin, talking to media people said that his company hopes that the machine will pay itself by the end of this year, but it still has no references around the number of transactions it will generate. Nonetheless, Mercado Bitcoin will also be installing BTC ATMs at other places in the continent.

However, the company clears that currently, the next location of the equipment is still unknown. According to several sources, some other BTC ATMs may come up at São Paulo’s financial centers.

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