London to Get its First Ever Bitcoin ATM

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London Gets its First Ever Bitcoin ATM
London Gets its First Ever Bitcoin ATM

London Gets its First Ever Bitcoin ATM

Bitcoin is here for a long stay. Mt. Gox collapse does not mean much for the digital currency as it is moving from strength to strength and reaching to new levels. Now, the city of London will receive its first ever Bitcoin ATM within a couple of weeks. Earlier, the city got a walk-in service for Bitcoin purchases brought in by Azteco, London’s very first BTC voucher shop.

ForexMinute so far has reported that the outlets that have started accepting Bitcoins have gone up in the last one year as café houses, bars, taxi operators; colleges, art houses, etc. have started accepting Bitcoin as payment. Several cities like Singapore, Vancouver, etc. have got Bitcoin ATMs as well. It all shows that the digital currency is reaching to new areas and new segment of customers.

The latest addition of London in the list of Bitcoin ATM hosts is encouraging. Now, the latest Bitcoin ATM at the trendy Shoreditch bar, the cafe as well as exhibitions, events and a shop which is operated by Jaguar Shoes, an arts collective that has been accepting Bitcoin payments for its products since July last year, according to locals will get a lot of footfalls.

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The UK Has a Lot of Scope for Bitcoin ATM, Says the Owner of Future Coins
Owned by Future Coins, the Bitcoin ATM takes the Bitcoin operations to a new level.

According to Joel Raziel, entrepreneur and director of Future Coins he was intrigued when he first saw a Bitcoin ATM on display at a conference and was shocked to find that none had appeared in London. When he contacted the manufacture, Lammasu, he realized that there was a lot of scope in it.

Currently, there are no exchange partners for Future Coins; however, the ATM manufacturer will be rolling out this option soon. If Joel Raziel is to be believed he said that for the time being his company is having to preload the machine with coins, which puts us at risk of currency fluctuations. Raziel says that to adjust the cost, the customers are being charged an 8% commission to use the ATM.

However, Raziel has promised that his company will lower the charges once it has linked the ATM to an exchange. The company currently trying to protect itself from fluctuations with the commission it is levying on customers.

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