New Zealand’s first Bitcoin ATMs were unveiled in Auckland, which allow the locals to purchase the virtual currency in cash.
The two ATMs were launched by a local company called Bitto NZ. According to Bitto co-founder Jonathan Ewing, the machines were manufactured by Lammasu, a Portuguese firm and they are part of the 120 ATMs currently active across the world.
The machines are not the “fixed-on-the wall” type of ATMs and will be provided only by appointment or used in events, according to Ewing. The machines can only allow users to purchase Bitcoin using cash, but will not facilitate withdrawal of the New Zealand dollars or allow users to sell the Bitcoin.
Ewing said the move was motivated by the urge to encourage more people to use Bitcoins.
“We don’t want to see them cash-out. There are other methods and ways for them to do that and we can point people in the right direction but we’re all about helping people get into Bitcoin.”
Users will buy bitcoins by loading a QR code of their respective Bitcoin wallet and then inserting cash into the machine.
“Using the machine, you will immediately receive the funds in Bitcoin 30 seconds later, with an up to 10 minute confirmation time,” he said.
According to The New Zealand Herald, 8 ATMs will be rolled out in New Zealand; two in Wellington and six in Auckland. One of them will be a machine that will allow users to buy and sell Bitcoins, i.e. a “two-way” ATM.
To contact the reporter of this story; Deepak Tiwari at Deepak@forexminute.com