LocalBitcoins Announces New Bitcoin ATM Hardware - From The CoinFront

Bitcoin ATMs are commonplace now. For a while, they were exciting news as the first Bitcoin ATMs popped up in places like South Africa, Philippines, Victoria BC, and Dubai

But now, with over 200 Bitcoin ATMs worldwide, it’s just not exciting news anymore.

What is exciting, though, is new ways to look at Bitcoin ATMs. In-depth examinations, discussions with the people who operate them, and how companies are rethinking the Bitcoin ATM business.

Related: The CoinFront’s Video Interview With Bitcoin ATM Operators Bumblebee Exchange

LocalBitcoins, which was until the birth of the Bitcoin ATM one of the only ways to get your hands on bitcoins in person, has announced a new Bitcoin ATM program.

How Does It Work?

LocalBitcoins’ atms are a far more stripped down model, looking like something out of the 1970′s rather than the slick Bitaccess or Robocoin machines you may be used to.

To buy bitcoins, you feed the machine money. Then, pressing the * key on the keypad prints you a QR code.

Read the QR code with your phone. It will take you to LocalBitcoins.com, where you can use the funds you put into the ATM to purchase bitcoins.

To sell Bitcoins, log in to the ATM’s website. Next, select the amount you wish to sell and press “withdraw”. It will then give you a code which you must type into the machine’s interface using the keypad. From there, the machine will feed you the amount you chose to withdraw.

For a full demonstration, watch the video below.

They are priced at 1500 eur, can hold up to 300 bank notes at a time, and can dispense up to 30 at a time, supporting a number of different global currencies.The machines charge a 1% fee, which goes to LocalBitcoins. Operators can also make a profit on the spread.

How Useful Is This?

For those who commonly use LocalBitcoins, these machines could be a useful device. However, for those who live in cities where Bitcoin ATMs have already been established, these machines seem outdated.

To order your own machine, fill out the LocalBitcoins ATM order form here.

LocalBitcoins Announces New Bitcoin ATM Hardware