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BITCOIN ATM Launches in EUROPE - Is This the FUTURE for BITCOIN?
Bitcoin exchange Safello will unveil Sweden's first bitcoin ATM next week, after announcing their work on the Lamassu machine just three weeks ago.
The ATM will be on display next Monday at Stockholm's STHLM TECH Meetup -- converting users' cash into bitcoin and depositing it in their wallet addresses.
For now, the machine is operating in Safello's office while the company puts the finishing touches to its service. It will move to a more permanent location soon.
"We are in discussion with a big mall in the centre of Stockholm. We aim to cooperate with them for the first ATM deployment," said Frank Schuil, CEO and co-founder of Safello. He added:
When the company originally described their ATM, Stockholm mall Gallarian was cited as a target. Safello will be operating the ATM, which will be owned by 19-year-old bitcoin entrepreneur Ludvig Oberg, an angel investor in the company. Oberg and Safello will share revenue from the machine.
Schuil says the financial authority in Sweden sees bitcoin as a "high-risk event", requesting additional KYC (Know Your Customer)
Manufactured by Lamassu, the bitcoin ATM cost $5,000 to build (this includes the Google Nexus tablet used for its display).
Safello is moving quickly to market bitcoin. The company was founded in July, and its online trading site only went live back in August. It began promoting its plans for an ATM in mid-November.
So far, ATMs have seen great success: bringing bitcoin into the public arena in a way that wasn't possible before. Canada's first ATM, developed by US-based firm Robocoin, took over $1m in its first month of operation in a Vancouver coffee shop. europe world's first Bitcoin ATM.
On its 29th day of operation at the Waves Coffee House in Vancouver B.C., Robocoin's Bitcoin ATM exceeded $1,000,000 CAD in volume from 1,576 transactions.
Operated by Las Vegas-based Robocoin and Vancouver-based Bitcoiniacs, the ATM scans your palm and allows you to exchange cash for Bitcoin, or do the reverse. Customers can make up to $3,000 worth of Bitcoin exchanges per day. Bitcoin ATM Robocoin's transactions
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If you haven't heard of Bitcoin, it's the emerging decentralized, virtual currency gaining popularity lately in light of the FBI shutting down Silk Road, the online marketplace for illegal drugs and illicit services. Bitcoins exist only online, can be transferred right away and are not controlled by a central authority like the Federal Reserve.
Here in Seattle, a Seattle grilled cheese foodtruck is now accepting Bitcoin. Meanwhile, a university in Cyprus just announced that it is now accepting Bitcoin for tuition fees.
A number of Bitcoin investors and cryptocurrency enthusiasts have teamed up to create a "Bitcoin Black Friday," where hundreds of retailers and charities, including OkCupid, an online dating service, City Wine Cellar, Reddit and GOOD Magazine, which promotes progress, will accept the currency on Black Friday.
Bitcoins. Almost nobody knows how to buy Bitcoins. The person must buy them through a Bitcoins currency exchange company. He has no idea which ones are reliable. He risks getting into an exchange like the Silk Road, which the government shut down. He risks getting into an exchange like the one that replaced it, Sheep Marketplace, which was hit by a $100 million heist, and which shut down, leaving its users with a 100% loss. There is no way to prosecute. There is no way for a depositor to get his digital money back. He bought secrecy with respect to any police agency, so nobody can find out where his money went, and he has no legal claim against anybody