Bitcoin vs Banking [infographic]
Located in a coffee shop in the city of Mokum, a short walk from the Amsterdam Centraal railway station is a brand new Bitcoin ATM. This new addition has sparked the attention of many crypto enthusiasts, and put Mokum on the map as a city that promotes the use of Bitcoin in Amsterdam. The coffee shop Courtyard of Wise will house the machine, which will officially begin operating on April 30 during the Dutch Ethereum and Bitcoin Meetup.
The machine itself is manufactured by BTC-O-MATIC which provides delivery all across Europe. With a base price of $3,000USD, the company will deliver the machine to your door and provide set up, which is included in the price. According to the company, the machine takes only five minutes to set up. All the merchant must do is control the operator balance and complete cash collection. Furthermore, all status data is attainable from any location as long as there is a 3G and WiFi signal.
BTC-O-MATIC currently carries one model, the “BTC-001,” but will soon begin manufacturing other units of varied sizes and with additional functionality. For example, their “FlyMaster” model will be priced around $7,500USD and will have 2-way technology, meaning it can conduct both withdrawal and deposit operations. In the future they will provide machines that are adjusted for specific locations and their conditions.
Although it is not official, a few forums have stated that the ATM will be based on BitStamp’s rate and will charge a fee of 2 to 5%. Some have also shared that the machine will not require identification, unlike Bitcoin ATM’s in the United States and abroad.
BTC-O-MATIC hopes to position itself as an easy way for individuals to start a business in the large payment acceptance industry. The company provides a way for operators and their users to expand the Bitcoin marketplace. Whether you are looking to start a family business in combination with your main job or wish to increase your location revenue, a Bitcoin ATM could be a easy and low-maintenance option. The company also allows users to service their chain of machines and collect stats via the Control System. For operators on the go, the machine’s status can be monitored from the Internet and the system can also send text alerts when the ATM runs out of funds or encounters an error.
The number of ATM manufacturers has grown in the past year and many share the belief that these machines will play a large role in mainstream adoption of Bitcoin and other digital currencies. Giving users a convenient way to attain Bitcoin can drive new entrants into the market, at both the merchant and consumer level.
The BTC-O-MATIC will also be blocks away from the Bitcoin Conference 2014, to begin on May 15th at the Movenpick Hotel. Those attending the conference can meet up at Courtyard of Wise and top up their Bitcoin wallet.
The post Bitcoin ATM Pops Up in Amsterdam appeared first on Bitcoin Magazine.
