Bitcoin vs Banking [infographic]
More Bitcoin ATMs for the UK
Bitcoin now has multiple dedicated Bitcoin ATMs in London, allowing the public to buy and sell Bitcoin for cash. This makes London one of the leading cities for these machines globally.
UK Bitcoin based startup SatoshiPoint has just announced the installation of three Robocoin ATMs that will be live from Friday, May 30th. To celebrate, they are throwing a Bitcoin bash. This official launch party will be on the same Friday at Old Street Tube location Nincomsoup, starting from 6pm.
The Launch party will be in conjunction with Bitcoin POS XBTerminal, who is also crowdfunding investment through crowd funding platform BanktotheFuture.
A second launch party will be held a little later, to celebrate the opening of Bristol’s first ATM location on the the 3rd of June. The arrival of these Robocoin machines represent SatoshiPoint’s first. The company plans to import further machines, with a focus on operating full size commercial grade machines that allow the general public to both buy and sell bitcoins for physical cash in seconds quickly and simply.
Satoshi Point’s three machines will currently charge a flat 5% fee over the live bitcoin price on Bitstamp. The company has future plans to integrate with cointrader to allow for faster withdrawals.
SatoshiPoint Locations
The machines will be located at Old Street, Nincomsoup, located within Old St Tube station AKA Silicon roundabout. Also, Oxford Street Rathbone News, Rathbone Place, London W1T 1JS – Closest tube Tottenham Court Road. And, Bristol City Centre, SuperFoods 25-27 St Stephens Street, Bristol, BS1 1JX.
These are second generation Robocoin machines that include a passport scanner (a UK first) as well as biometric palm reader and driving licence reader. These security features will not be implemented from day one but are in place to future proof the machines and make sure they comply with any future regulatory requirements.
SatoshiPoint is a founding member of the UK Digital Currency Association. Managing director Jonathan James Harrison says:
“SatoshiPoint wants to take Bitcoin mainstream in 2014 and believes that Bitcoin ATMs are essential in making this a reality. Bitcoin ATMs provide a familiar and consistent way for normal people to get hold of bitcoin fast, or sell it quickly for real world physical cash.”
SatoshiPoint has been funded by its two director-shareholders Jonathan Harrison and Hassan Khoshtaghaza. The two plan to scale up quickly and roll out more machines nationwide in other major cities. Investors will soon have the opportunity to invest in Satoshipoint Ltd with either bitcoin or sterling in return for real shares in the company.
The company has been through Bank to the Future’s business crowdfunding program and is looking to raise £150,000 to fund rapid expansion. Satoshipoint has already been approved by HMRC for the Seed Enterprise Investment Scheme (SEIS) which allows private investors to offset money invested in Satoshipoint against their personal income tax or capital gains tax.
Anyone interested in attending either of the free opening party events should RSVP the organisers here. They promise to be a lot of fun for all to mark this momentous occasion.
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