Could the next tulip mania actually have something to do with this form of e-currency known as Bitcoin? The jury is still out on this one, and if you are one who have invested a fair amount of real world money into some Bitcoin currency, perhaps you might be interested in checking out the Bitcoin ATM. The Bitcoin ATM is basically a small computer which will take your paper notes and convert them into Bitcoin, right on the spot, doing away with all the headache of figuring out various exchange rates and the like.
How does the Bitcoin ATM work? Well, it will first prompt the users to use the machine in order to scan a QR code on their smartphone, which will then inform the ATM as to where to send the Bitcoin. Once that is done, you will have to insert real world currency notes that are then gobbled up, counted and verified, before being “exchanged” as the corresponding amount of Bitcoin to your user account. Sounds like a chore? Not really, as the entire process takes approximately 15 seconds or so to complete. The startup behind the Bitcoin ATM would be Lamassu, and they claim that this is the first of its kind in the world. So far, a production mockup of the Bitcoin ATM is available as you can see above, where it will cost approximately $5,000 with cheaper deals applicable for wholesalers.RELATED