The race to produce commercial bitcoin ATMs is heating up. A group of entrepreneurs is set to showcase one this week.
, a machine that lets people buy and sell bitcoins, will be demonstrated at the Bitcoin 2013 conference this weekend.
The machine lets users insert dollars and then retrieve bitcoins by scanning a QR code with their bitcoin address. Alternatively, the Mt. Gox-linked device enables customers to redeem bitcoins for US dollars by scanning an address displayed on the kiosk's screen with their mobile wallet. They can then scan a receipt printed by the kiosk to collect the money. However, transaction processing for bitcoin sales can take around ten minutes, the web site says.
This isn't the only bitcoin ATM project out there. Coindesk previously reported on Bitcoin ATM, which was supposed to roll out in locations including San Diego, and Cyprus. However, co-founder Jeff Berwick publicly and acrimoniously split with the project, and its web site and Facebook page hasn't been updated in two weeks.
Then, there's Lamassu, a smaller ATM device designed to let users buy bitcoins with physical currency.
Which one will make it out of the gate and onto the street first?
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.