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.
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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?