Bitcoin ATM to be demonstrated at Bitcoin London

At tomorrow's Bitcoin London event, Lamassu's bitcoin ATM will be shown for the first time in a European venue.

AccessTimeIconJul 1, 2013 at 10:14 a.m. UTC
Updated Sep 10, 2021 at 11:24 a.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

At tomorrow's Bitcoin London event, a bitcoin ATM will be shown for the first time in a European venue. The machine is produced by Lamassu, who has reprogrammed its machine to accept sterling (GBP). It's said that the bitcoin machine should enter full production by the third quarter of 2013.

It is hoped that the Bitcoin Machine will become a global solution for converting fiat currencies into bitcoin. As shown in the video below, the process is intended to be far simpler than turning to online bitcoin exchanges, such as Mt. Gox. A customer brings up a QR code representing their bitcoin wallet (e.g. using the Blockchain app), enters their fiat note/bill, and then taps on the screen to confirm the transaction.

The video below shows this process being demonstrated, by Lamassu's Zach Harvey, at the Bitcoin Foundation's Bitcoin 2013 conference in San Jose in May.

According to PR Web, since the Bitcoin conference in May, Lamassu has been contacted by at least 60 potential distributors in countries including Australia, Canada, China, Cyprus, Denmark, Israel, Kenya, Libya, Switzerland, and the UK.

The appeal of a device like this is clear, as it vastly simplifies the process of buying bitcoins – i.e converting fiat currencies. It is not made clear how users will be advised as to what they will get for their money. However, careful examination of the publicity photos of the bitcoin machine does show a USD exchange rate displayed on-screen prior to a transaction. This will presumably be adjusted to show the exchange rate of the local currency for wherever a given machine is installed.

claims that the machine can accept notes from over 200 countries. The website also claims that it will convert fiat currency to bitcoin in fifteen seconds and that it is compatible with "leading exchanges such as Mt. Gox and Bitstamp". Most interestingly, the product description says it is free of licence fees, which might provide an incentive for adoption of the device as bitcoin becomes more popular.

Because of the way bitcoin works, the fifteen-second claim can only apply to the duration of the transaction with the machine. Customers will of course have to wait for blockchain confirmations for any BTC to appear in their wallet.

CoinDesk will be covering the Bitcoin London conference all day tomorrow.

Disclosure

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.


Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.