LocalBitcoins coming up with its own Bitcoin ATM
LocalBitcoins has just announced the production of LocalBitcoins ATM, where local bitcoiners would be able to buy and sell Bitcoins without the need of locating another bitcoiner for a trade. The ATM costs almost half of that of the cheapest model currently available on the market with its innovative design of not requiring an internet connection to function.
Users can easily trade Bitcoins at LocalBitcoins ATM using a LocalBitcoins wallet. Instead of connecting to user’s phone, LocalBitcoins ATM will generate a redeemable code for Bitcoins which can be used on LocalBitcoins.com. These ATMs will support over 100 different currencies and the bank note recycler will help to reduce maintenance needs for the machine. LocalBitcoins will take a 1% cut from the transactions, and the operator can specify the premiums to control their own profits.
The video below shows how the AtM operates.
The first batch of five ATMS will be installed near Helsinki, Finland area, and the next batch of machines will be a much larger batch. LocalBitcoins did mention that these ATMs are experimental and is committed to offer a full refund when there are problems found. Pricing for the first batch model is EUR1990 + VAT, and operators who ordered the first batch will receive a 70% discount on their next device when there is an upgrade.