Bitcoin ATMs Hit the Market

February 17, 2014, Written By Bill Hardekopf

The cyber currency Bitcoin is getting a real-world face lift, thanks to the work of LocalBitcoins. The company announced on their blog that they have sent out the first wave of Bitcoins ATMs to five locations in Helsinki, Finland.

The new automated teller machines allow users to trade Bitcoins for real money. The ATMs can be programmed to support one of 100 different currencies.

Bitcoin users can simply enter a code to access their account, and then they can load or withdraw money like they would through a traditional ATM.

The pilot group of LocalBitcoins ATMs will test the public’s receptiveness to the technology. If everything goes well, the machines could soon make their way into other parts of Europe and the world.

Each machine costs 1990 Euros, and LocalBitcoins offers a full refund for any problems found with their ATMs.

Businesses that utilize the Bitcoins ATM have a chance to earn money from each transaction because they set the premiums for the devices. LocalBitcoins charges 1% per transaction to the business.

There is no telling how successful this project will be, but it does show another connection between the digital world and reality. As Bitcoins continue to grow in success, ATMs like this may one day be available to all retail stores and banks around the world.



The information contained within this article was accurate as of February 17, 2014. For up-to-date
information on any of the terms, cards or offers mentioned above, visit the issuer's website.


About Bill Hardekopf

Bill Hardekopf is the CEO of LowCards.com and covers the credit card industry from all perspectives. Bill has been involved with personal finance for over 15 years. He is a frequent contributor to Forbes, The Street and The Christian Science Monitor.
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