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New BitcoinATM Unveiled

May 3, 2013 at 11:52 by Nicholas Gager

Yesterday at the Hotel Del Coronado in San Diego the first BitcoinATM was demonstrated. The ATM functions like any other ATM in regards to being able to withdraw your money in the form of the US dollar bill; however, this ATM does solve a few key and unique problems in the market.

First the ATM allows for the direct deposit of normal currency into Bitcoins; before this to get Bitcoins onto an account one had to first had to get money onto a credit or debit card and then purchase the currency from a site like Mt.Gox. Now the process has been streamlined adding to the anonymity and ease of the system.

The second problem it solves, and probably the most important, is going from Bitcoins into hard currency. Before the new ATM to acquire the actual money from Bitcoins one had to sell their Bitcoins online at sites like Mt.Gox then transfer the money to a bank account. Again this ATM only further streamlines the process making it easier and more desirable to users.

This development has the potential to raise the value of the Bitcoin to a much higher and much less volatile range because of the increased use and greater circulation of the Bitcoin.

As of 6:48 CST the value of the Bitcoin is down to $97.62 having hit a low of $79 according to Mt.Gox.

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