Montreal, Canada has received their first bitcoin ATM, slated to be unveiled this morning at the Montreal Bitcoin Embassy. Built by BitAccess, this ATM will allow enthusiasts and those curious to insert some traditional cash in exchange for digital money, and vice-versa.
“What it really is, is a bitcoin vending machine. It buys bitcoins and it sells bitcoins,” said Fadi Azouz of Vx5 Technologies, who purchased the ATM.
It’s all part of Azouz’s plan to bring 10 BitAccess ATM kiosks to the market this year alone, with plans to bring ATMs to places like Dubai, Caracas, Manila, and Beirut.
“This year alone, there are hundreds of bitcoin ATMs that are going to begin hitting the world market,” said Azouz. “We’re just another player.”
And he’s right. A number of other companies around the world are racing to buy ATMs from manufacturers like Lamassu and Robocoin and get them installed in high-traffic locations. The process isn’t easy though. Often requiring money-transmitting licenses, there are a number of hoops a bitcoin ATM operator must jump through to get the ball rolling.
It’s all in attempts of making bitcoin easier to acquire, with the operator earning money through fees of between 3-to-5 percent per transaction done on the ATM.
“I really started to look into this whole bitcoin ATM thing because when I first bought my own bitcoins, I had a bit of a hard time,” Azouz said. “I started to say, ‘There has to be an easier way.’”
Azouz’s BitAccess rig is tapped into multiple bitcoin exchanges in order to provide users with the best pricing per bitcoin. Users aren’t forced to buy whole units, though. They may elect to purchase portions of a bitcoin, as each unit is divisible up to 100 million times.
If you’re in the Montreal area, the device can be seen at 3485 St-Laurent Blvd. (via Montreal Gazette)