XBTeller Launching Bitcoin ATM and Educational Kiosks in Colorado

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There’s a new bitcoin-related start-up in Colorado, and they’re hoping to start a bitcoin ATM network in America’s 38th state, beginning with a location in Aurora, a Tuesday announcement stated.

The idea: allow residents of Colorado to easily get bitcoin through the intuitive interface available on the Lamassu units XBTeller is making use of. And if they were just curious about digital currency, XBTeller is coupling their ATM with a so-called “educational kiosk” that will teach consumers the basic ins-and-outs of bitcoin.

“The Bitcoin protocol may be the most significant invention of our time – a grand experiment and global phenomenon based on free will and math; we are thrilled to be apart of it,” said Noah Berger, CEO of XBTeller.

In attempts to get the people of Denver excited about the arrival of the bitcoin ATMs, XBTeller says they’re giving away bitcoin. By hiding it.

Beginning Wednesday, July 30th, XBTeller will be providing clue via Twitter to followers as to where bitcoin paper wallets will be hidden around town. Each paper wallet, the start-up says, will be funded with between 0.1 bitcoins and 1 bitcoin.

That first location I mentioned previously is located at The Big Tomato, a hydroponics and organic center in Aurora. An XBTeller attendant will be on-site to help out.

You’re probably wondering about the cost of using such an ATM. XBTeller says they’ll be charging a flat, 5 percent commission for transactions conducted using the machine.

But it seems as if the primary goal is to get newcomers into bitcoin using educational tools.

“The majority of people haven’t heard of Bitcoin. Of those who have, many are misinformed about its purpose and potential, and only a tiny fraction actually own or use it. We aim to change that by building an experience that targets the 99 out of 100 people who don’t have a bitcoin wallet on their phone yet,” Berger added.

“I think that experience starts best with a conversation and an opportunity to ask questions. It’s hard to walk up to an ATM and feel a personal connection, so we’ve added the human back into the process.”

XBTeller– founded in January of this year — says they plan to bring additional units to Denver, Boulder, Blackhawk, and Breckenridge by the end of the year.