Bitcoin ATMs are very popular these days, as they allow the average consumer to both buy and sell Bitcoin in exchange for fiat currency. For example, the Cointelegraph recently published an article covering the Bitcoin ATMs Boom, showing where they are popping up all over the world.
ATMs and altcoins
When it comes to altcoins and ATMs however, the story is entirely different. None of the major Bitcoin ATM companies are looking into altcoin integration themselves, but as users purchase both the hardware and software package, modifications are possible.
BitcoinATM is looking to be a major player in the altcoin ATM scene. They have recently started the operation of multiple Bitcoin/Litecoin/DogeCoin two-way ATMs in Germany, and one in Brazil. In the future, we will see these machines pop up in Turkey (Istanbul) and other locations.
These devices are called ‘two-way ATMs’ is because they allow for the exchange of the aforementioned coins to Dollars/Euros, and vice versa. With the integration of both Litecoin and DogeCoin, the first steps towards altcoin ATMs have been taken.
Having the BitcoinATM devices in multiple locations will bring more cryptocurrencies into the market. On the other hand, it also strengthens the decentralization and diversification aspects of cryptocurrencies as a whole.
But these ATMs are only the first step in a long process of bringing more altcoins to the market. The next step will be for BitcoinATM to finalize their firmware and replace the OEM firmware installed on the ATMs.
Not only will this enable the addition of any approved altcoin, but it also provides interfaces and IPO for future use. One of these future uses will be the integration of these ATMs into a payment processor system. Integration with online exchanges is being looked at as well.
Security and compliance are key factors when we are talking about devices accepting and dispensing fiat currencies and cryptocurrencies. An optional fingerprint reader can be combined with 3rd party AML/KYC platforms to ensure compliance in any jurisdiction.
In order to supply cryptocurrency liquidity for your BitcoinATM, you can use an exchange (e.g. BitStamp, ANXBTC, CoinTrader), your own wallet, or even a web wallet such as BlockChain.
The crowdfund effort
In order to get more BitcoinATM devices produced and installed, there will be a crowdfunding effort: Not in the traditional way however, as coin developers and supporters can become business partners of BitcoinATM.
There are some requirements which have to be met however, in order to qualify as a business partner:
- BitcoinATM will only work with people we like and vice versa
- In order to enable cashouts to fiat currency, your coin needs to be stable and bring value to the world of cryptocurrency
- The agreement between both parties has to be assigned to an official business
In exchange, BitcoinATM business partners will receive a contract, guaranteeing your coin will be included in the portfolio of the ATMs, increased merchant acceptance and usability for your coin, getting involved in the BitcoinATM development process, and much more.
A total of 10 different altcoins will be approved during this round of crowdfunding. More details about the software structure, timetable and any other questions, can be requested through BitcoinATM directly. You can find the contact details in this BitcoinTalk thread.
Current pricing (according to the BitcoinATM website) for these devices is US$14,500 delivered. Each BitcoinATM device comes with a 13-month warranty. For a full list of hardware features, make sure to check out the BitcoinATM website.