New Zealand's first Bitcoin ATMs have been revealed, and residents will finally be able to purchase bitcoins with cash. Bitto NZ is the company that owns the two ATMs revealed in Auckland this past April. Jonathan Ewing is the co-founder of Bitto. He said that the machines were made by acclaimed Portuguese firm Lamassu. On a global scale, there are 120 Lamassu Bitcoin ATMs in use.
Lamassu is the ultimate Bitcoin machine. To use it, all you have to do is scan your Bitcoin QR code and insert the cash. The ATM supports leading exchanges, price feeds, and wallets, it is simple to use, and audited by leading security experts. Available by appointment or at important events, the machines are not your average type of "hole-in-the-wall" type of ATM. They're more like "one-way" ATMs that permit users to purchase bitcoins with cash. However, you won't be able to sell bitcoins or withdraw cash.
Bitto offers crypto currency solutions to people who want to invest in, pay or earn bitcoins in New Zealand. The company sells, buys and mines Bitcoin, and they're committed to brokering any type of transaction. Bitto prides itself for opening the first Bitcoin ATMs in the country, and together with their sister company Tibno, they want to develop highly-functional ways of investing, managing, and trading bitcoins for New Zealanders. Bitto's goal is to make transactions via Bitcoin simple, fun, and intuitive.
The goal of the Bitcoin ATMs is to encourage people to find out more about the digital currency. Co-founder of Bitto, Jonathan Ewing, says:
"The Bitcoin ATMs are meant to encourage people to get involved with the Bitcoin eco-system. We don’t want to see them cash-out."
To use the machines, people will have to scan their Bitcoin wallet's QR code, but only after they've entered cash in the ATM. The funds in Bitcoin will be available in as little as 30 seconds. Confirmation time may take up to 10 minutes though.
More Bitcoin ATMs are coming
The New Zealand Herald, one of the country's most successful and broadly-based media companies, mentioned that 8 more Bitcoin ATMs will be revealed pretty soon. Rumor has it that 6 machines will be available in Auckland, and 2 in Wellington. Apparently, one of the machines will be a "two-way" ATM. This means people will be able to purchase and cash out bitcoins.
These Bitcoin ATMs are meant to raise awareness of Bitcoin in New Zealand. Furthermore, the machines will help people understand the prominent uses of crypto currency. Bitcoin is an exchange form, a payment system or a digital currency detached from any physical commodity, country, or government. Bitcoins are stored and transferred between encrypted digital wallets, and payments work peer-to-peer, devoid of an administrator or central repository.
New Zealand has started to accept the Bitcoin, and increasingly more companies have expressed their willingness to understand its great value. 2Talk, a small telecommunication company in NZ, is the first company in the local telecommunication industry to allow Bitcoin as payment mode. Using the crypto currency as a means to pay for services is a lot easier with Bitcoin because it simplifies the payment process.