Virtual Currency Bitcoin: First Step To The Demise Of Physical Cash

07.19.13_technewsrprt_img_stories_regina-timothy_bitcoin

A cash machine accepting the virtual currency Bitcoin will be distributed globally this summer, states Lamassu, its maker. Pre-orders for this technology are expected to be placed soon and early indications are that this technology will replace physical cash within a decade.

How does this ‘virtual curreny’ work?

The Bitcoin ATM device boasts the capacity to change fiat currencies to the crypto-currency in only 15 seconds and it accepts notes from more than 200 countries worldwide. It got its first ever non-United States viewing last week at some Bitcoin event in the center of London’s financial district. Co-founder Zach Harvey, talking to CNBC, said that inquiries have been obtained from everywhere in the world.

Harvey said that they met with their Portuguese manufacturing and design team and they expect to begin accepting pre-orders within 2-3 weeks. He says that although restaurants, retail units and coffee shops are the intended device recipients, interested parties are more liable to be entrepreneurs of various sizes rather than popular conglomerates.

According to Harvey, some recipients of the device would want to have one machine in their retail business while others would prefer distributing large quantities in multiple different countries. Although there are several business makes for the machine, the basic premise is similar.

Lamassu’s virtual currency Bitcoin machine will be released in late August and dispensed to clients globally. The target wholesale cost for a single machine is $4000. Users with Bitcoin accounts could download the software to smart phones that enables them scan a matrix code on this machine while they deposit money. Pounds or dollars or even other currencies are then recognized by the machine and then your digital Bitcoin account gets credited in the process.

This device might only have the ability to accept deposits and it is still in its trial phase, but Harvey told CNBC that better and bigger advancements are on the way and an alternative product which allows consumers to make paper currency withdrawals is in the pipeline.

Media Presence Growing

The Lamassu’s Bitcoin ATM got its first ever TV appearance in May on CNBC but other ATMs have come up, as well. But, Harvey said that among the major differences between their Bitcoin machine and others is that theirs was created from scratch to become a Bitcoin kiosk while other projects are just traditional ATMs that have had some software modifications.

Alternative Currecy Could Become Mainstream

Bitcoin is a virtual, spread out currency that lets users exchange online credits for services and goods. Bitcoins can be generated online with the use of a computer to complete hard tasks, a process referred to as mining.

This alternative currency, which presently trades at just under $80 as said by bitcoinscharts.com, has had its interest fair share, and not only in the United States. Restaurants and bars accepting the currency have emerged in Berlin. London saw the establishment of its very first Bitcoin pub.

However, with increased media coverage, there has also come inspection from regulators. Non-profit association, the Bitcoin Foundation, received a letter in June from California’s financial regulator ordering a “cease and desist”. Mt. Gox, a main Bitcoin exchange has requested for a license from the FinCEN (Financial Crimes Enforcement Network), after the forced shutting down of Liberty Reserve, fellow currency exchange, which is founded in Costa Rica.

Lamassu says that any liability for regulation for the virtual currency Bitcoin machine is on the buyer instead of the company itself.

[author ]Mathew is interested in technology and finance and loves reading and writing about the different worldwide financial markets. During the day he works for Australia’s leading personal home safe manufacturer and supplier.[/author]

Share on TwitterShare on FacebookShare on LinkedInPin it on PinterestSubmit to redditSubmit to StumbleUponShare on Tumblr

Written by admin

This article has 1 comment

  1. Pingback: Virtual Currency Bitcoin: First Step To The Dem...

Leave a Reply