Bitcoin marketplace LocalBitcoins. The Helsinki-based company said the machine can perform two-way conversions between bitcoin and fiat currency. Of course there are existing companies but our model is much more cost-effective. The LocalBitcoins machine will also obtain its conversion rates differently from existing two-way machines.
A Robocoin ATM, for example, takes its rates from a large exchange like Bitstamp through an internet connection. Customers buying bitcoin through the ATM, for example, would deposit cash in the machine and receive a redeemable code. The customer would then enter this code on LocalBitcoins.
Customers selling bitcoin would transfer coins into a LocalBitcoins wallet and specify the amount of fiat currency they wish to withdraw. This would then generate a redeemable code which can be inputted into the ATM — the machine would then produce the cash. Kangas said he expected the machines to be a hit among active LocalBitcoin traders:.
We can distribute ATMs to our traders. Many will be interested. We have traders in at least countries. Retrieved 19 February The Boston Globe. History Economics Legal status. Money portal. List of bitcoin companies List of bitcoin forks List of bitcoin organizations List of people in blockchain technology. Bitcoin Unlimited. Bitcoin Cash Bitcoin Gold. BTC-e Mt. Gox QuadrigaCX. Bitcoin scalability problem History of bitcoin cryptocurrency crash Bitcoin bomb threats Twitter bitcoin scam.
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