A Bitcoin ATM capable of gobbling up currency from over 200 countries and converting it instantly to the virtual currency is expected to hit the public this quarter, potentially shifting Bitcoins themselves into the mainstream.The machine, made by Lamassu, can switch physical to digital cash in fifteen seconds, the manufacturer claims, simply scanning in a QR code linked to a Bitcoin account and then sucking in a bill to add to it.An exact indication of how many Bitcoins the cash will get you is flashed up on the display before the transaction is completed.In the case of the video below, showing the Lamassu machine in action at Bitcoin 2013, that’s in US dollars.Lamassu says it will work with the Mt.Gox and Bitstamp exchanges, among others.As for the physical money – which, despite Bitcoin’s best efforts, still has appeal to some people – that’s stored safely away in a “steel vault” inside, bolted to whatever solid chunk of masonry is nearby.The overall ATM is sized to fit on a table-top, though can also be wall-mounted.

Lamassu says that, since it first unveiled the ATM, its had inquiries about potential deployment from potential customers in China, Canada, Libya, Cyprus, Kenya, Israel, the United Kingdom, Australia, Denmark, and Switzerland.The machine is expected to go into production this quarter, though it’s unclear how quickly it will actually show up in public.Bitcoins are gaining notoriety, though mainstream awareness of the virtual currency is still lacking.Machines like the Lamassu ATM could well help raise its profile – and its perceived legitimacy – though regulators are still distrustful.In fact, as the Bitcoin Foundation noted back in March, the US Financial Crimes Enforcement Network (FinCEN) has cooked up tough regulations around ATM-style machines that convert traditional currency and Bitcoins.As Lamassu founder Zach Harvey told Wired UK at the time, “it’s pretty much impossible to comply with the regulations” pointing out that instead of trying to operate the machine itself, he would sell it to others who might fare better with the rules.

by Tyler Durden Submitted by Michael Krieger of Liberty Blitzkrieg blog, The Bitcoin ATM has Arrived... Here’s How it Works The more I learn about Bitcoin, the more I support it.In fact, the only donations we accept on this site are Bitcoin donations.As I mentioned in a post late last summer, I think it represents another way to fight back against the current repressive and immoral monetary system that has a strangle hold on the planet. (the extremely popular blogging platform and 22nd most popular site on the internet), decided to accept Bitcoin as payment last November the value of Bitcoins versus the U.S.dollar has more than doubled.The esoteric crypto-currency continues to gain popularity and technologies to make it even more user friendly are popping up all over the place.The latest is the Bitcoin ATM, which could be a serious game changer for adoption.From CNET: NASHUA, N.H.— Zach Harvey has an ambitious plan to accelerate adoption of the Internet’s favorite alternative currency: installing in thousands of bars, restaurants, and grocery stores ATMs that will let you buy Bitcoins anonymously.

It’s the opposite of a traditional automated teller that dispenses currency.Instead, these Bitcoin ATMs will accept dollar bills — using the same validation mechanism as vending machines — and instantly convert the amount to Bitcoins and deposit the result in your account.Harvey and Matt Whitlock are partners in a New Hampshire-based venture, Lamassu Bitcoin Advisors, that’s hoping to commercialize the ATM by selling to retail businesses, especially ones that also want to accept the decentralized alternative currency from customers.ethereum trade graphUnlike modern currency, which can be brought into existence at the whim of politicians or a central bank, leading to each note being devalued, the number of Bitcoins is governed by predictable mathematical algorithms.the bitcoin bible free downloadThat’s made Bitcoin popular among libertarians and other activists skeptical of the Federal Reserve; the Free State Project accepts payment for its summer festival in Bitcoins, for instance.bitcoin requested work update

dollar has lost 96 percent of its value over the last century because of cumulative year-over-year inflation, according to federal government data.)To obtain Bitcoins, people use an iPhone app like Blockchain or Android‘s BitcoinSpinner to show the ATM a QR code with their desired address for payments.After they insert a dollar bill (denominations up to $100 are accepted), the ATM automatically credits their Bitcoin account with the proceeds.There’s a 1 percent transaction fee.Our 13-year-old daughter just returned home from a two-week exchange program in France.She had the time of her life.But the surprising difficulty we had with money and banks got me thinking, once again, about the huge potential of crypto-currencies.Several months ago, our daughter told us she would need a bank-issued debit card for her trip.Other friends, however, said a prepaid Visa or MasterCard, purchased at CVS or Walgreen’s, would work just as well.I made some jokes about traveler’s checks — so old-school — and assumed our friends were correct.

So a couple days before her trip I loaded prepaid Visa and American Express cards with several hundred dollars.But when I got home, I realized that despite my attempt to read the fine print at the store, the cards might not work internationally.My wife did a little more research and found that “Green Dot” cards work internationally.So she took the cards I had purchased, found a retailer of Green Dot cards, and bought new cards.Upon opening the package and reading the instructions after returning home, however, we found that these were temporary Green Dot cards, which would probably not work internationally.It would take several weeks to activate a fully operational Green Dot card.Our daughter was leaving the next morning, however, and so we gave her cash and told her we’d figure out other ways to send her money.Our next step was to get in touch with the (much more conscientious) parents of a friend traveling with her.We were able to load money onto this friend’s debit card.And for a week it seemed to work just fine.

Our daughter was able to make purchases and get euros.... Until, that is, a French ATM machine ate the friend’s debit card.Luckily, the girls had enough cash for the return trip.But they never did get the card back.Yes, we could have saved a lot of trouble by listening to our daughter the first time.We should have just ordered a bank-issued debit card several weeks before the travel date.I’ve traveled a good bit internationally and have always had good luck using my own debit and credit cards.It never occurred to me that in 2015 simple international banking and payment card transactions could be so cumbersome.Which gets us back to crypto-currencies, like bitcoin.As a decentralized platform of distributed trust, bitcoin has the potential to alleviate many of these headaches of our more-centralized payment system, which is based on banks, payment networks, and national laws and regulations.Bitcoin does not depend on this complex web of firms and laws.I know there are reasons — some good reasons — why payment cards don’t work like cash.

I’ve written about the big problem of payment card fraud.Often times, the price of protecting against fraud is lost simplicity.Well-intentioned national and international regulations, meanwhile, often end up reducing the consumer friendliness of these financial platforms.Anti-money laundering laws, for example, may stop a few criminals from serious offenses.But often times the criminals find ways around the laws, and the systems set up to catch the bad guys end up making life more difficult for regular people.Our little story demonstrates that the global system of money and payments is not keeping up with rest of the frictionless digital economy.Crypto-currencies offer a solution to this problem.Bitcoin is universal and largely frictionless as self-contained platform.It knows no national boundaries.My bitcoin wallet can interact with other bitcoin wallets, whether I am in Chicago or Singapore — and the same goes for my counterparty.We don’t have to depend on the relationships among an American payment card network, a French bank, a Japanese consumer, and an Indian monetary authority.

No central authority needs to approve my bitcoin wallet for international travel.Bitcoin is already, of course, finding a chief use as a remittance platform for developing nations.On the other hand, bitcoin has its own limitations as money.It is not remotely universal, nor is it frictionless in its interaction with the rest of the economy.Yes, if I can find a solitary bitcoin ATM in Paris, I might be able to get some euros.But how many stores in the eastern foothills of France, where my daughter was traveling, accept bitcoin today?Bitcoin’s price volatility is also a demerit.Bitcoin backers are confident its volatility will decline over time, but we don’t yet know how the story will play out.We are still trying to figure out how to reduce the volatility of sovereign currencies that have been around for hundreds of years.And there is no consensus, even among economists, about what stable value is or whether currencies should be fixed or float against one another.Bitcoin’s strength is as a decentralized platform that mimics, and improves upon, the traditional debit-credit ledger function of banks.