Bitcoin ATM provider Bitlish was the first to open a bonafide BTM in Russia, but it is its expansion plans that are likely to get the market talking.Despite the growing presence of BTMs in Europe, usage is still limited.Not inconsiderable fees, as well as a lack of general consumer understanding, mean that online options remain the go-to source for both novice and experienced traders to exchange crypto for fiat and vice versa.UK-based Bitlish thus surprised when one of its branded machines opened in Russia’s second city St. Petersburg, closely followed by another.Both were a result of a decision by the company’s local partner, who gained an opportunity to open there rather than the capital Moscow."This year is set to see much more from Bitlish, with an eye-popping 5,000 machines planned Europe-wide in 2017 alone."Currently, fewer than 200 machines are listed as operational on Bitcoin ATM finder CoinATMRadar.The country with the most machines is the UK, with 68.In an interview with Cointelegraph, Bitlish’s Max Grain discussed more details about the plans and what the future has in store.

Cointelegraph (CT): What made you choose St. Petersburg as the first Russian location for a machine?Max Gain (MG): We have several ATM partners across the world and we do not install ATMs by ourselves.It is up to our partners to decide what spot to be used.Our first partner in Russia had an opportunity to open up in this location in Saint-Petersburg, it was his sole decision.CT: Are you planning to add others in St. Petersburg and/or elsewhere?MG: Yes, we plan to expand through our partner network across Russia and Europe.We look forward to connecting up to 300 BTMs in CIS (Commonwealth of Independent States) and 5,000 in Europe this year.We will also spread into the south of Russia in the coming months.CT: Are you confident about the future legislative environment in Russia concerning Bitcoin and altcoins?MG: We believe Russia should soon provide a legislative framework enabling business and people to trade in the legal, acceptable form, leading the cryptocurrencies out from the gray area as it used to happen in Russia.

We consider the kiosk as a step forward to achieving this goal.CT: To what extent do regulatory shifts impact on ATM operations?MG: There is a direct impact.Establishing a clear regulatory regime should boost kiosk business.This sector is quite a developed one in Russia, and we recommend our partners to fulfill the existing requirements as if cryptocurrencies were regulated as an incumbent pay system.CT: Where are you currently planning to sell and provide services outside of Russia?MG: We are not oriented to Russia only, and already have some partners in the United States and Latin America.But Europe is going to be our priority and we accept orders for ATMs with a very competitive price of €1,200 per unit.CT: If so, are you looking for country representatives?MG: Yes, as our business model in the kiosk area relies on authorized partners, we can probably have a country representative responsible for business development in the concrete region.Anyone interested can apply for that through our website.

We will check out all initiatives.Drive Your MoneyNow everyone can get the best out of both digital and traditional money, the easy way!Get online banking account, worldwide-issued bitcoin debit cards, cheap money transfer and more in one place.register for freePUBLISHED: 16:09 13 March 2014 | UPDATED: 17:17 13 March 2014 Joel Raziel using the bitcoin machine he installed in Shoreditch Archant Joel Raziel buying a coffee in the cafe.The ATM can be found in the Old Shoreditch Station, which became the first café in the UK to accept the cryptocurrency a year ago.Entrepreneur Joel Raziel is passionate about the potential of bitcoins, and founded company Future Coins to source the ATM from an Icelandic company.litecoin wallet codeHe said: “Bitcoins have been very difficult to acquire historically.bitcoin forum custom hardware

If you want them instantly, this is the first opportunity for people to do so without having to buy them off an individual or mining for them on the internet.“You can transfer your money to a bitcoin exchange, which is a bit like a currency trading site, but that can take several days for the transaction to clear.“Most people who want to invest in bitcoins can’t be bothered as it takes so long and is so much hassle, so this is the first option for people to easily buy them.”The ATM accepts banknotes in return for bitcoins.litecoin vs inrCustomers use a mobile wallet app on their smart phone to display a QR code for their Bitcoin wallet, which the cash machine scans and sends money to once they insert the amount of cash they wish to convert.On Monday, when the Gazette team visited, £5 was converted into 0.01 bitcoins through the machine, which was then used to buy a green tea and cappuccino at the café.free bitcoin voucher code

Customers are charged eight per cent commission, and each ATM customer is limited to £1,000 of transactions per month.“It’s been far more popular than we expected,” said Mr Raziel.“There have been queues at times.If there is anywhere in London where people are willing to try new things and embrace new ideas it’s here – just look how people dress,” he joked.“A lot of people say: ‘Well why would you want them, we have pounds, why do we need one of these things?’“One reason people might want them is they were worth less than a pound three years ago and now they are worth more than £400, so if you had put £20 in here three years ago you would have £8,000 today.“Tragically I was a latecomer to bitcoins, I’m not one of these millionaires who have popped up – so many technical people who decided to set up this mining software years ago have become rich beyond their wildest dreams.”Two weeks ago, however, the top bitcoin exchange, Mt Gox, collapsed after hackers attacked and took bitcoins and cash worth half a billion dollars.Speculation has also made the currency volatile, and in 2012, a leaked US Federal Bureau Investigation report said the virtual currency was an “increasingly useful tool for various illegal activities beyond the cyber realm”.But Mr Raziel still sees a future for the virtual currency.“Like anything starting out, it can be subject to all sorts of fluctuations and hurdles, but what’s magical is that it’s survived the crash of one of the largest bitcoin exchanges.bitcoin farming device