Portuguese manufacturer Bitcoin Já launched its first Bitcoin ATM in Lisbon over the weekend The company is a brand new name in the world of bitcoin ATMs, so this is not only its first bitcoin machine in Portugal, but also the world.The launch of the 'BJATM1’ model took place at the ATM's permanent location, Lisbon's @Cinema theatre, on Saturday, 4th October.Bitcoin Já describes its ATM as a versatile, feature rich and highly scalable system.Being a two-way machine, it currently allows users to buy or sell bitcoins for fiat currency.However, the company said it is already working on software updates that will enable support for altcoins and PayPal payments, as well as certain types of service payments.CoinDesk discussed the launch with Bitcoin Já founder Joaquim Lambiza, who was keen to note that the machine had been extensively tested by his team and some members of Lisbon’s bitcoin community.Lambiza has previously worked as a partner at IBM and PriceWaterhouseCoopers, where he was responsible for several global IT projects.

“I left IBM to dedicate myself to my two passions – aviation and finding the disruptive technology that will change our lives.I found that in the block chain technology,” Lambiza told CoinDesk.Lambiza said he decided to launch an ATM in Portugal last January, but was not satisfied with the approach or returns offered by existing solutions.To create his own from scratch.“A very reputable Portuguese OEM kiosk manufacturer, Partteam, had an OEM ATM kiosk design, so it was just natural that we ordered the product.I joined together highly experienced hardware and software experts, coupled with business know-how, and created the Bitcoin Já ATM model BJATM1.” He added that Bitcoin Já plans to sell ATMs rather than operate them, with the exception of the Lisbon installation which doubles as the company’s showrooms.Therefore the company will not charge a fee to operators for basic functionality.The project was funded solely by Bitcoin Já.Lambiza said his system is very scalable, and thus allows variety of features to potential operators – whether they decide to operate just one machine or a cluster of them.

Operators can also either choose a hot wallet or one of a number of supported exchange services.The Lisbon unit will use a hot wallet, with a 3% fee to be levied from customers.What sets the ATM apart from the rest of the competition, he indicated, is the guiding design concept employed by the team, emphasising community development and operator profitability.bitcoin pizza valueIt allows for a lot of scalability, customisation and more revenue for potential operators.bitcoin voyage“In my opinion, keeping the operator profitable will help grow the network and indirectly promote and grow the crypto-currency industry,” Lamboza explained.uk bitcoin exchange comparisonThe upcoming addition of PayPal and service payments, Lamboza argues, will increase both flexibility and revenue for the operator, rendering the units more attractive compared with other firms' products Shortly after the ATM went live, the Bank of Portugal appeared to address the launch directly, issuing a warning on the use of bitcoin and bitcoin ATMs, as reported in the Algarve Daily News.best bitcoin faucet app

The statement pointed out that bitcoin ATMs are not integrated with the country's ATM system and that digital currencies are unsafe and unregulated.As with the many previous cautionary statements issued by European regulators, it names volatility, lack of regulation and consumer protection mechanisms, AML issues and potential criminal activities as the bank's main concerns.cara main bitcoin di androidHowever, the warning says nothing about the legality of operating and using bitcoin ATMs, which remain legal in Portugal The publication also reported that Algarve is expected to get its first bitcoin ATM soon.bitcoin client electrumBitcoin wallet of my choice.wie bitcoin auszahlenGet your TREZOR ready within minutes in a completely private, registration-free process.bitcoin video faucet

More about setup Use with ease.Using TREZOR is easy.Just follow the instructions on the display and click the button to confirm important actions.No worries, use your secret words to quickly regain access to all your keys, money, history, accounts and emails.yellow jacket bitcoinIt’s Easter and some relatives of yours want to come visit.They live in a remote area of the country and aren’t exactly wealthy.On a Friday afternoon they asked you to wire them some money to help with travel expenses and, as expected, if you try to go with traditional financial institutions they will only receive the money after the weekend.The above scenario happened to me and if only more businesses accepted bitcoin in Portugal, the problem would’ve easily been solved in minutes.Bitcoin’s decentralized, peer-to-peer nature empowers people, gives them control over their own money, and fits in all the fundamental properties of money better than gold or fiat.

Yet, a prominent Portuguese newspaper, Jornal de Negócios, recently published a piece dubbed “Portugal is no country for bitcoin”, in which the writer explains electricity costs aren’t as cheap as they are in some other countries and, as such, there aren’t any major bitcoin miners in the country.Over here, one kWh costs roughly $0.1105, according to the article, and that forces local miners to either make a substantial investment or lose money mining, as making a profit will be hard without the best hardware out there – just like in any other country in the world by now.Although I do agree making a profit mining bitcoin might be a challenge, it is wrong to claim Portugal is no country for bitcoin, at least without specifying mining operations, as there is a lot of information neglected in the article.Otherwise, those learning about bitcoin may get the wrong picture.The articles’ claim that bitcoin’s place isn’t in Portugal because it isn’t easy to mine it profitably would leave our fiat currency, the euro, in a much darker place, as no citizen can legally print them out.

Yet, we transact in euros, a less secure, centralized currency whose value the people have absolutely no control of, on a daily basis.Moreover, there are dozens, if not hundreds, of different ways to acquire bitcoin, without mining one single satoshis: exchanges and r/Jobs4Bitcoins are great examples.Even Microsoft co-founder Bill Gates himself said bitcoin is better than fiat currency: As previously reported by CCN, the Bank of Portugal has issued a statement back in 2013 in which it states bitcoin has no central authority to control it, and that it has no legal tender in the country.Now more than ever bitcoin is needed in Portugal as our financial system is apparently letting us down.Back in 2015, over 500 people lost their lifetime savings because they were led to invest in dubious financial applications they weren’t even told were risky in the first place.Their representative once told the media (translated statement): These are people that lost everything because of the banking system, and the lack of [proper] surveillance.