Lamassu has finally announced the launching of its Bitcoin ATM. The device will be available in the Fall, but the pre-order period has already started. According to its developers, the machine will be able to exchange your fiat currency into Bitcoin in just 15 seconds and there are already a lot of people from 40 different countries interested in the technology.
The Bitcoin Machine will allow the owners to use an online exchange to fund the machine – the equipment is compatible with the leading exchanges like Mt.Gox or Bitstamp -, and will accept currency from over 200 countries. Besides being coded and audited by network security experts, it will also have an intuitive and simple user interface, being able to do the conversions in just a few seconds.
If you’re interested in becoming a proud owner of a Lamassu’s Bitcoin Machine, there are some things you might want to know. According to the company’s website, once you buy the machine you will get the ATM’s private key and be the one responsible with loading it with Bitcoins.
Although the machine is CE compliant, you might need a license or permit to operate the machine in some countries. “Some jurisdictions may have regulatory requirements (such as KYC/AML). We would advise to consult with an attorney prior to operating these machines. If you are located in the United States, we require a signed due diligence questionnaire prior to shipping”, explains the Lamassu’s team at their website.
And what about prices? In an order with one to four units, each device will cost $5,000. From five to nine units, the price will be $4,500 and in an order of 10 units or more, the cost is $4,000. “It is a one time price, and there are no recurring fees such as licensing or franchising fees”, Lamassu explains, adding that Bitcoin payment is preferred, but not the only choice.
Once you have the Bitcoin Machine, you can define the fees and ticker prices, which will “easily set via the administrative interface”. Using the ATM is also quite simple: you just have to scan your Bitcoin QR code, insert the cash and you have Bitcoins.