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A New Approach: From ATM to Kiosk

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In a strange twist on the Bitcoin ATM model a new player XBTeller is taking a different approach.

First we had peer to peer sales, then machine automated sales, and now we’ve got machine automated sales with human intervention again via way of full kiosks.

XBTeller, a Denver based digital currency services company, today announced their plans to launch a network of bitcoin kiosks at locations around Colorado. The company’s first kiosk is now open for business. It is hosted at The Big Tomato, a long-standing hydroponics and organic garden center in Aurora, CO.

The company is largely focused on exposure and education. They aim to teach consumers more about digital currencies like bitcoin, and demonstrate the many ways it can be used alongside the legacy financial system. XBTeller says they will do that by building an interactive content network and by staffing their kiosks with bitcoin experts to assist newcomers, answer questions, and provide customer service.

“The majority of people haven’t heard of Bitcoin. Of those who have, many are misinformed about its purpose and potential, and only a tiny fraction actually own or use it. We aim to change that by building an experience that targets the 99 out of 100 people who don’t have a bitcoin wallet on their phone yet,” XBTeller CEO Noah Berger says. “I think that experience starts best with a conversation and an opportunity to ask questions. It’s hard to walk up to an ATM and feel a personal connection, so we’ve added the human back into the process.”

Berger sees the attended kiosk model his company is testing as a transitional step to be gradually phased out as the general public becomes more familiar with bitcoin.

XBTeller kiosks provide a safe and convenient place to buy and sell bitcoin for dollars without long delays or costly international wire transfer fees. Customers can buy just $5 worth of bitcoin from a bitcoin ATM manufactured by Lamassu.

“Colorado is a terrific state for a Bitcoin ATM with a lot of potential for growth,” says Zach Harvey, CEO of Lamassu, the Bitcoin ATM’s manufacturer. “XBTeller have it right with their educational approach. The concept of Bitcoin can be intimidating, so showing users how simple and quick it can be with our machine is a great way to get them started.”

The company says their kiosk attendants are ready to help throughout the transaction process. That includes clearing up common misconceptions surrounding bitcoin and explaining security risks; even sending a micro transaction to a new user’s wallet demonstrating the ease and speed of transactions on the bitcoin network. Also, according to Berger, “the opportunity to gain direct feedback from new or potential users will be invaluable to refining our education efforts. We hope to share that insight with other companies in the bitcoin space building user-centric platforms.”

XBTeller was founded in January 2014 with the goal of making bitcoin more accessible to newcomers, while still providing a useful service to veteran users. By eliminating many of the risks and delays involved with using overseas exchanges, XBTeller wants to help those interested in cryptocurrency test the waters at a comfortable pace. XBTeller hopes to prepare the people of Colorado for the future of money as they see it. In service of that goal, they plan to install additional bitcoin ATMs in Denver, Boulder, Blackhawk and Breckenridge before the year’s end.

At the time of press the Bitcoin price according to the Winkdex was $599.35 (+2.66%)

Coin Fire is a cryptocurrency news site started on June 6th of 2014. The site focused on hard-hitting investigative stories. Coin Fire was acquired by 99Bitcoins on October 2015.

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