Startup Lamassu Bitcoin Ventures has managed to fund its initial production run of 15 Bitcoin ATM units just hours after pre-orders were announced.
The company’s new Bitcoin ATMs promise to take your cold hard cash and instantly added your money to a Bitcoin wallet.
The new ATM machines were paid for mostly with the use of Bitcoins.
Based on the cost of each machine the company has raised $60,000-$75,000 in sales revenue after only a few short hours.
While Bitcoin value has drastically increased over the last year, the company is hoping to introduce the digital currency to “non-geeks” who may find entry into the payment a bit confusing.
To use the system, simply obtain a Bitcoin wallet and then use that wallet at any of the Bitcoin ATM machines as they begin appearing.
There is no minimum limit, which means a user could put $1 into the machine and receive 0.009 Bitcoin in return. The ATM machine only accepts cash, so you can’t insert your debit/credit card and add money. Then again, you can use those payment types for Bitcoin exchanges.
While banking regulation approval is not needed for the Bitcoin ATM machines, they do warn that customers will need to comply with their own country’s rules.
Before announcing the new Bitcoin ATM machines, the company claimed to have more than 150 international inquiries.
Some pre-orders were provided from buyers in Canada, Australia, New Zealand, the US, Slovakia, Finland, and Denmark.
Fifteen pre-orders in a matter of hours proves the niche market for Bitcoin ATMs, and now the company may look to outside funding to help massively expand its reach.
Will you be using Bitcoin ATMs in the future?