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September 24, 2016, 07:06:26 PM |
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"Machine Advancements
The world’s first publicly available bitcoin machine is reputed to have gone live on October 29, 2013, in a coffeehouse in Vancouver, Canada. In late 2013, the first Bitcoin ATM in a casino was installed at The D Casino in Las Vegas. Since that time, BTMs have expanded considerably in their functionality, attracting a growing worldwide audience.
XBTeller, a Colorado-based firm that facilitates the consumer buying and selling of bitcoin at six in-state ATM locations offers a prime example of how this space is rapidly evolving. Says Business Development Manager Patrick Patton: “I can tell you that we’ve replaced all of our older machines under a previous vendor with a fresh new fleet offered by Genesis Coin. In our estimation, they have the best backend access and developer support out of all that we’ve tried.”
Patton believes that it is imperative for BTM manufacturers to continue to develop the user experience aspect of their machines. This includes having more help information available on each screen when needed, providing better time estimates on how long sell transactions will take, allowing more customization features for the operators, enabling the machines to show their cash and bitcoin available stock to operators, and maybe even having the famous Bitcoin intro video as an option for new machine users to view.
Looking toward the future, Patton says that it will be interesting to see BTMs evolve to the point where they manage their own cash and bitcoin inventory through dynamic pricing code. “Such a setup may not end up being economical, but it sure would be interesting to experiment with.”
A Growing Ocean of BTM Operators and Networks
Coinsource is one of a number of companies that provides users with a way to buy or sell bitcoins for cash through their machines. Founded in 2016, the mission of the company is to provide first-class support to customers so that purchasing and selling bitcoin is as seamless as withdrawing or depositing fiat from a traditional ATM.
Bitcoin users can fund a wallet instantly from any of the Coinsource BTMs conveniently located in major cities across the US. Up to a 7 percent transaction fee is charged, with lower prices for high volume transactions. Live support is available for those who need help with navigating the machine or have questions. Moreover, users can download the Coinsource Bitcoin Wallet app to manage their funds directly from their mobile device.
For Coinsource, the business proposition is simple; situate their machines in high foot-traffic locales that have convenient hours of access. An example of this is in Philadelphia where the company installed a BTM earlier this year at the Philly Dream Shop located in the central part of the city. With its U.S. efforts in full motion, Coinsource will soon unveil its blueprint for international expansion, with an initial focus on South America, Europe and Africa."
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