[2014-02-19] The First US Bitcoin ATM Arrives in New Mexico

[ChuckBuck]

http://www.coindesk.com/first-us-bitcoin-atm-new-mexico/

After months of rumors and speculation, the first bitcoin ATM in the United States is now in operation.

The machine, manufactured by Lammasu, is located in a cigar bar called Imbibe in Albuquerque, New Mexico, and is being operated by Enchanted Bitcoin, run by Eric Stromberg.

Lamassu and Enchanted Bitcoin worked together to make the US bitcoin ATM a reality.

Zach Harvey, CEO of Lamassu, told CoinDesk that Stromberg was able to obtain proper regulatory permissions quickly, and that as a result, the launch occurred upon receipt of the ATM.

Hes been very good at concentrating on what had to be done to be fully compliant. Yet he kept things simple enough to manage a launch only weeks after receiving his machine.

Compliance

New Mexico happens to be one of only two US states that do not require a money transmitter business (MSB) license to operate. The other is South Carolina.

Strombergs briskness has allowed his ATM to reach the US market in a short time. The absence of procedural money transmitter requirement in New Mexico may have helped, too.

Harvey told CoinDesk that Lamassus ATMs have verification features built-in:

Weve always had compliance in mind. Our machine was designed to scan IDs barcodes and OCR for use with third party verification services.

Compliance means that Lamassu has to remain vigilant on the latest money transmitter policies.

Its an ongoing project. Its been a challenge to find a way to take the regulatory requirements and make them quick and painless for the end-consumer, he said.

Physical and not just digital security is important as well, said Harvey.

Our machines were designed to resist any standard smash-and-grab attacks. Anything more than that would render any ATM vulnerable.

Demand

The current turnaround time for a Lamassu ATM is 10-14 weeks. Harvey told CoinDesk this is because the devices have become rather popular.

This is only due to the recent rise in demand, we are making them and shipping them as fast as possible.

Lamassu is building its ATMs as fast as it can, but it has competitors. Robocoin is planning to launch ATMs in Seattle and Austin, Texas, soon. Further, LocalBitcoins.com recently announced it is building a $2,732 BTC ATM of its own.

Because of this, Lamassu needs to deliver ATMs to customers as fast as possible to compete with a growing number of rivals.

We are currently ramping up production from 40 machines a month to 60 machines a month, and then to 80 machines a month. Our goal is to build up inventory and reduce lead times to zero, Harvey said.

Harvey wants to be able to serve its customer base as quickly as possible.

If people want our machine, we want to be able to give it to them now, he said.

Lamassu ATMs are available to order. The price is $5,000 for one unit, $4,500 for 5-9 units and $4,000 for 10 units or more.

The company does accept fiat in the form of bank wires, but it prefers payment in bitcoin, according to its website.

Some good signs here.  It's too bad the NY fellow couldn't put his Lamassu BTC ATM in that NYC cafe due to New York's strict regulatory policies.  Mainstream adoption and exposure is always a good thing for a burgeoning technology IMO.

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[Dusty]

That's not an ATM, it's a vendor machine.

On a real ATM you are supposed to also GET money, not just put them in.

[ChuckBuck]

That's not an ATM, it's a vendor machine.

On a real ATM you are supposed to also GET money, not just put them in.

Not in a traditional sense, but today's ATM or Automated Teller Machine you're able to pay bills, buy stamps, buy movie tickets, purchase gold, etc.

ATM aren't just money or fiat dispensers anymore, they're more multifunction.

[Dusty]

ATM aren't just money or fiat dispensers anymore, they're more multifunction.

Yes, most of them are multifunctional, but they all have at least one thing in common: you can draw money.

Without that property, they are not ATMs.

[ChuckBuck]

I think ATM isn't the best word, maybe Bitcoin Kiosks or Bitcoin exchange machine.

Either way these Bitcoin machines have finally touched down in the States, and can only be a positive thing to bring it into the mainstream.

[CoinMode]

The proper term is BTM, Bitcoin Teller Machine, and it does exactly what it says it does.

[quone17]

What we need here is something that can take your bitcoins and give you fiat, without having to go through the hassles of dealing with another person through localbitcoins etc. or through an exchange which are suspect lately.

[ChuckBuck]

What we need here is something that can take your bitcoins and give you fiat, without having to go through the hassles of dealing with another person through localbitcoins etc. or through an exchange which are suspect lately.

Believe the LocalBitcoins ATM will handle 2 way conversion:


http://www.coindesk.com/localbitcoins-manufacturing-low-cost-bitcoin-atm/


Currently, looks like Lamassu Bitcoin ATM can only handle Fiat to BTC conversion.

[adub]

ATM aren't just money or fiat dispensers anymore, they're more multifunction.

Yes, most of them are multifunctional, but they all have at least one thing in common: you can draw money.

Without that property, they are not ATMs.

All of them are ATMs. Some uni-directional, some bi-directional.

The only reason this is an issue is because some are falling for the marketing spin that one of the device manufactures is putting on the definition. They want to differentiate themselves by trying to play down the importance of the other products on the market and single themselves out as the only manufacturer who is making "True ATMs". This is all marketing spin BS.

Bi-Directional, and Uni-Directional will define the different types of products as this industry develops.

http://en.wikipedia.org/wiki/Automated_teller_machine

**Edited to soften my tone

[Dusty]

All of them are ATMs. Some uni-directional, some bi-directional.

Yes: the unidirectional ones (the first ones) allow you to withdraw cash, while the bidirectional ones allows you also to insert cash.
What they have in common is that you can withdraw money from both.

The only reason this is an issue is because some are falling for the marketing spin that one of the device manufactures is putting on the definition. They want to differentiate themselves by trying to play down the importance of the other products on the market and single themselves out as the only manufacturer who is making "True ATMs". This is all marketing spin BS.

Actually, what I find misleading and marketing BS is the Lamassu BVM (Bitcoin Vending Machine ) that market itself like an ATM where it is not.

http://en.wikipedia.org/wiki/Automated_teller_machine

From that wikipedia page:

Using an ATM, customers can access their bank accounts in order to make cash withdrawals [...]

With the lamassu machine you can't make cash withdrawal, so it's not an ATM.

Find me another ATM where you can't withdraw cash!

[BTCLuke]

Find me another ATM where you can't withdraw cash!

Some Bitcoin adopter you are...

You CAN withdraw cash from a BTM/BVM!

The cash is BTCBTCBTC, not that worthless fiat that I wouldn't wipe my arse with.

Get your priorities straight man!

[DeathAndTaxes]

Some Bitcoin adopter you are...

You CAN withdraw cash from a BTM/BVM!

The cash is BTC

[howardb]

Find me another ATM where you can't withdraw cash!

Some Bitcoin adopter you are...

You CAN withdraw cash from a BTM/BVM!

The cash is BTCBTCBTC, not that worthless fiat that I wouldn't wipe my arse with.

Get your priorities straight man!

Amazing how people still don't get it!

[hilariousandco]

I think ATM isn't the best word, maybe Bitcoin Kiosks or Bitcoin exchange machine.

Either way these Bitcoin machines have finally touched down in the States, and can only be a positive thing to bring it into the mainstream.

It's still an Automated Transaction Machine though. It's a Bitcoin ATM.

[ChuckBuck]

I think ATM isn't the best word, maybe Bitcoin Kiosks or Bitcoin exchange machine.

Either way these Bitcoin machines have finally touched down in the States, and can only be a positive thing to bring it into the mainstream.

It's still an Automated Transaction Machine though. It's a Bitcoin ATM.

Right, it might not dispense cash, but it definitely dispenses Bitcoins.

Baby steps, just to get people talking or noticing.  You have to start somewhere.

Remember the internet wasn't in every household either, you had to get it on a Prodigy, Compuserve, or AOL 5.0 CD and you needed to get a high speed 56K modem from CompUSA!   

[quone17]

Not sure which one was first - see this link:  http://www.boston.com/blogs/news/opinion/bostoncomment/2014/02/south_stations_bitcoin_atm_sign_of_things_to_come.html


Boston has an ATM as of yesterday as well!

[adub]

All of them are ATMs. Some uni-directional, some bi-directional.

Yes: the unidirectional ones (the first ones) allow you to withdraw cash, while the bidirectional ones allows you also to insert cash.
What they have in common is that you can withdraw money from both.

The only reason this is an issue is because some are falling for the marketing spin that one of the device manufactures is putting on the definition. They want to differentiate themselves by trying to play down the importance of the other products on the market and single themselves out as the only manufacturer who is making "True ATMs". This is all marketing spin BS.

Actually, what I find misleading and marketing BS is the Lamassu BVM (Bitcoin Vending Machine ) that market itself like an ATM where it is not.

http://en.wikipedia.org/wiki/Automated_teller_machine

From that wikipedia page:

Using an ATM, customers can access their bank accounts in order to make cash withdrawals [...]

With the lamassu machine you can't make cash withdrawal, so it's not an ATM.

Find me another ATM where you can't withdraw cash!

It's an Automated Teller Machine. It can perform financial transactions without an attendant. That is the key factor here. Just as Bitcoin has expanded the context of Currency, Asset class, and payment network, the arrival of Bitcoin ATMs has expanded the context of ATMs. You now have traditional ATM, those that are centered around providing cash to people, and Bitcoin ATMs, those that are centered around providing bitcoins to people.

[bitcool]

For traditional ATM, it dispenses your money back to you. With bitcoin, your money never left you, you don't need a bank to hold it for you.

So obviously these machine is not ATM, they are not vending machine either because "selling money" doesn't make sense.

They should be called ticket stations, where you exchange your fiat paper for train ticket of Freedom Express 

[ChuckBuck]

They should be called ticket stations, where you exchange your fiat paper for train ticket of Freedom Express 

I like that the sound of that, Freedom Express!   

Now, if we could only kick Gox to Exchange purgatory.   

[jbrnt]

So, it is a Bitcoin Vending Machine!
Slot in fiat, get BTC sent to an address.