Bitcoin exchanger prototype

    At today's Bitcoin London conference, the founder of the startup Lamassu Bitcoin Ventures showed a prototype of the Bitcoin Machine device, which allows everyone to exchange their cash for bitcoins in much the same way as bank terminals do - only in this case, of course, anonymously and quickly.

    In the best tradition of startups, the founder of Lamassu Bitcoin Ventures, Zach Harvey, announced that the first Bitcoin Machine was assembled in his garage in February this year, has small dimensions (33 cm * 43 cm * 25 cm) and an internal steel storage for money . He works with popular exchangers such as Mt.Gox or Bitstamp, and accepts banknotes in more than 200 countries.

    The process of exchanging money for bitcoins looks like this:
    • Need to let Bitcoin Machine scan the QR code of the Bitcoin wallet
    • Insert a certain amount into the slot for receiving money (during operation, the device displays the current Bitcoin rates)
    • After about 10-20 minutes, when the transaction is confirmed, the money will go to the wallet.

    The author emphasizes in every possible way that the process is specially designed for maximum convenience and anonymity, therefore, work with bank cards is not provided.

    The startup plans for the release of Bitcoin Machine are not limited to the prototype. In August of this year, the project should be launched into mass production and, allegedly, taking into account the fact that more and more outlets accept bitcoins as a means of payment, the potential audience of the company should be quite solid. And the ability to make payments to people who know little about what mining and bitcoin pools will look like is only an additional advantage.

    It is curious that the monetization of Lamassu Bitcoin Ventures will consist only in the sale of equipment (exchanger cost $ 4000 - $ 5000), installation and further maintenance - the company is not going to earn money on the difference in rates or enter its own exchange lag.

    [ Source ]

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