One Hundred Bitcoin ATMs For Spain - Essay Example

Over the period of the next three months the locals of Spain will see 100 Bitcoin ATMs installed in the country, which is a very exciting news for all Bitcoin users.

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There are no special laws regarding Bitcoins in Spain. This is why Bitcoin ATMs can be installed as per the laws of vending machine installation, which means no special permission is needed.

The company that makes Bitcoin ATMs in Spain is Bbank while PayMaQ is the company that manufactures the machines locally.

The company offers 2 different versions. One of the versions allows users to buy Bitcoin by paying cash in euros. User can pay 20 to 500ˆ bill.

The other version is not yet ready. It will be completely developed by the next week. It is expected that users can use the new machine to buy and sell Bitcoin.

The very first ATM was installed in Barcelona last Saturday. It was presented inside Diagonal Mar, a shopping mall. According to plans, the ATM will remain there for minimum 12 months.

This new Bitcoin ATM belongs to the first version. It allows users to purchase Bitcoin with cash in euros. It will be upgraded in the future to the new version. It will then permit users to sell Bitcoin too.

While the idea is interesting, it is more exciting that this will not be the only such Bitcoin ATM. There is a plan to make minimum 100 Bitcoin ATMs and install them in Spain in the timespan of next three months.

40 of these planned ATMs are under construction and decided locations are mostly in malls of Barcelona, Madrid and Valencia.

Basically, the plan entails installation and distribution of these Bitcoin ATMs to be in the major cities of Spain.

The plan will be extended to Argentina later as Bitcoin has gained popularity among the locals.

PayMaQ is developing the ATMS using their own technology. They have 10 years of experience of working on vending machines.

While the ATMs will be limited to transaction of Bitcoins only now, in the future there is possibility that users can exchange other cryptocurrencies too.

In order to avail their Bitcoin ATMs, users must own an account in Bbank’s web page. The web page will give access to user’s Bitcoin wallet. The process requires identification with their Spanish ID card or passport. Those who don’t have an account can easily open one using the ATM machines.

You may choose to sell from either Bitcoin’s web page or from the ATMs. Anyone who wants to sell from the machine will have to select the amount he wants to sell in Bitcoin and then wait until he receives a bbankCode.

The bbankCode can be used in any Bitcoin ATM after the transaction is confirmed, to receive your money in cash.