Britain’s First Bitcoin ATM Arrives in London Cafe

london-bitcoin-atm06 Mar 2014 / International Business Times – It was inevitable that Shoreditch would become home to the UK’s first bitcoin ATM. The area of east London made famous by Tech City, Google Campus and startup success stories like Mind Candy now has its foot in the door of the cryptocurrency world – and, naturally, the project is headed by an eager 26-year-old.

Not only is he young, but Joel Raziel is also relatively new to virtual currency – “I’m not one of those bitcoin geek billionaires,” he reassures me – and only bought a bitcoin for himself last month. But as the currency surged through the $1,200 (£720) per coin barrier late last year, he wanted to get involved and bought himself a cash machine.

Sold by Lamassu for $5,000, the UK’s first bitcoin ATM is little more than Google Nexus 7 tablet running a bespoke app and attached to a safe with a cash counter and a QR scanner.

The machine sells bitcoins in return for sterling notes. Simply show it the QR code of your bitcoin wallet, insert some money, and with a couple of screen taps, the funds are transferred and ready to be spent. Due to the complexity and risk of mechanical failure, Raziel has for now opted against a machine that can also buy bitcoins.

Located in The Old Shoreditch Station cafe and bar, a short walk from Old Street Tube station, the bitcoin ATM was only installed on 4 March, but has already had around 50 customers, including one who had travelled 200 miles from Manchester just to use it….. Read more

Photo: JaguarShoes

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