In next few days Ireland's first ever Bitcoin ATM machine will be launched at Hippety's Cafe in the Temple Bar area of Dublin.
Basically, the machine will turn cash into virtual currency in about 12 seconds. You walk up to the machine, scan the machine with a QR code that links to your bitcoin wallet, insert your cash and finally confirm your Bitcoin purchase.
BitVendo, Ireland's first Bitcoin ATM provider, explains:
"If you would like to buy 50 euro’s worth then just insert 50 Euro and you will get that exact amount minus our small commission (3-5%). You can use note sizes between 5-100 Euro, so if you have 64 Euro in your pocket, then the most you can buy is 60 Euro.
After purchasing, the machine will play a little celebratory chime. The bitcoin network takes between 30 seconds ~ 10 minutes for the transaction to get verified by the bitcoin miners. Rumor has it the transaction will get verified 25,000 times before being sent through!"
BitVendo say that it intends to roll out ATMs across Ireland and the UK, with three more expected this year.
Bitcoin is a virtual digital currency, which is not backed by real assets and has no central authorities governing it.
Featured image: Bitcoin community
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