A Bitcoin ATM Coming To A Location Near You

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A Bitcoin ATM Coming To A Location Near You

Lamassu has shipped its first bitcoin ATM, which allows users to insert cash and transfer it, in bitcoins, to their bitcoin wallet.

The company confirmed that the first machine has been shipped to a customer in Atlanta, Georgia.

Zach Harvey, CEO of Lamassu, told CoinDesk he is currently in Portugal overseeing production, assembly and export of the machines.

“It’s an amazing feeling to go from a wooden box/Raspberry Pi prototype in February to shipping a hardened steel production model in October,” he said, adding:

“That being said, this is still an on-going process, so we don’t really have time to sit back and enjoy the feeling. We have 13 more machines to ship out next week.”

Harvey explained the next two machines produced are going to the Crypto-Currency Conference in Atlanta and the Money2020 Conference in Las Vegas.

Next Week, The Company Is Shipping Units Out To A Few Undisclosed Locations, Plus:

Bratislava, Slovakia
Shanghai, China
Paris, France
Montreal, Canada
Sydney, Australia
Nimbin, Australia
Auckland, New Zealand
Helsinki, Finland
Copenhagen, Denmark
Stockholm, Sweden
São Paulo, Brazil

Harvey went on to say there are over 25 units going out in the second run, which will ship in late November. The company is now accepting orders for the third run, which will ship in the first quarter of 2014.

The ATM is designed to scan a QR code of customers’ wallets and accept a bank note.


The ATM is a low-powered device, consuming “about the power needed for a consumer tablet”. When asked about the best place to install them, he told us: “We recommend installing the Bitcoin Machine in an indoor attended retail environment. It is meant to resist smash-and-grab attacks, but not meant to be left outside at night”.

In terms of using the ATM, it’s expected that customers will have a wallet app on their smartphones that can present a QR code for their wallet address (but a paper wallet should work too). Once scanned, the customer will be asked to insert a bank note into the slot. The device will then detect the value of the note and advise the customer the amount of BTC they’ll receive.

Even though there’s a touch screen with a virtual button to “Send Coins”, the transaction is final once the note is taken. Harvey told us that if the customer fails to touch the screen, it will time out and send the bitcoins anyway.

Businesses deploying an ATM will also have to configure their own bitcoin exchange system. Lamassu is not trading or converting bitcoin for ATM users.

A Side Note....


Security Guru Confesses, ‘I Couldn’t Hack Bitcoin’

Bitcoin may have been through some hard times lately, what with DDoS attacks, exchanges closing down and massive price fluctuations. But one renowned security expert is defending its basic resilience.

Dan Kaminsky Thinks It’s OK.

Writing in Business Insider, Kaminsky says he tried to hack bitcoin two years ago, and failed. This is a big admission coming from Kaminsky, who has serious credentials: in 2008, he discovered a fundamental flaw in the internet domain naming system (DNS). (That’s the part of the internet that tells your web browser where to go to fetch a webpage, and it is vital to the functioning of the world wide web.)

The odds — before he tried his hack — were stacked against bitcoin, Kaminsky writes. The digital currency uses an enormous cloud of machines that are always on and listening to the internet. It uses a proprietary protocol, and is written in C++, which is a language that, when used badly, is easily subverted with security exploits. Moreover, the financial gain for those hacking the system is huge.

“The core technology actually works, and has continued to work, to a degree not everyone predicted,” he now concedes. “Time to enjoy being wrong.”

Kaminsky argues that bitcoin’s high financial stakes actually change the game, leading to better programming and eliminating the security bugs he would normally look for.

The size of the system, which includes a huge “accounts ledger” for every account in the form of the blockchain, makes it difficult to subvert, he adds. There are enough nodes in the bitcoin system to always keep a copy of that blockchain, making it hard to spend bitcoins that have been stolen without being spotted.

Although bitcoins have been stolen in several high profile incidents, all of the pilfered coins can be monitored in the future, Kaminsky argues.


“As far as I’ve seen none of the stolen bitcoin(s) have actually been spent in any way,” he writes.



Monty Henry, Owner

Additional Resources:

* Online Privacy Tools and Tips


* What is BitCoin and How Does It Work?

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