It has been a long time since there have been any news regarding our ATM project which aims to provide automatization for converting cash to bitcoins and vice versa. Another perks of the Localbitcoins ATM:s are the moderate price and the fact that the device works completely offline. ATM:s are integrated to Localbitcoins website, and the actual bitcoin trade happens on Localbitcoins.com; the ATM only takes care about the fiat handling.
There have been two beta versions of these ATM:s in real life testing at the center of Helsinki, Finland. One of them is in a bitcoin accepting restaurant and another one in 24h kiosk. So far there haven't been any major problems, and minor ones have been carved out during the testing process. If you are visiting Helsinki, you can find those ATM:s from here, and here.
Expect to see more of these ATM:s soon, since we are getting our first production batch out soon, and we are putting one of them on the bitcoin tour, held by Finnish bitcoin company Bittiraha.fi. They will be driving around Finnish archipelago and testing how well Localbitcoins bitcoin ATM performs on the road.
Eventually you will be able to purchase these ATM:s directly from Localbitcoins website. The price of the ATM's is 1500 eur + VAT and shipping costs.
Specifications of the ATM
Buying process: Buyer feeds banknotes to the machine, and gets a secret code in return. The code is used to claim the corresponding amount of bitcoins to your localbitcoins.com account. The exchange rate is defined at the moment the code is used.
Selling process: Seller logs in to his/her localbitcoins account, and goes to the URL of the ATM he/she aims to use for withdrawal. The seller selects the amount he/she wants to withdraw from a dropdown menu. After selecting the withdrawal amount, corresponding amount of bitcoins are reduced from the seller's localbitcoins wallet and the user will receive a code, which is given to the ATM through the keyboard. After the code has been inserted, the ATM will give corresponding amount of notes to the customer.
Capacity: Capacity: note recycling unit can hold 30 bills and cash box 300 bills.
Accepted bills: All banknotes where the size is inside of the range (width) 60-82 millimeters, and (length) 115-150 millimeters. The device can accept 6 different kind of bills from the selected currency. The device can be programmed to handle almost any known currency, but only one can be used at the time.
Size(w/h/d): 318 x 340 x 264 millimeters
Display: 87.3 x 41.8 mm one color lcd display
Weight: 15 kg
LocalBitcoins ATM:s comes out of the oven and goes on the tour