Archive for September, 2014

New York’s First BitCoin ATM Open for Business in the Village

BitCoin is here to stay

BitCoin is here to stay

The very first ATM for use with BitCoin is up and running in a shop right here in Greenwich Village. For those of us still getting used to sending emails and text messages, BitCoin usage might not be yet well understood. Let’s just say that BitCoin is a virtual currency which is highly controversial. Nevertheless, its use seems to be growing, and now we have an ATM which changes dollars into BitCoin currency.

The ATM is found at Flat 128, a store which specializes in items designed in the UK. Store owner Liz Dubois says that the fee she must pay for a BitCoin transaction is significantly cheaper than what she pays for a credit card purchase, which is three percent.

“When someone makes a purchase in BitCoin it directly translates into dollars. I’m only charged five cents for that transaction,” said Dubois.

To get his BitCoins the user holds his phone up to the screen of the ATM, and a QR code is generated. Dubois uses BitWallet for iPhone to accept the money, while the owner of the ATM, Julio Enrique Cabrera uses Blockchain for Android.

“The Internet at first was considered dark because it was mostly used for scams and it had viruses…but look at it now. People saw that it had potential,” said Cabrera.

Cabrera, along with many others, believe that BitCoin is not a fad, and is here to stay.

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