The first bitcoin ATM in Singapore will arrive — if all goes well — in April.
When that happens, the city-state may well lead the cryptocurrency wave in Southeast Asia.
The current procedure for buying bitcoins involves transferring money to an overseas exchange or seller and a lead time of at least one day before the transaction is completed. Besides the time factor, consumers also pay a substantial processing fee and face safety issues.
With a bitcoin ATM machine, transaction fees would be greatly reduced and people won’t have to risk the possibility of bitcoin sellers who may default on the transaction.
Local company Bitcoin Exchange, who bought the machine from British Virgin Islands-based manufacturer Lamassu, is currently looking for a suitable location for the ATM. The company is responsible for facilitating bitcoin trading here.
A quick check on Lamassu’s website reveals that it takes 15 seconds to convert fiat money into bitcoins in three simple steps on the USD5,000 machine.
Although in its early stages in Singapore, local businesses like Bartini Kitchen have already begun accepting the cryptocurrency as a medium of exchange. (See more places in Singapore that accept bitcoin.)
Photo: Bitcoin Singapore
Source: A newly-launched bitcoin ATM in action; The Gazette
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