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ATM in Budapest dispenses Bitcoins

Analysis

Hungary’s first Bitcoin ATM started operation yesterday at the Anker Klub on Anker köz in the heart of Budapest, the machine’s owner announced.

Users can deposit forint bills in the machine and receive Bitcoins, the digital currency that is gaining traction around the world. If the user has a Bitcoin wallet, the QR code can be read on the device. Anyone who does not have the Bitcoin wallet mobile application can print out a sheet of paper with a QR code representing the purchased units.

Bitcoins were invented for trade on the internet. They are not issued by a central bank, but are valued based on demand. They are currently valued at around $508, but their value has fluctuated widely, reaching $1,147 last December.

This Bitcoin ATM was created by a firm called Lamassu and is locally owned and operated by Barnabás Debreczen.

 

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