NYC May Get Its First Ever Bitcoin ATM Soon

Bitcoin has been gaining momentum, despite a few setbacks, and the crypto-currency is apparently here to stay. After the first ever Bitcoin ATM in Vancouver, another is now due to open up in NYC soon.

Bitcoin ATM

Bitcoin market has exploded over the last year or so, going from valued too low to nearly $850 per Bitcoin these days. This has naturally intrigued a worldwide interest in the currency and many businesses have started accepting the virtual currency as a valid mode of payment.

The first BitCoin ATM was installed in Vancouver back in November last year. It was an instant hit, witnessing $10,000 in total transactions on the very first day. Willard Ling, a resident in New York City, now hopes to garner similar success by installing another Bitcoin ATM in NYC.

To make transactions using Bitcoin, you need to have an online wallet from where you can send and receive the currency. A number of online services allow you to get your hands on such a wallet for free. Even a Bitcoin ATM can let you create one right away, if it has an internet connection.

Ling is currently in the process of finalizing the venue for the Bitcoin ATM he aims to install. He currently hopes that East Village will be an ideal spot for such a venture and aims to install the machine at a tea shop between 12th Street and 3rd Avenue. Naturally, Ling says that he has researched a bit to discern which location with be maximally beneficial for Bitcoin users and that’s how he has come up with this final choice.

In a city like NYC, we can certainly expect that a Bitcoin ATM may surpass even the $10,000 transactions record set by the Vancouver Bitcoin ATM on its first day. Such ATMs, which will only grow in numbers in the coming days, will further legitimize Bitcoin.

Courtesy: IB Times

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Salman Latif is a software engineer with a specific interest in social media, big data and real-world solutions using the two.Other than that, he is a bit of a gypsy. He also writes in his own blog. You can find him on Google+ and Twitter .

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