Users of virtual money are about to have ATMs and access to digital cash. In a bid to simplify access to virtual currency Bitcoin, head of TDV Media is working on launching an ATM that allows users administration of Bitcoin accounts.
“We’ve come up with a Bitcoin ATM, and the reason we’ve done that is because it’s been a little hard to get access to BitCoins. You can trade them over exchanges over the Internet, but it’s not all that easy to do,” said Jeff Berwick, CEO of TDV.
Bitcoin is a decentralized currency that is based on software that provides access to the source code for all users and uses “peer to peer” connections in monetary transactions. Banknotes can be exchanged easily and can be used anywhere Bitcoins are accepted. Users can also change their Bitcoins for the original currency with a growing number of businesses and individuals accepting it as payment method.
The Bitcoin ATM has a software that enables an automated two-way foreign exchange. Users can deposit cash to increase their Bitcoin balance or exchange Bitcoins for cash.
On the eve of the outbreak of the Cyprus crisis, the interest in digital currency exploded. Economic analysts say the growing popularity of Bitcoin is a symptom of a world in which ordinary citizens are extremely concerned about the value of paper money.
While digital currency has a number of critics, its recent increasing value shows that it is more attractive. According to Bitcoincharts.com a Bitcoin was traded yesterday at $108, more than triple its value six months ago, when it was exchanged for $29.35 dollars.
Berwich says that people are attracted by Bitcoin because it is the only currency that operates in a truly free market. “The Internet is the last place where there is actually a free market on Earth… And there are the kinds of really interesting, exciting innovations that can come from the free market,” said Berwick.
Berwick said he plans to launch the first Bitcoin ATM in Cyprus, where the agreement to rescue banks caused their closure for several days and where cash withdrawals from ATMs were limited.
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