Budapest, Hungary has received her first Bitcoin ATM. The Bitcoin ATM will accept Hungary’s fiat currency, Hungarian forints, in exchange for good ol’ Bitcoin. Unfortunately for tourists planning to use this Bitcoin ATM to exchange bitcoins for forints, this Bitcoin ATM only goes one way. However, this particular Bitcoin ATM’s owners have announced their plans to eventually upgrade the machine into a full-functioning Bitcoin ATM that offers two-way functionality. At the recent launch of the Bitcoin ATM which is properly dubbed “Bitcoin Budapest,” a former Hungarian central bank official was in attendance. A recent convert to the ways of Bitcoin, István Varga, offered hope-inspiring words about the future of Bitcoin:
“This is how it starts, and in the end this will grow throughout society and become a natural part of our everyday lives.”
Europe Is A Bitcoin Powerhouse
The new Bitcoin ATM joins dozens of other Bitcoin ATMs already operating in Europe. Europe has, as a continent, taken leading steps in the realms of Bitcoin regulation and Bitcoin adoption. The first Bitcoin boulevard (street, alley, whatever you fancy) in the entire world was located in Europe, Germany specifically. In fact, Germany’s government even formally recognized Bitcoin as a form of “private money” years ago. Life hasn’t been that simple for our favorite coin in other countries and continents around the world. Arguably, the continents with the largest concentration of third-world countries are the ones that need Bitcoin the most. Despite the regulatory swamp that mires Bitcoin around the world, Bitcoin ATMs are sprouting up in all the corners of the world. Live Bitcoin News just covered the release of New York City’s first Bitcoin ATM.
In comments given to euronews, Hungary’s first Bitcoin ATM’s operator, Barnabás Debreczen talked about why he crossed the void to bring a Bitcoin ATM to his geographic location:
“This is just the first step, right now of course only a few people are interested in it, but this kind of first steps can help Bitcoin to be a common and friendly thing which can be used by the taxi driver, the policeman and even my mum.”
Lamassu Bitcoin ATMs
The Bitcoin Budapest Bitcoin ATM was made by Lamassu, a Bitcoin ATM manufacturer that was one of the first on the scene years ago. Lamassu has shipped these machines to every corner of the world and are excited to offer competitive pricing which has been taken advantage of by many. As mentioned before, one of the shortcomings of Lamassu Bitcoin ATMs is the fact that they do not currently offer two-way functionality. Luckily for everyone in the world, Lamassu recently revealed a modular addition, called the Santo Tirso, to their current Bitcoin ATM system that will allow two-way functionality. The item is called the Santo Tirso floor stand and in an interview with newsBTC, Lamassu’s CEO revealed more about his decision:
It was important for us to give operators the choice of one-way or two-way transactions. Our modular design allows them the ability to choose a cash-to-bitcoin machine, or the option of adding a stand that enables two-way transactions.
Different operators have different market needs, so flexibility is key here.
Featured image from euronews