Bitcoin is making its mark in China. According to the South China Morning Post(SCMP), Bitcoin exchange ANXBTC and the Bitcoin Group Hong Kong, have announced that both companies plan on launching Bitcoin ATMs within a few days.
The Bitcoin Group’s very first machine will be working today at a Chinese pancake restaurant. In contrast to the Bitcoin Group Hong Kong, ANXBTC has not decided on a location yet. Kyle Ashbolt, the director of Bitcoin Group Hong Kong commented,
“There’s enough curiosity to make it worth our while.”
Bitcoin ATMs more like Vending Machines
ANXBTC’s chief executive officer Ken Lo said,
“It’s like regular banking – some people prefer to go to the teller, some people don’t want to deal with people at all. It’s about catering to people’s habits.”
Ken Lo also mentioned that the Bitcoins ATMs will function more as vending machines. Unlike Bitcoin ATMs, the new batch of machines will offer only buying bitcoins and do not allow any other sort of transactions.
According to the SCMP, in April, another company named Alitobit is set to install three operational Bitcoin ATMs in Lan Kwai Fong, Sha Tin, and Tsim Sha Tsu. This was said by one of Alitobot’s founders, Kif Hong.
How to Use the Machines
Dave Chapman, ANXBTC’s chief operating officer showed how to use the new batch of Bitcoin ATMs. SCMP says that after Chapman scanned a code across a sensor, he put in a HK$10 into the slot. As soon as the transaction was complete, Chapman’s Smartphone signaled a confirmation that the money had successfully transferred to his Bitcoin wallet.
ANXBTC said that currently there will be no transaction fee, however in the future there will be. Each Bitcoin ATM costs an estimated $4000 to $6000.
At the moment there are around 20 merchants using bitcoins in Hong Kong. ANXBTC believes that there are around 10,000 Bitcoin users in Hong Kong. This number has slowly been increasing as more attention is drawn to Bitcoin.
Having new Bitcoin ATMs demonstrates the popularity of the digital currency, and that it has paved a path for itself in Hong Kong. Obviously, there is a demand for Bitcoin which is why a new batch of Bitcoin ATMs is slated for arrival shortly.