BTC China has devised a new web-based app that allows smartphone users to become ‘walking bitcoin ATMs.’ Known as the Picasso ATM, the soft bitcoin ATM interface is functional without the need of expensive investments put into hardware. Bitcoiners can sell bitcoins with the app anytime, anyplace, anywhere, after uploading them to the interface.
Soft Bitcoin ATM
BTC China is China’s premiere bitcoin exchange. CEO Bobby Lee has branched out to appeal to bitcoin users, both in and out of the country.
It was at the IC Coffee Shop in Shanghai’s Pudong Zhangjiang Park where Lee first introduced the Picasso. Picasso made its media debut in the same place as BTC China’s first bitcoin ATM.
When a person signs up for a BTC China account, they can start uploading coins to their Picasso digital wallet. From there, they can sell bitcoins off of the service.
If the receiver of the bitcoins is not a BTC China user, the bitcoins can be sent to any mobile number around the world. Afterwards, they will be invited to become a BTC China member.
The company’s CEO says the new technology is a way to take down the barrier over those who still feel iffy about the digital currency market. Lee states:
“Now store owners, coffee shop owners, or even convenience store owners, instead of investing in a bitcoin ATM, they can just sell bitcoins at the cash register with the Picasso ATM.”
With the Picasso interface, QR codes are a thing of the past, as the Chinese exchange uses its own instant transfer system, making the process move along more efficiently. Lee understands that as technology progresses, bitcoin exchanges won’t and can’t be the only form of bitcoin trading.
The goal with the soft bitcoin ATM is to have it function throughout the world. Wiring bitcoin between countries will be easy and cheap to do.
The Picasso interface requires no downloading, and is free from censorship and regulation. Security features require confirmation from both the buyer and seller before a transaction can be completed.
The online wallet safeguards bitcoins in cold storage, and is available now. For added security, the service functions online only a few minutes each day, minimizing hacks.
It’s hard to tell whether bitcoin ATM hardware will suffer from such technology, or if it will have no effect at all.
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