LocalBitcoins is making it possible for you to buy and sell Bitcoin at the touch of a button – literally.
On October 13, 2016, Beta-tester BtcHoldingsTX leaked an image of the Local Bitcoin Portable Point-of-sale (POS) device prototype. The portable ATM sits 100mm high, is 122mm wide, and has a depth of 224mm. The power supply plug on the right side of the device adds about 45mm to the width. Overall, these dimensions make the device very easy to travel with.
BtcHoldingsTX received the device early this week and has had some time to play around with it. BtcHoldingsTX says,
“[The] Biggest pro, [is] it is fast and all you have to do is give someone a piece of paper with a QR code while you receive an invoice for taxes.”
The Portable Bitcoin ATM operates through LocalBitcoins. If you are interested in selling BTC on your portable ATM, you transfer BTC from your localbitcoins wallet to your portable ATM device and that will serve as the source of your funds.
There are three easy steps to purchasing Bitcoin through the LocalBitcoins Portable ATM:
1. Hand the operator of the ATM your cash.
2. Wait for the ATM operator to enter the purchase amount into the device, print your receipt, and his/her invoice.
3. Receive a 16 character or QR code on your receipt and redeem your BTC.
After using the Portable ATM for a few days BtcHoldingsTX was able to spot a few blemishes in the prototype. The device has a non-rechargeable battery so to use the ATM it must be plugged into an outlet. Another fault that impedes the user are the limitations placed on sellers. But keep in mind, this is a prototype, the hardware and software are indefinitely going to improve.
On the bright side, BtcHoldingsTX appreciates LocalBitcoins Portable ATM for it’s ability to expand business operations with ease. Owning the ATM is similar to their being a virtual version of you running around in the world. For example, you can leave the Portable Bitcoin ATM with a friend or a business (as long as they accept cash) and they can manage sales and take on new clients for you. Also, with the Portable Bitcoin ATM, you do not need wifi to purchase bitcoin. This device could be revolutionary because a majority of BTC is purchased through the internet.
The LocalBitcoins Portable ATM makes buying bitcoin a very simple 3 step process. This is great for individuals looking to get into bitcoin but struggle with it’s complex nature. In addition, The Portable ATM provides business owners with the opportunity to expand their business by allowing transactions to take place on the spot almost anywhere in the world. Currently, the prototype costs €299 for product-testers and €500 for the average consumer. Be on the lookout for the LocalBitcoins Portable Bitcoin ATM in the near future.