Alfie Joshua Alfie Joshua is the editor at Auto in the News. Find him on Twitter, Facebook, and Pinterest.

Manhattan just got its first Bitcoin ATM

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Bitcoin ATM producers Lamassu and operator PYC Bitcoin have announced the first BTM in Manhattan. The BTM, located in Flat 128 in the West Village is one of the first in the city. “It’s really exciting for all of us,” said Matt Russell of PYC Bitcoin. “As a team of bitcoiners we get to aid adoption and plus it’s a really cute machine.” Flat 128 sells “jewlery, clothing, and women’s accessories” from the UK said owner Elizabeth DuBois who knew little about bitcoin when she started working with her friend Russell. “I am so excited. It’s incredible to be the first one in Manhattan,” she said.

New York City’s first bitcoin ATM launched Thursday in the historic West Village. The Lamassu-made machine, which costs a cool $6,500, was installed at Flat 128, a “luxury lifestyle store” on Christopher Street that sells UK-styled jewelry and home goods. Don’t get too excited, though. The ATM is currently a one-way street that only allows cash in — not out. That could change in the coming months, however, as Lamassu plans to release software that will let the machines exchange cyber currency for cash, said founder Zach Harvey. Moreover, users of this particular machine will have to wait until they use it to learn how much they will be charged for each transaction. “We’re not discussing fee,” said Matt Russell of PYC, the operator that bought and is now managing the machine. “It will be a few percentage points over the average” price of bitcoins at the time of the transaction, but it could fluctuate, he added. Here’s how it works: People with bitcoin wallets put cash in and the money is transferred to their digital wallet. The benefit of using an ATM instead of a bank account is speed, according to Harvey. People who change cash to bitcoin through a bank may have to wait days for the transactions to clear, but with the Lamussu ATM it takes six seconds, Harvey said.

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Alfie Joshua Alfie Joshua is the editor at Auto in the News. Find him on Twitter, Facebook, and Pinterest.

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