BTC China, one of the largest Bitcoin exchanges, has just launched China’s first ever Bitcoin Automated Teller Machine (ATM) in Shanghai, in conjunction with a web app which gives people the ability to buy and sell Bitcoins via their smartphones.
This, for once in a long time, is great news emanating from China, as unfortunately most of the Chinese related BTC news we’ve been covering at DC Magnates as of late has been of the disappointing variety. Remember, it was huge interest from China that helped Bitcoin scale the massive heights of $1000 plus in the first place.
Li Qiyuan, CEO of BTC China, said that although the ATM allows people to buy Bitcoins using Yuan, the vice versa is not supported, explaining,
“Referring to the machine as a bitcoin ATM, therefore, is not quite accurate, it’s more like a bitcoin vending machine.”
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Unsurprisingly, since the “ATM” has been installed by BTC China, one would need to have a BTC China account in order to use it, before downloading and scanning a unique QR code specific to their BTC China account. The purchased Bitcoins would of course enter the online wallet of the buyer, with the overall process taking around ten minutes.
However, BTC China have something else up their sleeve, not limited to Yuan, with the launch of their new online app, Picasso. Picasso can be described as a portable ATM, giving users the ability to exchange Bitcoin (or Litecoin) for cash without using a physical ATM, anywhere in the world where there’s an internet connection, whilst supporting multiple fiat currencies.
“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. Bitcoin has entered into a new era, where exchanges are no longer the only way to buy and sell bitcoins. With the advent of Picasso ATM, along with other physical bitcoin ATMs everywhere, people all over the world can now easily buy and sell bitcoins. As a pioneer in the field – BTC China is now the world’s longest running bitcoin exchange – we plan to continue innovating, and lead the world into this new era.”
The fact that it’s a web based app means there’s no need to download, thus avoiding platform regulations (e.g. Apple banned Coinbase’s app). Of course, we’d expect similar web based apps to be launched by other Bitcoin exchanges in the future.