There are few things that have remained as controversial in the currency world than cryptocurriencies. While Bitcoin (BTC) is only one of a number of different types of virtual money, it is the most popular and the most widely used–a number multi-million dollar companies accept this currency as a form of payment, and now, there are even real ATMs dedicated to the transfer and conversion of Bitcoin.
Recently, Blockchain Innovation has released a new take on the Bitcoin ATM: BitTeller, a convenient, portable BitCoin ATM that functions perfectly for personal use. This little powerhouse boasts the following features:
- Affordability–BitTeller is available online for less than $1,000
- Customization–Blockchain Innovations can build a custom model of their portable ATM to support alternatives to BTC, such as DOGE, LTC, DASH and others.
- Speed–BitTeller can process up to 20 bills per minute.
- Simple connectivity–The only thing required for this portable ATM to work is WiFi.
While it’s inarguable that this concept from Blockchain Innovation is absolutely on point, there are some contentions with this first release of BitTeller–for instance, the design is rather clunky, and cryptocurrency aficionados would be more likely to jump on this tech if it were cross-compatible with other currencies, instead of having to be dedicated to only one particular currency per model.
BitTeller’s pricing mechanism is somewhat slow, as well. The value of BTC is updated in the machine every two minutes or so, and this may not be satisfactory time for BTC holders–currencies have no real sense of time, let alone virtual currencies.
Thankfully, Blockchain is completely willing to address these qualms in future versions of their portable ATM; the company is also considering other custom features as well, including but not limited to other forms of real currency besides USD, cable locks and colored cases.
BitTeller has only been in production since this May, but videos of demonstrations have already been released. Take a look at this video of a BitTeller transaction. The simplicity and highly welcoming user interface is an enormous plus to this technology, and will likely be features that earn BitTeller a niche spot in the future of alternative currency banking.
However, Blockchain may be in for something of a surprise if they didn’t expect a little competition: Project Skyhook is currently shipping their portable ATMs for only $100 more than BitTeller, and it presents a real contender with its sleek looks, light weight, similar features and availability. There are also industrious people across the Pacific from Blockchain’s base market who have gained some renown for the development of the first BTC ATM in the Philippines.
That being said, it certainly isn’t any surprise that BitTeller developer and Blockchain Innovations CEO, Jonah Dorman, has had his hands in cryptocurrency from the very beginning, and is an entrepreneur when it comes to alternative currencies himself. After a stint in the Army as a computer technician, Dorman went on to be one of the first businessmen to be involved in cryptocurrency. Despite the controversy surrounding Dorman and some of his past partners, Blockchain Innovations will likely see a bright future with the introduction of BitTeller.