Country: Chinabitocean
Year: 2014

  • Bitcoin in the real world: new kinds of ATMs are popping up along with the rise of cryptocurrencies. Their development fosters the integration of Bitcoin into “real life”.
  • Integration in branches: Banks could include this kind of ATMs into flagship stores.

Concept

  • BitOcean produces Bitcoin ATMs through which users can buy and sell Bitcoins. To sell Bitcoins, users send Bitcoins from their wallet to the ATM and receive cash in local currency. To buy the users do not need a Bitcoin wallet and can receive their Bitcoins through a paper wallet. Transaction confirmations are done via email, SMS or telephone.
  • ATMs only accept and dispense cash in local currency, and do not accept or interface with debit cards, credit cards or other forms of payment.
  • The ATM will automatically calculate the amount based on the exchange current rate. Operators can connect to major exchanges via APIs.
  • The ATM includes know-your-customer (KYC) and anti-money-laundering (AML) features powered by Jumio, 3 extensible cash boxes holding up to 3,600 bills total, and a printer.
  • Customer interface is available in several languages, including Chinese, English and Japanese and may be customized with logos and advertisements.

Consumer Benefits

  • Mass market target: BitOcean can be used with any Bitcoin wallet or can create paper wallets for users who do not have one.
  • Speed: 15 seconds are required for transaction processing and 30 seconds for withdrawals, including the AML/KYC operations.
  • Customization: BitOcean ATMs have multilingual operation system, support multiple currencies and can be customized with logos and advertisements.
  • Transparent pricing: the Bitcoin exchange rate is displayed on the ATM main screen during the transaction process. No fixed fee charged by the ATM, but depends on the operator.

How To Use

  • To sell Bitcoins, users can send them to the ATM and the latter will dispense cash. To buy Bitcoins, users owning a Bitcoin wallet type in their wallet address or scan the QR code and specify the amount to send. For users who don’t have a Bitcoin wallet, the ATM generates a paper wallet towards which the Bitcoins will be sent.

Illustration

  • Video about BitOcean Bitcoin teller kiosk
  • Bitcoin ATM Map

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