Bitcoin ATM Arrives in Seattle

Bitcoin ATM’s–particularly those manufactured by Las Vegas based Robocoin–are popping up all over the world. Now a Bitcoin ATM has arrived in the ‘Jet City’ of Seattle, Washington.

Seattle is known as hub of technological innovation so its no surprise that there would be a nexus of Bitcoin ‘early adoption’ there. The ATM machine is located at the Spitfire Grill in Seattle, a well known sports bar. The ATM is open from 11 AM to 10 PM and allows users to exchange cash for Bitcoin or vice versa. Customers can make up to $3,000 worth of exchanges per day. It is the first installation of a new Seattle based company called Coinme that will maintain the ATM and take a small fee for every transaction. Coinme CEO Nick Hughes says that he started the company to help promote the growth of Bitcoin and help guarantee security and transparency in the process:

“If people are going to understand what Bitcoin is, they need to touch it and feel it in a safe and secure manner.” Additionally, Hughes says, it’s a much easier way to exchange Bitcoin for cash than online exchanges:

“It’s a heck of a lot faster and safer, and more secure than utilizing some sort of exchange.” Hughes wants Coinme to serve an educational function as well and the company will host and promote monthly Bitcoin meetups around Seattle:

“People need to be able to talk about this and be educated about it. They need to hear about the risk and rewards from credible people.” Hughes insists that whether Bitcoin is the leader or some other format that cryptocurrency is the future and he wants to be part of it:

“The fact is, cryptocurrency is here to stay. We don’t know what the name of it will be specifically, but our bet is on the future of digital currency.” Coinme Compliance Officer Neil Bergquist added:

“We’re just led by curiosity. We want to see where this goes and it’s really a pursuit of knowledge. We’re learning as much as anyone else.” The Spitfire Grill unveiled the machine at a Bitcoin launch party which included experts and a panel discussion about the cryptocurrency.