New potential for ATM machines. New changes have to start somewhere and a Singapore company has showed us this. You can now buy gold and silver directly from a bitcoin ATM in Singapore. The bitcoin-to-precious metals company, Quantified Assets, has made this possible by rewriting some of its open source software, and incorporating it into Lammasu ATMs to offer this added functionality. Since its launch there’s been interest from Lammasu to incorporate this new feature into their other ATM machines.
This is how it works: When someone transfers their bitcoin into silver or gold through the ATM, they receive a printed receipt with the amount of the precious metals they purchased. Quantified automatically creates an account for the customer on their website. According to their website:
The storage of the physical metal bars is organized by our partner mints, dealers and vaults. The bars are stored in reputable vaults in different countries” proving there is physical gold and silver stored for their customers.
This is just the beginning of huge expansion potential for bitcoin ATM machines. It doesn’t have to stop here, this could continue to grow and bitcoin ATMs could begin offer so much more!
In San Francisco, a new retail shop has opened up called Nakamoto’s, this store only allows bitcoin to be used for the purchasing of its products. The location offers Amazon items at a discount as well as some locally made products. The company Purse (an online company offering Amazon items for a discount when purchasing with bitcoin) is currently the largest shareholder of Nakamoto’s. However, they are looking for more retailers to use the concept. Bitcoin is not always spent online and places like Nakamoto’s are showing us that alternate currencies can be used in the same ways and locations as our paper currency. Once again, instances like these spread the word and bring awareness to the possibilities of bitcoin.