The Bitcoin ATM Project is a project aiming to introduce a wide range of ATMs across the United States. Find out how it plans to do that today in our review.
What is the Bitcoin ATM Project?
The Bitcoin ATM Project, found online at BitcoinATMProject.com, is a campaign to introduce bitcoin ATMs nationwide.
The company also aims to release the first ever crypto-to-crypto debit card backed by the value of a new currency called CryptoCoins, or CCO.
The pre-ICO and ICO are underway throughout October and November.
The ultimate goal of Bitcoin ATM Project is twofold:
- They want to implement bitcoin ATMs across the United States, making bitcoin accessible to every person in the country
- They want to release a crypto-based debit card that can be used at bitcoin ATMs, and at physical merchants and retailers worldwide
The project plans to accomplish that goal starting with the most populated locations furthest away from any current bitcoin ATMs. Then, they’ll move towards targeted areas with existing ATMs, then beat the competition by introducing more competitive fees.
The debit card, meanwhile, is a perk for early investors. Investors who participate in the Bitcoin ATM Project crowdsale will receive a debit card that can be used to provide a discount on ATM transaction fees. It will also function as a rewards card. In the long-term, the card will function as a decentralized payment option for storing cryptocurrency wallets, performing ATM transaction, and paying merchants online or offline.
We haven’t told you the best part about Bitcoin ATM Project: unlike existing bitcoin ATMs, which charge fees between 8 and 12%, Bitcoin ATM Project aims to install ATMs with fees of around 4% to 5%.
Bitcoin ATM Project Features
The Bitcoin ATM Project has two core parts, including the ATMs and the debit cards.
The project has two bitcoin ATMs, including the Genesis1 (2-way ATM), the company’s flagship ATM, as well as the Satoshi1, a 1 or 2 way ATM. Some of the core features across both ATMs include:
- Aims to be the easiest and most convenient way to buy and sell bitcoin
- The lowest fees, including just 3.5% to buy and 4.5% to sell
- No prior experience or technical expertise required
- The CryptoCoin debit card can be used at any of these ATMs
- Supports multiple cryptocurrencies
- Over 3,000 machine locations in the United States “coming soon”
CryptoCoin Debit Cards
The CryptoCoin debit cards will initially be used as a loyalty program and reward for investors. In the near future, however, the company hopes to use them as traditional payment cards, spendable at any online or offline merchant. Some of the core features of the cards include:
- 50% discounts on ATM fees
- Unlimited 1% cashback on store purchases and 0.75% cashback on ATM transactions (cashbacks are received in the form of CryptoCoins tokens, or CCOs)
- PIN and 2FA purchase protection
- Anonymous and private
- Compatible with existing merchant POS machines
- Instant withdrawals and purchases, with no waiting on confirmations
- Can be used worldwide
How to Use Bitcoin ATM Project Machines
You can buy or sell bitcoin using the Bitcoin ATM Project’s machines. You don’t need to have a bitcoin address to use the machines.
Here’s the basic process used for buying and selling:
- Insert your CryptoCoin debit card and enter your PIN (optional to have a PIN); otherwise, have your wallet address and private key ready (you can type this information on-screen), or use the QR code provided by your wallet software/provider to be scanned by the machine (the ATM can scan the QR code from anywhere, like a smartphone screen or a sheet of paper)
- Verify your cell phone number by typing it in, then inputting the SMS code received
- Choose the type of currency you wish to purchase, including bitcoin, Ether, Litecoin, CryptoCoin, and others
- Choose your desired destination address; the machines work with any bitcoin or cryptocurrency wallet, or the default option is to use your CryptoCoin debit card
- Insert cash
- Hit “Finish” and choose to receive a paper or email receipt
- To sell bitcoins and other cryptocurrencies, insert your CryptoCoin debit card and enter your PIN (optional)
- Verify your phone number
- Choose your desired cryptocurrency
- You can withdraw from your card, or use a mobile bitcoin wallet or paper wallet
- Receive a receipt with a redemption code
- Wait for the blockchain transaction to complete, then go back to the machine and hit “redeem” to get cash
The Bitcoin ATM Project ICO
The Bitcoin ATM Project is having an ICO throughout October and November. The pre-ICO rate is set at $0.75 per CryptoCoin. If you purchase 25 or more CryptoCoins, you’ll receive a debit card. The pre-ICO began on October 22 and concluded on November 1.
The general ICO is scheduled for November 1 to November 30. The ICO rate is $1 per 1 CCO initially, but may rise as high as $1.67 per token by the end of the ICO (the price rises as more tokens are sold).
Approximately 85% of funds received from the sale will go towards purchasing bitcoin ATMs from the manufacturer, then distributing them nationwide. The company is purchasing Genesis Coin’s Genesis 1 ($14,500) and the Satoshi 1 ($6,800 for 1 way and $8,900 for 2 way).
Who’s Behind the Bitcoin ATM Project?
The Bitcoin ATM Project is led by Mark Caton (Co-Founder), Madison Kolarik (Co-Founder), and Seth Caton.
The company is headquartered in a production facility south of Pittsburgh, Pennsylvania. That production facility will provide large-scale bitcoin ATM programming, in-house white-label branding and design, and maintenance, repairs, installations, and distribution. The goal is to release 500 ATMs every 6 months at a minimum.
Bitcoin ATM Project Conclusion
The Bitcoin ATM Project is an initiative to release one and two way cash machines across the United States. The company will raise investor funds through an ICO, then purchase and sell Genesis Coin’s two major ATMs. The ATMs will be white-labeled, then released across the United States. The goal is to roll out 500 ATMs every 6 months.
Investors can contribute around $19 to the ICO to receive a CryptoCoin (CCO) debit card. That debit card can be used to access the project’s ATMs, or to pay merchants in the future.
One of the most unique things about Bitcoin ATM Project is the fees: the company plans to charge fees of just 4 to 5%, compared to most bitcoin ATMs that charge 8 to 12%. The ATMs will also accept multiple cryptocurrencies.
To learn more about the project and the ongoing ICO, visit online today at BitcoinATMProject.com.