SA gets first Bitcoin vending machine - TechCentral

SA gets first Bitcoin vending machine

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South Africa’s first Bitcoin vending machine has been installed, giving users the ability to get Bitcoin in exchange for rand.

The difference between a Bitcoin ATM and a Bitcoin vending machine is that the former dispenses cash for Bitcoins, while the latter provides Bitcoin in exchange for a local currency.

Rolf Deppe and his business partner, Monre Botes, run the Lamassu Bitcoin vending machine through their business Tremendis Learning.

“We decided in February that we wanted to bring a Bitcoin vending machine to South Africa. At the time there were about 100 around the world, but none on the African continent. We wanted to push the envelope, so we ordered one, and three months later it landed on our shores.”

The vending machine is situated in Kyalami, north of Johannesburg, at a business called Metroman. It’s a friend’s shop, which opened on 1 June, says Deppe.

Deppe is an Android and iOS application developer and is writing apps that can be used with Bitcoin. He says he is also considering establishing a Bitcoin exchange in South Africa. That won’t be a first, though.

The use of Bitcoin by South African vendors is still very limited, and the idea for now is to educate merchants about Bitcoin.

Deppe hopes he can encourage more businesses to adopt the virtual currency. The company also hopes to become the “go-to guys” for merchants wanting to accept Bitcoin.

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The Lamassu vending machine earns Tremendis Learning 6% of the value of each transaction, but considering the cost of the machine, it won’t be recouping its investment. It cost them about R75 000, including importation fees.

“We are also looking at putting machines in Pretoria and Cape Town, but we will use a much cheaper model that costs about R10 000.”

To get Bitcoin at the Bitcoin vending machine, consumers need to have a Bitcoin wallet installed on their smartphone. There are numerous apps available, but options include Blockchain for iOS and Mycelium for Android. These apps generate a QR code that the Bitcoin vending machine can read and use to deposit the purchased virtual currency. Given the exchange rate at the time of publication, a single Bitcoin will set you back the princely sum of R4 600.  — (c) 2014 NewsCentral Media

17 Comments

  1. Pouring petrol over R5000 and setting it alight is probably more entertaining and a better long term investment.

  2. i’m not sure where you get a price of R4600 per coin from, current price is around R5500. the last time the price was anywhere near that was in May. here’s a nice price history graph https://www.bitstamp.net/

  3. ZioNazi Hasbara troll out to defend the Zi0-central-banking cabal — eat pork and die biatch.

  4. Great stuff! Despite criticism and a lot of volatility in the recent past, bitcoin is still going strong. This is the future folks!

  5. Yes – burning currency is the definition of defending ZIO-CENTRAL-BANKING.

    I need some of the sith you’re smoking bru.

  6. There are get rich quick millionaires everywhere and they are far outnumbered by the insolvent sheep who blindly followed them.

  7. i like the idea of having our 1st bitcoin atm machine but not on R4600/coin.this is like daylight robbery.

  8. You don’t understand the technology, you don’t need to buy one full bitcoin at a time. You can buy micro-bitcoins in whatever denominations you choose. You can even buy two rands worth of bitcoins if you choose to do so.

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