Atlanta Bitcoin aims to bring Bitcoin ATMs to Atlanta in 2014. The reason Bitcoin ATMs are so important to us is simple. One of the biggest challenges for those curious about Bitcoin, is the barrier to purchase them. At Atlanta Bitcoin, we aim is to break down that barrier to enable anyone who wants to buy bitcoins to do so quickly and easily.
We’ve been working hard to clear the way to operate our Bitcoin ATMs legally but it's not an easy task. While we have made progress, the hard work isn't over yet. Rest assured that we’re committed to serving Atlanta and will be up and running as soon as possible.
Bitcoin ATMs are very similar to traditional ATMs in that they provide automated financial services. Of course, Bitcoin ATMs are anything but traditional. Bitcoin ATMs provide a local cash based exchange for Bitcoin. Some Bitcoin ATMs are One-way, meaning that they only accept cash and dispense bitcoins. Others are Two-way, which means you can either buy bitcoins from, or sell them to the ATM.
The most common question we're asked is about timing. When will we see Atlanta Bitcoin ATMs in public? Unfortunately we’ve had to put our plans on hold a number of times due to regulatory challenges.
Because businesses who exchange dollars for bitcoins are considered money transmitters by the Financial Crimes Enforcement Network (FinCEN), we are subject to Anti-Money Laundering laws. Navigating this regulatory landscape is challenging enough, but throw in that we are a bitcoin money transmitter and the complications multiply. We're not giving up though! Stay tuned.