China's first bitcoin ATM in Shanghai cannot be exchanged for RMB

Bitcoin ATMs seem to be particularly fond of cafes. March 15, Hong Kong's first bitcoin ATM was authorized to use in a café; March 8, South Korea's first bitcoin ATM appeared at a café in Seoul, and on February 28, the country's largest ATM was placed next to a café; today, China's first Bitcoin ATM will also appear in a coffee shop in Zhangjiang, Shanghai, and before its official "entry", the first financial journal reporter yesterday experienced the bitcoin ATM and completed the first purchase of Bitcoin on the machine. "Our ATM can only buy Bitcoin in cash, but it can't be exchanged for cash, so it's not accurate to say it's a Bitcoin ATM, it's more like a vending machine." "Bitcoin China CEO Li Qiyuan to the first financial daily," the reporter introduced Tao. The white machine before us is a lot smaller than a bank ATM, but it's very heavy and requires two adult men to lift up. Li Qiyuan told the first financial daily reporter that the machine was purchased last year and sold for about tens of thousands of yuan. "Just bought back, it is a brick, there is no way to achieve any function, we have to the machine for the corresponding program development, now this machine has been docked on our system, the exchange rate is based on the price of our system to calculate." "Li Qiyuan said. So, how exactly should this machine operate? First, you need a BTC China account, find your wallet two-dimensional code to print it out (or download it to the phone), press the "START" button on the ATM screen, and then scan the information area for two-dimensional code, insert cash, You can buy the corresponding amount of Bitcoin. Of course, the purchased Bitcoin will automatically be sent to your wallet instead of "spit out" bitcoin. Although very interesting, but this machine is not very efficient, as a result of the Bitcoin protocol, about 10 minutes to see the first "confirmation" in the wallet record, while the formal completion of a Bitcoin transaction requires 6 confirmation, which means that a child can actually "see" in the wallet of the purchase of Bitcoin. In comparison, bitcoin China's development of mobile ATM is much more efficient. "Since the transaction is done within our system, we do not need to connect to the ATM machine manufacturer's system, so we are on time to account." Li Qiyuan to the "First financial daily" reporter, the current mobile ATM only developed a Web version, the future will also consider the development of the app. And the mobile ATM operation is also very simple, very suitable for point-to-point trading, for those who use mobile ATM, he can charge cash directly from the purchaser, or through Third-party payments and bank transfers, and then direct the bitcoin into the buyer's wallet. In other words, the purchaser does not need to know how to operate a mobile ATM, but at least it still needs a bitRMB registered account in China. "First Financial daily" reporter also had the experience, after logging in to the mobile ATM, you can see some basic information, such as how much the balance of bitcoin, how much RMB, the wallet of the two-dimensional code and wallet account address, if it is the first time to log in, you need to set a 4-digit password. Click the ATM feature, you can enter the amount of legal money you want, the system will automatically calculate the value of the Bitcoin, enter the buyer's phone number and then click Next, the purchaser will receive a confirmation message, will be provided by the 4-digit text message to the seller, the sale of the password press confirm can complete the transaction, Of course, the buyer also needs to pay the corresponding amount of cash. In Mobile ATM settings, the seller is free to set the rate of charge (1%~10%), which means that the seller can earn a little profit by selling Bitcoin, and can set up currencies of different countries and regions, from HKD to USD, from yen to euro, and can be used all over the world. "Very interesting, isn't it!" Li Qiyuan told the reporter, he believes that the release of these two products will greatly reduce the threshold to buy Bitcoin, so that ordinary people can also be very convenient to buy Bitcoin, and play Bitcoin will not only be a speculator's patent.