Bitcoin Update: First Cashless Bitcoin ATM

Bitcoin ATM maker Diamond Circle has installed its first kiosk at a cafe in Queensland, Australia. The new unit is located at the Bluff Cafe at Burleigh Heights, by the Gold Coast’s Surfers Paradise. The company describes its machine, unveiled earlier this year, as the first “cashless bitcoin ATM” kiosk to hit the market.

The Diamond Circle ATM works in conjunction with its bitcoin debit cards, which were announced last May. Despite their name, these cards are only compatible with the company’s machines, however, and can not be used as debit cards in the traditional sense.

The system works by dispensing Diamond Circle cards, which cost $5 and each contain a bitcoin wallet. As well as dispensing cards, the ATM can also be used to top up and check users’ bitcoin balances. The company says its debit cards are linked to users’ credit cards at local exchange rates, allowing for instant bitcoin purchases.

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“Unlike other bitcoin ATMs, the machine only supports Visa and MasterCard for the purchase of bitcoin and cards thus, reducing security threats, the cost of holding cash, thus increasing margins and ongoing residual payments to distributors and owner/operators,” it said in a statement.

The platform is also designed to reduce the risk of chargebacks and can comply with different AML/KYC requirements depending on its jurisdiction. The company is also working on a new feature that could be used to perform remittances, as well as new NFC enabled point of sale systems.

Diamond Circle’s remittance function will allow users to send bitcoins to anyone via SMS text message. The company says the cards feature Apple SDK compatibility and at some point they could also use NFC on Apple devices. For the time being, however, Apple’s NFC functionality is limited to Apple Pay.

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The company added that it will shortly begin work on new point of sale (POS) applications which will allow bitcoin purchases and balance checking from a wide range of NFC enabled devices, including Android phones, online gateways and corporate wallets.

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