Indonesia is a country housing an emerging market largely focused on technology and IT. These factors make it an interesting and promising place for Bitcoin adoption. And, to make things even more interesting, Indonesia recently saw a second Lamassu Bitcoin ATM being installed on Bali, one of the Indonesian islands.
Two Bitcoin ATMs, Both From Lamassu
Most of our readers will be aware of the fact that Lamassu is the leading Bitcoin ATM manufacturer and provider in the world, to date. It should come as no surprise, then, when I tell you that both of Indonesia’s Bitcoin ATM’s are manufactured by Lamassu. But, that is not the only similarity to be drawn between both machines.
Even though Lamassu offers their customers the choice between one-directional or two-way Bitcoin ATM’s – fiat currency to crypto, or fiat to crypto, and crypto to fiat – both Lamassu Bitcoin ATM’s in Indonesia only let you exchange fiat for BTC. While it is not up to the ATM manufacturer – but rather the ATM operator – to decide which feature(s) you offer to customers, this is an interesting choice, to say the least.
Indonesia could greatly benefit from an opportunity to convert Bitcoin into local currency at a Bitcoin ATM. Granted, there is one major Indonesian Bitcoin exchange – called Bitcoin.co.id – which lets you exchange fiat currency and Bitcoin intermittently. It would be a nice change to see the option presented by one of the two Bitcoin ATM’s as well, in the future.
Note from the Author: Considering the fact that Bitcoin.co.id is operating both Lamassu Bitcoin ATMs, we will not see a Bitcoin-to-fiat-currency feature anytime soon, as it would undercut their business model. But, there is room for competition if you ask me!
Locations & Accessibility
Speaking of these Bitcoin ATM’s, the machine located at the Hubud workspace in Ubud, is accessible Monday through Saturday, between 9am and 6pm. However, there is a limit of 1 BTC per transaction in place, which seems a little strange. Last, but not least, the exchange rate is determined on the Bitcoin.co.id value + 3% per purchase.
On the other hand, we have the Lamassu Bitcoin ATM located in Kuta, Bali, Indonesia. This ATM also has the same 1 Bitcoin per transaction limit in place and is subject to the same exchange rate and fees. However, this Lamassu Bitcoin ATM is located at the physical Bitcoin.co.id office [Bali Bitcoin Center] and will garner a lot of attention during the weekly meetups.
At this point in time, no information was provided on whether or not more Bitcoin ATM’s will be making their way to Indonesia, or where these would be housed. We can only hope to see some competition going on in this emerging market, as it could be a great opportunity to increase Bitcoin awareness and adoption.
Images courtesy of DollarPhotoClub & Lamassu