Bitcoin ATM’s have proven their worth ever since the inception and installation of the first device of its kind. In fact, over the past year and a half, more and more manufacturers are throwing their hat in the ring in order to become a major player in the Bitcoin ATM space. Jiri Havlin of eDollar International is looking to get his Bitcoin ATM network funded with a more traditional crowdfunding campaign hosted by IndieGogo.
An ATM Network Supporting Bitcoin, DOLLAR and Local E-Currencies
Munich-based eDollar International is a very ambitious company, as their business strategy encomapsses multiple projects. The main goal of their IndieGogo crowdfunding campaign is building a network of at least 5,000 ATM machines, which all accept Bitcoin, DOLLAR (altcoin) and local E-currencies, depending on where the machines are installed.
At this point in there, there are about 350 Bitcoin ATM’s located across the entire globe, which pales in comparison to the number of “traditional” ATM’s you can find. The reason for that difference is two-pronged : Bitcoin (or other digital currency) ATM’s are not cheap, and such a device is still a very “new and niche” project for entrepreneurs at this stage.
However, the IndieGogo campaign is not intended to purchase and install all 5,0000 ATM’s at once. In fact, Mr. Havlin is looking to scrape enough funds together in order to purchase and install twenty of these devices, which will cost about US$100,000. The remaining 4,980 ATM’swill be purchased with the pre-mine funds of the DOLLAR altcoin – which we will talk about a bit more down below.
In order to distribute the 5,000 digital currency ATM’s, eDollar International has come up with a distribution phase, spread across 2015 and 2016. Most of the ATM’s will be placed in Asia (2,000), continental U.S. will see 1,500 machines being installed, and Europe will have 1,000 devices at their disposal. South America and Africa are set to have 500 devices installed in each continent, and 50 devices will find a new home in the Australia/New Zealand region.
Some of our readers might be wondering who will manage all of these devices, considering they are spread out on all continents in umpteen different locations. All of the managerial and operational tasks will be perform by the to-be-founded DOLLAR Foundation, as this organization will also work together with local e-currencies representatives.
DOLLAR – The Alternate E-currency
DOLLAR is a recently created alternate e-currency (also known as “altcoin”), which is rather similar to Bitcoin when regarding fees and decentralization. As is the case with most, if not all altcoins these days, they all boast about the fact their transaction speeds are way faster than Bitcoin’s, and DOLLAR is no exception to that rule.
There will be a total of 10 billion (yes, that’s a B) DOLLAR in circulation, of which 98% has been pre-mined in order to fund the purchasing and installation of the aforementioned Bitcoin ATM’s. In fact, 9 billion DOLLAR will be sent on the ATM devices, 5% will be sued for charitable activities and 3.5% will serve as funds for the future development of DOLLAR. Further development includes adding functions to the DOLLAR wallet such as video chat, file sharing and many other things.
More information on DOLLAR and how to purchase this altcoin can be found here.
ATM’s Supporting Local E-Currencies
Over the past few years, the cryptocurrency community has seen the emergence of local e-currencies such as Sterlingcoin, SpainCoin, Auroracoin, Guldencoin and many others. If things go to plan, the DOLLAR Bitcoin ATM’s will support local e-currencies depending on their installation location. For example, a machine in the UK would support DOLLAr, Bitcoin, Sterlingcoin and Britcoin.
It is important to note that all of these ATM’s will be two-way devices, meaning customers can use these machines to both buy and sell their (local) e-currency. All Bitcoin ATM’s will be the white label Sumo Pro model, manufactured by BitXATM in Germany. We were unable to determine daily withdrawal and deposit limits of these devices at this point.
The Crowdfunding Campaign Itself
As we mentioned before, the DOLLAR crowdfunding campaign can be found on IndieGogo, and Mr. Havlin hopes to raise US$100,000. In exchange for backing the project, investors will receive an amount of DOLLAR To determine the exact amount of DOLLAR to receive, the official exchange rate will be used, and IndieGogo backers receive a bonus of up to 30%. So far, only US$2 has been pledged, so there is still a long way to go for this campaign.