A new Bitcoin ATM was unveiled in Ocean Beach, San Diego on October 8 by the company Coinsource. Co-founder Travis Gough was on hand during the inaugural party, providing full demonstrations held by the company and local Bitcoin enthusiasts. The ATM has the standard 7% fees that usual teller machines have, but this one offers large purchasers reduced fees. There should be some level of excitement, as San Diego has a fairly good size Bitcoin community — being home to AirBitz and many merchants that accept the digital currency.
Although some people are excited, there are others who clearly are not. A post from the San Diego Reader says, “Beware” of Bitcoin. The author wrote this piece on a journalistic hunch, researching just enough to produce an absurd rant about the digital currency. Carrying on about Bitcoin’s volatile price, losing bitcoins, and how it is “subject to hacking,” the author misses the who, what, where, and why of the whole story about a simple Bitcoin ATM being introduced to San Diego’s Ocean Beach. Many commenters from the San Diego Reader post agreed “that it was the worst piece of garbage they seen all week.”
The machine is a fully-licensed and secure BTM owned and operated by Coinsource, which has two other active machines located in New York and Las Vegas. The team hopes to offer more bitcoin choices to the San Diego community by stationing this device next to the popular Ocean Beach Pier, which gets quite a lot foot traffic. CoinSource Managing Partner Sheffield Clark says,
“CoinSource is very excited to extend our services to the San Diego community, there is already a large Bitcoin following, and we hope to help grow that community by providing the easiest and fastest way to get bitcoin. Bringing a high-tech, easy-to-use BTM to iconic Ocean Beach is just the beginning — in our efforts to enrich San Diego’s Bitcoin community, CoinSource plans to launch several other locations throughout the area.”
The area does seem to be bustling with Bitcoin enthusiasm lately, with an episode on ABCs local 10 News and merchants throughout the city accepting the virtual money. The region has a local Bitcoin meetup and an association to help with outreach and adoption. Coinsource is pleased to bring its ATM services to the area help provide these groups with currency availability. Sheffield Clark stated,
“We greatly look forward to serving the residents and businesses of San Diego for years and years to come.”
Founded earlier this year, the Coinsource startup is also working to apply for its New York BitLicense so that its machine in the financial district is allowed to continue operating. If a California license is pushed through legislation, the company will also apply to procure the San Diego machine. Seems like it’s good news for residents in San Diego, who enjoy Bitcoin, but funnily enough not for grumpy journalists.
The San Diego community will also taste the very first Genesis Coin machine, which is being deployed on the Ocean Beach Pier. The Genesis Coin machine is coincidentally produced by another San Diego-based company, Genesis Coin Inc. According to CoinATMRadar.com, the company boasts 94 machines now — with this new one included. The Ocean Beach Pier seems like a great place to have a new Bitcoin teller, placed in the legendary U.S. beach district with Coinsource and Genesis Coin throwing a party!
What do you think about San Diego’s Bitcoin ATM? Should buyers beware? Let us know in the comments below!
Images courtesy of Pixabay and Redmemes.