An individual can insert a minimum of HUF 2000 and change them into Bitcoin, which will then be transferred to the user’s mobile wallet via QR scanner, or printed on a paper wallet. Bitcoin value is priced via the Bitstamp exchange, a Slovenian-English owned market.
In the event that trouble arises when interacting with the ATM, Octarine Labs offers support in English and Hungarian during Club Anker operating hours.
Octarine Labs CEO Barnabás Debreczeni told bitcoinist.net:
“We want to make sure that we comply with all laws in Hungary. I’m really excited for the ATM to be in this place because it’s really central for Hungarians and tourists as well. I’d love to see 1000 transactions before Christmas. I’m expecting both Hungarians and tourists to come in and use the ATM, especially when tourists will be able to cash out.”
Debreczeni said that by next summer, he hopes that tourists will be able to use his ATM to get cash cheaper than they could through traditional ATMs. He added that they already have people interested who are not part of the tech world, saying “The ATM is a catalyzer in a way, because people who are not from the tech world get into this new world or economy through it.”
The Octarine Labs press release says that Forint banknotes are changed into Bitcoin through an English account of the company in order to guarantee compliance with tax regulations and the legal environment. By the end of 2014, Octarine plans to upgrade the ATM so that it can also change bitcoins into Forint banknotes. Debreczeni says he is aware that the general audience in Hungary is uneducated about Bitcoin, and he believes that the ATM is the most suitable and comprehensible way to conduct Bitcoin education; “an ATM in its physical appearance in a safe public place.”
Octarine Labs was founded in 2012, specializes in IT consultancy and development with a Bitcoin focus, and employs a group of five.