A group of investors has launched a funding initiative on Indiegogo to establish an international ATM network that will support bitcoin, local e-currencies and the network’s own cryptocurrency called DOLLAR. The investors hope to create a decentralized electronic currency similar to bitcoin with low or no fees and faster transactions.
The current fundraising campaign goal is $100,000 with 20 days to go as of Feb. 12, 2015. The campaign was well short of this goal at this writing.
In the short term, DOLLAR will install 20 ATMs (aka BTM). A longer-term goal is to have 5,500 ATMs worldwide by 2016.
The ATMs will serve as exchanges for bitcoin, local currencies and DOLLAR. An ATM in the United Kingdom, for instance, will accept bitcoin, DOLLAR and local e-currencies.
“For example, when the ATM is placed in Great Britain, there will also be BRIT and SLG coins for buying or selling,”
Jiri Hlavin, DOLLAR project coordinator, told CCN.com. “We will support all local e-currencies.”
The DOLLAR ATM network and wallet will be managed by a DOLLAR Foundation which will be established in the United Kingdom this spring, according to Hlavin.
The DOLLAR Foundation hopes to include major technology companies as adopters, Hlavin said. A “DOLLAR Worldwide Adoption” campaign will begin in March 2015. “The aim of this campaign is to ensure that DOLLAR coins are accepted by worldwide, well-known companies such as Google, Facebook, Microsoft, etc.,” Hlavin told CCN.com.
“DOLLAR will place as many ATMs as possible, based on the success of the fundraising campaign. The first machines will be manufactured by Global Funds Transfer GmbH in Germany (https://bitxatm.com/). After successful DOLLAR adoption, we plan our own production of ATMs machines”
Existing ATMs will be retrofittable to dispense DOLLAR. “There is just the need to use DOLLAR source code by ATM operators,” he said. “There is no need to update ATM hardware.”
The ATMs will go on sale in the first quarter in 2015. All funds received will be viewable on the DOLLAR website.
DOLLAR will contribute 5 percent all DOLLAR coins to charities. In addition, 3.5 percent of all DOLLAR coins will be used for further development of the DOLLAR wallet. The DOLLAR wallet will use full HTML5 language, including voice chat, video chat, automatic updates, and tipping.
DOLLAR has set the following targets for ATM placements: North America, 1,500; South America, 500; Europe, 1,000; Africa, 500; and Asia, 2,000.
DOLLAR chose its name based on the fact that the dollar is the best-known global currency.