Logicoins: A Multi-Cryptocurrency ATM

Journalist:
Neil Sardesai @@neilsardesai
June 6, 2014
Logicoins makes multi-cryptocurrency ATMs

Bitcoin ATMs are a relatively new development, allowing users to quickly and conveniently convert fiat to bitcoins, or vice versa. Companies like Lamassu and Robocoin are already established players in the bitcoin ATM industry, but it’s always nice to see some healthy competition. Just recently, I had the opportunity to talk to Simon Painter from Logicoins – an interesting new cryptocurrency ATM maker. [divider]CCN[/divider]

Using a Logicoins ATM

Interview with Logicoins

[dropcap size=small]F[/dropcap]rom the video above, it seems like using a Logicoins ATM is pretty simple. Furthermore, unlike most bitcoin ATMs, Logicoins supports bitcoin, Litecoin, and even Dogecoin. The Logicoins Resort Project is, as the name somewhat implies, a series of cryptocurrency ATMs installed in tourist locations. The company’s website states that Logicoins has partnered with ClickJett and is “opening up for business officially on Saturday April 19th.” I thought the Logicoins project was pretty interesting, so I talked to the company’s Managing Partner about it:

Neil: So it’s past April 19. How was the launch?”

Simon: The launch of the system was incredibly successful in that our machine is using an actual ATM box made by Genesis instead of a custom-made wooden box . we also offer up to four different bill cassettes., so you can add dollar bills in denominations of 5, 10, 20 and 50.”

Neil: Companies like Robocoin and Lamassu are already established players in the bitcoin ATM industry. What sets Logicoins apart?”

Simon: Ok! beginning with RoboCoin .. the system that they use as well as the machines that they use were outdated before they were built.. their [sic] large, cumbersome and are solely based off of a hot wallet.. and require a minimum amount of transaction confirmations before dispensing cash .. logicoins machine has four different configurations that you can use with a hot wallet, exchange and replenishing system.. and the no confirmation feature is settable by the operator. We also will travel to wherever the install location is to ensure clean and speedy installation and configuration of all of the machines included in the price.”

It’s true that Robocoin’s system is cumbersome. CCN’s Caleb Chen was one of the first to use a Robocoin ATM in the United States, and he describes how annoying the process was. Furthermore, Robocoin’s fees are too high for most bitcoiners.

Neil: What trading fees does Logicoins charge?”

Simon: “We charge an ongoing 1% fee on the transactions to pay for software updates as well as hardware updates as they become available.”

Neil: Can users do crypto to crypto exchanges? Or is crypto to fiat (and vice versa) the only option?”

Simon: The ATM does not support converting one crypto currency to another crypto currency as it is an automatic teller machine and not an actual exchange.”

These are the cryptocurrencies that Logicoins supports.

Neil: Why bother with Dogecoin, a currency that most (including the Dogecoin community) don’t take too seriously? Are there plans to support other cryptocurrencies or add new features?”

Simon: We consider our platform to be the ultimate machine for the business-oriented individual, and we are continuously adding features to maximize revenue per square foot. Dogecoin and Litecoin are two of the more liquid and actively traded alt-coins, and Dogecoin has the largest following behind it. Operators are by no means obligated to provide alt-coin support, and it’s as simple as checking or unchecking a box in the backend., and as other currencies become popular they will be added into our system.”

Neil: How much does the machine cost and what security measures do you guys take?”

Simon: “Our units start at 18k delivered, installed and configured on location . most likely by myself.. that also includes the Amazon AWS hot wallet set up with the replenishment system by bitstamp . as for the security measures those are configured on site with a mutually agreeable system (ie firewalls and passcodes) the backend can be controlled remotely so the machine itself not need to be babysat like every other machine out there :-)”

The Logicoins Resort Project is still very new, so it remains to be seen how successful it turns out to be. However, the project seems promising and it’s great to have some competition in the bitcoin ATM industry. Ultimately, more choices benefit the end user.

Last modified (UTC): June 6, 2014 11:40

Neil Sardesai @@neilsardesai

I enjoy keeping up with the latest stuff in science and technology and have been following Bitcoin for a few years now. I also occasionally post cool stuff on twitter.