First Bitcoin ATM in Vietnam

First Bitcoin ATM in Vietnam

The First Bitcoin ATM in Vietnam has arrived, finally. If you find yourself in Ho Chi Minh City, a digital pocket full of bitcoins, and in need of some cash, fear not.

Vietnam’s first Bitcoin ATM, now open for trading, works both ways. Users can change their bitcoin into local currency, and vice-versa.

Vietnam’s first Bitcoin ATM is located at Le Crespo Pizza Restaurant. It is a BitAccess ATM, the start-up making these machines being located in Canada.

The operator’s of the machine are Bspend and Bitcoin Vietnam. They charge a 5.8% on transactions that either buy from, or sell to, the machine.

Users can process transactions up to VND 5 million without being ID verified. Amounts over this threshold with require verification, through the machine.

First Bitcoin ATM in Vietnam 1

Bitcoin ATMs provide the convenience of an ATM kiosk for Bitcoin users. They provide a tangible interaction point for an intangible currency.

Bitcoin is still relatively unknown in Vietnam. It remains to be seen how the Government will respond to this machine. Capital controls are fairly strict in Vietnam. Perhaps it will fly under the radar.

Bitcoin ATM Market Globally

There are approximately 250 Bitcoin machines globally. Obviously still a very tiny amount. Since their peak in popularity in 2013, interest has waned somewhat. Nevertheless, the are a useful tool and remain an important part of the ecosystem.

Some time back we wrote about the first Bitcoin ATM to arrive in South Africa here. Since then, exchanges like iceCUBEDX still appear to be the preferred method for buying and selling Bitcoin. It is not surprising really. The convenience of staying at home, and moving between Bitcoin and Rand, for very low fees, is difficult to beat.

But in many emerging market like Vietnam, bank accounts are not a given. In such markets Bitcoin ATMs provide a convenient way to bull and sell with cash.

 

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