Albuquerque’s first bi-directional Bitcoin ATM
Chris McAlary, left, the CEO of Coin Cloud with David Edwards, the president of New Tea Co
Albuquerque’s first money in, Bitcoin out — or Bitcoin in, money out — ATM machine should be up and running Tuesday at New Mexico Tea Co.
The new machine is not the first Bitcoin ATM in Albuquerque. But it will be the first that allows bi-directional transactions between cash and your Bitcoin wallet. The first was installed in the Imbibe nightclub in Nob Hill, and lasted only a few days before the owner pulled the plug. With that machine, however, users could only buy Bitcoin, not get cash back.
Bitcoin is a digital currency. The machine is owned by Coin Cloud, a company that has installed several machines in Las Vegas, San Diego, Salt Lake City and soon in Manhattan.
Coin Cloud, of Las Vegas, was started by Chris McAlary who said Monday that he launched the company last year after the first wave of Bitcoin ATMs became available commercially.
“We first looked at Vegas. But, every city has a Bitcoin trader. Why not put one of these in?” McAlry said.
Bitcoin traders are common, and use sites like Craigslist and others and act as intermediaries between those wanting to buy Bitcoin and those wanting to sell their Bitcoin.
The first Bitcoin ATM that was placed in Albuquerque, though it didn’t last, was the first in the nation. Through news reports at the time, McAlary said he found Albuquerque as a site for his next machine. New Mexico Tea Co. has been taking Bitcoin for several years, and it mades sense that it would be a good location, McAlary said.
“In my mind, anything new that can help the business is great. We started using it as a marketing tool, and it has some advantages,” said David Edwards, the president of New Mexico Tea Co.
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