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Iceland Gets Its First Bitcoin ATM

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Iceland Gets Its First Bitcoin ATM

Bitcoin Mining

Photo: A screenshot from RÚV.

Iceland’s first bitcoin ATM has been installed at the Hlemmur Square hotel, RÚV reports. It is thought, moreover, to be one of the first bitcoin ATMs in Europe. Hlemmur Square’s Bitcoin ATM only accepts deposits currently, but it’s hoped that customers will be able to withdraw money from it in the future.

The average age of Hlemmur Square’s guests is 25 – 27 years old, and hotel management

believes that a large portion of these individuals use currencies like Bitcoin. “I’d say that about 60% of the kids coming here—I call them kids because I’m an old man—use cryptocurrencies,” said hotel manager Klaus Ortlieb.

In order to make deposits at the ATM, guests simply have to create a Bitcoin account, or wallet, on their phone, then bring cash to the ATM and make a deposit. The idea is that it will be useful for tourists, for one, who are leaving the country, but have leftover Icelandic currency.

“I’ve heard about a lot of people who need to change money at the airport and pay heavy fees to the bank, or some people take a thousand krónur or two [about $10-20] home as souvenirs,” said Klaus. “Now these travelers can deposit that two thousand krónur into their Bitcoin account instead of keeping it in a corner in their home and forgetting it, or paying the bank at the airport a lot of money.”

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