{"id":13532,"date":"2021-07-19T23:04:41","date_gmt":"2021-07-19T17:34:41","guid":{"rendered":"https:\/\/zebpay.com\/?p=13532"},"modified":"2022-07-21T10:27:57","modified_gmt":"2022-07-21T10:27:57","slug":"we-found-indias-last-bitcoin-atm","status":"publish","type":"post","link":"https:\/\/zebpay.com\/in\/blog\/we-found-indias-last-bitcoin-atm","title":{"rendered":"We Found India\u2019s Last Bitcoin ATM"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_66_1 counter-hierarchy ez-toc-counter ez-toc-light-blue ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title \" >Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/zebpay.com\/in\/blog\/we-found-indias-last-bitcoin-atm\/#The_story_of_Indias_first_Bitcoin_ATM_is_quite_a_rollercoaster\" title=\"The story of India\u2019s first Bitcoin ATM is quite a rollercoaster.&nbsp;\">The story of India\u2019s first Bitcoin ATM is quite a rollercoaster.&nbsp;<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/zebpay.com\/in\/blog\/we-found-indias-last-bitcoin-atm\/#Fast_Forward_to_2021\" title=\"Fast Forward to 2021\">Fast Forward to 2021<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n\n<p><strong>Bitcoin ATMs have been considered a sort of a novelty since crypto\u2019s early days. Imagine walking to a kiosk to buy some Bitcoin while at the mall or heading home from work! The idea was undoubtedly ambitious, but quickly became irrelevant as smartphones became mainstream. Even so, a number of Bitcoin ATMs cropped up around India\u2019s tech hubs, only to disappear after the RBI\u2019s notification in 2018. Today, only one remains in all of India. Last weekend, we found it.&nbsp;<\/strong><\/p>\n\n\n\n<p>A Bitcoin ATM is a kiosk that allows a person to buy Bitcoin and other crypto using cash or a debit card. There are typically two kinds of ATMs available globally. Unidirectional ATMs allow users only to purchase crypto, and account for ~70% of all crypto ATMs. On the other hand, using a bidirectional ATMs means you can buy <em>and <\/em>sell different cryptos.&nbsp;<\/p>\n\n\n\n<p>Transaction fees on a Bitcoin ATM typically fall between 10% and 20%, but have been known to go as high as 25%. Compare that to an exchange like ZebPay, where <a href=\"https:\/\/zebpay.com\/in\/fees\/\" target=\"_blank\" rel=\"noreferrer noopener\">trading fees are as low as 0.10%<\/a> and one major limitation of these kiosks becomes clear.<\/p>\n\n\n\n<h2 class=\"has-dark-gray-color has-text-color wp-block-heading\" id=\"h-the-story-of-india-s-first-bitcoin-atm-is-quite-a-rollercoaster\" style=\"font-size:27px; color:#000;\"><span class=\"ez-toc-section\" id=\"The_story_of_Indias_first_Bitcoin_ATM_is_quite_a_rollercoaster\"><\/span>The story of India\u2019s first Bitcoin ATM is quite a rollercoaster.&nbsp;<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>In October 2018, India\u2019s first Bitcoin ATM was <a href=\"https:\/\/www.financialexpress.com\/market\/india-gets-1st-bitcoin-atm-unocoin-launches-cryptocurrency-atm-in-this-city\/1355125\/\" target=\"_blank\" rel=\"noreferrer noopener nofollow\">installed in Bangalore\u2019s Kempfort Mall by Unocoin<\/a>, a blockchain solution provider. This was done after the RBI\u2019s notification forbidding banks to deal with digital currencies.&nbsp;<\/p>\n\n\n\n<p>Unocoin claimed that the notification had disrupted relationships with their banking partners. The ATMs were meant to be a replacement. Customers would be able to deposit and withdraw cash from the kiosk, but with conditions attached:<\/p>\n\n\n\n<ul><li>The kiosk did not accept debit or credit cards,<\/li><li>A minimum deposit of \u20b91,000 was required, and<\/li><li>Deposits could only be made in \u20b9500 banknotes.&nbsp;<\/li><\/ul>\n\n\n\n<p>Just one week later, the kiosk was seized by Bangalore\u2019s Cyber Crime Police. The ATM wasn\u2019t yet operational, and was only seized after media reports emerged, equally criticizing and applauding it. At the time, Unocoin was planning to install similar ATMs in Mumbai and Delhi.<\/p>\n\n\n\n<figure class=\"wp-block-embed aligncenter is-type-rich is-provider-twitter wp-block-embed-twitter\"><div class=\"wp-block-embed__wrapper\">\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\"><p lang=\"en\" dir=\"ltr\">Our Machine didn&#39;t go well with few mainstream media reports who projected it under a negative light. The machine is still under final testing mode and it will be up and running in the upcoming week. The machine has been temporarily moved from its original place of installation.<\/p>&mdash; Unocoin: India\u2019s Bitcoin &amp; Crypto Exchange (@Unocoin) <a href=\"https:\/\/twitter.com\/Unocoin\/status\/1053729557197422592?ref_src=twsrc%5Etfw\" target=\"_blank\" rel=\"noopener\">October 20, 2018<\/a><\/blockquote><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script>\n<\/div><\/figure>\n\n\n\n<p>In a statement to the media, the police stated:<\/p>\n\n\n\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\"><p>\u201cThe ATM kiosk installed by Unocoin in Bengaluru&#8217;s Kempfort Mall has not taken any permission from the state government and is dealing in cryptocurrency outside the remit of the law.&#8221;<\/p><\/blockquote>\n\n\n\n<p>An FIR was filed against Unocoin\u2019s founders Sathvik Vishwanath and Harish BV. The case was later<a href=\"https:\/\/www.thenewsminute.com\/article\/fir-against-unocoin-setting-bitcoin-atm-bengaluru-quashed-karnataka-hc-143654\" target=\"_blank\" rel=\"noreferrer noopener nofollow\"> thrown out by the Karnataka High Court and Justice HP Sandesh<\/a>.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-fast-forward-to-2021\"><span class=\"ez-toc-section\" id=\"Fast_Forward_to_2021\"><\/span>Fast Forward to 2021<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Isn\u2019t it interesting how a string of Google searches can take you from one subject to another? That\u2019s exactly how I found myself looking for Bitcoin ATMs still in India on a Thursday afternoon.&nbsp;<\/p>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/lh5.googleusercontent.com\/6gljtIo-8BX234utnTdzZJzKyqr9q8ZpRkL-yG3k6b_g5TV-X_BziznzCKt44S1haRy95UXyzg4cs_vI_AQDIY8unQppGdNnATaVAY7cT5dPJpqQLEJ0NigfGsx07aLF3Ou0EY0c\" alt=\"Coin ATM's Radar\"\/><\/figure>\n\n\n\n<p>According to <a href=\"https:\/\/coinatmradar.com\/country\/99\/bitcoin-atm-india\/\" target=\"_blank\" rel=\"noreferrer noopener nofollow\">Coin ATM Radar<\/a>, which tracks the location of Bitcoin ATMs &#8211; India had just one left. A <a href=\"https:\/\/www.quora.com\/Does-India-have-Bitcoin-ATMs\" target=\"_blank\" rel=\"noreferrer noopener nofollow\">couple of Quora searches<\/a> corroborated this fact.<\/p>\n\n\n\n<p>Interestingly, this one was <a href=\"https:\/\/coinatmradar.com\/bitcoin_atm\/14508\/bitcoin-atm-lamassu-gurugram-the-garage-society\/\" target=\"_blank\" rel=\"noreferrer noopener nofollow\">installed almost exactly a year ago<\/a><a href=\"https:\/\/coinatmradar.com\/bitcoin_atm\/14508\/bitcoin-atm-lamassu-gurugram-the-garage-society\/\" target=\"_blank\" rel=\"noopener\"> <\/a>at a co-working space in Gurgaon. Even better &#8211; it was only a 15 minute drive away from where I lived. <\/p>\n\n\n\n<p>I <strong>had <\/strong>to go check it out. Who wouldn\u2019t?<\/p>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/lh5.googleusercontent.com\/an8CkQSPF5mXPP5XlHHMLRCfoCfkpk4eppm-tEyT0_NrVNgVRThNuJW6JSrFEprzAG2PxGUIqogQHemSoDZbi48s8Z_afiy0SbeZLmNl985F5brrfrSRvUZgDV3kIxymTzapIaQd\" alt=\"Bitcoin ATM\"\/><figcaption>Can you spot it?<\/figcaption><\/figure>\n\n\n\n<p>One quick drive later, and I couldn\u2019t believe my eyes. Not only was the kiosk still there, but it looked recently serviced.&nbsp;<\/p>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/lh6.googleusercontent.com\/S5szRlms_4sZm-BnDBNNq_Do5Nxl45fkr6KYgtCVr5ajSHYNbWAmFEuPO2Fc-0ZlCxsH-TJd1Cf97t0x9_6LwBbVKfJlMvX3R-HJj6l_lvfRft0ZrWzg8cdNzFu0oj-sqcXucwRV\" alt=\"Bitcoin &amp; Ether ATM\"\/><\/figure>\n\n\n\n<p>So first off, the name Bitcoin <em>ATM <\/em>is a bit of a misnomer in this case. The kiosk I found worked closer to a vending machine than an ATM, allowing me to carefully feed it a \u20b9500 before asking me to scan the QR code for the wallet I wanted to send my newly bought Bitcoin to. All in all, the process took less than two minutes. I was blown away.<\/p>\n\n\n\n<p>Once home, I learned that the ATM was operated by a company called Digital Assets LLP, which imported the kiosk directly from Portugal. Digital Assets\u2019 blog claims this unit is <a href=\"https:\/\/digitalassets.business\/blog\/2018\/5\/15\/first-bitcoin-vending-machine-launched-in-india\" target=\"_blank\" rel=\"noreferrer noopener\">India&#8217;s first Lamassu Douro cryptocurrency vending machine<\/a> and went live to public access on April 28th, 2018 &#8211; several months before Unocoin\u2019s did. I\u2019ve reached out to the company\u2019s email, and look forward to a response soon.&nbsp;<\/p>\n\n\n\n<p>So what do you think? Did we find not only India\u2019s last Bitcoin ATM but perhaps also its first?&nbsp;<\/p>\n\n\n\n<hr class=\"wp-block-separator has-css-opacity is-style-dots\"\/>\n","protected":false},"excerpt":{"rendered":"<p>Many Bitcoin ATMs cropped up around India\u2019s tech hubs, only to disappear after the RBI\u2019s notification in 2018. Today, only one remains.<\/p>\n","protected":false},"author":1,"featured_media":13533,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"_ayudawp_aiss_exclude":false,"footnotes":""},"categories":[14],"tags":[],"acf":[],"_links":{"self":[{"href":"https:\/\/zebpay.com\/in\/wp-json\/wp\/v2\/posts\/13532"}],"collection":[{"href":"https:\/\/zebpay.com\/in\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/zebpay.com\/in\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/zebpay.com\/in\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/zebpay.com\/in\/wp-json\/wp\/v2\/comments?post=13532"}],"version-history":[{"count":0,"href":"https:\/\/zebpay.com\/in\/wp-json\/wp\/v2\/posts\/13532\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/zebpay.com\/in\/wp-json\/wp\/v2\/media\/13533"}],"wp:attachment":[{"href":"https:\/\/zebpay.com\/in\/wp-json\/wp\/v2\/media?parent=13532"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/zebpay.com\/in\/wp-json\/wp\/v2\/categories?post=13532"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/zebpay.com\/in\/wp-json\/wp\/v2\/tags?post=13532"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}