Mike Tyson Bitcoin ATM Launched in Las Vegas

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Mike Tyson Bitcoin ATMA new bitcoin ATM bearing the photo of Mike Tyson, the former boxer, has been launched on the Las Vegas Strip, and Tyson is promoting it through a new website, which announces “Mike Tyson’s fastest knock out in the ring was 30 seconds. The Mike Tyson bitcoin ATMcan turn your cash into bitcoin in under 20 seconds.”

Bitcoin ATM is Functional

Bitcoin Direct is the company behind the newly launched ATM. Peter Klamka, its chief executive officer, has confirmed that the ATM machine is fully operational.

Nobody had taken this ATM seriously when Tyson had tweeted about it in July because Coindesk had reported that it could be a scam.

The Mike Tyson Bitcoin ATM is not brand new because Bitcoin Direct has simply placed Tyson’s picture on an ATM machine manufactured by Lamassu, a company based in New Hampshire. The machine allows people only to purchase bitcoins, not convert them into cash.

Owners of bitcoin ATMs profit by including a percentage to the current exchange rate, but generating revenue could be challenging right now considering the fact that the price of bitcoin collapsed by 14% this week.

One-Way ATM Machine

Mike Tyson had gotten into a deal with Bitcoin Direct to manufacture bitcoin ATMs bearing his name and photo several months back. At that time, ForexMinute had reported that the Mike Tyson Bitcoin ATM will “provide faster than Mike Tyson’s knock out bout transaction time.”

The Mike Tyson ATM appears to have only one intention—highlighting the fight between Marvis Frazier and Mike Tyson, one of the world’s greatest heavyweight champions. It was a historic event as Tyson had beaten Frazier in only 30 seconds.

The launch of Mike Tyson’s bitcoin ATM has surprised many as it was generally believed that it would take a long time, which indicates that the team is very quick in converting decision into action. Peter Klamka says that the ATM is located in the premises of the LINQ Hotel & Casino’s Promenade on South Las Vegas Boulevard.

Since it is a one-way ATM, users can only convert their dollars into bitcoins, and the fees tend to be hefty, 10% more than the current bitcoin exchange rate. But it is fast, convenient, and gives hundreds of consumers an excellent industry experience. At the same time, it has drawbacks. For example, it limits unregistered users to just $1000 per day.

First Bitcoin ATM in Las Vegas

The credit of launching the first bitcoin ATM in Las Vegas goes to The D Las Vegas Casino Hotel. The casino could place a bitcoin casino in its premises after partnering with a Las Vegas company called Robocoin. Unlike the Mike Tyson machine, this is a two-way bitcoin ATM, which allows gamblers to purchase as well as sell bitcoin.

The credit of being the first casino in Las Vegas to accept payments in bitcoins for its restaurants, gift items, and hotel rooms also goes to The D, which is waiting for the Nevada Gaming Control Board’s approval to start accepting bitcoin on its gambling floor.

August 28, 2015: • No Comments

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