The first Hungarian Bitcoin ATM opened in Budapest

Bitcoin ATM

Budapest, the capital city of Hungary, has recently got its very first Bitcoin ATM. Currency, the ATM is capable of exchanging forints into virtual currency only. The reverse conversion is not possible yet, but the BTC dispenser was installed in a downtown bar where Bitcoins are accepted as payment.

For Hungary, such financial phenomenon still seems unusual, but Barnabas Debreczeni, the founder of the company operating the Bitcoin ATM, is confident in the prosperity of their undertaking.

Though it might initially be interesting to a narrow circle of users only, Debreczeni says this was only the first step to help Bitcoin become a means of payment freely accessible to everyone – from the taxi driver to the policeman, and even his own mother.

The financial authorities of Europe are not particularly enthusiastic towards Bitcoin. Earlier this year, the National Bank of Hungary issued a warning about the dangers of using virtual currencies.

However, Istvan Varga, a former member of the board of the Central Bank, expresses optimism: “We are at the beginning of the process that will subsequently change the whole society and make Bitcoin a part of our daily life”.

Bitcoin started to establish itself as a virtual currency five years ago. Despite being opposed by the central banks of several countries, and the recent bankruptcy of the world’s largest Bitcoin-exchange, Bitcoin is becoming more and more popular every day. The total value of the BTC market is estimated at no less than $6 billion.