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Convention center gains an amenity: a bitcoin ATM
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Houston unveiled its first bitcoin ATM on Wednesday, hoping to attract international travelers and more conventions to the George R. Brown Convention Center. Bitcoin is like digital cash. And this ATM, on the downtown center’s second floor next to a Starbucks, allows users to convert cash to bitcoin and vice versa. Bitcoin is gaining momentum in Houston, although the adoption rate here lags behind Austin and Dallas, said Adam Richard, president of the Houston-based nonprofit Texas Coinitiative. He predicts local awareness will continue rising as Apple Pay makes consumers more familiar with digital payments and as merchants begin offering incentives for people to pay with bitcoin.
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Houston unveiled its first bitcoin ATM on Wednesday, hoping to attract international travelers and more conventions to the George R. Brown Convention Center. Bitcoin is like digital cash. And this ATM, on the downtown center’s second floor next to a Starbucks, allows users to convert cash to bitcoin and vice versa. Bitcoin is gaining momentum in Houston, although the adoption rate here lags behind Austin and Dallas, said Adam Richard, president of the Houston-based nonprofit Texas Coinitiative.
He predicts local awareness will continue rising as Apple Pay makes consumers more familiar with digital payments and as merchants begin offering incentives for people to pay with bitcoin. Richard started the Houston Bitcoin Meetup a year ago and has seen membership grow tofrom about 20 in the early houstpn.
He said these members have created about 12 Bitcoin startups or projects. The CoinVault ATMs can buy and sell bitcoin, which allows users to convert cash to bitcoin and vice versa. The downtown convention center’s ATM charges a 5 percent fee based on the real-time market rate for bitcoin. A user can create an account at the ATM. Then, each time the ATM is used, a text is sent to the user’s phone with a six-digit authentication code. This number needs to be typed in to the ATM, for security purposes, before any transactions can be.
So we see the George R. Brown Convention Center establishing a first that is going to bring conventions to Houston. These types of ATMs can also be a draw for international travelers. Richard, with Texas Coinitiative, said Texas is a favorable state for bitcoin because the Bbitcoin Department of Banking released a memo earlier this year that clarified its policy in regard to virtual currencies.
Daniel Wood, assistant general counsel for the Texas Department of Banking, said the memo clarified what type of bitcoin-related businesses do and do not need money transmission or currency exchange licenses.
Richard said defining the department’s houston bitcoin atm on digital currencies helped lower barriers for entrepreneurs. He sees bitcoin as the next evolution of money. Atk no central authority or middleman, and bitcoin will go directly from the buyer to the seller. He said the payments can be sent around the world almost instantaneously and houstoh generally less than a penny.
Goldberg, with Houston First, described the ATM as a «new era of technology» for the convention center. Top of the News. Texas Inc.
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