Bitcoin can now also be purchased at the vending machine in selected locations within Germany. After some legal difficulties, the operators decided to set up the machines after all.
One or the other may still remember: Bitcoin machines have not had it easy in Germany so far. Some brave pioneers have already tried to exhibit; However, they had to switch them off again at the direction of the Federal Financial Supervisory Authority (BaFin). In October last year, however, the Berlin Court of Appeal ruled that BaFin had exceeded its powers. In other words: Bitcoin trading is not punishable.
BTC ATM at four locations in Germany
As a result, some Bitcoin pioneers decided to set up and run Bitcoin machines. Accordingly, the Freefall ATM, Bitcoin42 and the Frankfurt Ring GmbH in cooperation with the Federal Association Bitcoin according to a press release Germany-wide four BTC ATM on. These are now available at the following locations:
- Room77, Graefestr. 77, 10999 Berlin
- Damla Market + Grill, Karl-Heinrich-Ulrichs-Strasse 4, 10787 Berlin
- Susannen Kiosk, Susannenstrasse 13, 20357 Hamburg
- BlockchainHotel / Unperfekthaus, Friedrich-Ebert-Str. 18-26, 45127
As Alec Hahn from Bitcoin42 told us by phone, BaFin had already responded with a cover letter. But until the legal situation is finally clarified, the machines should stop. At first, the machines only work in one direction – you can only buy Bitcoin there, and a second option to sell Bitcoin is already being planned. Alec Hahn continues:
“Setting up Bitcoin ATM is a huge step forward for adaptation in Germany, because it provides a trusted bridge from the abstract virtual world to the physical and vice versa, especially for the vast, so-called” unbanked “population, including stateless and migrants Bitcoin’s unbureaucratic, decentralized structure is blessing in some scenarios, as it works very reliably in crisis situations and provides a vital connection to overcome financial hurdles.
KYC and fees German Bitcoin ATM
The KYC-free limit is initially at 500 euros, with higher amounts, users must verify with their ID directly at the machine. The new BTC machines do not (yet) come without fees: if they are withdrawn, they will incur 4.5 percent fees.
“Germany’s blockchain entrepreneurs are getting moving: Bitcoin ATM at last, regulated STO, high-quality international conferences, the ecosystem is gaining momentum, time to get out of brakes, love politics!
While the vending machines in Essen and Berlin are already in operation, Hamburger Bitcoiner still have to be patient – the vending machine is scheduled to go into operation on 7 May.
Thus, Germany finally concludes in terms of adaptation; In neighboring countries like Austria and Switzerland Bitcoin can already be bought at the vending machine.