To use the machine you feed it dollar bills like you would a vending machine. Built into the front of the machine is a camera which reads QR codes generated by various Bitcoin smart phone apps. Your Bitcoins are then sent to the Bitcoin address associated with the QR code minus a 1% fee. Transaction completed, anonymously.
The ATM’s creators are hoping to sell the machine to retail businesses, particularly those who are already accepting the currency in their shops. “If we made these machines somewhere around $1,000 to $1,500 each, depending on the commission, they could be able to buy this and make it back within a reasonable period of time.”
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