Bitcoin ATMs have always had a certain appeal among cryptocurrency enthusiasts. However, more and more early adopters of Bitcoin ATms are turning their back on this project, due to a lack of interest. Moreover, certain countries, such as Germany, impose regulation that makes it illegal to operate such a machine.
The Story of Room77 And The Missing Bitcoin ATM
The name Room77 will ring a bell for a lot of German Bitcoin enthusiasts. This famous venue in Berlin used to be one of the first bars / restaurants in the country to house a Bitcoin ATM many years ago. Unfortunately, things have taken a few turns for the worse ever since that time.
While the location still accepts Bitcoin payments for drinks and food, their Bitcoin ATM had been removed a while ago. Not because of the lack of interest, as Room77 has always been packed with cryptocurrency enthusiasts. Instead, the team was forced to remove the device due to German regulation when it comes to owning a Bitcoin ATM.
The vast majority of Bitcoin business models in Germany Is being seen as an act of money transmission. After LocalBitcoins had been forced to seize operations in Germany two years ago, a similar problem ensued for Bitcoin ATM owners. The country’s central bank is not amused by anyone offering residents and tourists access to a financial system beyond their control.
As if that was not enough to be concerned about, Room77 has seen other unusual activity in the past few years. It seems as if burglars are actively looking for the Bitcoin ATM on the premises, as they leave laptops, valuable liquors, and even the cash register alone. A very strange turn of events, to say the least.
This goes to show thieves are all too aware of locations housing a Bitcoin ATM. Any owner of such a machine may want to take extra precautions to keep their machines safe. A Bitcoin ATM was stolen from the Bitcoin Embassy Amsterdam a few years ago, which was not an easy feat.
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