The Philippines receives its first Bitcoin ATM

The Philippines introduced its first Bitcoin ATM in 2014, a compact and cost-effective machine provided by Satoshi Citadel Industries and Bitmarket.ph, priced at $US 999. The Skyhook ATM, an open-source platform, offered an alternative to traditional exchanges and banks for buying Bitcoins.

It featured enhanced security with a mounting plate and password protection, accepted multiple currencies, and was user-friendly with a touch-screen interface and QR code scanner. Skyhook’s pricing was linked to major exchanges with added price protection.

This ATM was particularly suitable for vendors and merchants, facilitating Bitcoin transactions without the usual financial fees and providing real-time transaction transparency. The introduction of this ATM represented a significant step in Bitcoin’s global adoption, offering a convenient and efficient way for Filipinos to trade Bitcoins directly with Philippine pesos.