K1, the first Bitcoin ATM designed and built in El Salvador

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Edgar Borja, CEO of Kioskos K1, created the first Bitcoin ATM designed and built in El Salvador.

The K1 can serve as a host for Bitcoin wallet platforms such as Strike. The machine is fully Pay Strike enabled.

The kiosk can accept bill payments and send Bitcoin to a user’s Strike wallet. Strike is the most popular Bitcoin payment platform in El Salvador and helped free El Salvador from dollars by legalizing Bitcoin as a currency.

K1 users can also sell Bitcoin on the machine to receive cash. The ATM sends users a text message in the form of a one-time password to authenticate the sender or recipient of Bitcoin or dollars.

Among its main features are an advertising screen, a touch screen, two security cameras and an administrative dashboard.

K1 is made in El Salvador and its ability to host multiple Bitcoin compatible platforms means the machine can be tailored to suit the needs of each customer or the location where it is installed. The K1 can function as a Bitcoin cashier, service payment point, bank terminal and more.

So far Edgar Borja has sold a K1 ATM. According to the K1 website, the cost of a machine is $ 15,000. Monthly maintenance is $ 250. But unlike a human cashier, the K1 can run 24/7, and the automated cashier can recoup 100% of its original cost in just 15 months.

But Edgar plans to turn the country of El Salvador into an ATM maker through K1 and soon bring the devices to an exporter of high-tech devices. By then, he’s already working on small, personalized devices to buy and sell, send and receive Bitcoin.

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