Another first Bitcoin ATM

A device being billed as "San Diego's first 2-way Bitcoin ATM" made its debut in a North County fast food restaurant this week.

A similar device where users could purchase the so-called "crypto-currency," which is not backed by any government, was installed several months ago in Ocean Beach. But the new machine on display in the dining room of Surf Brothers Teriyaki in Encinitas allows users to buy and sell coins with the payment of a seven-percent exchange fee.

"A few people have used it," a restaurant employee said, though the device sat largely ignored during an otherwise-busy lunch hour on Monday afternoon.

"We're going to have them in all our locations," she continued. The chain has four outlets around the county, but does not accept coins as a form of payment.

"The CoinStructive machine is as easy to use as a regular ATM, and you don’t even need a software wallet," added restaurant owner Reza Karkouti in a release touting the installation of the machines, which were placed by the North Park-based Coinstructive startup. "Users have the option to print out a simple paper wallet with instructions and private and public keys to their bitcoin."

While Bitcoin has many enthusiastic supporters, its acceptance as a currency is not yet widespread. Detractors, meanwhile, warn that while the security encryption of the coin itself may be advanced, protection is unavailable to those who lose access to their digital "wallets" containing the code needed to unlock access to their coins, or those who find themselves hacked. The same would apply to a buyer who misplaced or inadvertently destroyed a paper printout "wallet" containing access keys.