Merchants can use the app to upload and sell Bitcoins nearly anywhere in the world, in a range of major currencies, according to CoinDesk.com.
The Picasso ‘software ATM’ was launched at a media event that also saw the launch of China’s first physical Bitcoin ATM, at the IC Coffee Shop in Shanghai’s Pudong Zhangjiang Hi-tech Park.
After signing up for an account with BTC China, users can upload Bitcoins to their Picasso Wallet, then use the interface to trade like a human teller machine. If the receiver is not a BTC China customer, the Bitcoins can be sent instead to any mobile number worldwide, whereupon the receiver will be invited to sign up for BTC China wallet to receive and store them.
Since transactions take place within BTC China’s system there are no QR codes to scan and the transfers are instant.
The company also wants Picasso ATM to work long-distance between trusted parties who may be in different countries, transferring fiat funds by bank wire or some other intermediary.
UI settings allow a seller to select the preferred currency payments and the respective percentage profit margin (if any) for the trade price. English and Chinese are the current supported languages, though there are plans to offer many more.
The Picasso ATM does not require any downloads and is not subject to third party censorship or regulation. It features double-layered security. For Bitcoin ATM transactions to complete, the app requires security confirmations from both the buyer and the seller.
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