The first bitcoin ATM will be hitting Singapore's shores by April, reports CoinDesk, a site that provides the latest bitcoin news.

A Singapore firm, Bitcoin Exchange, has purchased a Lamassu unit, which is a bitcoin ATM.

No exact location has been decided yet as to where the bitcoin ATM will be installed, although it could be stationed inside a shopping mall.

A bitcoin ATM is to make the process of exchanging cash for Bitcoins more hassle-free, where bitcoin is treated like gold or silver, openly traded and comes with its attendant risks.

Moreover, a bitcoin ATM promises to exchange currency notes from over 200 countries to bitcoin in 15 seconds.

This is how a bitcoin ATM works:

1. Scan your bitcoin address

2. Insert money

3. Send bitcoin

However, there are at present many other issues associated with bitcoin, one of which is its fluctuating value.

Bitcoin Exchange has said that there will be no fees charged for each transaction by the bitcoin ATM.

However, it has not decided on what exchange it would take its rates from yet, but bitcoin will be supplied at a premium to market rates instead.

Currently, the Singapore bitcoin economy is not exactly thriving as it is driven mainly by early adopters. Only a few businesses, such as savvier cafes and bars, have started transacting bitcoin.

But the Monetary Authority of Singapore (MAS) has declared it would not interfere in people’s or businesses’ ability to transact in bitcoin.

Bitcoin has also been viewed as a get-rich-quick scheme as the bitcoin market is illiquid. This allows the simultaneous buying and selling of bitcoin to take advantage of price differences, which can rake in massive profits during periods of wild price swings.

There has also been a boom of other numerous bitcoin-like cryptocurrencies that have appeared, with more than 150 and counting.

Read about the 18 things you should know about bitcoin before putting money into a bitcoin ATM

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