You have to pay eternal attention to developments that could become a 10X factor in your business - Andy Grove - Only the Paranoid Survive
DIGITAL CURRENCY Bitcoin will soon be sold through ATM cash machines in the United States.
Cash machines are heading to Seattle, Washington and Austin, Texas, and will be in place by the end of this month, according to a Reuters report.
The cash machines come from a company called Robocoin, which claims to be pioneering the Bitcoin ATM industry.
The firm launched its first Bitcoin ATM in Vancouver, BC last year, and claimed in November that it had seen over $1m Canadian in transactions.
"Say goodbye to pesky bank wires, archaic verification processes, and weeks of waiting time to get money converted. Using only the best bank grade hardware, Robocoin is capable of instantly handling transactions in the thousands of dollars. Not only does this provide incredible convenience for Bitcoin owners, but this also has the potential to change the entire remittance industry," it said at the time.
"Those familiar with Bitcoin have long lamented the historically arduous exchange process and have been delighted by Robocoin's ease of exchange. Some customers used their newly purchased Bitcoins to buy coffee at the Bitcoin-accepting Waves location, while others impressed their parents by exchanging Bitcoins for Canadian dollars."
While the system looks and acts like an ATM it does include some differences. Reuters reported that users will have to present government documentation like a driving license or passport to its scanners in order to proceed with a transaction.
According to the Robocoin Twitter feed, the firm is working towards installing Bitcoin ATM machines on other continents, including Asia and Europe. µ
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