Bitcoin Robocoin ATMs: from US to UK

Tuesday 25 February 2014 13:35 CET | News

Bitcoin hardware maker Robocoin plans to introduce Bitcoin-based ATMs on the North American and European markets. Robocoin inaugurated its first Bitcoin ATM in Vancouver, Canada in a coffee shop in 2013, a more recent one in Calgary, Alberta, and now it is installing ATMs in Seattle and Austin, US.

Bitcoin has recently made headlines that a new Robocoin ATM will be installed in London, UK in a still unknown location. The company`s next move is the Asian market.

The Las Vegas-based Robocoins will allow customers to purchase or sell bitcoins for cash by fund transfers to or from a virtual wallet on a smartphone, which the user holds up to a scanner on the machine. The ATMs will incorporate the necessary technologies to scan and identify users by the government-issued credentials as driving licenses or passports.

Bitcoin is a peer-to-peer (PTP) digital currency technology which operates with no central authority or banks. It was launched in 2008 and is traded within a global network of computers. Bitcoins, the digital currency, can be transferred without going through banks or clearing houses, reducing fees involved in the services.

Although Bitcoin extends in various markets there are still concerns that bitcoins could be used for drug transactions, money-laundering and other illegal activities due to the near anonymity of those who deal in them.

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Keywords: Bitcoin, Robocoin, ATM, digital currency, money-laudering, online fraud
Categories: Payments & Commerce
Countries: World
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