Meet the Bitcoin ATM that Acts as a Bank Branch

1stbitcoinatm1mill02 May 2014 / Fox Business – Robocoin, which introduced the first bitcoin ATM, is planning to flip the switch on a new technology that will enable the machines to become independent bank branches, the company announced Thursday.

The Las Vegas-based company first debuted the 750-pound ATM for the cryptocurrency in October 2013, which allows users to trade cash for bitcoin and vice versa by providing an email, their palm print, government identification, a facial scan and cash.

Now the ATMs will act as a place to store bitcoin, taking the responsibility off consumers.

“Robocoin will be controlling the coins and private keys,” says CEO Jordan Kelley. “We can move it to and from anyone in the Robocoin kiosks. This makes it more friendly and secure for the masses. The reason my dad, mom, sister and grandma don’t use bitcoin right now is because they were freaking out about owning and storing their digital wallet—it’s not easy enough.”

A major concern of bitcoin users is misplacing their digital wallet and keys, which may make accounts null and void. The digital currency was introduced as an open source software code in 2009, but has since grown into a $1 billion industry, and is especially popular among members of the tech community….. Read more

Follow Twitter

Exchange Rate