Bitcoins finally have a use in the real world! Thanks to Robocoin, customers can buy and sell Bitcoins for cash from digital kiosks. It’s effectively a Bitcoin ATM.
Mark and John Russell invented Robocoin after running a software company that builds software for traditional currency ATMs.
It works by users placing a cash deposit into the machine and requesting it to either generate a digital Bitcoin wallet for the money or to deposit it into a preexisting wallet address. It will print a QR code as a receipt of the transaction. The Bitcoin network will push the transaction through within 10 minutes; giving users access to their new Bitcoins online.
To exchange Bitcoins for cash, users simply bring their QR code back to the Robocoin kiosk, scan it and the cash is dispensed immediately. As easy as that: Bitcoin to cash. This is a great improvement on the three to four day waiting period and bank transfer required by requesting a withdrawal through other means.
A company called Bitcoiniacs will install the Bitcoin ATMs in Vancouver, Canada in October, with four more being installed in Montreal, Toronto, Ottawa and Calgary by early December.
Bitcoiniacs hope to make a commission of 3% on the machines, which cost $18,500 each from Robocoin, according to CoinDesk. Transactions on the machines are limited to $3,000 and under.
The world’s first Bitcoin ATM appeared in March in Cyprus, so it’s not surprising that the idea is spreading. Bitcoin ATM, the imaginatively named brand of the machine placed in Cyprus, had orders for over 300 machines within the month in 30 countries.
It did same strange for the Mediterranean island to host the world’s first Bitcoin ATM in the wake of its financial crisis, but there was such a spike in interest of Bitcoins among Europeans that it even lead some to speculate that it may be a viable alternative to the Euro.
Would you use a Bitcoin ATM?
