California’s First Bitcoin ATM To Be Installed Tomorrow

California’s First Bitcoin ATM To Be Installed Tomorrow
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First Bitcoin ATM installed in Vancouver

It makes perfect sense that the first bit of new technology to find its way to California would end up in Silicon Valley. The real surprise is that it didn’t originate there. Rather, Robocoin, the makers of the Bitcoin ATM are a Las Vegas-based company who installed their first Bitcoin ATM in Vancouver, Canada last October. Since then they have added a second in Canada, installed four in Texas and have shipped ten overseas recently.

Thanks to the MtGox’s debacle, Robocoin was largely able to do this without notice and away from congressional calls to outlaw the crypto-currency and the witch hunt for the creator of the currency. While millions don’t understand Bitcoin at all, the ATM could in theory make the currency more tangible for many. When people see cash coming out of the machine it can’t help but add “value” to the much-maligned legal(?) tender. While the first to this particular market, the company has found two competitors arrive to the party pretty early in Genesis Coin and Lamassu.

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“What the computer and the browser did to the internet is what the Bitcoin ATM and Robocoin in particular are doing to Bitcoin,” said Robocoin CEO Jordan Kelley.

Ease of use

Anyone can get their own Bitcoin wallet from the machine, however, in the interest of keeping everything above-board, especially as a start-up, the machine will require government issued identification, a palm print, and a telephone number to verify your identity. The process takes roughly five minutes as your identity is double/triple checked and run against a government watch list owing to the Silk Road affair.

Once an account is created dollars can immediately be turned into Bitcoins. On the opposite side of the virtual coin, withdraws take nearly 10 minutes. “It’s about as fast as the Bitcoin exchange is,” Kelley said.

With the majority of operators making in the neighborhood of $10,000 monthly from their machines, don’t be surprised if you see someone sitting beside the machine when you step up to use it. At least for now, many operators are hiring “tellers” to explain how the machine works.

“By the end of this year, we should be in more countries than Uber,” Kelley said.

Where can I order and operate mine?

via: GigaOm

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While studying economics, Brendan found himself comfortably falling down the rabbit hole of restaurant work, ultimately opening a consulting business and working as a private wine buyer. On a whim, he moved to China, and in his first week following a triumphant pub quiz victory, he found himself bleeding on the floor based on his arrogance. The same man who put him there offered him a job lecturing for the University of Wales in various sister universities throughout the Middle Kingdom. While primarily lecturing in descriptive and comparative statistics, Brendan simultaneously earned an Msc in Banking and International Finance from the University of Wales-Bangor. He's presently doing something he hates, respecting French people. Well, two, his wife and her mother in the lovely town of Antigua, Guatemala. <i>To contact Brendan or give him an exclusive, please contact him at [email protected]</i>

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