Bitcoin ATM to be installed in London Soon

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Bitcoin ATM to be installed in London Soon
Bitcoin ATM to be installed in London Soon

Bitcoin ATM to be installed in London Soon

Though several Bitcoin exchanges are facing trouble as some of them like Mt Gox and Bitstamp faced technical glitches processing Bitcoin, the digital currency is moving up without any obstructions. Now, Robocoin will be installing Bitcoin ATMs in London sooner.

However, the place has not yet been decided where in London, the machine would be installed.

According to the sources from Robocoin the machine will be installed somewhere in London. There is no clarity yet on exactly when it would become operational. The new Bitcoin ATM will allow people to deposit cash to buy Bitcoins, or sell Bitcoins for cash, by transferring funds to or from a “virtual wallet” on a Smartphone, which the user holds up to a scanner on the machine.

In his statement a spokesman for Robocoin told the media that the Bitcoin ATM for London has already been purchased and the wheels are in motion. After successfully installing two machines in Canada and planning for some more installations in the US, Asia and Europe, Robocoin is a company that is on expansion spree.

Expanding the Reach of Bitcoin ATMs

Earlier, ForexMinute reported that several Bitcoin ATMs are being installed in the US, Latin America and Singapore this year. Like Robocoin, another company, General Bytes, also installed a Bitcoin dispenser in Prague this week and expects that as popularity grows, it would be bringing up as many as 500 of the machines a month and install them around the world.

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According to Jordan Kelley, the head of Robocoin, Bitcoin is a new currency in the democratic world that is expanding the scope of democracy a little further. He admits that Bitcoin is democracy’s biggest invention since the internet. Committed to help legitimize Bitcoin as a leader in digital currency compliance, it is cooperating with authorities.

Robocoin Complying With the Laws and Regulations

It says that with anti-money laundering and consumer protection hardware and software that combine biometric authentication, government ID scan and human verified facial matching, it is helping out Bitcoin get its legitimate place in economy. Nonetheless, the latest development in Bitcoin ATMs is an indication that technology is matching the expectations from Bitcoiners.

Bitcoin traded above $1000 and even reached to the benchmark of $1200. However, later on this year it fell significantly for various reasons like discouragement from various government e.g. India, China and others. Recently it faced a huge challenge when some Bitcoin exchanges were in trouble processing the digital currency.

To contact the reporter of this story: Deepak Tiwari at deepak@forexminute.com