California Gets Its First Bitcoin ATM

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California Gets Its First Bitcoin ATM
California Gets Its First Bitcoin ATM

California Gets Its First Bitcoin ATM

Robocoin is all set to unveil its new Bitcoin ATM in Mountain View at the 500 Startups’ Bitcoinferance today. According to the company sources the Bitcoin ATM will then move to a permanent home down the block at Coinage, LLC. Thus, California will get its first Bitcoin ATM which according to local supporters will help it go mainstream.

The installed Bitcoin ATM from Robocoin will allow users to sign up for a Bitcoin wallet and start exchanging money; however, in order to comply with anti-money laundering and consumer protection laws, the ATM requires a phone number, a government ID and a palm print (taken with a biometric scanner in the machine) to create an account.

Transaction Process is Easy and Fast Says Robocoin CEO Jordan Kelley

According to Robocoin CEO Jordan Kelley the sign-up process takes around five minutes as a verification team at the organization does a triple check that the photo on the government identification matches who is standing in front of the machine and then the images are run against government watch lists to rule out issues like money laundering or ties with contraband activities.

Mr. Kelley elaborates that as soon as users are approved, they receive a link to their Bitcoin wallet. As soon as they have got their wallet they can start converting dollars to Bitcoin. However, according to Mr. Kelly unlike deposit, withdrawals aren’t always instant as Bitcoin protocol is followed which takes up to 10 minutes before the money is available.

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The Bitcoin ATM Will Help Popularize the Digital Currency

California was not in the radar of just Robocoin but several other Bitcoin ATM makers as well. Two other Bitcoin ATM companies Genesis Coin and Lamassu too are trying to sell and install their BTC ATMs. With the installation of the machine Bay Area Bitcoin enthusiasts will have a chance to turn their cryptocurrency into cold hard cash.

Robocoin CEO Jordan Kelley is optimistic about the BTC ATM and the role it is going to play when he says that what the computer and the browser did to the internet is what the Bitcoin ATM and Robocoin in particular are doing to Bitcoin.

Mr. Kelley’s mission is to not just capitalize on Bitcoin’s strengths when it comes to remittance but also make the digital currency prominent. He sounds extremely ambitious when he says that by the end of this year, his company should be in more countries than ever.

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