The first Bitcoin ATM will be launched today afternoon in Washington. The 70-pound machine, which is created by Robocoin, belongs to the version that was first launched in Vancouver, BC last October.
The ATM will allow users to purchase bitcoins for cash and buy cash with bitcoins. The customers will be required to provide their face and palm print, email, cash, and government identification. Robocoin’s website says that the process of verification is divided into three steps.
Currently, there are only 10 such machines globally, with one already available in California. Each ATM sells for $20,000, and so far, Robocoin reveals it has sold 100 machines. The ATM operates with the Vault of Satoshi and BitStamp exchanges; with Robocoin planning to add more platforms later on.
The unveiling follows just two months after Mt Gox, formerly the world’s biggest bitcoin exchange, filed for bankruptcy after claiming hackers stole $620 million of its bitcoins.
The machine will allow the media and members of Congress to purchase, register and sell in a bitcoin wallet account. Robocoin CEO Jordan Kelley and Co-founder and Chief Technology Officer John Russell will be available at the launch, reported Fox Business
Users with bitcoin account or wallet will be able to withdraw cash within 10 minutes; compared to days in individual online exchanges. The process involves the user entering his phone number, where he will receive a text message that verifies his identity. He will then proceed to generate a pin number and scan his palm. The last step involves placing the government ID on the scanner.
“Then the customer stands in front of the kiosk and takes a photo. We send those two photos to the human verification team. We match that they are the same, and then we send the customer a text message. The customer can then go back to the machine to buy and sell bitcoin,” Kelley explains.
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