First Two-Way Bitcoin ATM Installed in Tel Aviv Hotel in Israel

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First Two-Way Bitcoin ATM Installed in Tel Aviv Hotel in Israel
First Two-Way Bitcoin ATM Installed in Tel Aviv Hotel in Israel

First Two-Way Bitcoin ATM Installed in Tel Aviv Hotel in Israel

Israel has got its two-way Bitcoin ATM which according to some is also the first of its sort in the entire middle-east region. Israel has been at the center of Bitcoin developments wherein in last year some law firms started accepting it for in exchange of their services; however, the government of the country did not devise any clear policy on it.

Now, with the first ever two-way Bitcoin ATM which is being brought in by the ATM’s owner Bitbox, headed by CEO Nimrod Gruber, Israel will become some of the nations that have such a facility. The local newspaper Haaretz reported that the first Bitcoin automatic teller machine in the Middle East will be launched in Tel Aviv on Wednesday.

According to a press release issued by the Bitcoin ATM owner the cash-out capable Bitcoin vending machine made by American company Robocoin, has several security features built in to prevent theft and fraud that are compliant with anti-money laundering regulations. It will allow any person with no previous knowledge of Bitcoin to use it.

The user-friendly Bitcoin ATM provides buying and selling of the digital currency round the clock; thus, it is bypassing the bureaucracy of the banks and provides customer-centric services. Bitbox CEO Nimrod Gruber admitted that it is the company bringing the first Bitcoin ATM in Israel and probably the first in the Middle East.

Easy Bitcoin Buying and Selling Process

The latest development is going to solve a lot of problems related to Bitcoin transactions; for instance, until now, all transactions had to either go through a bank or through private trading, which lacked credibility; however, now, this won’t be the situation. According to Gruber, many people are looking for an easy way to sell or buy their Bitcoin.

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He admitted that with the Bitcoin ATM customers can now buy and sell Bitcoin without much hassle. It will be one of the best solutions for foreign workers as they can buy Bitcoins in shekels and have their families withdraw cash in local currency at a Bitcoin ATM in their country. However, it won’t be possible for so many as there are not many Bitcoin ATMs globally. Best part in Bitcoin ATM according to Gruber is that it will allow any person with no previous knowledge of Bitcoin and how it works to easily buy and sell Bitcoin 24/7 bypassing the bureaucracy of the banks.

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