Newsletters
News & Information for Technology Purchasers NewsFactor Sites:       NewsFactor.com     Enterprise Security Today     CRM Daily     Business Report     Sci-Tech Today  
   
Home Enterprise I.T. Cloud Computing Applications Hardware More Topics...
Neustar, Inc.
Protect your website & network
using real-time information & analysis

www.neustar.biz
World Wide Web
Real-time info services with Neustar
Average Rating:
Rate this article:  
Bitcoins Now Have an ATM, with Withdrawals in 60 Currencies
Bitcoins Now Have an ATM, with Withdrawals in 60 Currencies

By Barry Levine
October 30, 2013 10:20AM

    Bookmark and Share
The bitcoin ATM was developed and deployed by Robocoin, a company that intends to make bitcoin "grandma friendly." Robocoin CEO Jordan Kelley told news media that, with this ATM, his company is "bridging the gap and bringing reality to this digital currency." The bitcoin ATM allows withdrawals up to $3,000 daily in any of 60 national currencies.
 

Related Topics

Bitcoins
ATM
Currency
Silk Road



Are bitcoins evolving into a real-world currency? That question is prompted by news that the world's first bitcoin ATM was set up in Canada earlier this week.

The machine, located in a coffee shop in Vancouver, allows users to buy, sell and trade the virtual currency, as well as to deposit cash or checks or withdraw bitcoin in any of 60 national currencies, up to $3,000 daily.

The ATM was developed and deployed by Robocoin, a company that intends to make bitcoin what it calls "grandma friendly." Robocoin CEO Jordan Kelley told news media that, with this ATM, his company is "bridging the gap and bringing reality to this digital currency." The owner of the coffee shop where the ATM is located and Robocoin each make a commission on transactions.

Hand Scanner

The Robocoin ATM is fully automated and has a hand scanner for ID authentication, as well as the ability to read government-issued identification.

Bitcoins are attempting to emerge from their somewhat underground reputation for being used in less-than-kosher transactions, such as the recently shutdown online drug operation called Silk Road. Last August, New York officials subpoenaed 22 companies using bitcoins because of possible money laundering or other illegalities. Included in the subpoenas were VC firms Google Ventures and Andreesen Horowitz.

The currency is encrypted computer code that is stored in a virtual wallet, and only a limited number of bitcoins are being created so as not to generate inflation.

Users can buy and sell bitcoins in such exchanges as Mt. Gox in Tokyo, and the current value of one bitcoin is about $200. The Robocoin ATM allows for currencies to be exchanged according to real-time data on exchange rates from Canada's VirtEx exchange. Robocoin has said that its ATM machine complies with various currency laws, including those involving money laundering.

Coinfloor Trading Platform

The $20,000 machines will next be located at commercial establishments in Toronto and Montreal, and Robocoin says it has received inquiries from organizations in Australia, Kenya, Ireland and more than a dozen other countries.

Roger Kay, an analyst with industry research firm Endpoint Technologies Associates, told us that the U.S. federal government "keeps a jealous eye out" for other currencies in its borders, so that even if the bitcoin ATM got a better foothold in Canada it might face an uphill climb across the border in the U.S.

In London, an operation called Coinfloor attempted to open for business on Tuesday, but the Web site shut out many investors because of what Coinfloor says was "overwhelming demand." Coinfloor says it is the most advanced bitcoin trading platform around.

In Oslo, Norway, a man named Kristoffer Koch bought an apartment in the central part of the city recently with the returns he had made from buying -- and forgetting about -- $24 of bitcoin. He bought that amount of bitcoins in 2009, as he was conducting research on encryption. In April, he remembered the purchase when he read about their soaring value, as his 5,000 Bitcoins had ballooned to being worth about $700,000. It took him a day to remember his password, and he redeemed about a fifth of that amount.
 

Tell Us What You Think
Comment:

Name:



APC has an established a reputation for solid products that virtually pay for themselves upon installation. Who has time to spend worrying about system downtime? APC makes it easy for you to focus on business growth instead of business downtime with reliable data center systems and IT solutions. Learn more here.


 World Wide Web
1.   New Technology Defeats Privacy Efforts
2.   Verizon Launches Rewards Program
3.   Social Media Feeds Rare Syndrome
4.   NY Proposes Virtual Currency Rules
5.   Visa Intros Online Payment Service


advertisement
Radical.FM's Freemium Biz Model
Online radio startup asks for donations.
Average Rating:
Facebook Social Experiment Irks Us
Secretive test was legal, but ethical?
Average Rating:
New Technology Defeats Privacy Efforts
Study identifies 3 browser techniques.
Average Rating:
Product Information and Resources for Technology You Can Use To Boost Your Business

Network Security Spotlight
34 European Banks Hit by Android-Skirting Malware
Criminals have been finding gaping holes in Android-based two-factor authentication systems that banks around the world are using. The result: 34 banks in four European countries have been hit.
 
New Web Tracking Technologies Defeat Privacy Protections
Recently developed Web tracking tools are able to circumvent even the best privacy defenses, according to a new study by researchers at Princeton and the University of Leuven in Belgium.
 
Juniper DDoS Solution Aims at High-IQ Networks
In the face of more complex attacks, Juniper Networks is boosting its DDoS Secure solution to help companies mitigate the threats with more effective security intelligence throughout the network fabric.
 

Enterprise Hardware Spotlight
Contrary to Report, Lenovo's Staying in Small Windows Tablets
Device maker Lenovo has clarified a report that indicated it is getting out of the small Windows tablet business -- as in the ThinkPad 8 and the 8-inch Miix 2. But the firm said it is not exiting that market.
 
Seagate Unveils Networked Drives for Small Businesses
Seagate is out with five new networked attached storage products aimed at small businesses. The drives are for companies with up to 50 workers, and range in capacity from two to 20 terabytes.
 
Another Day, Another Internet of Things Consortium Is Born
In the emerging Internet of Things, zillions of devices will be talking to each other. Samsung, Intel and Dell just formed a consortium to ensure each thing can understand what others are saying.
 

Mobile Technology Spotlight
Nvidia Revamps Shield as an Android Game Tablet
Going after hardcore PC gamers, Nvidia is releasing a gaming-focused tablet that works with a controller. The Shield Tablet follows the Shield Portable gaming handheld Nvidia released last year.
 
Apple Patent for Smart Watch Comes to Light
Does a new smart watch patent issued to Apple provide a preview of the expected wearable from the tech giant? Some Apple-watchers are parsing the patent for signs of the coming product.
 
Will iPhone 6 Cannibalize Apple's Tablet Sales?
Could Apple’s iPhone 6 -- it’s so-called super-size phone due to hit store shelves this fall -- come back to haunt the smartphone maker? Some observers say yes; others say preposterous.
 

Navigation
NewsFactor Network
Home/Top News | Enterprise I.T. | Cloud Computing | Applications | Hardware | Mobile Tech | Big Data | Communications
World Wide Web | Network Security | Data Storage | Small Business | Microsoft/Windows | Apple/Mac | Linux/Open Source | Personal Tech
Press Releases
NewsFactor Network Enterprise I.T. Sites
NewsFactor Technology News | Enterprise Security Today | CRM Daily

NewsFactor Business and Innovation Sites
Sci-Tech Today | NewsFactor Business Report

NewsFactor Services
FreeNewsFeed | Free Newsletters

About NewsFactor Network | How To Contact Us | Article Reprints | Careers @ NewsFactor | Services for PR Pros | Top Tech Wire | How To Advertise

Privacy Policy | Terms of Service
© Copyright 2000-2014 NewsFactor Network. All rights reserved. Article rating technology by Blogowogo. Member of Accuserve Ad Network.