Robocoin based in Las Vegas installed the first Bitcoin ATM in Vancouver last year. Now it brings the digital currency to Austin, Texas and Seattle, Washington within the month, according to breaking news from Reuters early Tuesday.
The ATM will have scanners to read government-issued identification such as a driver's license or a passport to confirm users' identities.
Bitcoin holders may swap bitcoin for cash, or deposit cash to buy more bitcoin by transferring funds to or from a virtual wallet on their smartphones.
After the U.S. introduction of ATM machines, Robocoin will place ATMs in Calgary, Alberta, later this month. The Robocoin plan is to continue to install ATMs in Asia and Europe.
Bitcoin, the peer-to-peer currency was brought to the Internet in 2009 by a developer or developers under the pseudonym, Satoshi Nakamoto, as a response to the banking and financial greed leading to the financial global meltdown of 2008.
After an explosive year in 2013, Bitcoin currency rose to highs over $1000 and dived back down to the last price of $628.23 on Coindesk Tuesday morning.
Bitcoin is finding its popularity with merchants due to the low transaction costs compared to the merchant fees charged for credit card transactions. From San Diego to cities around the world, bitcoins are used to buy retail products to restaurant fare.
To view more articles on Bitcoin see the list below in Author’s suggestions and view the video atop this article announcing Robocoin ATMs entering North America, Hong Kong and Europe.