Bitcoin ATMs coming soon to the United States. Online retailer Overstock.com and commercial spaceflight company Virgin Galactic are now accepting Bitcoin. There are now even some Subways that are accepting Bitcoin. The emergence of Bitcoin ATMs in the United States is now a reality.
Liberty Teller opened their first Bitcoin ATM in Boston’s South Station in February. On Monday, they opened their second ATM in Harvard Square. Two ambitious college pals who met as students at the University of Pennsylvania founded upstart Liberty Teller. They are expecting more Bitcoin ATMs coming soon to the Boston area. Bitcoin is a payment system and digital currency. It is also referred to as crypto currency.
The Liberty Teller ATMs are used by the customer by first creating a virtual wallet called a “Bitcoin Wallet.” The next step is for the customer to scan the code into the ATM. The customer will then insert cash . Within 30 seconds the Bitcoin is deposited in to the virtual wallet. The customer can also use the ATM to buy the virtual coins or exchange the virtual coins for cash. The Liberty Teller ATM is smaller than the average ATM, and sits on a stand. There are already Bitcoin ATMs in Vancouver and with additional Bitcoin ATMs coming soon in Seattle and Austin.
According the Robocoin CEO Jordan Kelly, who has Bitcoin ATMs in Vancouver, it’s the first step in making Bitcoin more comfortable for the general public. It will take Bitcoin outside the “web-centric” world where it lives today. We believe it is a breakthrough in accessibility for the consumer. The Robocoin system works with the customer entering their mobile cell number into the ATM. The ATM texts a code to the phone. The user enters the code in the ATM. The customer is required to scan the palm of their hand and insert their driver’s license or government issued identification. Therefore, the phone is the user id and the palm is the password. Robocoin currently retails the ATM machines for $20,000. Owners of the ATM machines make a small transaction fee. Expect to see many more Bitcoin ATMS coming soon with this retail price.
Since the Bitcoin was introduced in 2009, its value has greatly fluctuated. It is currently valued at $622.21 as of the publishing of this article. It was valued as high as $1,000 in December as investors leaped head first into Bitcoin. With the appearance of Bitcoin ATMs coming to the United States, the value could increase.
Last week it was reported that the mysterious and anonymous owners of the website Silk Road had been hacked for 2.7 million in Bitcoin value. The anonymous nature of Bitcoin has linked it to the underground black market world of anonymous websites that deal in weapons, drugs and stolen merchandise.
The United States is generally considered friendly towards Bitcoin, while China has introduced new rules and regulations forbidding the exchange of Bitcoin or any crypt currency for local currency. With Bitcoin ATMs coming soon to the United States, the European Banking Authority has warned that Bitcoin lacks consumer protection. It was reported in November that the market cap for Bitcoin in November 2013 stood at $7.2 billion.
By John J. Poltonowicz