Starting next week, Los Angeles Bitcoin users will have the ability to buy and sell Bitcoin at the new Robocoin ATMs. With just a scan of their palm, users have the freedom to exchange currencies through ExpressCoin at two Locali Conscious Convenience stores: one in Venice and one in Hollywood.
The Robocoin ATMs cost $15,000 to build, and will provide users with a system similar to currency exchange where they can exchange their paper, or fiat, currency. Robocoin currently exchanges 12 different currencies from around the world, including dollars, euros and yen.
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[dropcap size=small]L[/dropcap]ocali owner Melissa Rosen doesn’t currently accept Bitcoin as payment, but didn’t expect the increase in customers that she received due to the news. Rosen has since said that the stores are trying to find a way to accept digital currency now. Luckily, Coinbase makes it easy for merchants to accept Bitcoin, and have recently proven this with Expedia and DISH.
Robocoin chief executive, Jordan Kelly, gave an interview to the Los Angeles Times, stating that his company is planning to expand across Southern California due to the recent spike in inquiries from potential operators. “Bitcoin is still a little scary for consumers,” he said. “We try and make it as simple as possible, and with this platform we do that.”
The ATMS will be available next week, and will be introduced to the Locali stores on 5825 Franklin Ave. in Hollywood and 701 Lincoln Blvd. in Venice.
Robocoin positions itself similar to a bank, with each ATM being a “branch.” They have branches in 13 different countries, and claim that creating a Robocoin account only takes five minutes. That account can then usable at any Robocoin branch.
“We’re creating accessibility to Bitcoin that has never been created before,” Kelly said in his interview with the Los Angeles Times.
Robocoin’s Bitcoin ATMs can hold up to $500,000 and features integral Bitcoin wallets. This eliminates the need for QR codes or public addresses when banking through their service. Along with this, Robocoin seems to have found a way to combat the longer transaction times Bitcoin user’s experience by taking transactions off block-chain. While there are debated pros and cons to off block-chain transactions, it does provide a speedy service to consumers in the age of immediacy.
To make sure all transactions are secure, Robocoin uses three-factor authentication including a phone number, PIN and palm-vein scanning. Along with this, Robocoin ATMs offer users the ability to have multiple signatures, both their keys and the consumers.
“Our goal is to make storing and sending money faster, friendlier, cheaper and easier than any other company in the world,” Kelly said, “Robocoin is expanding the Bitcoin market by making it easier. No more downloading a digital wallet, storing a private key, or remembering public addresses. New technology and terminology mean secure deposits, instant withdraws, and the easiest way to send money worldwide.”
Earlier this year, the first Bitcoin ATMs in the United States were unveiled in Austin Texas just in time for the SXSW. The first ever Bitcoin ATM was established in a coffeehouse in Vancouver.