The process of buying Bitcoins has gone from four days to about four minutes, thanks to a Bitcoin ATM made by Las Vegas-based Robocoin. In this video report, Cary Peters, president of Coinage, shows us how the first Bitcoin in ATM works.
The ATM, which Coinage operates, lets you buy Bitcoins using cash or sell them from your digital wallet, withdrawing cash. The price of Bitcoin at the ATM in this video is based on the Bitstamp exchange. And the process is a bit more involved than what you may be used to with a typical ATM—to comply with money laundering regulations, users need to scan a government-issued ID.
Still, the entire process—roughly four-to-six minutes from start to finish—figures to make Bitcoin buying and withdrawals a lot easier. Robocoin has shipped about 25 Bitcoin ATMs around the globe.
As for the ATM featured in this video, operator Coinage wants people to understand the nature of the digital currency. “We want to make sure that the users of our Robocoin ATM understand that Bitcoin is high risk,” Coinage’s Peters says. “There are no guarantees. It can go to zero. It can go to $500,000 or somewhere in between. We don’t know.”
This story, "Meet California's first Bitcoin ATM" was originally published by TechHive.