Robocoin is Just the First Step in BitCoins

Robocoin is the first company to take stock of BitCoin and use it in a great way. Just think, you want to get into this thing called BitCoin and the only way to do it is get out your Credit Card and hope you are not on a system with viruses, buy your BitCoins, get an address for the BitCoins and enter the address into your digital wallet and your set hoping you just didn’t give away your Credit Card to someone else in the process let alone deal with a fee for buying the BitCoins. Another exhausting way is to set up a data mining system for BitCoins and hope for the best (with all the competition out there) say for 10 years to get enough BitCoins (say around 1-5 BitCoins). You can accelerate that by building a BitCoin Data Miner exclusive for BitCoins only (and cost you a little fortune: $200.00 – $2000.00) and only take a year or so to get anywhere from 1-100 BitCoins.

Well now thanks to the good people at Robocoin there is finally another way to get and sell BitCoins. The First Ever ATM from Robocoin is now up and running in a Vancouver Coffee Shop. The whole purpose is for someone to Buy or Sell up to $1000.00 per day of BitCoins (note: daily amount not confirmed at time of article).

20131104-022146.jpg

The machine is a simple concept with a very complicated system behind the cover. It is secure, anonymous (to a point) and completely easy to the operator. This is what is needed today and hopefully be everywhere soon. I am not in Vancouver (too bad) but I hope it will be in a major city all over Canada and US by this time next year (nov 2014). The ATM looks like it can protect against spoofing and double spending, like BitCoin itself.

When buying BitCoins the Operator will denote the amount they want, give the ATM the required funds (cash only at this time) then the ATM will give out a piece of paper with a BitCoin address of the amount bought. The operator just has to enter the address into their digital wallet and the funds are transferred over. This could be entered by computer, smart phone or tablet. Also the ATM transaction paper prints out a QR code (the address) that the operator can scan in via their smart phone (much easier and secure).

If the operator is selling BitCoins then what is needed is the ATM gives out a QR code with a printable address for the operator to send their funds to. After the funds are sent then the operator can redeem the funds (in cash only at the ATM) with the address or QR code that was printed earlier and the balance is transferred. Now that is what I call easy for the operator.

You can find more information about this ATM and the makers of it at robocoinkiosk.com

This entry was posted in IT and tagged , , , , , . Bookmark the permalink.

Leave a Reply

Your email address will not be published. Required fields are marked *

Country Associated with Currency?      
 

This site uses Akismet to reduce spam. Learn how your comment data is processed.