First Bitcoin ATM Officially Operational in Canada – RoboCoin

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Last month, we reported that Bitcoiniacs, a Canadian retail store, had ordered RoboCoin Bitcoin ATM kiosks and will be deploying them across Canada. This week, in a Bitcoin milestone, the first ever commercial Bitcoin ATM went online in Vancouver.

RoboCoin allows buying and selling Bitcoins from a freestanding kiosk that integrates software, bank grade hardware and security.

“We are incredibly passionate about the product we’ve put together,” said RoboCoin on the occasion. “Robocoin will be the easiest, quickest, most convenient way to both buy and sell bitcoin ever.  Say goodbye to pesky bank wires, archaic verification processes, and weeks of waiting time to get money converted. Using only the best bank grade hardware, Robocoin is capable of instantly handling transactions in the thousands of dollars.  Not only does this provide incredible convenience for Bitcoin owners, but this also has the potential to change the entire remittance industry.”

The ATM is different from your typical bank machine. The machine accepts cash and delivers Bitcoin, or accepts Bitcoin and provides cash.

This is important because it is difficult for many to get liquidity on their Bitcoin. Signing up for an exchange like Mt.Gox is a lengthy process, involving scanning and submitting your government-issued ID. Other Bitcoin wallets, like Coinbase, make the process easier but there is a limit to liquidity.

Related: Read our comparison of cloud Bitcoin wallets

This is the first step in what will be a large movement by the Bitcoin ecosystem to bring the digital currency to retail.

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