With the Bitcoin being a massive hit in the financial industry, anything about Bitcoins becomes a news headline. Investors are flocking to Bitcoin markets as they see them as the future. To add to this huge Bitcoin’s crazy success, come the Bitcoin ATMs. Yes, you heard it right! Bitcoin Automatic Teller Machines are now in existence. What once seemed the future, is now a reality with the technological advancements.
So, how does a Bitcoin ATM work?
In a regular cash-based ATM, you put in your debit card, which is essentially a form identification authorizing bank transactions along with a private pin number usually 4 or 6 digits. Where this legacy model fails is that knowledge of you debit card number is sometimes all that is required to make a transaction. Your card number is shared publicly every time you swipe it in public there is an opportunity for theft. In this way your credit card number is the equivalent of your Bitcoin private key! We all know that if you share your Bitcoin private key, your Bitcoins will be stolen. This is why debit/credit cards are always under attack, the private keys are always shared everywhere and checks and balances for unauthorized use of those keys(credit card numbers) are weak and inconsistent.
The ATM is just like a computer that reads your card information and transmits it to a central processor, which then processes your transaction and sends it to the bank associated with your debit card. With a Bitcoin ATM, the process is similar, but instead of a debit card, you scan your phone against the ATM scanner, which reads your account information through a Quick Response (QR) code. Your Bitcoin address is stored in the QR code, which is usually available through your standard Bitcoin wallet. The ATM then knows which account you are using to send or receive money.
So, the next time your son in Australia calls you in the middle of a shopping day and ask you for college money, just go to the nearest ATM and transfer money across the globe within seconds! All this with a simple scanning of a QR code.
What is Robocoin?
Robocoin is Bitcoin’s first ATM. Introduced to ease the process of sending money across the globe, Robocoin makes it easy for customers to buy and sell without dealing with the cumbersome online identity verification requirements. With Robocoin, you can avoid the hassle of filling out a long international transfer form and then verifying your identity to send money internationally. Within seconds you can transfer or receive money around the world, in the currency you prefer! Now, let’s see how the Robocoin functions for different kinds of users.
Robocoin for customers
Robocoin ATM can be used to send and receive money, all over the world. However, one requires a digital wallet (which acts as a bank account number) to use the Bitcoin ATM. From your digital wallet, send Bitcoin to the Robocoin wallet and wait for a confirmation email. Once, you get the confirmation email, it takes 10 minutes for the transaction to process and the Bitcoins to be sent to Robocoin. The email would contain a ticket for the transaction. The ticket is a QR code which needs to be scanned. Once this is done, go to the nearest Robocoin ATM and scan your ticket to receive money in whichever currency you prefer. The following is a screenshot from a Bitcoin transaction through Robocoin (Source: robocoinkiosk.com):
To be Anti Money Laundering compliant, every Robocoin ATM comes with a 3 step simple verification which is easy, fast and unobtrusive. All you need is your palm, a Government issued ID and a picture of your face taken. As a part of the verification process, your palm and Government issued ID is scanned and a picture of your face is taken. This creates a profile for each customer which can be verified for further transactions. This profile is verified to avoid any fraudulent and unusual activity.
According to the Robocoin blog, Robocoin opened for business at 900 Howe St., Vancouver, Canada and exceeds $1,000,000 CAD transaction volume in less than one month! This just shows how popular Robocoin has become, almost instantaneously. Robocoin ATMs have now expanded globally, spanning to even the farthest countries such as Japan and Australia.
Robocoin for operators
Robocoin claims to have been built from ground up to be globally complaint. You can buy a Robocoin ATM and run it in any of the local stores. A Robocoin ATM is known to attract a lot of traffic, therefore the landlord might even pay you to have the ATM setup in his store. As a Robocoin operator, one has to adhere to the country’s and state’s Anti Money Laundering regulations and customer compliance. As an introductory offer, Robocoin offers the operator an unrivalled 0% fee on purchasing a Robocoin license and a minimal cost for purchasing the Robocoin ATM.
As a part of Robocoin’s 3 step verification process, each customer profile is checked with the Office of Foreign Asset Control for any unusual or fraudulent activity and operators are immediately notified via a text message and an email. Robocoin also encourages operators to use safe cash logistic companies to ensure there is regular cash inflow in the ATM.
The more the Robocoin operators, the more the Bitcoin value will increase. The demand for Bitcoin will increase by increasing the traffic and this is brilliant way to increase any store traffic. So, the next time you want start an entrepreneurial venture, become a Robocoin operator.
Robocoin for Ambassadors
With the Robocoin Ambassador Program, the Robocoin website offers you the opportunity to market Robocoin ATM and receive a competitive price for it. For every Robocoin ATM sold, you receive $10,000! Isn’t it an easy way to earn money while contributing to the expansion of the Bitcoin community? The Robocoin website offers you a simple form to fill out to become a Robocoin Ambassador and start earning!
Therefore, Robocoin not only offers a mildly regulated method to send or receive Bitcoins, but also contributes heavily to the expansion of the Bitcoin community itself. Could this be the critical technology to expand Bitcoins reach into the main stream? Could we soon see Robocoin ATMs span all over the world? Only time would give answers to these questions. But, for now Robocoin is creating waves all over the world and has recently opened a new Robocoin ATM in Japan!