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The Green Sheet Online Edition

September 23, 2013 • Issue 13:09:02

Bitcoin kiosks enter marketplace

The alternative currency known as Bitcoin is looking more legitimate with news that the first bitcoin ATM/kiosk is now available on the market. Las Vegas-based Robocoin Technologies reported in late August 2013 that it was accepting preorders for Robocoin Kiosks, free-standing, self-service kiosks that allow for trading bitcoins.

A Robocoin blog post said that the kiosks comply with federal regulations and include bank-grade hardware and security. The kiosks sell for $20,000 per unit and can be purchased with U.S. dollars or bitcoins. Robocoin offers a revenue sharing opportunity for kiosk owners. The post said that not only will the kiosks attract bitcoin users to businesses, but the kiosks will also have a positive influence on the overall bitcoin market.

"[E]very Robocoin on the market increases bitcoin liquidity and usage, putting upward pressure on the digital currency's valuation, awareness and legitimacy," the post said.

Robocoin said its kiosk is integrated with popular bitcoin exchanges Mt. Gox and Bitstamp and that trades conducted via the kiosk are done in real time. The kiosk also features a palm vein scanner to satisfy anti-money laundering regulations and a webcam for identification verification and to comply with know-your-customer requirements.

Kiosk users insert cash into the machines and then scan quick response codes with smartphones to transfer bitcoins to mobile wallets. The process can also be reversed, allowing users to redeem bitcoins for cash. Users must initially enroll via the kiosks, which involves facial recognition, palm scanning and ID card verification.

At the beginning and the end of each kiosk-facilitated transaction, the kiosk dispenses tickets to users – the initial ticket provides users a unique transaction ID and the following ticket is a receipt for proof of purchase. end of article

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